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In a previous issue,
we spoke generally about prioritizing our
time so that we use it more efficiently and
effectively to accomplish what we need to.
In this issue, we get down to specifics of
how to prioritize potential opportunities -
leads - that come your way, or that you
uncover, so that you invest your time in such
a way as to maximize your income.
First, let's define what a lead is.
Dictionary.com defines "lead" (in the
business sense) as "an indication of
potential opportunity". Salesforce.com,
the CRM provider, goes a bit further with its
definition: "A lead is a prospect or
potential opportunity - a person you met at a
conference, who expressed interest, or
someone who filled out a form on your
company's web site." I like both these
definitions - both for what they include, as
well as for what they don't include. What they
don't include are "cold" prospects. What's
are "cold prospects"? You know them. You've
seen them. Retreads who couldn't buy two
years ago, still couldn't buy last year, and
probably won't be buying this year; names
from a list your company purchased; names you
were given by someone at a networking event
without an offer to pave the way; names from
trade shows, the call center, your company's
web site, etc., accompanied by nothing more
than just a few comments about which product
or service the person was calling -
certainly little no indication whatsoever as
to the quality of those names. These are
"cold prospects". They don't do us any good.
Yet there are organizations that distribute
to the sales team these "opportunities" whose
chances of ever materializing into anything
worthwhile are between slim and none. And
slim just left town. Any of you who've seen
the movie, Glengarry
Glen Ross, know exactly what I mean.
There are leads, and there are leads (the
Glengarry leads). Those are the ones we want.
Think about your own experience. Have you
not found, as I have, that leads from most
traditional sources typically come in a
60/30/10 ratio. 60% will be cold or long-term
(those in the preliminary stages, not having
assembled a buying team or gotten funding;
tire kickers, and consultants), 30% will be
warm (have some, but not all, of the
qualities of a fully-qualified prospect), and
10% will be hot. Since we all have a limited
amount of time with which to work, we want to
prioritize that time to get the biggest bang
for our buck. The question is, how do you
determine which are the "hot" leads - the
ones in which you'll be willing to invest
lots of time - and which are the "warm" ones,
in which
you'll be willing to invest some time - but
proportionately less?
Not surprisingly, you determine it by asking
a few very specific questions - those that
will uncover the following:
- What's the degree of interest? Is this
person more than just a curious tire kicker
or researcher?
- If so, does the level of interest rise to
that of a need or want?
- If so, how high of a priority is it for
both your contact AND for the decision-maker
to satisfy that need?
- If it's high, is there money budgeted or
available?
- If there is, are they willing and
prepared to spend it - now?
If - and only if - you get positive answers
to every one of these questions, do you have
a hot lead. If you get a negative answer to
the first question, clearly you have a cold
lead. Backburner it. If you have a positive
answer to the first question, but negative
answers to any
of the others, you have a warm lead. The
more positive answers you get as you go
along, the better qualified - the "warmer" -
the opportunity is. But beware - simply
racking up positive responses doesn't
necessarily mean the opportunity is worth
pursuing. I may be interested in your
product, I may even need it, but if getting
it is not a priority for my boss, or if I
can't get the money to fund it, we'll both be
spinning our wheels. So tread carefully with
warm leads. Don't ignore them. But be very
disciplined in how much time and effort you
devote to them.
Action Item:
This is the time of the year when many of us
reflect on the past year - our successes and
our failures. What we accomplished and what
we didn't. A time when we commit to
improvements in the coming year. If you're
one of those people - or even if you're not -
go someplace for a couple of hours where
you'll be free of disturbances (yes, New
Yorkers, such places do exist!). Arm
yourself with nothing more than a pen and
paper, and a clear mind. Draw a line down
the middle of the page. On the left side,
make a list of all the things that have been
bothering, annoying, frustrating, or
aggravating you. On the right side, come up
with a creative way or two to deal with each
issue constructively. When you get back to
the office the following Monday (or your home
- this works in our personal lives as well),
begin implementing what you wrote. You'll
soon find yourself feeling less stressed,
more relaxed, more in control, and -
eventually - more productive.
Good Selling!
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