Australian Business Coaching Newsletter - What is Your Plan for Dogs that Don't Bark

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What is Your Plan for Dogs that Don't Bark?

Having a sales pipeline allows a business to measure where they are losing customers. It might be a simple pipeline such as:

  1. Enquiry
  2. Initial Appointment
  3. Send Quote
  4. Close the Sale

The first step in using a sales pipeline is to optimise each step so that conversion is increased and leaks are minimised. However, even the best sales pipelines leak. So what do you do with the remaining leaking leads and prospects? These lost leads may still be valuable. There has certainly been a cost associated with generating the enquiries and depending how far down the pipeline to the point of loss, in handling them, so there are good reasons to continue to stay in contact.

What follow-up strategy do you have with losses at each step? If they are not ready today, what are you doing to be there when they are? If they don't like your offer, what else can you offer? If they just aren't the type of client you are looking for, to whom can you refer them? Is there someone who may potentially reciprocate in some way?

Good businesses do not rely on just one or two strategies. They have a portfolio of them that allows them to obtain value from almost every enquiry. Examine all the exits from your pipeline and ensure that you have strategies to monetise every leak. For most businesses, low cost automated processes can be used to convert these leaks to sales. Each exit point is likely to need a different strategy. Imagine the value to your business if you could convert 30-40% of the leaks that your sales pipeline is currently experiencing?

While it is good to focus on the successful conversion of leads, like Sherlock Holmes in the Curious Incident of the dog in the night, where Holmes solves the mystery by realising that the curious incident was the dog didn't bark, which no-one else noticed, you should also focus on the leads you lose as well as the ones you keep.

All you need to do now is to Empower yourself and take action ...

May Your Business Be - As You Plan It.

Dr Greg Chapman - The Business Brain Surgeon
The Australian Business Coaching Club