The Test. There are many reasons why new business sales don't occur. Here are a few for you and your firm to review and consider. If any are applicable to your business, or relate directly to you, then you need MatchPoint!
15 REASONS WHY FIRMS NEED TO HAVE A CONSISTENT BUSINESS DEVELOPMEMT PROGRAM . . .
1. Do you have outdated prospect lists, software applications, marketing materials –make it too overwhelming to start?
2. Do you have a combined business development, sales and marketing process? Have you strategized, developed, or budgeted this program to cultivate sales? Don’t know where to begin?
3. Are you reacting to incoming leads versus being proactive in cultivating sales with companies you would prefer to work with?-----missing the bigger opportunity by doing so?
4. 15% of salespeople time is cultivating new sales while maintaining a client base.—too little time for big results to occur. Do you have account managers who prospect new business---at what percentage of time and effort?
And have you set a percentage they are responsible for?
5. Consistency matters. One disconnect in the process can lose the sale and can also provide a warm lead to a competitor. How consistent—every day---is your process?
6. Not many companies implement a sales communication campaign that supports a BD strategy-----essential, consistent communication in keeping the company in the forefront through the close of sale. How often do you send information to your clients and prospects?
7. There are more than 5 channels of opportunities in cultivating sales and many companies only know one. Do you know where leads come from?
8. Value proposition. Most companies don’t know what it is, the importance of one and why it’s the key to meet with a new business prospect. Do you?
9. Much money is being spent on marketing campaigns, sales salaries with commission and some companies contract a call center for support---yet, there is no strategy and sales budget for cultivating new business. What is your largest chunk of budget in sales and marketing and is it worth it?
10. No sales people? Business principals are cultivating sales---and taking care of the clients and operations--- so little time is given consistently to cultivate sales. And cultivating sales is the number one priority for all businesses yet this strategy it’s set up to fail.
11. Some companies boast how lucky they are by getting incoming referrals yet, what happens when sales are slow or in crisis mode without a back-up plan?
12. People are known to have their individual talents. Some people are given responsibilities to help build business ----What happens when people won’t call prospects? Or, aren’t successful at finding new opportunities? Or, don’t present well to new prospects? Or, can’t negotiate? Do you have the right sales talent for the sales position at your firm?
13. Companies have leads naturally coming in from their marketing efforts or from their website—and no program to streamline them into a sale. Lost opportunities! What are the loopholes in your process?
14. Pain points. All new business prospects have pain they are trying to solve in the area your company provides service--- many companies are too busy selling service without listening to where the #1 pain point is to offer solution. What core competency does your firm have to solve your clients problem with your product or service?
15. Decision makers on both sides need to be active in the informational exchange and cultivating process--- it will solidify a good fit. Some are concerned with only closing the sale and not being sensitive to making it work on both sides for the long term. Can you name a couple of clients that you see short term vs long term? Why?