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Although this is not an exact science, it does give you some numbers on which to focus in order to make your progress toward your goal more measurable. This measurability allows you to chart your progress throughout
year which, in turn, increases likelihood that you’ll reach your goals as you are able to make mid-course corrections.
It worked for Paul, and it can work for you!
So, now's time to ask yourself -- are you filling your prospecting funnel?
For first three years of my web design business, I just took what came my way. I did what I thought would bring in business and waited for results. I did very little analysis of process, so I was never able to predict what activities I needed to do in order to get my desired results.
A few years ago, a management consultant introduced me to idea of prospecting funnel. It’s a way to track your prospecting process so you know how many prospects are in each stage at any given time.
Over time, you are able to predict how many prospects you need to generate in order to produce one new client. This helps you set realistic sales goals, plan effective marketing efforts and budget sufficient marketing dollars.
On a blank piece of paper, draw a large funnel taking up whole page. To right of funnel, starting at top, write first step of your prospecting process (for example, first contact with prospect at networking meeting, cold call, web site query, etc.).
Below that, leaving a little space between two, write second step of your prospecting process (for example, scheduling a meeting). Continue writing subsequent steps of your prospecting process, one below other, until you reach bottom of funnel. The last step should be one where prospect becomes a client (for example, you receive signed contract back with a deposit check).
Now, go back to top of funnel and for each stage that you identified, write how many prospects you have who are currently at that stage. Write these figures inside funnel. If you have room, you can write names of prospects that are at each stage.
Now, you may want to create a spreadsheet that helps you track when prospect entered your system, when they hit each stage and when they became a client. You can use first column to write prospect names and other columns to write each prospecting step. Then, each row, reading from left to right, can show what date prospect entered each stage of your prospecting process.
Over time, you’ll be able to come back to your spreadsheet to calculate number of prospects it takes to generate one new client and amount of time it takes, on average, to convert a new prospect into a customer.
Once you’ve refined your prospecting system and funnel, you may want to create a giant version of funnel on a flipchart where you can write each prospect’s name on a sticky note and move them from one stage to next.
It can give you a great visual of your current prospecting status and show you what areas need your attention.
Happy Prospecting!
Kimberly Stevens is a Business Life Coach who supports business owners and entrepreneurs in their pursuit of a fulfilling life and profitable business by offering individual and group coaching, ebooks, teleclasses, and live workshops. To learn more about creating a richly rewarding life as a business owner, visit www.askthebizcoach.com or send a blank email to: kim4-20129@autocontactor.com for an automatic reply.
