Last Monday, in Ready Set Go – Part II I wrote about how to plan and execute the rest of the calendar year (for many their fiscal year). We looked at two scenarios, one for sellers who set themselves up for success. The second, and the focus for today’s post, is for those in the other group, the “Holy s#*t, there are only how many working days left in the year?” Don’t panic, that would just be a waste of your time, and time is something you don’t have in abundance; instead, get prospecting. Prospecting in two ways, first reworking all your current assets, the second is going beyond to prospects and buyers that you will need to identify, engage and move through the process. In essence what you should have been doing before the summer.
What I mean by reworking all your current assets are two specific activities. One look at all your “no decision” opportunities over the las 12 months. Opportunities that went into your pipeline, or sales process, progressed but died before coming out the other end as customers. These are not opportunities that bought from someone else, but that tested the market, then went back to the sideline having changed or done anything. In some instances this group could exceed 30% of things that go into the top of the pipe. They know you, you know them, things have changes, they may be more ready now, it certainly is worth a call. Even if they don’t re-engage now, they are likely starting the planning cycle for 2016; early bird is a good thing to be.
The other method is to crank up your referral efforts, both in your client base and, your indirect network, and your Referral 2.0 network. While I still believe in cold calling, referrals are nice too.
But you will also need to go beyond the comfort zone, and that’s where cold calling will come in. Specifically in two directions, first looking for opportunities that have a reasonable chance of closing this year. This does not have to be the proverbial lower hanging fruit, but could smaller deals for example. This may mean having more of these to sell, but that could not only mean shorter cycles, but also provide an initial entry point to accounts. The idea is to both salvage the year, and set yourself up for future growth.
Second, much like the successful group above, start hunting for things that will close next year, and close early. A challenge many sales people have is the start of year lull, often because they spend a disproportionate time “closing” late in the year. They return in the New Year only to find a neglected pipeline that takes time to build up and get back in shape. This can easily be avoided by starting early, starting now. Think of it as a variation to the above scenario, except in this instance we seed now, harvest in January. To avoid this, but you have to start now. I always find it interesting that prospects are able to hold
Look at it this way, at least if you miss quota this year, you will have given your employer a reason to keep you around for next year.