IF YOU’RE NOT DOING THIS ONE THING, YOU’RE LEAVING MONEY ON THE TABLE
When I ask what service-business owners are doing to generate revenue, their first answer is lead generation, which fills the pipeline with people who may turn into customers. But if you want more money, and you want to keep your team busy with revenue-generating strategies, then you need to be doing something else too: People often get so focused on new leads coming in that they forget about the leads, prospects, and customers they already have. Your existing pipeline of leads, prospects, and customers are potential sources of revenue just waiting to be tapped … all you have to do is reach out to them. Your business is wasting a lot of money if you’re not following up with people who respond to your advertising but don’t take the step of buying your product or service. Think about this. If someone responded to your advertising by calling you, cutting out and sending in a coupon, asking you for a brochure, or coming into your store, there WAS some level of interest there. The problem is that most business owners forget about these people if they didn’t buy the first time around. Follow-up.
doing laundry. Sure it’s nice to have new clothes … but you have perfectly good clothes in your closet, so why aren’t you wearing those? So, keep generating leads, but build a powerful follow-up system to connect with your existing list of leads, prospects, and customers. This existing list already knows you, (the leads know OF you … your customers have actually HIRED you!) so you can follow up and market to them. Even if they said no in the past doesn’t mean they aren’t interested in future work. There are four key reasons for why this happens, and I’d like to share them with you. The first is trust. Maybe earlier the lead didn’t trust you or your team so they didn’t hire you. But if you continue to follow up with them, they’ll get to know you, and that leads to liking you, and that leads to trusting you. Follow up with service and value to show that you care, and you’ll create the trust that was missing and turn those leads and prospects into customers. The second reason why potential buyers get put off from buying is because they feel the price is too high. If your price is too high (or too low!) then people might not buy. That being said,
sometimes it’s not the price itself but how you frame that price in the context of your presentation. The third reason also relates to price, but in a different way: In this instance, the prospect wants the product or service, but the full price is out of their reach or they simply don’t have the money to spend right now. To overcome this, split the payments into installments. This is a proven winner. EVERYONE can manage small, bite- size payments, so be sure to create a payment plan if you sell high-priced items. Infomercials use them for a reason! A big fourth reason why people didn’t buy from you the first time is because they just didn’t need the service as urgently as they thought they did. There’s nothing wrong with that. Maybe their priorities will change. When you follow up with people, you can reconnect with them at different times and you may find that their level of trust, financial situation, or level of urgency has changed. There’s a saying that marketers say: “There’s money in the list.” This means that you shouldn’t just focus on lead generation. It’s important, but it’s only part of the story. Develop mastery in follow-up and you’ll make more money with less effort.
A business owner not following up is like buying new clothes instead of
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