Here we are in the fourth quarter and you have a revenue target that you’re trying to achieve. Do you prospect? Or will prospecting take your attention away from closing business?
You have to determine how you are going to spend your selling time at the end of the year.
While you may want to stop prospecting, the reality is that you may not have enough in your sales forecast to generate the new business you need to make your sales goal for the year. But if you begin prospecting now, will you really have enough runway to close new deals before the end of the year?
Rather than give up, change your end of year prospecting strategy.
Sales prospecting traditionally means finding net new business – new clients you’ve never worked with before. In the fourth quarter of the year, look for new opportunities that don’t require the same level of prospecting and sales process effort:
- Look for smaller opportunities. The smaller the dollar amount, the lower the decision is in the organization. It’s easier for a manager to approve a $3,000 sale than it is to get approval to spend $30,000. It may seem counterintuitive, but at the end of the year, many small sales are the better strategy.
- Look within existing customer accounts. But if you prospecting begin now, do you really have enough runway to close new deals before the end of the year? What didn’t your customers invest in this year that they intended? Perhaps there are last minute projects they want to complete. Or, they may want to prepare now for the first quarter.
- Look for win-back sales in old customers that haven’t worked with you recently. Maybe there are people who haven’t done business with you for one or two years, or even three, four or five years who could use your help now. Win them back.
You need sales opportunities that are quick to close.
That means you need sales prospects who already know about your company. They know the quality of the work you do. They understand the value that you bring.
And frankly, you know them. You understand their decision process. You know who the decision-makers are. You are familiar with their typical budget for different types of decisions.
Don’t stop all new client prospecting in the fourth quarter. You can still spend some time looking for brand new opportunities. Those will be your sales opportunities for the first quarter of next year. Just spend larger a larger percentage of your time on prospects and territories where you already have relationships and knowledge.
Social media is a great way to reconnect with old contacts. Join us for our next free Coffee with Kendra webinar where we’ll share strategies for turning relationships into revenue and building your pipeline through social media. Register right now.