Are you doing the right things to turn cold prospects into new clients?
There’s a distinct difference between those prospects who contact you to learn more about your services (we’ll call these inbound leads) and those prospects whom you contact and secure a meeting with to talk about your services (we’ll call these outbound leads).
When it’s an inbound lead, the prospect comes to you because they have a need and already have an understanding that you are someone who could help them.
When generating outbound leads through your marketing and selling efforts the dynamics are very different. The prospect often is unsure of the need, the value you bring to the table, and if it’s worthwhile to engage in a conversation with you.
The differences are obvious, yet our marketing and sales process and communication for both types of leads is often the same. This leads to unproductive conversations with cold prospects that go nowhere. Outbound-generated leads can and do result in new clients; however, the process requires a different approach. Here are five tips to help you turn those cold prospects into new clients:
1. Be patient with the prospect.
Don’t expect the prospect to go from a first conversation to a new client in 30 days. It rarely happens that quickly. Remember, this is a “cold” prospect, he’s never heard of you before, and you are initiating the conversation.
Have patience with these prospects, and be prepared to shepherd them through a long buying cycle. Trust, credibility, and expertise are essential elements to a professional services sale and do not happen overnight. Be prepared to invest time in the relationship to help it grow.
2. Stay in touch with the prospect.
Nurturing and planned follow-up is required. Refer to tip #1—it is a long buying cycle. Develop a touch plan where you reach out to the prospect monthly through direct mail, phone, and email. Stay top of mind, and when the prospect’s elusive time of need does arise, you’ll be the first person they think of.
3. Provide value in each contact.
With every touch provide some piece of value. Following up just to “see how it’s going” will not enhance the relationship. Instead, answer questions and send articles. Have a reason to reach out. Provide examples of how you helped similar companies with case studies and stories.
If it is a first conversation, have questions that start a dialogue and uncover needs related to your services. Then share some best practices based on your experience working with companies in similar situations.
These types of value touches help build the credibility and trust necessary to win an initial engagement with any prospect.
4. Focus your energy on leads that will be a good fit for you and your services.
Your first task when initiating a conversation with a cold prospect is to determine if they are a good fit. This involves knowing your ideal client profile, including industry, revenue size, and level/title of individuals within the company.
Beyond that, it also requires determining the prospect’s BANT—budget, authority, need, and timeline. Focus first and foremost on the authority and need. If you can uncover a need with a decision maker and move it up his priority list, that person can usually find or make a budget and develop a timeline.
5. Have a clear value proposition.
The goal with any prospect is to start a relationship, and all relationships start with a first conversation. The key is to have a compelling and succinct value proposition so the prospect understands the value you bring to the table and the areas where you can help. Demonstrate how you are different from the thousands of other accountants, lawyers, or consultants out there.
With these five tips you’ll eventually see the temperature of those cold prospects rise, along with your revenue.
