Why You Need To Up Your Game
Have You Ever Been Fishing In A Fished Out Lake?
You sit there for hours with your line dangling in the water, only to catch a miniscule sample of a fish, if anything at all.
Why? Because there are insufficient fish to bite on all of the hundreds of hooks that are in the same lake, or they have been over fed with scattered and unplanned baiting.
This is pretty much the same as the way most businesses prospect and hope to attract new buyers.
We are probably all familiar with the “Sales Funnel” which puts the number in the top, qualifying them by amount of interest, present solutions to their perceived problems and sales numbers. What they don’t tell you is the ratios typically involved or how to prospect properly.
Prospects come tumbling into the top of the funnel and
- The ratio of “Awareness” to Interest is typically 40:1.
- The ratio of “Interest” to “Consideration” is approximately 4:1
- The ratio of “Consideration” to “Sales” is approximately 3:2
The problem that most systems forget to mention is that the number of people actually looking to buy in the near future is very low. Our research suggests 3%.
This means that you need 1000 prospects to get 4 sales. That’s a lot of effort for a small return. That could become less an issue if you get referrals or have existing clients with repeat business, but the actual facts are less than 4% of firms ask for referrals effectively.
So what impact would it make on your business if you could grab the attention of all of the buyers for both now and the future, on a consistent basis, adding value constantly, outstrip your competitors and peers with a growing tribe of followers and referrals, that you lock in and service over the next few years? How would you like to create products that bolster that relationship and educate everyone concerned?