The Blatant Truth Weblog

Do You Believe in Magic (aka best practices on how to NOT win more new business)

Do you believe in magic?

These last few months of 2011 are extremely important not only to scoop up every last remaining piece of business but to also lay the groundwork for 2012.  There’s lots of work to be done, magic be damned. Elves and fairies have nothing to do with it…or do they? What are YOU doing to develop the kind of revenue stream that you want? (Wishing, waiting and hoping do not count as strategies.)

Okay, now that we know that wishing on a star doesn’t mean a thing, let’s take a close look at the actions that can make a difference:

Action 1:  Go through your database with a fine toothcomb and pay critical attention to dormant accounts and proposals that were never won. Can companies in these two categories be resurrected? And what about your existing accounts? Are you getting ALL of their business or are you leaving some of their business on the table? If you are then consider yourself open and vulnerable to the competition because you can be sure they will try to come in and snatch up your share of the work as well.

Action 2:  Are you engaging in “strategic” networking or are you simply attending as many events as you can. This quantity vs. quality approach will ultimately cost you valuable time and henceforth money and can you really afford to waste either?  (I thought not.) Develop a strategic networking plan paying careful attention to the events and groups that you visit and join. Remember that “6 degrees of separation” is an important networking mantra. One or two good “people connectors” can be vastly important in your business development efforts since they can “lead” you to an infinite number of contacts and connections that may ultimately turn into business.

Action 3:  Now that you’re re-engaging with select prospects and clients in your database and are networking with care, you MUST develop an effective “touch point management” system. Business development is like a garden. You plant seeds but then you must nurture them in order to have anything grow. It’s the same with business development. Unless you are engaged in a highly transactional business, generating clients takes time.  And you MUST stay on the radar screen of everyone that you deem “worthy” whether they are a potential client or even an influential referral source. (Utilize the three I’s for the best results!)

Action 4:  Throw pennies into a fountain. Okay, not really but if you are not doing all of the above, you just might believe in magic and you never know, maybe those pennies might be just the ticket to sales success.