When something goes wrong with your business, you might think that more leads will fix the problem.
So many entrepreneurs consider leads as some kind of cure-all that will get them more money and solve any challenges.
This might make sense…but only at first. The reality is that new leads can be very costly. It takes six times more time and money to generate a new lead than to sell to an existing client.
Because of this, chasing leads often wastes resources – without giving you the desired results.
There’s a much better way to sell. One that won’t cost you as much, but will generate much better results.
What you need to do is focus on your sales cycle.
Your sales cycle is the process that starts when you go looking for someone and ends with them giving you a check or a credit card.
It’s a multi-step process. And each step must be tight if you want to get the most out of your leads. Otherwise, you’ll just be burning through a ton of leads. Not only will you not make money, you’ll be losing it all the while!
You need to understand how every step in the sales cycle works and contributes to your success.
Think of it as playing golf. Everyone can hit a ball off a tee. But not everyone can get the ball in the hole. To be a good golfer, you need to understand the technique and the steps behind it.
Your sales cycle works the same. When you know all the parts of the game, you can master them and make your sales process highly reliable.
Here’s what I’m saying… Before you go chasing after new leads, find out if there are any on your list right now that you’re letting slip away. You’ll find that to be true in most cases.
Once you’ve found them, stop wasting your lead generation efforts and start working on your sales cycle.