Recognize When It’s Time to Move On
Prospecting is the backbone of your business. It’s the one task you cannot delegate, since people need to like and trust you personally if they are to do business with you. So you should be constantly perfecting your soft skills in order to connect with and win new clients.
Inevitably however despite all your best efforts, you will fail to win influence with certain prospects. And it can be hard giving up on them – especially if you believe there’s even the tiniest chance of them converting.
There is a fine line between giving up too quickly and not knowing when to give up. But if you are going to grow your business you need to recognize when you are wasting time trying to convince prospects who are never going to be a good fit for you.
When prospects won’t commit
When you get a prospect to understand the value in your services and instill a belief that you can change their life for the better, they will participate with you and give you their time.
When a prospect doesn’t perceive the value of your services they won’t engage with you and they won’t commit. These prospects may have money and a need, but they do not respect what you have to say. If you feel as though someone is making you chase after them, they are sending you a message.
Always ask for commitment; if none’s provided that’s all you need to know: It’s time to move on to other prospects who will recognize the value you can add to their lives.
Only target prospects who fit your ideal client profile
You can lessen the chances of having to move on by creating an ideal client sheet.
Think about all the characteristics your ideal client should have, from their profession and family situation to their hobbies and location. When creating your ideal client persona, think about the clients you currently love to work with. Then use this sheet to target candidates who fit the description and you will have a far better chance of converting them. In any case, they will turn out to be a better fit for you in the long term. If a lead doesn’t fit your target client profile, take him or her off the list.
When it’s time to move on – but worth keeping in touch
If you feel certain someone will never become a client then cease communication, and save your valuable time searching for better prospects. However, if you feel that a prospect, while unable to commit to you right now, may later on see the benefit of your services, hold on to their contact information and keep in touch with them.
Routinely call these people for a catch up to find out if anything’s changed. For example, when you previously touched base they may have been undergoing a temporary financial hardship, been in the process of expanding their business or had just hired another financial advisor. When you call back later they may have more cash reserves, be unhappy with their current advisor or have changed their business plans. When you call however remember to reach out to them as a genuinely caring and interested human being, not someone who’s simply chasing after dollars.
Ultimately prospecting is a numbers game. No matter how good your prospecting approach, some people will be at the right point in their lives to take things further, others not so.
Recognize when it’s time to move on so that you can use your valuable time more constructively elsewhere. And remember when you do succeed and win a new client, you’ve just lost your best prospect. So prospect every day to ensure you have plenty of potential new clients in the pipeline.