The Problem Isn’t your Prospect, It’s your Pipeline
When is the last time you lost a sale that you were counting on? How did you feel afterward? If you were really upset, you were probably counting on that opportunity a little too much. Chances are, if you’re completely torn up by every lost sale, your pipeline is not as robust as it should be.
Think about it. If you had dozens of similar opportunities, you wouldn’t be as bothered by each individual loss. In fact, you might be grateful to be able to set it aside and not give it your attention anymore. But when you don’t have at least a handful of opportunities in line, it stings when one falls through.
The real question is, why aren't there more opportunities in line behind your lost opportunity? What makes you so certain that you can close such a high percentage of your potential projects that you aren’t working with more prospects?
As a rule of thumb, you need to have 3-4X your revenue target in your pipeline in order to consistently achieve your goals. How’s your pipe these days?
Remember, a 33% close rate will make you an all-star. Most salespeople aren't all-stars, and they're still working far fewer opportunities than they should be.
Look at your own prospect list. How much of it do you need to close in order to get home this year? 60%? 80%? Keep in mind too, that the longer you go into a calendar year, the less revenue each of those opportunities is worth in that year. A million-dollar customer is only worth $500K if they don't start buying from you until July.
I write and talk a lot about differentiation, so let me take a different spin on that for a minute...
What makes you so different that you don't need as many prospects as everybody else in order to succeed? If you have a good answer for that, please let me know, because I'd love to have you on the podcast. If you don't, then I suppose it's time to get to work, isn't it?