I have a little quiz for you.
You have connected with some prospects who you think look like very good potentials; you see the following as good buying signs:
Prospect one has lots of problems in their business and are missing all kinds of opportunities, so you see huge potential.Prospect two is a careful listener, eager to see more information and asks you to leave materials with them.
Prospect three is sent to you by their boss to engage you and perhaps start a project.
Prospect four has big plans and goals for growing their business and their excitement is contagious.
At first glance you'd think these prospects were ideal. They have needs, they have interest, they want to grow. The question is, "What's not to like?"
The answer is: A LOT!
In fact, the prospects I've described are demonstrating the initial warning signs of the four WORST kinds of prospects you could possibly work with! These people will waste your time, steal your ideas, take forever to implement, or never get started.
They'll leave you frustrated and confused.
"But they look like ideal clients," you say! Yet if you dig a little deeper, you may find that the way they initially present themselves is nothing more than a smokescreen.
But when we are looking for more business, we fall for this smokescreen almost every time. We make the decision that they are good prospects, so we go about the work of trying to turn them into clients.
That's when it gets hard.
They show a lot of interest and meet with us for hours on end, not making a decision. We prepare proposals that meet their needs and yet they stop returning our phone calls. They commit to a project but move at a glacial pace. They get excited about turning around their business, but before you know it they are focusing on the next "good idea."
But do we think that these are bad prospects? Not on your life! We just think that "marketing and selling is hard." We feel discouraged, but keep plugging away, hoping that one of these prospects will ultimately turn into a good client.
But they almost never do. Why?
Because they were never good prospects in the first place. You read the signs wrong. What's worse, you've been doing this for a long time - maybe years. You have been spinning your wheels trying to sell to prospects who will never buy.
This also leads to another problem.
You fail to notice the buying signs of a good prospect. You don't see how they are different, so you treat them the same as any prospect. You miss opportunities that are right in front of you.
When you do get a client, you often don't know why. It seems to be a random process that you don't have a lot of control over. At this point it's not unusual to get discouraged about marketing and just decide to "wait for referrals from satisfied clients."
I'd like you to imagine the following fantasy scenario:
You meet a lot of prospects in the course of your business. And on the shirt of each prospect is pinned a magical "prospect qualification badge" that only you can see.
Good prospects would have a badge that said "good prospect" and bad prospects would have a badge that said "bad prospect."
Can you imagine how that would impact your approach to marketing and selling? Of course, you'd ignore the bad prospects and put all your energy and attention on the good ones.
The thing is, this really isn't a fantasy scenario!
Every prospect you meet actually does wear an invisible "prospect qualification badge" that simply takes a little understanding and study to learn how to decipher.
Until you learn how to read these "prospect qualification badges" you will waste enormous amounts of time and energy. As a result, your business will never grow the way you want it to grow. And that, my friends, is a tragedy.
To be continued...
The More Clients Bottom Line: The inability to distinguish bad prospects from good prospects may be the biggest liability in your business. Until you understand this, you'll unnecessarily waste time and energy chasing clients who will never do business with you.
Ever chased a prospect for a long time, only to be disappointed that they didn't become a client? Please share on the More Clients Blog.
I would like to suggest my webblod to view
http://artandfaith-john.blogspot.com/
Kind ragards
Tomas
Posted by: Tomas | December 24, 2007 at 02:35 AM
You've really hit the nail on the head with this one. I have wasted a huge amount of time going after the wrong prospects and getting discouraged when they eventually drift away without ever saying "yes" or "no."
I can hardly wait till next week to learn how to read these "prospect qualification badges." Thanks Robert!
Posted by: Barry Harrison | November 27, 2007 at 11:02 AM
Robert-
I think there are two ways to prevent the "bad client" problem.
1- Have a detailed demographic. Who? What? When? Where? How? Know your ideal client inside and out. And then, refuse to work with anyone but your ideal clients.
2- Listen to your intuition. I am not into the woo-woo stuff, but I do believe that we have to listen to our inner voice. I often get a feeling when I think a client isn't right for me. And it has been spot on every single time!
Posted by: Shama Hyder | November 26, 2007 at 10:17 AM
Robert.
This is right on.
It fits with an article I published on my blog entitled Leadership responsiveness. Check it out.
http://mavermanagement.blogspot.com/2007/11/leadership-responsiveness.html
Some folks just don't want to progress and you are absolutley right that they waste your time.
Thanks
John Maver
President
Maver Management Group
www.mavermanagement.com
http://mavermanagement.blogspot.com
Posted by: John Maver | November 21, 2007 at 12:23 PM
Robert!
As always, nice work. After spending hours with people who were NEVER going to pay me anything I finally wised up and created a detailed client profile. If the FBI uses them to help find criminals, why shouldn't I use them to help find clients? Beyond demographics, I also looked at psychographics--the personality characteristics of my ideal clients. While I could say a lot about how I created my profile, the basic point is I spent time looking at my best clients and what made them different. I started paying attention to the little things that told me someone would or would NOT become a client and then I wrote them down. Now I feel very confident about who I'm spending time with and why. I'm serving the people who I should be working with and saving myself the headaches and heartaches of old and outdated sales methods.
I've learned a ton from you and often recommend your site. THANKS!
Posted by: Alecia Huck | November 20, 2007 at 06:17 PM
I have definately been through times of spending too much time with certain prospects. And, I have also been guilty of doing the opposite: not recognizing signs of those who truly do want to buy from me. I have learned that there is not any one type of person who will or who will not buy with one exception: Those who do buy all have in common that they are all focused at on self growth and awareness and they "get it" about my work rapidly. I have also learned that those who "get it" are all different demeanors and types of people, as well. The enthusiastic ones don't necessarily turn to clients, and visa versa. Also, the timing is right for them in their lives as well. Thank you.
Posted by: Jenny | November 20, 2007 at 08:49 AM
Oh wow. Yes I would say that I've encountered these prospects. We've got a saying here in Texas - "big hat, no cattle". It does a good job of describing those prospects that seem like that would be great but turn out to have little, if any, influence to actually get a P.O. signed. They are so darn tempting to pursue because of the "you-never-know" syndrome.
Now looking for those badges you talked about.
Posted by: Mark Smith | November 20, 2007 at 08:19 AM
Robert,
I've fallen victim to two of the kinds of "hot" prospects you described, so your post provides a valuable reminder to not make that mistake again.
Also kudos on the elegant re-design.
And, finally, thanks for the idea-packed interview on ways to forge profitable partnerships http://www.movingfrommetowe.com/2007/11/16/why-companies-will-do-great-work-for-you-for-free/
Posted by: Kare Anderson | November 20, 2007 at 08:08 AM
Hi Robert
Man, can I relate to your newsletter this week! I've gone down that path many times and fortunately most of the time, I haven't secured the client. I say 'fortunately' because had they become clients I would have paid dearly in drained energy. One time a client did sign up which felt all wrong, but in my eagerness to 'get a client and some income' I ignored my gut feeling. It all started innocently enough: a referral from a business associate. The intial interview went well but then the warning bells started going in my head which I chose to ignore. Firstly, she wanted to check with her business partner (who she called 'her sister') who said that 'yes, she needed a coach' and secondly, her sister/business partner was going to pay for the coaching. The third warning was that she felt overwhelmingly obligated to her mother whose health was failing. She became a client, yet less than a month later she cancelled the contract. I was not surprised but actually I was relieved, and I learned a valuable lesson: If your client isn't paying, they are not committed. If they are doing it because someone else thinks they need it, it won't work either.
Ironically, the people with the most problems and who seem to need your services the most are the least likely to hire you and if they do, they do next to nothing to change their circumstances. That's why they have problems. I used to shake my head in disbelief in these situations but now I realise that not everyone is ready to change right now - and that's fine by me.
Thanks for the great info Robert.
regards
(Jenny) Dimitra
Posted by: Jenny Mallos | November 20, 2007 at 01:15 AM