5 Steps to MAXIMISE YOUR EXISTING NETWORK (without going networking)

 

Often when speaking to a business owner there is a lot of focus on new and shiny marketing activities (don’t get me wrong this sort of thinking is great) but most of you are leaving a fortune on the table by not maximising what you already have.

If you build process and systems to maximise what you already have (by following steps 2 through 4), when you do get the new and shiny marketing working every new lead becomes 3x more valuable to you.

If you don’t build an eco system thats making good use of our existing database or network there is no point adding more to your network. That is the business equivalent of pouring more water into a bucket full of holes hoping the water level is going to rise…. I’ll leave you to decide the sanity of that thinking.

So this weeks Edition of the newsletter is all about developing process to ensure you are maximising every single opportunity you generate in both Short, Medium and Long Term. So when you do the new shiny stuff (that can be expensive) nothing is wasted.

If you follow what I have suggested your business will begin to become A Self-Perpetuating Cycle of Profit and Revenue that continues to make more and more money with the more leads you generate.

Step 1: Develop a Compelling Lead Magnet

The initial step in lead generation for most businesses is defining what constitutes a lead. Is it someone who schedules a call? Visit your website? Fills out a form on Facebook? Requests a quote? Perhaps it’s someone who schedules a measurement session. At this stage, they qualify as a Marketing Qualified Lead.

Now, how can we enhance this process so that when someone in your target market becomes a lead, they receive immediate value before making a purchase?

In my business, I offer a complimentary coaching session to kickstart the process. This allows business owners to experience firsthand the benefits of business coaching, focusing on a specific challenge such as “How to Grow Your Business” or “How to Increase Profits.” The more specific the offering, the better.

If they’re interested in learning more or exploring long-term coaching options, they’re invited to discuss further and progress into my sales process, transitioning into a Sales Qualified Lead.

Here are examples of lead magnets for various businesses to generate Marketing Qualified Leads:

• Accountants: Free Tax Audit to identify potential savings.
• SEO Agency: Free SEO Audit on Your Website to boost lead generation.
• HR Agency: Free Audit of Your Existing HR Policies to enhance team management.
• Recruitment Agency: Free Job Advert Review to attract more clients.
• IT Company: Free IT Stack Audit to streamline operations and cut costs.

Notice how each offer provides tangible benefits, whether it’s saving money, making money, increasing team productivity, or saving time.

It’s crucial for a lead magnet to offer perceived value that leads can take away and use independently. If the value is solely contingent on signing up, there’s a lower likelihood of people engaging with the offer.

Contrary to common belief, offering value upfront increases the likelihood of engagement. Providing something of value with no strings attached encourages action.

After engaging with the lead magnet, prospects become Marketing Qualified Leads (MQLs). If they express interest in further discussions, particularly regarding pricing, they transition into Sales Qualified Leads (SQLs) and enter the sales process.

The purpose of the lead magnet is to provide a low-barrier entry point for prospects and networks. This enables outreach via calls, emails, or texts. Additionally, it facilitates sharing the lead magnet with existing networks to reach a broader audience.

For instance, as a business coach, if a local accountant asks me if I have clients interested in reducing their tax bills, they can leverage my existing network to offer a Free Tax Audit. This collaborative approach expands their reach and increases opportunities for engagement with my client base by offering them something of value, which also makes me look good too.

In summary, by offering valuable lead magnets, businesses can effectively nurture leads and seamlessly transition them into the sales process.

Step 2: Leveraging Your Existing Customer Base

Imagine you’ve closed deals on 100 clients over the last 5 years. To tap into this goldmine, start by exporting your customer list from your accounting software, like Quickbooks or Xero. While you might also have a CRM system in place, using your accounting software ensures you capture every client, even those not logged in your CRM. Once you’ve compiled your list, mark off those you’re currently still working with. Let’s assume you’re actively working with 50 out of the 100.

Now, it’s time for some proactive customer service. Reach out to each of these 50 clients with a friendly check-in call. Inquire about their satisfaction with your services. If they express an 8/10 or higher satisfaction level, you can now ask for a referral. Repeat this every quarter and you have 200 new opportunities every year.

Step 3: Engaging with Past Customers

Let’s envision again over the last 5 years you’ve successfully onboarded 100 clients. The next move is to go back to our list we downloaded from Quickbooks or Xero. Again while you might have a CRM system in place, utilising your QuickBooks or Xero is advisable to ensure a catch all approach especially if there have been CRM updates or transitions in recent years there are usually a handful that get missed.

Among those not marked as current customers, it’s time to re-engage. Reach out to these past customers, presenting them with the new lead magnet offer and reintegrating them into your sales process.

Remember never take a customer leaving your business personally unless it was personal. The majority of time it will be due to the stresses of business or life on their end and past customers are the biggest Gold Mine in your business. I would also advise sending a thank you card if a customer ever does leave so you can use this strategy with them in 90 Days time. Again there are another 200 opportunities here in your business if you do this every Quarter on the 50/100 case example… your numbers might be even more!!

Step 4: Reaching Out to Past Leads

Building on the previous scenario of signing 100 clients over the past 5 years, let’s delve deeper into past leads. Assuming a conversion rate of around 20%, this means that out of every 100 leads, approximately 20 convert into clients. Consequently, you might have encountered around 400 leads who didn’t convert. These leads could be scattered across various platforms such as your CRM system, emails, phonebook, calendar, or even text messages.

Your task now is to consolidate all these leads into a single, accessible database. Once you’ve centralised this information, you’ll have a comprehensive list of 400 individuals to reach out to. Utilise various communication channels such as calls, emails, texts, WhatsApp messages, or voice notes to introduce them to your new lead magnet and reignite their interest in your services.

Moving forward, remember that any lead that comes through needs adding to this list to re-engage. No just means not now. Remember business and life gets in the way of decision making. You may have been out of budget 3 years ago but that business may have grown by 5X since then and you are now a perfect fit. You will never know until you ask.

Step 5: Leveraging Your Networking Contacts

Networking, while crucial, often takes the most time to yield results. It’s best to initiate this step after completing the previous ones we’ve discussed. Now, let’s focus on compiling a list of all the business contacts you’ve made or encountered over the past 5 years of your business journey. These contacts could include individuals you’ve met at networking events, those introduced to you, suppliers to your clients, or even suppliers for your own business.

Once you’ve assembled this list in a single spreadsheet, create three adjacent columns next to each contact. In the first column, assess their potential to refer work to you. Consider factors such as the size of their client base, their connections, and their reputation. Score them on a scale of 1 to 5, with 5 indicating high potential. In the next column, evaluate their willingness to refer you. Again, score them from 1 to 5 based on their eagerness to refer. Finally, in the third column, calculate the total score by multiplying the potential by the willingness, resulting in a score out of 25.

Next, sort the list by total score from high to low, and prioritise reaching out to those with the highest scores. Engage with them and provide value. Additionally, you can sort the list by high willingness or high potential for further focus.

While you may not have control over their potential to refer you, you can influence their willingness to do so. For instance, if an accountant has a large client base but has not yet referred you due to a lack of knowledge or willingness, there’s an opportunity to work on improving these areas by referring business to them or giving them some sort of value.

Therefore; Fostering willingness to refer involves addressing two key questions:

• Do they want to refer you?
• Do they know how to refer you?

There are various strategies we can explore to encourage high-potential referrers to send work your way, but this requires a more in-depth discussion.

Bonus Step : Request Your Complimentary Coaching Session with me.

If you’re eager to explore how you can leverage your existing network to fuel business growth, don’t hesitate to reach out. Request a Complimentary Coaching Session, and I’ll gladly delve into your unique business challenges with you. Together, we can devise strategies to elevate your revenue and propel your business forward.

If you would like to book in a call with me click here Free Session