There are a lot of ways to grow your business.
The difference between a business with stagnant growth, that’s plateaued and business with hockey curve growth is Sales.
It’s the number of leads who say, I need your product/service.
How many leads did you get this last month? How many people Are you working with in your sales process?
And did you go out to find them or did they find you?
This is the biggest distinction between marketing vs prospecting.
Prospecting is when we go out looking for our dream client. Both processes involve figuring out who your dream client is, finding where they’re at, what they like to do, and getting in front of them. But In marketing we create the conditions that are needed to attract the dream clients to us.
Most companies like marketing because it’s the idea that someone will pick up the phone and call in and say “Justin, I want what you are selling. Let me give you money.”
And the Prospecting, on the other hand, is when you initiate contact with your ideal client.
It’s when you pick up the phone and say,
“Hey Dream Client, gosh, I was just thinking about you. I’d like to do business with you. Would you be open to a conversation?”
Most people focus on marketing. And that’s generally Where stagnant growth comes from.
It’s because you’re relying on your audience to approach you and rely on their interest in initiating a sales conversation.
Marketing is needed in your company and to really understand the need for both marketing and prospecting to grow your business let me explain it with a quick visual.
A Tipi is a canvas-covered dwellings used traditionally by Indigenous peoples of the Plains in the Great Plains. The framework of tipis consists of peeled poles trimmed of all knots and branches and thinned at the base. Tipis normally utilize fifteen to twenty-five poles. (source)
Traditionally it was created with 13-15 poles. Each of the poles gives the structure strength so it can hold the tipi in place, as well as bear the weight of the animal hide (or canvas, in more modernt times) to create the shelter.
Your business requires support from multiple areas to grow consistent revenue. When a strong wind blows (similar to those that swept through the prairie) the more posts you have that are strong, holding up your business, the harder it is to topple/hinder its growth.
When you lay out your marketing & prospecting strategically and they complement each other, it becomes a lot harder for changes in industry, economy to hinder your business growth.
Here is a great example: I was speaking with a prospect, about two weeks ago, who had 85% of their revenue generated from trade shows.
There’s tons of opportunities out there, unless… a global pandemic hits that cancels every trade show.
Their business was built with one very strong post.
Guess what happened to their consistent revenue as soon as things started cancelling because of COVID-19?
You need to make sure as you’re building your business with a variety of strong posts.
You should have a strong marketing plan. And some of those posts may be built on the strategy you implement. But that is not the only thing you need to be doing. When it comes to growing a business, You need to also build a strong prospecting strategy.
Identify a variety of prospecting activities that help you build a strong post that supports your business. Some examples are cold calling, cold emailing, cards & packages, going out to networking meetings, live events, and trade shows.
There are so many different ways to bring prospecting into your business.
How many poles do you have in your business that supports its growth?