It’s been a while since I’ve last posted. Part of this is due to the time of year and the many things I am juggling, but the true weighing factor is that I haven’t thought of anything I felt worthy enough to put down my tasks for & share with the world.
Well, that part is unchanged. I haven’t thought of anything. That said, I’m still going to share something.
I just received an email newsletter from my mortgage broker that really hit home with me. I feel this is critical in anyone’s business but perhaps even more so to the small business owner. So read on.
Oh, and so as to give credit where credit is due, this came from Rosalie Garcia. Visit her site and give her a ring if you happen to be in the market: http://www.pbmretail.com/rosalie/
Below is the newsletter.
Most time-management gurus teach the art of getting organized and focused to become more productive. But even if you’re the most organized, get-it-done-now salesperson on the planet, there’s still a limit to the number of customers you can see and deals you can close.
Todd Duncan, Prospect Mortgage’s Chief Performance Officer, offers some advice beyond getting organized and focused; namely, on increasing the value of your time.
Achieving better value for your time begins by categorizing your customers into the following four groups: high-maintenance/low-profit; high-maintenance/high-profit; low-maintenance/low-profit; and low-maintenance/high-profit. Your goal is to primarily work with the latter two categories. Low-maintenance/low-profit customers are definitely worth nurturing because greater profits tend to increase as the relationship grows and they’re an excellent source of referrals. Customers who are low-maintenance/high-profit should be your primary focus and where you invest the majority of your time.
Once you understand who is worth your time and begin to pursue only those customers, there are four strategies for maximizing the value of your prospecting time:
- Qualify prospects before you pursue them. Before you contact any potential prospects, first determine whether the people you contact are fit for an investment of your time.
- Never contact a prospect unexpectedly. Instead, warm up a prospect by having a common friend or colleague introduce you. Ask yourself the following question: Whom do I know who knows who I need to know?
- Cut ties with high-maintenance customers. Even if profitable, transition away from customers who are difficult to serve because of unrealistic price and service demands.
- Transition from an acquisition-based business to a retention-based business. The greatest time you can trade is not in constantly seeking new business but in deepening your current customer relationships. Fewer deep relationships are more valuable and less time consuming than many shallow ones.