Are You Hanging on to Dead Prospecting Tactics?

I have a question for you today. Are you hanging on to dead prospecting tactics? Is it killing your business or are you getting zero results doing the same old same old?

I really want you to think about those questions for a minute because when you can honestly answer yes, you’re taking the first step toward success.

Prospecting can be tricky for two main reasons – 1) You have so many avenues and some are more costly than others; and 2) It’s hard to know if a promotion (marketing) tactic will work until you execute it.

So, how do you know when it’s time to hang up an prospecting tactic? Here are a few ways to evaluate a tactic before you retire it. 

1. How much time and money are you putting into a tactic? What’s your return? To determine this, you need to look at a few numbers: 
   
   
   • Cost of tactic/No. of leads developed = Cost per lead
   • Time spent on tactic ÷ No. of leads developed = Time per lead
   
   The first question leads you to the real numbers behind a tactic and your time spent. If the numbers don’t add up, you may want to consider something new.  
    
2. How long have you given a tactic to work? If you just started a lead calling campaign and you’re only 20 names into a list of 200, you won’t know the results until you finish that list. You’ll want to evaluate the returns mentioned in the first evaluation factor before you purchase new leads. Expect to get a 1-3% (1-3 appointments out of 100) success rate with a lead list. If you average that, it’s probably a good tool to keep.
    
3. If you find you’re losing money on a tactic, it may not be worth your time or money. Especially if it’s time consuming – like a networking group that has a required meeting schedule. If you’re time-strapped and money-strapped (who isn’t when they are starting out?), then it’s time to consider whether it’s worth your time, energy and money.
    
4. What is the learning curve? For instance, I received an invite to connect on LinkedIn with a guy from my local area. He runs a nonprofit and has a network marketing business. I usually accept LinkedIn connection requests (if we know someone in common or have a shared group). Well, about two weeks later, I got this message via LinkedIn: 
   
   Subject: Hello there
   Personal invitation to my networking event, sponsored by [his company name] Oct 25@7:00p, Thurs and/or Oct 27@4:00p. Door prizes, free refreshments. Bring business cards and friends. RSVP by email or call XXX.”
   The lesson of this example is that the guy misused the tactic. LinkedIn is a professional networking site. That means all communications need at least three elements: a personal greeting, context to how we know the person and a personalized invitation. Not just the words “personal invitation,” when it’s clear you’re sending this to a list of people. This borders on spam.
   
   And it contains a great lesson: If you’re not going to use the tactic properly, you’ll get ignored, or worse, reported for abuse. So, unless you’re willing to take the time to learn a tactic and its best practices, it’s time to hang it up.

Before you get frustrated and say nothing works in the Ambit Opportunity, I urge you to go back to business basics: Look at the numbers, time and learning curve. When you analyze your promotion tactics, you’ll see which ones can be killed off and which ones to focus on.

Your Turn

Did you ever have a promotion tactic that was just draining your bank account or energy level? How did you deal with it? Tell us about it in the comments below.