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SoTellUs Time helps entrepreneurs outsmart, out market, and outperform the Goliath in their industry. It’s the old biblical story of David versus Goliath, everybody has that competitor that they're looking at saying "how did they grow so fast or get so big and how can I ever compete with them?" Follow Us On:

Dec 5, 2023

In today's insightful episode, we explore a strategic approach to boost your profits by transforming rejected opportunities into revenue-generating successes. Throughout the business year, encountering countless "No's" from potential clients is inevitable. The question is, what can you do with those who initially turned away? How can you convert these negatives into positives for your bottom line?

The key lies in creating and effectively managing a Lost List. Every business, irrespective of its size or industry, should maintain a comprehensive database of potential clients who did not make a purchase. These individuals, who showed interest but didn't commit for various reasons, represent a latent revenue stream that could materialize at a later date.

Creating a Lost List is a straightforward yet crucial step in this process. For those with Customer Relationship Management (CRM) systems, marking or tagging leads as Lost is the optimal approach. If a CRM isn't part of your toolkit, a simple spreadsheet can serve as a makeshift solution.

Once the Lost List is in place, the next step is establishing a structured follow-up plan. A well-crafted nurture campaign, reaching out at intervals such as every three months, six months, or a year, ensures that you stay on their radar without overwhelming them. Utilizing a mix of SMS and email channels for communication widens your outreach.

Crafting the right message during follow-ups is essential. Whether it's a casual check-in, a reminder of a previous proposal, or an update on your services, the tone should be genuine and helpful. Share relevant articles, inform them about ongoing specials, or simply inquire about their needs – building a connection is key.

The frequency of follow-ups should align with industry norms and customer behavior. For instance, if your business, like a carpet cleaning service, recommends services every six months, your follow-ups should occur within that timeframe.

As a practical homework assignment, businesses are encouraged to create their Lost List if they haven't already and initiate at least one communication this month. Transforming "No" into "Yes" is not just about persistence but a strategic and thoughtful engagement that can unlock hidden revenue potential.