Is your summer looking a little uneven in the cash flow department? Are you feeling tempted to start throwing out offers?
Pause. Read this post. Let’s get focused on the right sales that actually deliver profit.
When you think, “I’ll take anything,” you’re inviting a bad deal that doesn’t pay you and sucks all your time and energy. So when you’re feeling pressure to bring in that cash flow, how can you get comfortable with finding the ideal customer, and not a warm body with a bank account?
Here are three questions to focus your efforts.
How much cash do you actually need?
First step is to figure out what you really need. And don’t punk yourself: it has to include your pay.
If your answer is “as much cash as possible,” get ready to be on that 24/7 low profit hustle and grind. Same if your instinct is to start throwing out discounts.
Realistically, it’s probably more like “I need $X a month” or “I need $Y by August 30.” Apply some strategy. You’ll need to know these three things:
- How much incremental cash do I need in the next 90 days?
- What’s the most efficient way to get there? In other words, what’s my highest margin product or offer that also kicks out a good amount of cash per sale?
- How many of those sales would it take?
Here’s the thing: nearly all of us need just a few of the right sales to keep growing and paying for our ambitions. When you’re in a cash crunch, it’s not a moment for scaled marketing or generic emails. This is a 1:1 effort called sales.
Get crystal clear with a clear, directional statement, like “I need to find 2 retained clients of at least $5,000 in the next 90 days.” Crack your CRM or follow-up list. Ruthlessly stack rank the best opportunities: existing and past customers, people deep in your lead funnel, recently lapsed or at risk subscriptions.
Who’s ready to buy?
In the 10th grade, my high school class was required to take CPR. There was one lesson that’s stuck with me: how to effectively recruit a bystander to take action.
Somebody call 911.
You, call 911.
Guess which one gets an ambulance to arrive? (Hint: it’s not the one that goes with “shorty fire burning on the dance floor.”)
That’s right – the effective option is to pick a specific person and make it their job. It’s the same with the client or sale you need.
We are all equal and worthy as humans. We are not all equally good sales prospects. Pick out the most ideal people whose budgets you have qualified and contact them directly. Not a CRM blast or a sequence. Activate them with a personal note, call, or invitation. Prioritize this outreach for 30 days, consistently, to activate your pipeline.
What value can I add?
Repeat after me: I will not offer desperation discounts. Competing on price is a losing bet.
Instead, if you’ve had a couple of conversations and think it will get the deal done, look for a value-adding opportunity, similar to a gift with purchase. What could you add onto the deal for the same price, without creating a lot of work? Maybe it’s a freebie, access to a content library, or a short 1:1 with you. Offer to feature them in your newsletter, interview them for your blog, host them on your podcast, or record a video interview.
Sweeten the deal. Keep your price.