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Forgotten Leads: How to Find a Treasure Trove of Leads Hidden Within Your Firm

“To see what is in front of one’s nose needs a constant struggle.” —George Orwell

The challenge I hear more than any other from professional services marketers, leaders, and business developers alike sounds something like this: “We need more leads! When I get in front of a prospect I am able to hit a homerun with 50% of them. What I need is more at bats.”

But when you start to look at the lead management and nurturing process within these firms (and your own), you can quickly see that they don't necessarily need more new leads. Rather, they need to do a better job of working the ones they already have.

Professional service firms in particular are known for dropping leads. The typical scenario goes something like this: A conversation starts and the prospect is not ready to buy within the next three months. You stay in touch with the prospect for the next three months, but then get busy on a big consulting project. Another six months goes by with no outreach or contact with that prospect (who at this point may be ready to buy). While you could have had the inside track by building upon your relationship over the last six months, you instead let this prospect slip through cracks and must start all over again.

5 Places to Find Leads

Especially in the economic slowdown, you need to be more on top of the leads you already have. You need to be vigilant in working your leads. Instead of looking for new leads, look to the leads you already have right beneath your nose:

1. Lost proposals: A lost proposal is not the end of a relationship. Even when you lose a proposal, you should make a point to stay in touch with your contact at the prospective company. Every three months or so give them a call to check in and see how the project is going. Just because they didn’t choose you for phase one doesn't mean they will not choose you for later phases of the project or other projects. If you keep in touch and remain up-to-date with what is going on and with the new challenges they are facing, you will have the inside track.
2. Leads that aren’t ready to close right now: These are the most common leads to get lost in the shuffle. Like the typical scenario above, we get busy and we drop leads. On our priority list, these long-term leads fall to the bottom and receive little, if any, attention. The relationship is damaged and future opportunities are foregone.
3. Current clients: Don't neglect your current client base. They are the ones that, through repeat work, are going to make up a large portion of your business. (That is unless you are a turnaround consulting firm—in that case you hope not to see any repeat business.) Just because you are working with a firm doesn’t mean they know all about you and the numerous services you offer. As a matter of fact, often times your client knows very little about your firm past the people and projects they are directly engaged in with you.
   Tapping your current (and past) client base, introducing them to other services, and networking your way through the client firm are all ways to grow and get new projects. Your direct contact can act as internal champion for you and your services to introduce you to other decision makers within their organization. Not to mention all of the potential referrals you might be missing out on from your clients (but that is a topic for a different column).
4. Prospects that may not have been the perfect fit (2 years ago): Businesses change at an amazingly fast clip. Maybe you had a conversation with a business two years ago who, at the time was not ready to make the investment for your services, or was not the right size, or didn’t have the urgency to act right away. That doesn't mean that they are in the same position today. Unless you are staying in touch with these folks, you will have no idea of these changes.
5. Web leads: What’s your firm’s process and policy for handling web leads? Does every lead that comes in over the web—every download, contact us form, email inquiry—get a response and get added to your database? If there are any gaps in the integration between your website and contact management system, you can be sure that leads are dropping out through them.

Long term nurturing programs help you stay in touch with these leads on a regular basis. It keeps your message and brand in front of your prospects. Email, direct mail, and periodic phone calls are all great ways to keep the relationship alive so when the need does arise, you are the first ones they think of.

And, don’t forget to provide value in each contact. Don’t call just to “check in.” Keep track of news and changes happening at the company. Change means new opportunities. And, when you call (or email, or send mail) because you saw a recent news release, they will be more receptive to having a conversation with you.

So, go run a report on your contact management system searching for lost proposals, old leads, current and past clients, and web leads. I’m sure you’ll find a treasure trove of leads that have been sitting right beneath your nose this entire time