{"id":15447,"date":"2022-01-13T13:17:49","date_gmt":"2022-01-13T13:17:49","guid":{"rendered":"https:\/\/liquidcapitalcorp.com\/?p=15447"},"modified":"2022-02-02T13:13:52","modified_gmt":"2022-02-02T13:13:52","slug":"increase-your-cash-flow-with-an-updated-sales-prospecting-process","status":"publish","type":"post","link":"https:\/\/liquidcapitalcorp.com\/es\/blog\/increase-your-cash-flow-with-an-updated-sales-prospecting-process\/","title":{"rendered":"Increase your cash flow with an updated sales prospecting process"},"content":{"rendered":"<p><em>If you\u2019re trying to increase your business\u2019s cash flow, start by reviewing your sales prospecting process.<\/em><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-15448 size-large aligncenter\" src=\"https:\/\/liquidcapitalcorp.com\/wp-content\/uploads\/2022\/01\/Sales-prospecting-process-1030x687.jpeg\" alt=\"sales prospecting process\" width=\"1030\" height=\"687\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Prospecting, relationships, business growth and <a href=\"https:\/\/liquidcapitalcorp.com\/other-resources\/ultimate-factoring-encyclopedia\/#cash-flow\" target=\"_blank\" rel=\"noopener\">cash flow<\/a> are all closely connected in <\/span><a href=\"https:\/\/liquidcapitalcorp.com\/other-resources\/the-relationship-economy-and-sales-prospecting\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">the relationship economy<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s common knowledge that having meaningful customer relationships can support business growth by generating consistent sales and cultivating loyal customers. In turn, this can create positive cash flow for your business.<\/span><\/p>\n<p><b>Prospecting can also impact your cash flow.<\/b><span style=\"font-weight: 400;\"> If your team has a system to consistently bring qualified prospects into your sales pipeline, you can expect to reliably bring in new customers, which will increase your cash flow. However, if your prospecting process is outdated, you may see your cash flow suffer.<\/span><\/p>\n<h2><strong>Redefine your ideal prospect for the relationship economy<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">The first step for finding qualified prospects is defining who they are. This ensures that you and your sales representatives know what you\u2019re looking for in a potential client. By developing a clear set of criteria, you can help your sales reps streamline their efforts and focus their time on prospects who are likely to convert.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Generally speaking, an ideal prospect is someone who sees value in your offer, has the budget to pay, and stands to benefit from the results your business can confidently deliver.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you haven\u2019t reviewed your ideal prospect criteria since the pandemic, now is the time to do so. As the relationship economy becomes more prevalent than ever, you may find that who your ideal prospect is and how they want to be sold to has changed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Begin by examining your historical customer data and consider these questions:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Which business or industry has the highest conversion rate?\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Which customers have the shortest sales cycles?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What are some common attributes ideal customers share? (This may include things like their industry, job title, location, etc.)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Which customers have the highest lifetime order value?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">By analyzing this data, you&#8217;ll gain a clear profile of your ideal prospect&#8217;s priorities, buying habits and patterns. You\u2019ll also learn how (or if) the pandemic has changed them.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-15451\" src=\"https:\/\/liquidcapitalcorp.com\/wp-content\/uploads\/2022\/01\/update-your-sales-process-1030x687.jpg\" alt=\"update your sales process\" width=\"1030\" height=\"687\" \/><\/p>\n<h2><strong>Update your sales pitch and marketing materials<\/strong><\/h2>\n<p>The next step is to review and update your sales pitch and marketing materials. In today\u2019s relationship economy, buyers are savvier than ever before \u2014 and <a href=\"https:\/\/liquidcapitalcorp.com\/blog\/turn-your-sales-team-into-relationship-building-rockstars\/\" target=\"_blank\" rel=\"noopener\">they are demanding a more personal and relationship-driven sales approach<\/a>.<\/p>\n<p>The pandemic has also increased the demand for virtual meetings, sales videos and easily accessible digital marketing materials.<\/p>\n<p>Every business needs to consider how they can cultivate meaningful relationships with their customers. Customers who enjoy their experience and feel valued will become repeat patrons and help create steady cash flow for your company by telling others about their great experience.<\/p>\n<p>Prospecting and selling need to go beyond a transactional focus. It is now about creating a true feeling of connection in the sales cycle, being responsive and following through when it matters. Though this shift can create a longer sales cycle, by focusing on these pillars you can strengthen bonds and, ultimately, improve your prospecting results.<\/p>\n<h2><strong>Don\u2019t let your working capital hold you back<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">It\u2019s critical that your working capital can support how your prospects want to be sold to, and what your customers expect of ongoing service levels. For example, in today&#8217;s economy, offering flexible payment terms can go a long way in establishing a more personalized experience for each customer, or you may need to fund a new digital sales strategy to help support your updated sales prospecting process.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the case of Ray Bowman, owner of tree clearing company <\/span><a href=\"https:\/\/liquidcapitalcorp.com\/our-clients\/rayzor-edge-clearing-the-way-for-reliable-cash-flow\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Rayzor Edge Tree Service<\/span><\/a><span style=\"font-weight: 400;\"> and a client of Liquid Capital, he discovered that he needed to balance his corporate client\u2019s needs for longer invoice payment terms with his need to consistently pay his contractors. This led him to seek funding beyond traditional bank loans.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By working with Liquid Capital, Bowman leveraged <\/span><a href=\"https:\/\/liquidcapitalcorp.com\/funding-solutions\/invoice-factoring\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">invoice factoring<\/span><\/a><span style=\"font-weight: 400;\"> to help strengthen his relationships with his subcontractors, meet his corporate clients\u2019 needs and have the cash flow to support his working capital needs.<\/span><\/p>\n<h2><strong>Create repeat business<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">In the relationship economy, every business needs to consider how they can cultivate meaningful relationships with their customers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Customers who enjoy their experience and feel valued will become repeat patrons and help create steady cash flow. And it all begins with making sure your sales team is doubling down on creating long-term relationships with customers from the moment they become a prospect.<\/span><\/p>\n<hr \/>\n<h3><b><i>Up next: <a href=\"https:\/\/liquidcapitalcorp.com\/blog\/how-to-improve-your-teams-sales-prospecting-skills\/\" target=\"_blank\" rel=\"noopener\">How to improve your team&#8217;s sales prospecting skills<\/a><\/i><\/b><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re trying to increase your business\u2019s cash flow, start by reviewing your sales prospecting process. Prospecting, relationships, business growth and cash flow are all closely connected in the relationship economy.\u00a0 It\u2019s common knowledge that having meaningful customer relationships can support business growth by generating consistent sales and cultivating loyal customers. In turn, this can [&hellip;]<\/p>\n","protected":false},"author":120,"featured_media":15448,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148,1],"tags":[],"class_list":["post-15447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-biz-tips","category-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Increase your cash flow with an updated sales prospecting process<\/title>\n<meta name=\"description\" content=\"If you\u2019re trying to increase your business\u2019s cash flow, start by reviewing your sales prospecting process.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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