In his book “The seven habits of highly effective people” Stephen Covey introduced the concept of the “abundance mentality”.
This is a state of mind in where a sales person believes that the world is full of prospects and opportunity.
The problem is that most sales people think with a scarcity mentality i.e. the opposite:
- “What do I need to do to get the business?”
- ”What are the competition offering?”
- “Tell me the rate and I’ll beat it!”
They are terrified of losing the deal because there are a limited number of opportunities and each one is too precious to lose.
Think about it; if you only have 7 or 8 prospective deals on the go and your conversion rate is one in 10, you’ll be panicking because every deal needs to be ‘the one’. But if you have 20 or 30, you are not dependent on any of them and ironically your conversion rate will improve…why? Because having a large number of deals on the go allows you to approach each prospect with confidence, you want their business but you don’t need their business. You mentally shift from appearing desperate to appearing self-assured.
So how do you get from the scarcity mindset to the abundance mindset?
- Build you pipeline. There is no other way to do this apart from hard graft. Seeing lots of introducers and potential introducers. Constantly calling and asking for deals.
- Work it back. If I see 10 introducers a week, three of them will give me deals. That’s 12 deals a month, 36 a quarter. If I get 20 introducers consistently giving me one deal every two months, that’s another 10 a month, another 30 a quarter. That’s a lot of leads!
- Be prepared to think differently. Take a step back. There are thousands of potential clients out there. You only need a few a month. Look at how you spend your time. Are you efficient, are you effective? Don’t keep doing the same things that don’t work, if it’s not working then think differently and do differently.
- Be willing to walk away. If you only have a few deals on the go you will spend an inordinate amount of time making sure they come on, when you could be out looking for new deals. If you are willing to walk away from a deal you will gain time to see new introducers and start to do business on your terms not the prospects.
Move from the scarcity mentality to the abundance mentality and you will never again say the words “It’s really quiet out there”.