The Revenue Model For Virtual Professionals
To help you maintain your focus on generating revenue, I will introduce you to the 4Ps. Everyone at MyOutDesk focuses on the 4Ps. When I left the country for six months in 2011, I set a goal of increasing our revenue using them. Not only did we double that goal using this system, but we also ended up helping thousands of people find jobs with growing businesses across the United States. The 4Ps stand for Prospecting, Presenting, Persistent Follow-up, and Potential Referrals.
Everyone understands what prospecting is, but not everyone understands how to measure it or drive revenue. At its most effective, prospecting isn’t just going out to get new business from people you don’t know. The reality is that you should spend more time communicating with your existing clients to encourage them to buy more from you or earn referrals from them.
One of the things MyOutDesk does well is that our sales team, which includes VPs, is a group full of prospecting powerhouses. They work the phones day in, day out, having four hours of conversation each day. Our sales team is just as effective in closing cold leads as they are with warm leads because they focus entirely on clients’ outcomes.
If I were to ask you what presenting involves, what would you say? Your answer would probably be something like, “I start by telling them about my product or service, point out why they should choose me and not someone else, and tell them how customers think my company is stellar in its niche.” And there is nothing wrong with that. But what I want you to remember is that presenting should also involve focusing on what is in it for them, the clients. What is their best outcome? We often ask our clients, “If you could have one win out of this call, what would it be? If you could walk away with one thing of value, what is it?” In other words, we help them focus on determining what would be a win for them.
We train our virtual professionals to focus on this. In fact, one of our core values is having a servant’s heart. We want to serve our clients and vendors we are in business with. Our perspective is that when you add value to people, it will be reciprocated. So focus your presentation on the end users, make sure they are your focus, and help them with their dreams and goals.
P3: Persistent Follow-Up
Persistent follow-up really matters, and this is something our virtual professionals excel at. If someone isn’t moving forward with your product, you need to find out why. For example, the other day, my wife and I talked about moving our girls into one of our second-story bedrooms. I thought bunk beds might be a good solution for them, but my wife wasn’t sure that they would be big enough to handle that yet.
I did a quick Google search for bunk beds to see if that was the case, and naturally, within minutes, Facebook had placed ads for bunk beds in my feed. It’s amazing how that works. Facebook knows what is going on in our world. Even though we aren’t quite ready for bunk beds yet, as long as that ad campaign continues in my feed, I will probably click through to look at them—because, guess what? Next year, I will be ready to buy bunk beds. It is the same with following up; if a potential client is not ready to buy yet, establish a date when they might be. Next Christmastime, for example, might be a good time to get me thinking about bunk beds again.
This is massively important for our salespeople because we have instilled the notion that 90 percent of the time, there is no way to know why someone isn’t buying unless you ask.
P4: Potential Referrals
The last of the 4Ps is the potential referral. I don’t like to lose, so if I find that a person isn’t ready to move forward with me (or even if they do move forward), I like to say, “Hey, I hope you found value in our conversation today. Who are the two or three people you like and admire who would enjoy a conversation like the one you and I just had?” Then, I am ready to write people’s names down and often ask for a personal email introduction to warm things up. For any business owner aiming for a 70 percent referral rate, this can transition your company directly into hyper-growth and scaling.