How to: build up a pipeline of new work via my network

The reality when you meet someone at a networking event or have a one-to-one with them is that they will not need your services. However, this is often the very start of the process to build a pipeline of new work. (Of course, there are the very rare occasions that when you meet someone they do need your services).

To win work, you will need to identify where people are on their buying journey and progress them them through your pipeline.

Who has potential?

Think about who you meet – do they have the potential to be clients or not?

Most people who have the potential to be your client start in the potential category. These are people who are the right sort of people to need your product/ services, but you have no idea whether they actually need your services. You can’t really class these people in your pipeline of new work. They need brought along their buying journey into the next category of speculative.

The next category is speculative prospects or cold leads. This is where you have a prospective client where they have a need which you know you can help them with. However, you don’t yet know their priorities, the exact detail of what they need and how likely they are to engage you (or others) to help solve their need. At this stage these types of prospects could be categorised as a “lead”, but probably a cold lead. You are likely to be in the fact finding stage and having early stage business development meetings with the prospect to find out more.

Finally you want to transition your contacts into warm leads: This is when you have an identified a need with a client who are motivated to buy and you are having conversations with them about this need. You will have taken a decision to actively pursue the opportunity. Your prospect is now a warm lead. At this stage you could be in the process of submitting a proposal or a tender.

To get people to buy they need to go through all three stages on their buying journey before they will buy.

How do I use my network to get people into potential and then through the pipeline?

There are several ways you can use your network to help get people into your pipeline and move them through to becoming paying clients. Here are a few strategies you can try:

• Leverage introductions: If you have a strong network of contacts, consider reaching out to them for introductions to potential clients. This can be a powerful way to get in front of new prospects and build credibility. In particular, it is important to have a network of external and internal introducers.

• Share content: Use your network to share valuable content that showcases your expertise and helps position you as a thought leader in your industry. This can help attract potential clients to your business and get them interested in your services or products.

• Participate in events: Attend networking events and industry conferences, and use these opportunities to connect with potential clients and build relationships. You can also consider hosting your own events or webinars to attract new prospects.

• Collaborate with others: Look for opportunities to collaborate with other professionals or businesses in your network. This can help you reach new audiences and expand your network even further.

How to progress the prospects through your pipeline?

Once you have identified potential clients and established a connection with them, it’s important to have a plan in place for moving them through your pipeline and turning them into paying clients. Not everyone is ready to buy when you first meet them.

Here are a few steps you can take to progress prospects through your pipeline:

• Follow up: After initial introductions or networking events, make sure to follow up with potential clients. This could include sending a brief email or LinkedIn message to remind them of your conversation and offering to answer any questions they may have.

• Set up a meeting: If the potential client seems interested in your services or products, set up a meeting to discuss things further. This could be a face-to-face meeting, a phone call, or a video call.

• Share information: During the meeting, share information about your services or products and how they can help the potential client. This could include sharing case studies or testimonials from past clients, or providing a detailed proposal outlining your approach and pricing.

You need to consistently nudge your prospects through the sales process. This means keeping in touch and maintaining a dialogue even when there is nothing to talk about. The aim is to be there and ready for when they are willing to talk about a need they have which they are now motivated to do something about (and move forward).

By following these steps, you can effectively progress potential clients through your pipeline and turn them into paying clients. It’s important to stay organized and keep track of where each potential client is in the process, so you know what steps to take next.

It’s a numbers game

Yes, building up a client portfolio is often a numbers game, and it requires consistent effort to maintain a healthy pipeline of new work. It’s important to be proactive in networking and building relationships with potential clients, as well as spending time with introducers who can help refer you to new opportunities.

One way to maintain a consistent focus on building up your client portfolio is to set specific goals and targets for yourself. For example, you could aim to connect with a certain number of new potential clients each month, or attend a certain number of networking events. Tracking your progress and measuring your success can help you stay motivated and on track.

Another tip is to make use of different networking channels and platforms, such as LinkedIn, Twitter, or industry-specific groups or events. This can help you reach a wider audience and increase your chances of connecting with potential clients.

Building up a client portfolio takes time and effort, but it can be a rewarding process that helps you grow your business or career.

Where should I focus my attention on my pipeline?

Over time if you are doing the right things you will see the warm and cold leads build up, and then hopefully convert. The cycle could be years rather than months. Of course, you always want to spend proportionally more time with the warm leads, followed by the speculative prospects /cold leads then the potentials. However, don’t stop getting people into potential, as this will lead to a gap in your pipeline at some point in the future. When you see work is converting then you can reduce your focus on getting potential, or prospects, into your pipeline.