The Law of Opulence – Unlimited Opportunity & the Leaky Opportunity Funnel

May 22nd, 2012 by

A year ago I came across a YouTube audio/video that provided a recording of “The Law of Opulence,” by Wallace D. Wattles.  The concept of The Law of Opulence is that “opportunity”is in unlimited supply if you open your mind to receiving the opportunity.

“In living the new life the first essential is to abandon the idea of competition and limited supply.”

Wallace D. Wattles

When I work with customers to help with the integration of CRM, I consistently see support for “The Law of Opulence”:

–         When a company has decided to open their mind to opportunity it comes.

–         When they know what services they want to deliver they attract customers.

–       If they believe they are capable of delivering on their business objectives they have no issues in getting leads/opportunities.

When the customers gets to the “Opulence” stage the biggest challenge is the management of the “unlimited” supply of opportunities.

Most of companies have not mapped out the process that their customers take to become a customer (customer journey) and they have not implemented the tools to manage this process; this results in a “Leaky Opportunity Funnel”and lost opportunities.

At any stage of the customer journey you can lose the opportunity if you do not have the systems in place; as a result you are not taking “The Law of Opulence”. A CRM can help you manage the customer journey and plug the leaky funnel by:

1/ Market Planning – Know the customers that you attract& the customers you want to attract.

2/ Lead Generation – Measure the results of you message and brand.

3/ Lead Management – Capture the results of your marketing and sales efforts.

4/ Sales Process – Understand your customer’s needs.

5/ Customer on Boarding – Delight your customer and measure satisfaction.

6/ Nurture & Retain – Communicate with and grow existing customers.

 

“The Law of Opulence” Part I–Wallace D. Wattles, 1907

http://www.youtube.com/watch?v=58i1m12OEKQ

Avoid a Leaky ‘Sales Funnel’

http://www.businessweek.com/smallbiz/tips/archives/2011/03/avoid_a_leaky_sales_funnel.html

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