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Strategic Prospecting and Preparing for Sales Dialogue. Learning Objectives. Discuss why prospecting is an important and challenging task for salespeople. Explain strategic prospecting and each stage in the strategic prospecting process.
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Learning Objectives Discuss why prospecting is an important and challenging task for salespeople. Explain strategic prospecting and each stage in the strategic prospecting process. Describe the major prospecting methods and give examples of each method. L L L 1 2 3
Learning Objectives Explain the important components of a strategic prospecting plan. Discuss the types of information salespeople need to prepare for sales dialogue. L L 4 5
Key Thoughts • Strategic prospecting is the process by which salespeople separate out those that are more likely to buy from those that are less likely to buy in order to avoid wasting resources. • Leads may be generated in a variety of methods. It is important for salespeople to know which are more effective. • Satisfied customers are often the best source of good leads. • A strategic prospecting plan will improve a salesperson’s prospecting efficiency and effectiveness. • Salespeople should spend some time learningwhat they can (without wasting resources)about their qualified leads in order to develop an effective sales strategy.
Why Buyers Won’t See Salespeople • They may have never heard of the salesperson’s firm. • They may have just bought the salesperson’s product category, and there is presently no need. • Buyers may have their own deadlines on other issues, and they are not in a receptive mood to seeany salespeople. • Buyers are constantly getting calls fromsalespeople and do not have the time tosee them all. • Gatekeepers in any organization screentheir bosses’ calls and sometimes arecurt and even rude.
The Importance andChallenges of Prospecting • Customer-bases are not permanent, salespeople may lose customers due to: • Low satisfaction • Competition • Economic fluctuation • Other forms of attrition • The prospecting process is can be long • It may take weeks to replace a lost customer with a new one • Revenue streams can fluctuate if “pipeline” isn’t managed • Prospecting isn’t easy and often includes a lot of rejection
The Strategic Prospecting Process A process designed to identify, qualify, and prioritize salesopportunities, whether they represent potential new customers or opportunities to generate additional business from existing customers. Sales Funnel orPipeline: A representationof the trust-based sales process and strategic sales prospecting process.
Strategic Prospecting The process of identifying, qualifying, and prioritizing sales opportunities, whether they represent potential new customers or opportunities to generate additional business from existing customers. Sales Leads Screening Procedures for Qualifying Leads Screened Out Screened Out Qualified Prospects Sales Opportunitiesfor the Salesperson
Popular Prospecting Sources & Methods • External Sources • Referrals • Introductions • Community Contacts (Centers of Influence) • Organizations • Non-competing Salespeople • Visible Accounts • Personal Contact • Observation • Cold Canvassing • Trade Shows • Bird Dogs (Spotters) • Internal Sources • Company Records • Lists and Directories • Advertising Inquiries • Telephone Inquiries • Mail Inquiries • Internet or World Wide Web
Qualified Prospects . . . • Can benefit from the sales offering • Have the financial wherewithal to make the purchase • Play an important role in the purchase decision process
Qualified Prospects . . . • Are eligible to buy based on a fit within the selling strategy • Are reasonably accessible and willing to consider the sales offering • Can be added to the customer base at an acceptable level of profitability
Strategic Prospecting Process Ideal Customer Profile: The characteristics of a firm’s best customers or the perfect customer.
