Transcription
Prospecting in SalesA Comprehensive Guide
The Sales ProcessThe sales process outlines the steps to find potential customers, close the sale,and retain clients for repeat business and referrals in the future. The salesprocess includes the following andlingObjectionsClosingFollow UpProspecting is the first step in this typical seven-step sales process widely followed by BD/salesprofessionals.2
Prospecting3
What is Prospecting?Prospecting is the process of searching for potential customers, clients, orbuyers in order to develop new business.The idea is to identify prospects and move them through the salesprocess/funnel until they eventually become revenue-generating customers.Organisations must locate potential customers on an on-going basis in order toreplace lost customers and to add new ones.4
Prospecting – Leads vs. ProspectsA person or business that might be a prospect is called a lead.Leads become prospects if they are qualified as potential customers.Salespeople must work on developing a process for qualifying leads, oftencalled a lead qualification system.Sales LeadsScreening Procedures forQualifying LeadsQualified Prospects5
What are the Characteristics of a Good Prospect?A want/need that your offering can satisfyThe prospect must have a need that they are aware of. They may not know what theanswer/solution to their need is but they know they have a problem. Look for suchindividuals/organisations.Authority to buy/commitIt is important to quickly determine if the person you are dealing with is a decision makerwith the authority to purchase.Ability to buyFind out if the prospect has the ability to purchase what you are trying to sell – includingthe budget and ability to move forward from a contractual standpoint.6
What are the Characteristics of a Good Prospect?Sense of UrgencyBD/Sales professionals must use open-ended questions to identify if a prospective client hasan established timeline so you engage with those who are looking to make a decision.If prospects are unsure of their timing, set a meeting for some time in the future toreconnect, or direct the lead back to marketing to continue to nurture until the time is right7
Prospecting – Approach andEssentials8
Who Should be doing the Prospecting?Prospecting is essential to building business – it must preferably be undertakenby certain roles in the organization. Also, the size, scale and tenure of theorganization is crucial in determining who handles the process.Founders - in case of start-upsSales representatives - for small and growing firmsBusiness development representatives - in an ideal sales team, with SDPs forinbound prospecting and BDRs for outbound prospecting9
Prospecting EssentialsA good prospector must have the following characteristics:Extensive ProductKnowledgeUnderstanding/knowledgeof ideal userStrong Research SkillsProspectors must identify whocould potentially benefit fromyour product or service.Prospectors must start bydeveloping a buyer persona oran ideal user profile to knowwhat kind of clients they aretargeting.Prospects need to dig throughthe vast pool of informationacross sources such as socialmedia, government websites,lead gen software, etc.You can use existing clientpersonas to quickly profilepotential leads and contacts indifferent industries.This helps identify buyerpersonas, gather relevant data,identify industries/firms fittingthe criteria and then lookingfor contacts and contactinformationThey must be aware of the corefeatures, strengths andweaknesses, all potential usecases and new featuresexpected to roll out in thefuture – to make the task easier10
Prospecting Essentials – Methods to ProspectYou could use any of the following common prospecting approaches that prove effective acrossindustries/businessesOutbound ProspectingOutbound prospecting involves your salesteam identifying and reaching out toprospects, making initial contact through oneof the traditional channels such as telephoneprospecting, email, etc.Inbound ProspectingInbound prospecting entails reaching out toleads that have come to the organizationthrough one channel or another.Central to inbound prospecting is yourmarketing and CRM.Cold CallingWarm EmailingCold EmailingSocial SellingSocial Media Prospecting11
Prospecting – Sources to UseInternalSourcesCompany records, lists and directories, advertising inquiries, telephone inquiries, mail inquiriesExternalSourcesReferrals, introductions, community contacts (centers of influence), non-competing salespeople,visible accountsPersonalContactObservation,, cold canvassing, trade shows, bird dogs (spotters)12
Prospecting Mistakes to Avoid13
Prospecting Mistakes to AvoidKeep an eye for any of the following factors that might be responsible for yourprospecting program not working:Too many prospects in the pipelineNot defining buyer target clearlyAssuming prospects are not interestedTalking too fast and not listeningGetting their name wrongNot learning about prospector’s needOver-promisingProspectingMistakesDirectly launginf into sales presentationTreating gatekeepers badlySelling features instead of benefits14
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Prospecting is the first step in this typical seven-step sales process widely followed by BD/sales professionals. . Observation,, cold canvassing, trade shows, bird dogs (spotters) Prospecting Mistakes to Avoid 13. Prospecting Mistakes to Avoid Keep an eye for any of the following factors that might be responsible for your
