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7-1 Prospecting—The Prospecting—The Lifeblood of Lifeblood of Selling Selling Chapter Chapter 7 7 Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin

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Page 1: 7-1 Prospecting—The Lifeblood of Selling Chapter 7 Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin

7-1

Prospecting—The Prospecting—The Lifeblood of SellingLifeblood of SellingProspecting—The Prospecting—The Lifeblood of SellingLifeblood of Selling

ChapterChapter

77ChapterChapter

77

Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin

Page 2: 7-1 Prospecting—The Lifeblood of Selling Chapter 7 Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin

7-2

ChapterChapter

77ChapterChapter

77

Page 3: 7-1 Prospecting—The Lifeblood of Selling Chapter 7 Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin

7-3

The Concept of Prospecting

• A salesperson without prospects is out of business

• A salesperson without prospects can no more close a sale than a surgeon without a patient can operate

• Prospects are everywhere - develop ways to find them

“I’d rather be a master prospector than be a wizard of speech and have no one to tell my story to.” -Paul J. Meyer

Page 4: 7-1 Prospecting—The Lifeblood of Selling Chapter 7 Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin

7-4

Qualifying the Prospect

• Moving from a “lead”, to a qualified prospect

• Lead - is just a name

• Prospect - researched for money, and authority, and desire.

• Qualified prospect - evaluated prospect along with personal information

Page 5: 7-1 Prospecting—The Lifeblood of Selling Chapter 7 Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin

7-5

Cultivate prospects who pass the MAD test:

oney

uthority

esire

Page 6: 7-1 Prospecting—The Lifeblood of Selling Chapter 7 Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin

7-6

Methods of Prospecting

• Why we lose customers• Customer’s company goes out of business• Competitor takes your customer• Customer moves or dies• Merger or downsizing• Customer-salesperson relationship deteriorates

• Referrals• Have person make the initial contact for you• Learn how to ask for a referral! • Why people don’t give referrals• Referrals tend to be horizontal

Page 7: 7-1 Prospecting—The Lifeblood of Selling Chapter 7 Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin

7-7

• Centers of Influence Believes in you and what you are

selling Is influential with a significant

number of people Is willing to give you names on a

regular basis The names given to you are at least

partially qualified prospects

• Group Prospecting Follow up with interested prospects Trade shows, speaking engagements

Methods of Prospecting

Page 8: 7-1 Prospecting—The Lifeblood of Selling Chapter 7 Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin

7-8

• Planned Cold CallingAt least one out of seven

will be receptiveTreat cold calls as a

supplement. Don’t neglect other techniques

Preplan cold callsLimit waiting - 15

minutes is a good gauge!

Remain enthusiastic

Methods of Prospecting

Page 9: 7-1 Prospecting—The Lifeblood of Selling Chapter 7 Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin

7-9

• Direct mail or faxProspects do read well-targeted direct

mailMailing is only as good as the listSources of lists to consider:

– Membership rosters– City directories– Yellow pages– White pages– Religious groups– Past customers

Create your own newsletter

Methods of Prospecting

Page 10: 7-1 Prospecting—The Lifeblood of Selling Chapter 7 Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin

7-10

Observation - prospects are everywhere

Always be looking

Read the newspaper and selected

magazines

Trade journals

Page 11: 7-1 Prospecting—The Lifeblood of Selling Chapter 7 Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin

7-11

• Joining Civic Groups Carefully select the groups you join Work for positive visibility Set contact goals for each organization meeting Maintain an information file on the contacts

made in each organization Use “remeet” goals to help you develop closer

relationships with people Use active listening to learn more about the

financial goals and needs of others Look for appropriate opportunities for further

business-oriented discussions

Methods of Prospecting

Page 12: 7-1 Prospecting—The Lifeblood of Selling Chapter 7 Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin

7-12

• Networking - active cooperation, i.e. ‘tips’

There are formal groups that you can join Sharing information makes good sense

• Using Directories - Goldmines if used correctly

• Moody’s Industrial Manual• Poor’s Register of Directors and Executives• The Dun and Bradstreet Reference Book• The Thomas Register of American Manufacturers• Contacts Influential

Methods of Prospecting

Page 13: 7-1 Prospecting—The Lifeblood of Selling Chapter 7 Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin

7-13

• Company Initiated Prospecting Telemarketing Activities Advertising Response

– Direct Mail– Newspaper

• Past Customers• Go over list of inactive accounts

• Develop and create a Web site• Streamline the sales process• Affiliate program marketing• Turn web leads into online sales

Methods of Prospecting

Page 14: 7-1 Prospecting—The Lifeblood of Selling Chapter 7 Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin

7-14

• Trade Shows

Methods of Prospecting

•Selecting the right trade show is critical

•On the spot sale versus lead generation

•Pre-show training and post-show follow-up

•Display planning to get high visibility

•Staffing the booth to handle information

Page 15: 7-1 Prospecting—The Lifeblood of Selling Chapter 7 Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin

7-15

• E-prospecting

Methods of Prospecting

Sales leadshttp://www.infousa.com/http://www.business.com/search/rslt_default.asp?r4=t&query=prospecting+sales+leadshttp://www.zapdata.com/http://www.bcentral.com/products/cl/default.asp specific searchsnowboarding trade maghttp://www.transworldsnowboarding.com/snow/snowbiz/0,13010,,00.htmlagricultural equipmenthttp://www.agsites.net/links/agriculturalequipment.html\

Page 16: 7-1 Prospecting—The Lifeblood of Selling Chapter 7 Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin

7-16

• What methods will YOU use?

Methods of Prospecting


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