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9Developing and Qualifying Prospects and Accounts
MANNING AHEARNE REECE© Pearson Education Limited 2014
Learning Objectives
• Discuss the importance of developing a prospect or account
• Identify and assess important sources of prospects and accounts
• Describe criteria for qualifying prospects and accounts
• Explain common methods of collecting and organizing prospect and account information
• Describe the steps in managing the prospect or account list
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• The main purpose of a salesperson is not to make sales, but to create customers.
• Gerhard Gschwandtner, of Selling Power
• Do you agree?
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What is the main purpose of a salesperson?
• Identifying and developing potential customers• Prospecting• Account development• Business development
• Who is a prospect?• An individual or business who meets the qualification
criteria established by you or your company
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Prospecting
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• Drive sales opportunities by staging introductory sales meetings, product demonstrations, and on-site meetings for the field sales organizations
• Work an assigned enterprise account list
• Proactively identify revenue-generating customers via email campaigns and outbound phone calls
• Collaborate with marketing, support, sales management, product management, and account management to maintain an effective level of prospecting activity and pipeline growth
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Position Description - ADR
• One-time need
• Movement outside of territory
• Customer business failure or merger
• Buyer employee changed positions
• Competition gained customer
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Causes of Customer Attrition
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Figure 9.2 “Ferris Wheel” Model
• Increase the number of people or accounts who board the Ferris wheel
• Improve the quality of the prospects who board the Ferris wheel
• Shorten the sales cycle by quickly determining which of the new prospects are qualified prospects – qualified as to need, authority to buy, ability to pay, and authority to purchase the product
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Improving the Quality of Prospecting
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• Referrals
• Friends and family
• Directories
• Trade publications
• Trade shows
• Direct-response marketing
• Website
• Databases
• Cold calling
• Networking
• Educational seminars
• Non-sales prospecting
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Sources of Prospects
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Prospecting with Special Events
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© Pearson Education Limited 2014 9-11
Trade Shows
• FollowerWonk
• TweetDeck
• HootSuite
• SproutSocial
• And more….
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Prospecting with Social Media
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• In cold calling, salespeople select a group of people they believe will make good prospects and then call upon them (by phone or personal visit).
• Cold calls rely upon “elevator presentations”• 30 second message that summarizes you, your company,
and your product line
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Cold Calling
• Meet as many people as you can
• When you meet someone, tell them what you do
• Do not do business while networking
• Offer your business card
• Edit your contacts and follow-up
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Identifying Good Referrals
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© Pearson Education Limited 2014 9-15
Figure 9.3 Networking Model
Qualifying is the process of identifying prospects who appear to have a need for your product and should be contacted.
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Qualifying Prospects
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• Does the prospect or account
• have a need for my product?• have the authority to buy my product?• have the financial resources to buy my product?• have the willingness to buy my product?
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Qualifying Questions
© Pearson Education Limited 2014 9-18
Figure 9.3 CRM Account Report
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• Sales intelligence goes beyond sales data• Insight about marketplace• Prospect firm• Competitors
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Sales Intelligence
• Account analysis enables salespeople to estimate the sales potential for each prospect
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Managing the Account Base
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Figure 9.6 The Portfolio Model
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Figure 9.7 CRM Sales Funnel
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Figure 9.8 Pipeline Dashboard
• Why do salespeople need to develop a prospect base?
• Where do prospects come from?
• What criteria can salespeople use to qualify prospects?
• How can salespeople organize prospect data?
• How can salespeople best manage the prospect base?
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For Review
