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Becoming a Master Prospector

Learning Objectives:Understand the importance of prospecting.Find out who your prospects are.Learn the characteristics of a qualified prospect.Become familiar with different prospecting methods.Understand how to manage prospect information accurately and consistently.See the value of computer technology in the management of prospect information.Chapter 7#1A salesperson without prospects is out of businessA salesperson without prospects can no more close a sale than a surgeon without a patient can operateProspects are everywhereDevelop ways to find themThe Concept of Prospecting

#2Quotable QuotesId rather be a master prospector than be a wizard of speech and have no one to tell my story to.

-Paul J. Meyer#3Moving from a lead to a qualified prospectSales Lead - is just a nameProspect - researched for need, money, and authorityQualified Prospect - evaluated prospect along with personal informationA truly qualified prospect must pass the MADDEN Test

Qualifying the Prospect

#4Class A ProspectsA Class A qualified prospect is one to whom you have been referred by a person the prospect respects, one who has the ability to make a buying decision and to pay for the product or service, and one about whom you have all the personal information you need to make a good presentation.#The MADDEN TestCultivate prospects who pass the MADDEN testONEYPPROACHABLEESIREECISION-MAKERLIGIBLEEEDMADDEN#Why we lose customers:Customers company goes out of businessCompetitor takes your customerCustomer moves or diesMerger or downsizingCustomer-salesperson relationship deteriorates

Methods of Prospecting#Master these eleven useful prospecting techniques:

Methods of ProspectingBusiness Associations and Civic GroupsNetworking Groups and EventsDirectoriesCompany-Initiated ProspectingWebsitesReferralsCenter of InfluenceGroup ProspectingPlanned Cold CallingDirect Email and MailObservation#Methods of ProspectingReferralsHave person make the initial contact for youLearn how to ask for a referral! (It is an art)Why people dont give referralsWhat to ask?When to ask?#Methods of ProspectingCenter of InfluenceBelieves in you and what you are sellingIs influential with a significant number of peopleIs willing to give you names on a regular basisThe names given to you are at least partially qualified prospects

Group ProspectingFollow up with interested prospectsTrade shows, speaking engagements#Methods of ProspectingPlanned Cold CallingAt least one out of seven will be receptiveTreat cold calls as a supplement. Dont neglect other techniquesPreplan cold callsLimit waiting - 15 minutes is a good gauge!Remain enthusiastic

#Methods of ProspectingDirect Email and Direct MailProspects do read well-targeted direct mailMailing is only as good as the listSources of lists to consider:Membership rostersCity directoriesYellow pagesSpecialized groupsReligious groupsPast customersCreate your own newsletter

#Methods of ProspectingPower of ObservationAlways be looking!Prospects are everywhereRead the newspaper and selected magazinesRead Trade journals

#Methods of ProspectingJoining Civic GroupsAlways be looking!Carefully select the groups you joinWork for positive visibilitySet contact goals for each organization meetingMaintain an information file on the contacts made in each organizationUse active listening to learn more about the financial goals and needs of othersLook for appropriate opportunities for further business-oriented discussions #Methods of ProspectingNetworking - active cooperation, tipsThere are formal groups that you can joinSharing information makes good sense

Directoriescan be Goldmines if used correctlyMoodys Industrial ManualPoors Register of Directors and ExecutivesThe Dun and Bradstreet Reference BookThe Thomas Register of American ManufacturersContacts Influential

#Methods of ProspectingCompany Initiated ProspectingTelemarketing ActivitiesAdvertising ResponseDirect MailNewspaperPast Customers Go over list of inactive accounts

Develop a WebsiteWhat every sales website should haveAffiliate program marketingTurn web leads into online sales

#Initial Recording of LeadsRecord all basic informationEnter data in your smartphone, laptop, or tabletClassification of ProspectsClass A - Enough information to make a presentationClass B - Need more information to make a presentationClass C - A lead, you simply have a nameScheduling ContactsContact prospects using a prioritized listKeep a tickler fileManaging Prospect Information

#Personal DatabasesCorporate DatabanksImproving CommunicationsSalespeople now have access to the most current informationUsing Databases to Manage Prospect Information#18