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Strategic Prospecting and Pre-approach. Chapter 5. The Strategic Prospecting Process. A process designed to identify, qualify, and prioritize sales opportunities , whether they represent potential new customers or opportunities to generate additional business from existing customers.

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Presentation Transcript
the strategic prospecting process
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 process
Strategic Prospecting Process

Ideal Customer Profile: The characteristics of a firm’s best customers or the perfect customer.

the importance and challenges of prospecting
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 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
turning suspects leads into bona fide prospects
Turning Suspects/Leads Into Bona Fide Prospects
  • Identify MAD Customers
    • Money to Buy
    • Authority to Buy
    • Desire to Buy
popular prospecting sources methods
Popular Prospecting Sources & Methods

Personal Contact

  • Observation
  • Cold Canvassing
  • Trade Shows
  • Spotters
  • Sales Seminars/Educational Forums
popular prospecting sources methods1
Popular Prospecting Sources & Methods

Internal Sources

  • Company Records
  • Lists and Directories
  • Advertising Inquiries
  • Telephone Inquiries
  • Mail Inquiries
  • Internet or World Wide Web
popular prospecting sources methods2
Popular Prospecting Sources & Methods

External Sources

  • Referrals
  • Introductions
  • Community Contacts (Centers of Influence)
  • Organizations
  • Non-competing Salespeople
  • Visible Accounts
  • Networking (Electronic and Personal)
nature and importance of qualification
Nature and Importance of Qualification

The nature of the qualifying task is different for various types of personal selling

Salespeople must be resourceful and should devote time and effort to the searchand qualification phase

qualified prospects
Qualified Prospects . . .
  • Can benefit from the sales offering
  • Have the financial wherewithal to make the purchase
  • Play (individual) an important role in the purchase decision process
  • 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
prospecting plans are the foundation for effective prospecting
Prospecting Plans are the Foundation for Effective Prospecting

Set Goals

Establish daily, weekly and monthly quotas for acquiring new prospects

prospecting plans are the foundation for effective prospecting1
Prospecting Plans are the Foundation for Effective Prospecting

Set Goals

Allocate Time

Establish a regular daily schedule for conducting prospecting activities.

prospecting plans are the foundation for effective prospecting2
Prospecting Plans are the Foundation for Effective Prospecting

Set Goals

Allocate Time

Track your results from using the different prospecting methods.

Keep Records

prospecting plans are the foundation for effective prospecting3
Prospecting Plans are the Foundation for Effective Prospecting

Set Goals

Allocate Time

What is working for you? Compare results and use the methods that work best for you.

Keep Records

Evaluate

prospecting plans are the foundation for effective prospecting4
Prospecting Plans are the Foundation for Effective Prospecting

Set Goals

Allocate Time

Develop confidence by knowing your products and believing that you offer the best solutions.

Keep Records

Evaluate

Stay Positive

important pre approach information
Important Pre-Approach Information

Examples include:

Client name and pronunciation

Risk/type of buying situation

Communication style/profile of the buyer (may not be able to assess till several visits)

What is the market position of the company

Major competitor(s) of the company

Industry condition/intelligence

Challenges the organization may be facing

Company characteristics – size, division, decision makers, etc.

topics for thought and class discussion
Topics for Thought and Class Discussion

It’s October 1 and your first day on the job as a salesperson for a central air conditioning firm in a town of about 65,000 people. Your boss, the owner of Stibb’s Commercial Air Conditioning, has said, “Go out and get some business customers.” Until now, Mr. Stibb has relied on a small advertisement in the local telephone directory to generate sales, but because sales are particularly slow during the fall and winter months, he has hired you as his first salesperson. Your earnings will come solely from commissions. How will you prospect for potential customers?