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Exploring Effective Prospecting Techniques for Sales Success

Chapter 8 highlights the critical aspects of developing and qualifying a prospect base. It defines key terms like "prospect" and "prospecting," emphasizing their importance in addressing customer attrition and identifying potential customers. The chapter covers various prospecting methods such as referrals, trade shows, cold calling, and networking. It guides salespersons on planning, qualifying prospects, and organizing prospect information to maximize efficiency and sales outcomes. A strategic approach to sales prospecting can significantly enhance productivity and customer acquisition.

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Exploring Effective Prospecting Techniques for Sales Success

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  1. 9TH EDITION Selling Today Manning and Reece CHAPTER 8 DEVELOPING AND QUALIFYING A PROSPECT BASE

  2. PROSPECT AND PROSPECTING DEFINED PROSPECT—A potential customer that meets the qualification criteria established by your company PROSPECTING—Identifying potential customers

  3. IMPORTANCE OF PROSPECTING • Every salesperson must cope with customer attrition --Customers move, firms go out of business, sales lost to competition --Average company may lose 15-20% of customer base every year

  4. GIRARD’S FERRIS WHEEL—SUPPLY P REFERRALS FRIENDS DIRECTORIES TRADE SHOWS WEBSITES/DATABASES COLD CALLING NETWORKING P P P P See Figure 8.1

  5. GIRARD’S FERRIS WHEEL—LOSS RELATIONSHIP FAILS BUSINESS FAILS BUYS FROM ANOTHER MERGER/ACQUIRED CUSTOMER MOVES DEATH OF CUSTOMER ONE TIME PURCHASER TECH CAUSES CHANGE P P P P P See Figure 8.1

  6. PROSPECTING REQUIRES PLANNING • INCREASE NUMBER OF PEOPLE WHO BOARD FERRIS WHEEL • IMPROVE THE QUALITY OF PROSPECTS • SHORTEN SALES CYCLE BY DETERMINING WHICH PROSPECTS ARE “QUALIFIED”

  7. REFERRALS • Prospect recommended–by current satisfied customer or one __________________________________ • Endless chain–ask contact who else could _______________________ • Friends, family members, centers of influence–a person may not make decision but has influence on those who do…_____________________

  8. DIRECTORIES/LISTS • Hundreds of business and industrial directories available • Each major trade association usually publishes directory • Be sure to use current copy or edition as prospects shift firms…track people and companies

  9. TRADE SHOWS/PUBLICATIONS • Trade shows and conventions – your company may have a booth at key trade shows/expositions • Trade publications–each industry has trade publications that ______________________________ • Join Trade Associations –many salespersons join trade associations to ______________________________

  10. TELEMARKETING • Telemarketing – employs phone outreach to accomplish many objectives --to identify buyers and generate contact lists for sales staff --to qualify prospects --to verify sales leads generated by other methods --to conduct follow-ups

  11. DIRECT RESPONSE • Direct response advertising-often features inquiry cards or information requests via mail or telephone • Sales Letters—send sales letters to decision makers, then __________

  12. WEBSITE • Websites –provide cost-effective way for sales professionals to --project personal image --provide additional information --generate leads from visitors to site --present product information --establish e-mail lists

  13. DATABASES • In-house databases –your firm may already have a comprehensive database…sometimes referred to as the “house list” with details on customers, purchase patterns • List sources—wide range of precise lists available from variety of sources --list brokerage firms, associations, governmental records, related but not directly competitive businesses

  14. COLD CALLING • Simply calling prospects without referrals --new salespeople rely on these as they haven’t built referral base --must be strategically planned --prelude to in-person appointment

  15. NETWORKING • Making and profiting from personal connections • Networking guidelines --Meet as many people as you can --Tell them what you do --Don’t do business while networking --Offer business card --Edit contacts and conduct follow-ups

  16. EDUCATIONAL SEMINARS • Provides opportunity to showcase product without pressuring to buy • Requires extensive preparation • Starts value-added process • Can attend or present at industry- sponsored seminars or offer your own

  17. NON-SALES EMPLOYEES • Non-sales personnel can be valued source of leads • Prospecting not necessarily exclusive task of sales force • Non-sales personnel often need training and incentives

  18. COMBINATION APPROACHES • Salespersons generally rely on combination of prospecting methods • Some methods have higher yield than others • Important to use CRM technology to help maximize efficiency

  19. QUALIFYING PROSPECTS • KEY TIME-SAVING PROCESS • Does prospect need my product? • Can prospect make buying decision? • Can prospect pay for purchase? • Can anyone close sale? Is sale realistically possible?

  20. ORGANIZING PROSPECT INFORMATION • PROSPECT AS INDIVIDUAL • PROSPECT AS BUSINESS REPRESENTATIVE

  21. PROSPECTING AND SALESFORECASTING PLANS • IMPORTANT TO BALANCE TIME AND ORGANIZE CONTACTS • Prepare a list of prospects • Forecast potential sales volume for each new account, by product • Carefully plan the sales route to minimize time and cost Last slide Chapter 8.

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