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  1. 1. Prospecting—The Lifeblood of Selling Chapter 7 Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin
  2. 2. Chapter 7
  3. 3. The Concept of Prospecting <ul><li>A salesperson without prospects is out of business </li></ul><ul><li>A salesperson without prospects can no more close a sale than a surgeon without a patient can operate </li></ul><ul><li>Prospects are everywhere - develop ways to find them </li></ul>“ 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
  4. 4. Qualifying the Prospect <ul><li>Moving from a “lead”, to a qualified prospect </li></ul><ul><ul><li>Lead - is just a name </li></ul></ul><ul><ul><li>Prospect - researched for money, and authority, and desire. </li></ul></ul><ul><ul><li>Qualified prospect - evaluated prospect along with personal information </li></ul></ul>
  5. 5. Cultivate prospects who pass the MAD test : <ul><ul><li>oney </li></ul></ul><ul><ul><li>uthority </li></ul></ul><ul><ul><li>esire </li></ul></ul>MAD
  6. 6. Methods of Prospecting <ul><li>Why we lose customers </li></ul><ul><ul><li>Customer’s company goes out of business </li></ul></ul><ul><ul><li>Competitor takes your customer </li></ul></ul><ul><ul><li>Customer moves or dies </li></ul></ul><ul><ul><li>Merger or downsizing </li></ul></ul><ul><ul><li>Customer-salesperson relationship deteriorates </li></ul></ul><ul><li>Referrals </li></ul><ul><ul><li>Have person make the initial contact for you </li></ul></ul><ul><ul><li>Learn how to ask for a referral! </li></ul></ul><ul><ul><li>Why people don’t give referrals </li></ul></ul><ul><ul><li>Referrals tend to be horizontal </li></ul></ul>
  7. 7. <ul><li>Centers of Influence </li></ul><ul><ul><li>Believes in you and what you are selling </li></ul></ul><ul><ul><li>Is influential with a significant number of people </li></ul></ul><ul><ul><li>Is willing to give you names on a regular basis </li></ul></ul><ul><ul><li>The names given to you are at least partially qualified prospects </li></ul></ul><ul><li>Group Prospecting </li></ul><ul><ul><li>Follow up with interested prospects </li></ul></ul><ul><ul><li>Trade shows, speaking engagements </li></ul></ul>Methods of Prospecting
  8. 8. <ul><li>Planned Cold Calling </li></ul><ul><ul><li>At least one out of seven will be receptive </li></ul></ul><ul><ul><li>Treat cold calls as a supplement. Don’t neglect other techniques </li></ul></ul><ul><ul><li>Preplan cold calls </li></ul></ul><ul><ul><li>Limit waiting - 15 minutes is a good gauge! </li></ul></ul><ul><ul><li>Remain enthusiastic </li></ul></ul>Methods of Prospecting
  9. 9. <ul><li>Direct mail or fax </li></ul><ul><ul><li>Prospects do read well-targeted direct mail </li></ul></ul><ul><ul><li>Mailing is only as good as the list </li></ul></ul><ul><ul><li>Sources of lists to consider: </li></ul></ul><ul><ul><ul><li>Membership rosters </li></ul></ul></ul><ul><ul><ul><li>City directories </li></ul></ul></ul><ul><ul><ul><li>Yellow pages </li></ul></ul></ul><ul><ul><ul><li>White pages </li></ul></ul></ul><ul><ul><ul><li>Religious groups </li></ul></ul></ul><ul><ul><ul><li>Past customers </li></ul></ul></ul><ul><ul><li>Create your own newsletter </li></ul></ul>Methods of Prospecting
  10. 10. Observation - prospects are everywhere <ul><ul><li>Always be looking </li></ul></ul><ul><ul><li>Read the newspaper and selected magazines </li></ul></ul><ul><ul><li>Trade journals </li></ul></ul>
  11. 11. <ul><li>Joining Civic Groups </li></ul><ul><ul><li>Carefully select the groups you join </li></ul></ul><ul><ul><li>Work for positive visibility </li></ul></ul><ul><ul><li>Set contact goals for each organization meeting </li></ul></ul><ul><ul><li>Maintain an information file on the contacts made in each organization </li></ul></ul><ul><ul><li>Use “remeet” goals to help you develop closer relationships with people </li></ul></ul><ul><ul><li>Use active listening to learn more about the financial goals and needs of others </li></ul></ul><ul><ul><li>Look for appropriate opportunities for further business-oriented discussions </li></ul></ul>Methods of Prospecting
  12. 12. <ul><li>Networking - active cooperation, i.e. ‘tips’ </li></ul><ul><ul><li>There are formal groups that you can join </li></ul></ul><ul><ul><li>Sharing information makes good sense </li></ul></ul><ul><li>Using Directories - Goldmines if used correctly </li></ul><ul><ul><li>Moody’s Industrial Manual </li></ul></ul><ul><ul><li>Poor’s Register of Directors and Executives </li></ul></ul><ul><ul><li>The Dun and Bradstreet Reference Book </li></ul></ul><ul><ul><li>The Thomas Register of American Manufacturers </li></ul></ul><ul><ul><li>Contacts Influential </li></ul></ul>Methods of Prospecting
  13. 13. <ul><li>Company Initiated Prospecting </li></ul><ul><ul><li>Telemarketing Activities </li></ul></ul><ul><ul><li>Advertising Response </li></ul></ul><ul><ul><ul><li>Direct Mail </li></ul></ul></ul><ul><ul><ul><li>Newspaper </li></ul></ul></ul><ul><li>Past Customers </li></ul><ul><ul><li>Go over list of inactive accounts </li></ul></ul><ul><li>Develop and create a Web site </li></ul><ul><ul><li>Streamline the sales process </li></ul></ul><ul><ul><li>Affiliate program marketing </li></ul></ul><ul><ul><li>Turn web leads into online sales </li></ul></ul>Methods of Prospecting
  14. 14. <ul><li>Trade Shows </li></ul>Methods of Prospecting <ul><ul><li>Selecting the right trade show is critical </li></ul></ul><ul><ul><li>On the spot sale versus lead generation </li></ul></ul><ul><ul><li>Pre-show training and post-show follow-up </li></ul></ul><ul><ul><li>Display planning to get high visibility </li></ul></ul><ul><ul><li>Staffing the booth to handle information </li></ul></ul>
  15. 15. <ul><li>E-prospecting </li></ul>Methods of Prospecting Sales leads http://www.infousa.com/ http://www.business.com/search/rslt_default.asp?r4=t&query=prospecting+sales+leads http://www.zapdata.com/ http://www.bcentral.com/products/cl/default.asp specific search snowboarding trade mag http://www.transworldsnowboarding.com/snow/snowbiz/0,13010,,00.html agricultural equipment http://www.agsites.net/links/agriculturalequipment.html
  16. 16. <ul><li>What methods will YOU use? </li></ul>Methods of Prospecting