PROSPECTINGchapter 7 Mary Rose Miguel Geneveive Lara Angelo Cachico
Mary Rose MiguelBSBA Major in Marketing Management
Objectives To know why prospecting important for effective selling. To know the characteristic of a good qualified prospect To know how can prospect be identified To know how can the organization’s promotional program be used in prospecting To know how can an effective lead qualification and management system aid a salesperson. To know how can a salesperson overcome a reluctance to prospect.
Importance of ProspectingProspecting the important process of locating potential customers for a product or service, is critical whether you are new or seasoned sales professional.
Characteristic of a Good ProspectProspect actually begins with locating a lead, a person or an organization that may or may not have what it takes to be true prospect.Some people mistakenly consider every lead a prospect without first taking the time to see whether these people really provide an opportunity to make a sale.
Characteristic of a Good Prospect Does the lead have want or a need that purchase of my products or services can satisfy? Does the lead have the ability to pay? Does the lead have the authority to buy? Can the lead be approach favourably Is the lead eligible to buy?
Can the lead be approached favorably?some leads with a need, the ability to pay, and the authority to buy may still not qualify as prospects because they are not accessible to the salesperson.
Is the lead eligible to buy?Eligibility is an equally important factor in finding a genuine prospect.
Other CriteriaRelevant question to consider include, when does the prospect’s contract with our competitor expire? And is a purchase decision really pending? How do we know? Still other firms look at the long-term potential of developing a partnership with a lead?
Geneveive LaraBSBA Major in Marketing Management
How and where to Obtain prospect?Prospecting sources and methods vary for different types of selling.
How and where to Obtain prospect?Satisfy Customer particularly those who are truly partners with the seller, are the most effective source of lead.satisfy customers not only provide leads but also are usually prospects for additional sales.
How and where to Obtain prospect?Endless-Chain Method sales representatives attempt to get at least one addition lead from each person they interview.Referral lead, the name of a lead provided by either customer or a prospect and its generally considered the most successful lead.
How and where to Obtain prospect?Networking the utilization of personal relationship by connected and cooperating individuals for the purpose of achieving goals.Networking crucial in many selling situation.Center-influence method salesperson cultivates a relationship with well-know, influential people in the territory who are willing to supply the names of leads.
How and where to Obtain prospect?The Internet successful salespeople are using Web sites, e- mail, listservs, bulletin boards, forums, roundtables and newsgroups to connect to individuals and companies that may be interested on their products/services.Banner advertising consist of ads placed at the top, sides or bottom of a web page, encouraging the viewer to visit a different web site.
ADS, DIRECT MAIL, CATALOGS,AND PUBLICITYFirms have developed sophisticated system to generate inquiries from leads by using advertising and direct mail.The firms also places advertisements in trade publications, such as presentations.
Shows, fairs and merchandisemarketsMany companies display or demonstrate their products at trade shows, conventions, fairs and merchandise markets. Sales representative are present to demonstrate products to visitors, many whim salespeople have not called on before.Merchandise markets are places where suppliers have sales officers and buyers from resellers visit to purchase merchandise.
Lists and DirectoriesIndividual sales representatives can develop list from sources such as public records, telephone directories, chamber of commerce directories, newspaper trade publications, club membership lists and professional or trade membership lists.
Cold callingIn using the cold canvass method or cold call a sales representative ties to generate leads for new business by calling on totally unfamiliar organization.
Spotter Some salespeople use spotter, also called bird dogs, these individuals will, for a fee provide leads for salesperson.
The telemarketing Telemarketing is a systematic in continuous program of communicating with customers and prospects via telephone. Telemarketing is not limited to consumer sales.
Lead qualification and managesystems salespeople need to develop a process for qualifying leads, often called a lead qualification system. Many firms view prospecting as a funnelling process in. Which a large number of leads a funned into prospects and some finally into costumers.
Summary locating prospective customers is the first step in the sales process. New prospects are needed to replace old customers lost for a variety of reasons and to replace contacts lost in existing customers because of plant relocations, turnover, merger, downsizing and other factor. not all sales leads qualify as good prospect. A qualified prospect has a need that can be satisfied by the salesperson and is eligible to buy.
Summarymany methods can be used to locate prospect. The best source is a satisfied customer. Salespeople can also use the endless-chain method, networking, list and directories, cold canvassing and spotters.Companies provide leads to salespeople through promotional activities such as internet, inquires from advertising and direct mail, telemarketing, trade show, merchandise marketing and seminars.effective prospecting requires a strong plan that hinges on developing a lead qualification and management system and overcoming reluctance to prospect.