Strategic Prospecting and preparing for Sales Dialogue Chapter 5

Strategic Prospecting 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.

Sales Funnel or Pipeline Generating Sales Leads (Qualifying Sales leads) Determining Sales Prospects Prioritizing Sales Prospects Preparing for Sales Dialogue Remaining Stages in the Trust-Based Sales Process

Sales Leads or Suspects: organizations or individuals who might possibly purchase the product or service a salesperson offers. Qualifying Sales Leads: the salesperson’s act of searching out, collecting and analyzing information to determine the likelihood of the lead being a good candidate for making a sale. Sales Prospect: an individual or organization that has a need for the product or service, has the budget or financial resources to purchase the product or service, and has the authority to make the purchase decision.

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

Prospecting Methods Cold Calling: contacting a sales lead unannounced and with little or no information about the lead. Referral: a name of a company or person given to the salesperson as a lead by a customer or even a prospect who did not buy at this time. Introduction: a variation of a referral where the salesperson is given a note or letter of introduction to the potential customer.

Networking Centers of Influence: well-known and influential people who can help a salesperson prospect and gain leads. Noncompeting Salesperson: a salesperson selling noncompeting products. Electronic Networking: using web sites designed to help salespeople identify and gather information about prospects.

Company Sources Company Records: information about customers in a company database. Advertising Inquiries: sales leads generated from company advertising efforts. Inbound Telemarketing: a source of locating prospects whereby the prospect calls the company to get information. Outbound Telemarketing: the salesperson contacts the prospect by telephone. Trade Shows: events where companies purchase space and set up booths staffed with salespeople who demonstrate the products and answer questions. Seminars: prospective customers are invited to a presentation by direct mail, advertising or word of mouth.

Published Sources Directories: electronic or print sources that provide contact and other information about many different companies or individuals. Commercial Lead Lists: lists designed to focus on virtually any type of business - they range from simple listings of names, addresses and phone #s to more detailed listings with a full profile of the different entries.

Developing a Strategic Prospecting Plan Strategic Prospecting Plan: a salesperson’s plan for gathering qualified prospects. Tracking System: records comprehensive information about the prospect, traces the prospecting methods used, and chronologically archives outcomes from any contacts with the prospect.