7-1 Prospecting—The Lifeblood of Selling Chapter 7 Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin

7-2 Chapter 7

7-3 The Concept of Prospecting A salesperson without prospects is out of business A salesperson without prospects can no more close a sale than a surgeon without a patient can operate Prospects are everywhere - develop ways to find them “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

7-4 Qualifying the Prospect Moving from a “lead”, to a qualified prospect Lead - is just a name Prospect - researched for money, and authority, and desire. Qualified prospect - evaluated prospect along with personal information

7-5 Cultivate prospects who pass the MAD test : oney uthority esire

7-6 Methods of Prospecting Why we lose customers Customer’s company goes out of business Competitor takes your customer Customer moves or dies Merger or downsizing Customer-salesperson relationship deteriorates Referrals Have person make the initial contact for you Learn how to ask for a referral! Why people don’t give referrals Referrals tend to be horizontal

7-7 Centers of Influence  Believes in you and what you are selling  Is influential with a significant number of people  Is willing to give you names on a regular basis  The names given to you are at least partially qualified prospects Group Prospecting  Follow up with interested prospects  Trade shows, speaking engagements Methods of Prospecting

7-8 Planned Cold Calling  At least one out of seven will be receptive  Treat cold calls as a supplement. Don’t neglect other techniques  Preplan cold calls  Limit waiting - 15 minutes is a good gauge!  Remain enthusiastic Methods of Prospecting

7-9 Direct mail or fax  Prospects do read well-targeted direct mail  Mailing is only as good as the list  Sources of lists to consider: –Membership rosters –City directories –Yellow pages –White pages –Religious groups –Past customers  Create your own newsletter Methods of Prospecting

7-10 Observation - prospects are everywhere  Always be looking  Read the newspaper and selected magazines  Trade journals

7-11 Joining Civic Groups  Carefully select the groups you join  Work for positive visibility  Set contact goals for each organization meeting  Maintain an information file on the contacts made in each organization  Use “remeet” goals to help you develop closer relationships with people  Use active listening to learn more about the financial goals and needs of others  Look for appropriate opportunities for further business-oriented discussions Methods of Prospecting

7-12 Networking - active cooperation, i.e. ‘tips’  There are formal groups that you can join  Sharing information makes good sense Using Directories - Goldmines if used correctly Moody’s Industrial Manual Poor’s Register of Directors and Executives The Dun and Bradstreet Reference Book The Thomas Register of American Manufacturers Contacts Influential Methods of Prospecting

7-13 Company Initiated Prospecting  Telemarketing Activities  Advertising Response –Direct Mail –Newspaper Past Customers Go over list of inactive accounts Develop and create a Web site Streamline the sales process Affiliate program marketing Turn web leads into online sales Methods of Prospecting

7-14 Trade Shows Methods of Prospecting Selecting the right trade show is critical On the spot sale versus lead generation Pre-show training and post-show follow-up Display planning to get high visibility Staffing the booth to handle information

7-15 E-prospecting Methods of Prospecting Sales leads ng+sales+leads specific search snowboarding trade mag ml agricultural equipment

7-16 What methods will YOU use? Methods of Prospecting