Prospecting—The Lifeblood of Selling Chapter 7 Prospecting—The Lifeblood of Selling

Chapter 7

Building Relationships through the Sales Process 1. Prospecting The sales process is a sequential series of actions: 2. Preapproach - planning 3. Approach 4. Presentation 5. Trial close 6. Determine objections 7. Meet objections 8. Trial close 9. Close 10. Follow-up

Ten Important Steps in the Customer Relationship Selling Process 1. Prospecting. Locating and qualifying prospects. 2. Preapproach. Obtaining interview. Planning: determining sales call objective, developing customer profile, customer benefit program, and sales presentation strategies. 3. Approach. Meeting prospect and beginning customized sales presentation. 4. Presentation. Further uncovering needs; relating product benefits to needs using demonstration, dramatization, visuals, and proof statements. 5. Trial close. Asking prospects’ opinions during and after presentation. 6. Objections. Uncovering objections. 7. Meet objections. Satisfactorily answering objections. 8. Trial close. Asking prospect’s opinion after overcoming each objection and immediately before the close. 9. Close. Bringing prospect to the logical conclusion to buy. 10. Follow-up and service. Serving customer after the sale.

The Concept of Prospecting “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 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

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

Cultivate prospects who pass the MAD test: oney uthority esire MAD

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

Methods of Prospecting 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 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 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

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

Methods of Prospecting 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

Networking - active cooperation, i.e. ‘tips’ Methods of Prospecting 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

Company Initiated Prospecting Methods of Prospecting 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 Trade Shows 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

Methods of Prospecting E-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/ snowboarding trade magazine http://www.transworldsnowboarding.com/snow/snowbiz/0,13010,,00.html

What methods will YOU use? Methods of Prospecting What methods will YOU use?