Personal Selling 3 Identifying and Developing Prospects

Five Steps Qualification Build a base of suspects Cultivate referrals and repeats Get appointment Do pre-approach preparation

Qualification Start with a large list of companies (suspects) and pare down to a much smaller list of qualified prospects. Focus selling energy on the few qualified prospects. Waste less time. Sometimes you can qualify a suspect with a few questions in about ten minutes. Other times it will take longer. Need to ask very specific & direct questions. It can be awkward. Rumors, data, LISTEN!!!

Build a Base of Suspects I Need to generate a large list to mine. Cold-calling. Mostly NO. May only get 1 in 10, or 20. Some suspects may be hostile. Don’t take it personally. It’s not you they are rejecting. It’s the product, company, time of call, other things going on, etc. Keep plugging. Do more early on, then periodically.

Build a Base of Suspects II Use your company resources. Leads, co-workers, direct mail, training, sales managers. Go to the library Dun & Bradstreet, Standards & Poors, Thompson Directory Phone Book Yellow pages and business white pages Your city and others Organization membership directories Service Sell to customers getting service; may want to replace Have relationship, maybe captive

Build a Base of Suspects III Government Permits, licenses Chambers of commerce members Public Information Stake out a territory Clubs, professional associations, community service groups, church (low key), geographic area (drive/walk) Swap leads Related salespeople who are NOT competitors Pass out business cards To everybody. One may lead to a sale, even indirectly.

Cultivate Referrals & Repeats Referrals are much better prospects than cold-called suspects Only get them from satisfied customers. That means make them happy, provide good customer service, and follow-up. ASK for referrals! Current customers and friends Follow repurchase/upgrade cycles Sell to customers abandoned by salespeople who leave company.

Get Appointment The purpose of the cold-call is to get an appointment. Must capture & hold the prospect’s interest Think activity, not results. JUST CALL. Receptionist can provide lots of information Key people, spelling, titles, addresses, direct phone lines Be nice. They can make or break your approach. Secretary GATEKEEPER!!!! & calendar keeper Be nice. Close the appointment FAST! Don’t make presentation on phone.

Do Pre-Approach Preparation Work on the little extras that will make you stand out from the crowd, and help you close the deal. Personality, interests, buying style of decision maker Industry trends, market Specific issues, problems, opportunities Others in the buying center, not just decision- maker Look for guidance in buyer & seller orgs + Pre-plan call. Practice presentation. Anticipate objections