1. Strategic Prospecting and Preparing for Sales Dialogue
Copyright ©2017 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

2. Learning Objectives
Discuss why prospecting is an important and challenging task for salespeople
Explain strategic prospecting and each stage in the strategic prospecting process
Describe the major prospecting methods and give examples of each method
Explain the important components of a strategic prospecting plan
Discuss the types of information salespeople need to prepare for sales dialogue

3. Importance of Prospecting
Salespeople lose customers due to lack of prospecting
Causes:
Rise in competition
Change in market conditions
Dissatisfaction with the product, salesperson, or selling firm

4. Strategic Prospecting Process
Designed to identify, qualify, and prioritize sales opportunities
May either represent:
Potential new customers and opportunities
Additional business from existing customers

5. 5.1 Prospecting Methods

6. Ethical Dilemma

7. 5.2 Developing a Strategic Prospecting Plan

8. 5.2 Personal Prospecting Log

9. Information Gathered to Prepare a Sales Dialogue
Basic Information about the prospect
Information about the selling situation
Sources of information

10. 5.3 Basic Information about the Prospect

11. 5.4 Information about the Selling Situation

12. 5.5 Sources of Information

13. Key Terms Strategic prospecting Referral Sales funnel or pipeline
Sales leads or suspects
Qualifying sales leads
Sales prospect
Ideal customer profile
Cold calling
Referral
Introduction
Centers of influence
Noncompeting salespeople
Electronic networking
Company records
Advertising inquiries

14. Key Terms (continued) Inbound telemarketing Outbound telemarketing
Trade shows
Seminars
Directories
Strategic prospecting plan
Tracking system

15. Summary
Prospecting is important during tough financial conditions, changing market situations, and fierce competition
Strategic prospecting process identifies, qualifies, and prioritizes sales opportunities
Prospecting methods
Cold canvassing, networking, company sources, and command sources
Strategic prospecting plan helps salespeople improve their prospecting effectiveness