PROSPECT PROSPERITY PROSPECT BASE

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A prospect is a potential customer that meets the qualification criteria established by your company.  Prospecting is identifying potential customers.  A Prospect Base is made up of current customers and potential customers.  Use the What if? Analysis and 20:80 Rule.  Always have a group of people that can be promoting the importance of prospecting.  Every Salesperson must cope with customer attrition:

  • Customer may have a one-time need
  • Customer may move outside the salesperson’s territory
  • Firm may go out of business or merge
  • Sales may be lost to the competition

Grad’s Ferris Wheel-Supply

Prospecting Requires Planning

  • Increase number of people who board Ferris Wheel
  • Improves the quality of prospects
  • Shorten sales cycle by determining which prospects are “qualified”
  • Prospecting plans must be monitored continuously for effectiveness

Referrals

  • Prospect recommend by current satisfied customer or one familiar with product or service
  • Endless chain: ask contact who else could benefit from product
  • Referral Organizations: Facilitate networking
  • Friends, family members, centers of influence: A person who may influence on opinion leaders

Lead Generation, Decreased Directories, Trade Shows/Publications, Telemarketing, Direct Response and letter, website, cold calling, networking, computerized databases

Qualifying Prospects

  • Does prospect need my product?
  • Does the prospect have the authority to buy my product?
  • Does the prospect have the financial resources to buy my product?
  • Does the prospect have the willingness to buy my product?

Collecting and Organizing Prosper Information

Sales Data Can be collected and organized into C.R.M. systems such as Salesforce.com, Oracle, NetSuite, and Microsoft.

Prospecting and Sales Forecasting Plans

Important to balance time and organize contacts:

  • Prepare a list of prospects
  • Forecast Potential Sales Volume for each new account, by product
  • Carefully plan the sales route to minimize time and cost

Measurements

Common Types of Sales Goals

  • Financial-Current Compensation
  • Career Advancement
  • Personal Developments-MBA
  • Sales Volume
  • Sales Call Activity
  • Sales Call Expense and ethics
  • Profitability

Market Share

Share of Account

  • Ancillary Activity-community
  • Customer Retention (70:80)
  • New Account Generation
  • Customer Service-Complaints
  • Conversion

Pricing-Elasticity (Change in Market to Market)

Consumer Products: Hormel, P.G., E.J. Gallo, Pharmacist=at execution end of manifesto plan

Retail Price Point.  Always protect price point

Strategic Planning Sets The Stage

Benefits of Demonstration

  • Improved Communication and retention
  • Proof of Buyer Benefits-Proof Devices
  • Feeling of Ownership
  • Quantifying the Solution
  • Value Proposition Revisal

Creative Demonstrators

  • Make features and Benefits Appealing
  • Must gain attention and increase desire for product
  • Create different ways at looking at problems and solve

Customize the Demonstration

  • Use custom-fitted demonstrations
  • Relate to specific customer needs

Choose Right Setting

  • Demonstration location makes difference
  • Control Environments free from distraction
  • Rehearse, Rehearse, Rehearse
  • If you don’t rehearse you cant succeed

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