CHAPTER 5 Strategic Prospecting and Preapproach The Strategic
- Slides: 19
CHAPTER 5 Strategic Prospecting and Pre-approach
The Strategic Prospecting Process Sales Funnel or Pipeline: A representation of the trustbased sales process and strategic sales prospecting process. A process designed to identify, qualify, and prioritize sales opportunities, whether they represent potential new customers or opportunities to generate additional business from existing customers.
Strategic Prospecting Process Sales Leads or Suspects • Generated from Internal or External Sources • Lead Generation Methods Should be Managed Qualifying Process Ideal Customer Profile: The characteristics of a firm’s best customers or the perfect customer. • Need? • Financial Resources • Authority to Make Purchase Decision Sales Prospect • Prioritize Prospect List • Initiate Pre-Call Planning
The Importance and Challenges of Prospecting � Customer-bases are not permanent, salespeople may lose customers due to: Low satisfaction Competition Economic fluctuation Other forms of attrition � The prospecting process is can be long It may take weeks to replace a lost customer with a new one Revenue streams can fluctuate if “pipeline” isn’t managed � Prospecting isn’t easy and often includes a lot of rejection
In-Class Exercise – Prospecting IDENTIFYING LEADS
Turning Suspects/Leads Into Bona Fide Prospects �Identify MAD Customers Money to Buy Authority to Buy Desire to Buy
Qualified Prospects. . . q Can benefit from the sales offering q Have the financial wherewithal to make the purchase q Play (individual) an important role in the purchase decision process q Are eligible to buy based on a fit within the selling strategy q Are reasonably accessible and willing to consider the sales offering q Can be added to the customer base at an acceptable level of profitability
Popular Prospecting Sources & Methods Personal Contact n Observation n Cold Canvassing n Trade Shows n Spotters n Sales Seminars/Educational Forums
Popular Prospecting Sources & Methods Internal Sources n Company Records n Lists and Directories n Advertising Inquiries n Telephone Inquiries n Mail Inquiries n Internet or World Wide Web
Popular Prospecting Sources & Methods External Sources n Referrals n Introductions n Community Contacts (Centers of Influence) n Organizations n Non-competing Salespeople n Visible Accounts
Nature and Importance of Qualification �The nature of the qualifying task is different for various types of personal selling �Salespeople must be resourceful and should devote time and effort to the search and qualification phase
Prospecting Plans are the Foundation for Effective Prospecting Set Goals Establish daily, weekly and monthly quotas for acquiring new prospects
Prospecting Plans are the Foundation for Effective Prospecting Set Goals Allocate Time Establish a regular daily schedule for conducting prospecting activities.
Prospecting Plans are the Foundation for Effective Prospecting Set Goals Allocate Time Keep Records Track your results from using the different prospecting methods.
Prospecting Plans are the Foundation for Effective Prospecting Set Goals Allocate Time Keep Records Evaluate What is working for you? Compare results and use the methods that work best for you.
Prospecting Plans are the Foundation for Effective Prospecting Set Goals Allocate Time Keep Records Evaluate Stay Positive Develop confidence by knowing your products and believing that you offer the best solutions.
Developing a Strategic Prospecting Plan
Important Pre-Approach Information Examples include: � Client name and pronunciation � Risk/type of buying situation � Communication style/profile of the buyer (may not be able to assess till several visits) � What is the market position of the company � Major competitor(s) of the company � Industry condition/intelligence � Challenges the organization may be facing � Company characteristics – size, division, decision makers, etc.
In-Class Exercise CASE: STRONG POINT FINANCIAL SERVICES
- Pre approach example
- What are the objectives of strategic prospecting?
- What is strategic prospecting
- Prospecting and qualifying
- Prospecting and qualifying
- Tsm prospecting
- Prospecting
- Social prospecting pro
- Prospecting tour
- Prospecting in aviation
- Sales prospecting playbook
- Mineral prospecting expert system
- Consideration section 2d
- Strategic substitute
- Strategic management and strategic competitiveness
- Cultural aspects of strategy choice
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