What is Prospecting ?

The process of identifying prospective or potential new clients for your business is called as Prospecting. It is during this process you qualify prospects [or leads] and see whether there is a fit between what he/she needs and what you have got to offer.

Why should you undertake Prospecting ?

Prospecting is done to identify new customers. It is very important to do Prospecting on a continuous basis. New customers are very important for a business to grow. It is also worthwhile to remember that existing customers have to be retained at any cost since the cost of acquiring new customers is too high compared to the cost of retaining existing customers. But that doesn’t mean we should stop doing prospecting or stop acquiring new clients. The only way to Growth is to acquire new customers at whatever cost.

Sales people normally do cold calls to identify prospects. But traditional Cold-calling, as we know it, is dead. In today’s world, one does a lot of homework before picking up the phone. Whether one is calling a list from a database or calling on the leads that have come in through their website or Ad campaigns, one has to do plenty of homework before connecting with the Prospect.

Let us now take a look at how to do Prospecting.

Step by Step Guide to Prospecting:

  1. The first step is to define your target market. Or your target segment.
  2. Then undertake a study of your target market or target segment.
  3. Understand what is causing them headaches or what goals do they have for their organization this year.
  4. Find the right set of people in Organizations within the target market, those who are most likely to have a need for your products/services.
  5. You may use LinkedIn and/or any other service that gives you access to your target segment including the decision makers direct phone nos.
  6. Understand the Buyers’ Persona.
  7. Make a list.
  8. Run a campaign. Whether yours is a B2B or a B2C. It can be an Email campaign or an Ad campaign on the web or both.
  9. Now, get your Story ready. [Not the pitch.] People like stories. Let the Story be inspiring. Let it make the buyer sit upright and take note of it and let it induce the buyer to take action. The buyer will then help you sell to their organization. It will be his/her baby from then on.
  10. Attend Trade Shows, Road Shows, Industry Conferences, Workshops, Seminars where your target segment is likely to participate. Network. Exchange cards.
  11. Make a refined list. Include those who came through your Campaigns and those whom you networked with recently.
  12. Invite them over to Breakfast meetings on Saturdays. Make Powerful and Inspiring Stories and Tell them these stories. StoryTelling is an art.
  13. Story Telling & Other Ways to Engage a Prospect.
  14. Generate awareness. On your Products and/or Services.
  15. Qualify your Prospects.
  16. Questions to ask your Prospects: What Questions to ask your Prospects ?
  17. Prepare a Qualified List of Prospects, those who are a fit and those who are most likely to buy your products or services in the near future. With this, Prospecting is completed. But the Sales Process continues. Keep doing these steps on a regular basis to have a constant supply of Prospects for your Business.

Happy Selling !!