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Strategic Prospecting and Pre-approach

Strategic Prospecting and Pre-approach. Chapter 5. The Strategic 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.

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Strategic Prospecting and Pre-approach

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  1. Strategic Prospecting and Pre-approach Chapter 5

  2. The Strategic Prospecting Process A process designed to identify, qualify, and prioritize salesopportunities, whether they represent potential new customers or opportunities to generate additional business from existing customers. Sales Funnel orPipeline: A representationof the trust-based sales process and strategic sales prospecting process.

  3. Strategic Prospecting Process Ideal Customer Profile: The characteristics of a firm’s best customers or the perfect customer.

  4. The Importance andChallenges 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 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

  5. Turning Suspects/Leads Into Bona Fide Prospects • Identify MAD Customers • Money to Buy • Authority to Buy • Desire to Buy

  6. In-Class Exercise Case: Strong Point Financial Services

  7. Popular Prospecting Sources & Methods Personal Contact • Observation • Cold Canvassing • Trade Shows • Spotters • Sales Seminars/Educational Forums

  8. Popular Prospecting Sources & Methods Internal Sources • Company Records • Lists and Directories • Advertising Inquiries • Telephone Inquiries • Mail Inquiries • Internet or World Wide Web

  9. Popular Prospecting Sources & Methods External Sources • Referrals • Introductions • Community Contacts (Centers of Influence) • Organizations • Non-competing Salespeople • Visible Accounts • Networking (Electronic and Personal)

  10. 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 searchand qualification phase

  11. Qualified Prospects . . . • Can benefit from the sales offering • Have the financial wherewithal to make the purchase • Play (individual) an important role in the purchase decision process • Are eligible to buy based on a fit within the selling strategy • Are reasonably accessible and willing to consider the sales offering • Can be added to the customer base at an acceptable level of profitability

  12. Prospecting Plans are the Foundation for Effective Prospecting Set Goals Establish daily, weekly and monthly quotas for acquiring new prospects

  13. Prospecting Plans are the Foundation for Effective Prospecting Set Goals Allocate Time Establish a regular daily schedule for conducting prospecting activities.

  14. Prospecting Plans are the Foundation for Effective Prospecting Set Goals Allocate Time Track your results from using the different prospecting methods. Keep Records

  15. Prospecting Plans are the Foundation for Effective Prospecting Set Goals Allocate Time What is working for you? Compare results and use the methods that work best for you. Keep Records Evaluate

  16. Prospecting Plans are the Foundation for Effective Prospecting Set Goals Allocate Time Develop confidence by knowing your products and believing that you offer the best solutions. Keep Records Evaluate Stay Positive

  17. Developing a Strategic Prospecting Plan

  18. 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.

  19. Topics for Thought and Class Discussion It’s October 1 and your first day on the job as a salesperson for a central air conditioning firm in a town of about 65,000 people. Your boss, the owner of Stibb’s Commercial Air Conditioning, has said, “Go out and get some business customers.” Until now, Mr. Stibb has relied on a small advertisement in the local telephone directory to generate sales, but because sales are particularly slow during the fall and winter months, he has hired you as his first salesperson. Your earnings will come solely from commissions. How will you prospect for potential customers?

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