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Strategic ProspectingYour Key to a Funnel that Never Dries Up1GROUNDRULES Be here now. Stay focused. Cell phones on silent mode. Breaks will be provided: 3 Cs When in doubt, ask. Aspire for quality results. Be open.

BE CHILDLIKE!

IntroductionNameYears in SellingWhat has so far been the most challenging aspect of selling for you?6 As of LearningAttitudeAdaptationApplicationAttendance Punctuality!!! Active InvolvementAha!

ObjectivesDescribe how to qualify a lead as a prospectIdentify indicators of a qualified leadKey ThoughtsStrategic prospecting is the process by which salespeople separate out those that are more likely to buy from those that are less likely to buy in order to avoid wasting resources.Leads may be generated in a variety of methods. It is important for salespeople to know which are more effective.Satisfied customers are often the best source of good leads.

7Key ThoughtsA strategic prospecting plan will improve a salespersons prospecting efficiency and effectiveness.Salespeople should spend some time learningwhat they can (without wasting resources)about their qualified leads in order to develop an effective sales strategy.

8Strategic ProspectingScreening Procedures for Qualifying LeadsQualified Prospects The process of identifying, qualifying, and prioritizing sales opportunities, whether they represent potential new customers or opportunities to generate additional business from existing customers.Sales LeadsSales Opportunitiesfor the SalespersonScreened OutScreened Out9The Importance of ProspectingWhich is first in the alphabet? L or P?A lead may, or may not, have what it takes to be a prospectQualifying the leadthe process of locating quality potential customers for a product or servicea very essential sales activity

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Prospecting Requires PlanningIncrease number of people in the Sales FunnelImprove the quality of prospectsShorten sales cycle by determining which prospects are qualifiedProspecting plans must be monitored continuously for effectivenessCopyright 2010 Pearson Education, Inc. Publishing as Prentice HallQualifying: How a Lead Becomes a ProspectA lead points to a potential buyer 4 basic criteria that can be remembered by the acronym NAME, as follows:Need or wantAuthority to buyMoney or ability to buyEligibility to buy

17Qualifying: How a Lead Becomes a ProspectTwo other qualifying criteria are:The accessibility of the individual The potential profitability of the prospect over the long run18Qualifying ProspectsBasic questions:Does the 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?Copyright 2010 Pearson Education, Inc. Publishing as Prentice HallDoes a want or need exist?

20Characteristics of a Good ProspectDoes the lead have a want or need?Customers buy to satisfy practical needs as well as intangible needs

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Does the lead have the ability to pay?

26Characteristics of a Good ProspectDoes the lead have the ability to pay?A target is not an acceptable prospect without resources to pay for the productAbility to pay includes both cash and credit6-27

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Does the lead have the authority to buy?

28Characteristics of a Good ProspectDoes the lead have the authority to buy?Knowing who has real purchasing authority saves the salesperson time and effort and results in a higher percentage of closed sales

Can The Lead Be Approached Favorably?Some leads have the need, the ability to pay, and the authority to buy may still not qualify as prospects because they are not accessible to the salesperson.

30Characteristics of a Good ProspectCan the lead be approached favorably?Some prospects may not be accessibleCan we successfully get through the gatekeeper?

Is the lead eligible to buy?

Eligibility is an equally important factor in finding a genuine prospect.

32Characteristics of a Good ProspectIs the lead eligible to buy?Do we want to do business with the suspect/lead?

33Other CriteriaRelevant questions to consider include, When does the prospects contract with our competitor expire? And is a purchase decision really pending? How do we know? What is the long-term potential of developing a partnership with this lead?

34Characteristics of a Good ProspectOther criteriaTiming of the purchaseLong-term customer potential

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Objective of Qualifying: Put customers into A, B and C bucketsA customersNeed to follow up immediatelyB customersHave a need, but dont need immediate attentionC customersNot likely to buy in 3-6 monthsWilling to purchaseHave allocated budget

Workshop/ApplicationWhat situations will indicate that a prospect has a need for what we sell?What are the indicators of authority to buy and ability to pay?

Who are Eligible to Buy?Workshop/ApplicationWhere will you get these information?

Questions To Ask Yourself AFTER Talking To The ProspectWill this business happen for anyone at all?If this business can happen, is it a good opportunity?Do you have the sort of product that fits a prospects needs?Has the prospect committed to making a decision within a reasonable time frame?THE PROSPECTS MENTAL STEPSStep 1Attention Try at all times to capture and maintain the prospects attention. At times this may be difficult if the prospect faces :DistractionLack of sufficient timeLack of awareness or interest Carefully plan what you have to say and how to say. Move quickly to step 2 to sustain the prospects interest.

Step 2Interest First determine the prospects important buying motives. This can help in capturing interest. You may have to do this well in advance or prior to your presentation by asking questions. The prospects interest will grow if they listen and enter into discussion with the salesperson.

The Prospects Mental StepsTHE PROSPECTS MENTAL STEPSStep 3Desire Desire begins to develop based on information and evaluation of product features, advantages and benefits. This is due to forming positive attitudes that the product may fulfil needs or solve problems. Positive attitudes brought about by knowledge obtained through presentation.

Step 4Conviction Prospects may desire a product, but they still need to be convinced that your product is most suitable for their needs. At this stage the salesperson develops a strong belief that the product is best suited to the prospects specific needs. Conviction arises when there are no doubts about the product.

Step 5Action by Purchase If the prospect is satisfied, plan the most suitable method of asking the prospect to make a purchase. If you as the salesperson have engaged effectively in all your preceding steps, closing the sales would be very easy.

The Prospects Mental Steps

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