Becoming a Master Prospector

1. Becoming a Master Prospector Learning Objectives: • Understand the importance of prospecting. • Find out who your prospects are. • Learn the characteristics of a qualified prospect. • Become familiar with different prospecting methods. • Understand how to manage prospect information accurately and consistently. • See the value of computer technology in the management of prospect information. • Chapter 7

2. The Concept of Prospecting • A salesperson without prospects is out of business • A salesperson without prospects can no more close a sale than a surgeon without a patient can operate • Prospects are everywhere • Develop ways to find them

3. “I’d rather be a master prospector than be a wizard of speech and have no one to tell my story to.” Quotable Quotes -Paul J. Meyer

4. Qualifying the Prospect • Moving from a “lead” to a qualified prospect • Sales Lead - is just a name • Prospect - researched for need, money, and authority • Qualified Prospect - evaluated prospect along with personal information • A truly qualified prospect must pass the MADDEN Test

5. Class “A” Prospects A Class ‘A’ qualified prospect is one to whom you have been referred by a person the prospect respects, one who has the ability to make a buying decision and to pay for the product or service, and one about whom you have all the personal information you need to make a good presentation.

6. The MADDEN Test Cultivate prospects who pass the MADDEN test M A D D E N • ONEY • PPROACHABLE • ESIRE ECISION-MAKER LIGIBLE EED

7. Methods of Prospecting • Why we lose customers: • Customer’s company goes out of business • Competitor takes your customer • Customer moves or dies • Merger or downsizing • Customer-salesperson relationship deteriorates

8. Methods of Prospecting • Master these eleven useful prospecting techniques: Business Associations and Civic Groups Networking Groups and Events Directories Company-Initiated Prospecting Websites Referrals Center of Influence Group Prospecting Planned Cold Calling Direct Email and Mail Observation

9. Methods of Prospecting • Referrals • Have person make the initial contact for you • Learn how to ask for a referral! (It is an art) • Why people don’t give referrals • What to ask? • When to ask?

10. Methods of Prospecting • Center of Influence • Believes in you and what you are selling • Is influential with a significant number of people • Is willing to give you names on a regular basis • The names given to you are at least partially qualified prospects • Group Prospecting • Follow up with interested prospects • Trade shows, speaking engagements

11. Methods of Prospecting • Planned Cold Calling • At least one out of seven will be receptive • Treat cold calls as a supplement. Don’t neglect other techniques • Preplan cold calls • Limit waiting - 15 minutes is a good gauge! • Remain enthusiastic

12. Methods of Prospecting • Direct Email and Direct Mail • Prospects do read well-targeted direct mail • Mailing is only as good as the list • Sources of lists to consider: • Membership rosters • City directories • Yellow pages • Specialized groups • Religious groups • Past customers • Create your own newsletter

13. Methods of Prospecting • Power of Observation • Always be looking! • Prospects are everywhere • Read the newspaper and selected magazines • Read Trade journals

14. Methods of Prospecting • Joining Civic Groups • Always be looking! • Carefully select the groups you join • Work for positive visibility • Set contact goals for each organization meeting • Maintain an information file on the contacts made in each organization • Use active listening to learn more about the financial goals and needs of others • Look for appropriate opportunities for further business-oriented discussions

15. Methods of Prospecting • Networking - active cooperation, ‘tips’ • There are formal groups that you can join • Sharing information makes good sense • Directories …can be Goldmines if used correctly • Moody’s Industrial Manual • Poor’s Register of Directors and Executives • The Dun and Bradstreet Reference Book • The Thomas Register of American Manufacturers • Contacts Influential

16. Methods of Prospecting • Company Initiated Prospecting • Telemarketing Activities • Advertising Response • Direct Mail • Newspaper • Past Customers • Go over list of inactive accounts • Develop a Website • What every sales website should have • Affiliate program marketing • Turn web leads into online sales

17. Managing Prospect Information • Initial Recording of Leads • Record all basic information • Enter data in your smartphone, laptop, or tablet • Classification of Prospects • Class A - Enough information to make a presentation • Class B - Need more information to make a presentation • Class C - A “lead”, you simply have a name • Scheduling Contacts • Contact prospects using a prioritized list • Keep a tickler file

18. Using Databases to Manage Prospect Information • Personal Databases • Corporate Databanks • Improving Communications • Salespeople now have access to the most current information