chapter 5 strategic prospecting and pre-approach
TRANSCRIPT
![Page 1: CHAPTER 5 Strategic Prospecting and Pre-approach](https://reader036.vdocuments.net/reader036/viewer/2022071713/56649edb5503460f94beadae/html5/thumbnails/1.jpg)
CHAPTER 5
Strategic Prospecting and Pre-approach
![Page 2: CHAPTER 5 Strategic Prospecting and Pre-approach](https://reader036.vdocuments.net/reader036/viewer/2022071713/56649edb5503460f94beadae/html5/thumbnails/2.jpg)
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.
Sales Funnel orPipeline: A representationof the trust-based sales process and strategic sales prospecting process.
![Page 3: CHAPTER 5 Strategic Prospecting and Pre-approach](https://reader036.vdocuments.net/reader036/viewer/2022071713/56649edb5503460f94beadae/html5/thumbnails/3.jpg)
Strategic Prospecting Process
Sales Leads or Suspects• Generated from Internal or External
Sources• Lead Generation Methods Should be
Managed
Qualifying Process• Need?• Financial Resources• Authority to Make Purchase Decision
Sales Prospect• Prioritize Prospect List• Initiate Pre-Call Planning
Ideal Customer Profile: The characteristics of a firm’s best customers or the perfect customer.
![Page 4: CHAPTER 5 Strategic Prospecting and Pre-approach](https://reader036.vdocuments.net/reader036/viewer/2022071713/56649edb5503460f94beadae/html5/thumbnails/4.jpg)
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 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
![Page 5: CHAPTER 5 Strategic Prospecting and Pre-approach](https://reader036.vdocuments.net/reader036/viewer/2022071713/56649edb5503460f94beadae/html5/thumbnails/5.jpg)
IDENTIFYING LEADS
In-Class Exercise – Prospecting
![Page 6: CHAPTER 5 Strategic Prospecting and Pre-approach](https://reader036.vdocuments.net/reader036/viewer/2022071713/56649edb5503460f94beadae/html5/thumbnails/6.jpg)
Turning Suspects/Leads Into Bona Fide Prospects
Identify MAD Customers
Money to Buy
Authority to Buy
Desire to Buy
![Page 7: CHAPTER 5 Strategic Prospecting and Pre-approach](https://reader036.vdocuments.net/reader036/viewer/2022071713/56649edb5503460f94beadae/html5/thumbnails/7.jpg)
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
![Page 8: CHAPTER 5 Strategic Prospecting and Pre-approach](https://reader036.vdocuments.net/reader036/viewer/2022071713/56649edb5503460f94beadae/html5/thumbnails/8.jpg)
Popular Prospecting Sources & Methods
Personal Contact Observation Cold Canvassing Trade Shows Spotters Sales Seminars/Educational
Forums
![Page 9: CHAPTER 5 Strategic Prospecting and Pre-approach](https://reader036.vdocuments.net/reader036/viewer/2022071713/56649edb5503460f94beadae/html5/thumbnails/9.jpg)
Popular Prospecting Sources & Methods
Internal Sources Company Records Lists and Directories Advertising Inquiries Telephone Inquiries Mail Inquiries Internet or World
Wide Web
![Page 10: CHAPTER 5 Strategic Prospecting and Pre-approach](https://reader036.vdocuments.net/reader036/viewer/2022071713/56649edb5503460f94beadae/html5/thumbnails/10.jpg)
Popular Prospecting Sources & Methods
External Sources Referrals Introductions Community Contacts
(Centers of Influence) Organizations Non-competing
Salespeople Visible Accounts
![Page 11: CHAPTER 5 Strategic Prospecting and Pre-approach](https://reader036.vdocuments.net/reader036/viewer/2022071713/56649edb5503460f94beadae/html5/thumbnails/11.jpg)
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
![Page 12: CHAPTER 5 Strategic Prospecting and Pre-approach](https://reader036.vdocuments.net/reader036/viewer/2022071713/56649edb5503460f94beadae/html5/thumbnails/12.jpg)
Prospecting Plans are the Foundation for Effective Prospecting
Set Goals
Establish daily, weekly and
monthly quotas for acquiring new
prospects
![Page 13: CHAPTER 5 Strategic Prospecting and Pre-approach](https://reader036.vdocuments.net/reader036/viewer/2022071713/56649edb5503460f94beadae/html5/thumbnails/13.jpg)
Prospecting Plans are the Foundation for Effective Prospecting
Set Goals
Establish a regular daily schedule for
conducting prospecting activities.
Allocate Time
![Page 14: CHAPTER 5 Strategic Prospecting and Pre-approach](https://reader036.vdocuments.net/reader036/viewer/2022071713/56649edb5503460f94beadae/html5/thumbnails/14.jpg)
Prospecting Plans are the Foundation for Effective Prospecting
Set Goals
Track your results from using the
different prospecting methods.
Keep Records
Allocate Time
![Page 15: CHAPTER 5 Strategic Prospecting and Pre-approach](https://reader036.vdocuments.net/reader036/viewer/2022071713/56649edb5503460f94beadae/html5/thumbnails/15.jpg)
Prospecting Plans are the Foundation for Effective Prospecting
Set Goals
Evaluate
What is working for you? Compare
results and use the methods that work
best for you.
Keep Records
Allocate Time
![Page 16: CHAPTER 5 Strategic Prospecting and Pre-approach](https://reader036.vdocuments.net/reader036/viewer/2022071713/56649edb5503460f94beadae/html5/thumbnails/16.jpg)
Prospecting Plans are the Foundation for Effective Prospecting
Set Goals
Evaluate
Develop confidence by knowing your
products and believing that you
offer the best solutions.
Keep Records
Allocate Time
Stay Positive
![Page 17: CHAPTER 5 Strategic Prospecting and Pre-approach](https://reader036.vdocuments.net/reader036/viewer/2022071713/56649edb5503460f94beadae/html5/thumbnails/17.jpg)
Developing a Strategic Prospecting Plan
![Page 18: CHAPTER 5 Strategic Prospecting and Pre-approach](https://reader036.vdocuments.net/reader036/viewer/2022071713/56649edb5503460f94beadae/html5/thumbnails/18.jpg)
Important Pre-Approach Information
Examples include:Client name and pronunciationRisk/type of buying situationCommunication style/profile of the buyer (may not
be able to assess till several visits)What is the market position of the companyMajor competitor(s) of the companyIndustry condition/intelligenceChallenges the organization may be facingCompany characteristics – size, division, decision
makers, etc.
![Page 19: CHAPTER 5 Strategic Prospecting and Pre-approach](https://reader036.vdocuments.net/reader036/viewer/2022071713/56649edb5503460f94beadae/html5/thumbnails/19.jpg)
CASE: STRONG POINT FINANCIAL SERVICES
In-Class Exercise