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Cold Calling & Prospecting for Business

Arleen DaltonVice President, Business Development

General Growth Properties, Inc.Chicago, IL

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mobile.icsc.org

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WHAT IS PROSPECTING?

• Cold calling, canvassing, door-knocking….

these are all names for the act of connecting to someone

in order to identify and create new business possibilities

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WHY PROSPECT?

• Generate new leads for current and future vacancies

• Enhance the merchandising mix

• Understand the competition

• Gather market intelligence

• It’s a key component of your job!

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WHY NOT PROSPECT?

• 100% occupied

• Too busy…can’t make time to get out

• No money in budget to prospect

• You’re not comfortable prospecting

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WHEN TO PROSPECT

• Any time and all the time

• A minimum of twice a week

• Mid-week is best

• Off-peak times when retailer isn’t busy

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THREE MAIN WAYS TO PROSPECT

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INTERNALLY• Sales Force/leasing database• Business cards on your desk• Cold and warm leads• Former retailers• Existing retailers• Mall team• Friends and family• Magazines• Newspapers• Trade publications• Advertise on vacant RMUs

and storefronts

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INTERNET

• Google alerts

• Facebook

• Yelp

• LinkedIn

• MANTA

• Etsy

• The Chamber

• Online Newspapers and publications

• Blogs

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EXTERNALLY• Other malls

• Strip centers

• Downtown areas

• Resort towns

• Craft and trade shows

• Pop Up markets

• Festivals and street fairs

• Airports

• Farmers’ markets

• Convention Center expositions

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PREPARING TO PROSPECT

• Have the right mind set

• Evaluate your mix to determine

your wants and needs

• Have your talking points ready

• Create a Top 10 list

• Believe in what you are selling

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READY, SET, GO!

• Have a schedule and stick to it

• Don’t go into the office first

• Plan your trip

• Bring your supplies…cards, ipad, lease plans, GPS or iphone with maps

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KNOW YOUR MALL

• Demographics

• Leasing exclusives

• Restricted areas

• Available inventory

• Target rents/occupancy costs

• Trade Area

• Demographics

• Major area developments, housing, schools, jobs

• Competition

• Traffic flow

• Best entrances

• At-risk tenants

• Merchandise Mix

• Create Top 10 selling points

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KNOW YOUR PROSPECT

• How long have they been open?

• What is their business plan?

• Current sales?

• Profit margins?

• Other businesses?

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PROSPECTING MEETING – WHAT TO BRING• Right attitude

• Sincerity and enthusiasm

• Creativity and an open mind

• Right attire

• Business cards, brochures, sales sheets

• Be curious – ask lots of open-ended questions

• Willingness to listen and observe

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FOLLOW UP, FOLLOW UP, FOLLOW UP

• Promptly and often

• Re-cap meeting in an email, then call them

• Practice patience. And persistence.

• Build the relationship

• Follow up again

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CLOSE THE DEAL

• Get the prospect to the property

• Time kills all deals – move quickly

• Develop trust

• Negotiate a win-win deal

• Ask for the sale. Ask again.

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Q&A

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COMPLETE YOUR SHOW EXPERIENCEMORE THAN 30 SESSIONS CAPTURED LIVE DURING RECON!

• Recording Package $150 usd

• Extend Your Own Education

• Share Sessions with Colleagues

• Compatible with Mobile Devices

icsc.sclivelearningcenter.com

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Course Evaluation

Please Complete Your Evaluation Now.

1. Take Out Your Smartphone or Tablet

2. Go to survey.icsc.org/2015RECON

3. Select this course:

Cold Calling and Prospecting for New Business