The aim of prospecting is to develop a database of likely customers who can be communicated systematically. This is done to convert potential customers into new customers. In Sales Prospecting, the internal sales representative makes outbound calls or sends-in outbound emails to potential leads. The aim behind prospecting is to create opportunities for account executives.
Prospecting can involve cold calling, as well as reaching out to customers who have gone cold. Here are some proven prospecting techniques that can be used to earn some dollars:
- Determine the Leads – A set of criteria should be maintained and tested upon to evaluate the probability that a lead or prospect will become a customer. Also, the sales representative should be able to identify the difference between a lead and a prospect.
- Ask for Referrals – Sales representatives should always ask for referrals from existing clients before entering into new market segments or dealing with new clients. This boosts up their confidence as well as adds on to their credibility.
- Turn Opportunities into Customers – Attend trade shows, seminars, and conferences, and try to generate leads from there. Leverage your socializing skills to generate leads and turn every opportunity into potential customers. Overall, customer experience will decide company’s success.
- Become a Product Expert – It is important for your sales team to make the customers realize that they are aware of the products or services thoroughly, and can easily identify which product or service will benefit their business. Moreover, by becoming a product expert, you’ll be able to easily target audiences and industries which you ought to be reaching out to.
- Focus on Decision Makers – Prospecting is only effective when you focus on decision makers. This process should involve determining if a potential customer is a decision maker, and then determining the next steps from there. If they are decision makers, then you can push them down for an easy sell or at least an action. If not, then do some more research to see who you should be contacting.
- Get familiar with the Market – Sales Representatives are likely to be familiar with certain companies and markets while being completely oblivious of another. The level of comfort also varies from market to market; therefore, sales representative should try to explore new markets and familiarize themselves with the same.
- Outbound Prospecting – Outbound prospecting includes cold calling and social spamming. Outbound prospecting is deemed to be an effective method when it comes to generating leads, but it is not meant for generating permanent or loyal customers.
- Inbound Prospecting – Warm emailing and social selling are included in inbound prospecting. Social Selling includes Social Media Marketing to sell products or services. Social media can be used to explore a relationship with an individual who has already expressed familiarity with the company or its products. Some companies even started using AWS with its impeccable offerings.
- Working in Favorable Markets – Sales representatives give priority to markets and clients with whom they are accustomed to working with. However, it can create a stagnancy in attaining new marketing skills, but it still proves to be the best method to start prospecting. Moreover, these markets provide leads and referrals for other markets.
- Schedule Regular Time for Prospecting – Sales teams should schedule a minimum of one hour per day dedicated to prospecting new business development activities. This time can be spent generating referrals, attending chamber events, or simply joining local networking groups.
Prospecting is not an easy task, by any means. Aside from this, there are various other prospecting techniques which one can follow to increase their revenue rate. But one must also be wary of the market reputation of their company and product while prospecting. Hence, it is advisable to always move ahead with a systematic approach and be consistent with your work and schedule.
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