Strategic Prospecting

A process designed to identify, qualify, and prioritize sales opportunities, and whether they represent potential new customers or opportunities to generate additional business from existing customers.

Sales Funnel (Pipeline)

Visualizes the trust based sales process vertically in the form of a funnel, rather than horizontally.

Sales Leads (Suspects)

Organizations or individuals who might possibly purchase the product or service offered by a salesperson.

Qualifying Sales Leads

The evaluation process used by salespeople to determine which sales leads are true prospects for their product or service.

Sales Prospect

-An individual or organization that has a need for the product or service.
-Has the budget or financial resources to purchase the product or service
-Has the authority to make the purchase decision

Ideal Customer Profile

The characteristics of a firm's best customers or the perfect customer.

Cold Calling

The most extreme form of cold canvassing because salespeople merely make calls to organizations or individuals.

Cold Canvassing

Occurs when salespeople contact a sales lead unannounced with little if any information about the lead.

Referral

A sales lead provided by a customer or some other influential person.

Introduction

When the customer agrees to write a letter or make a phone call to introduce the salesperson to the prospect.

Centers of Influence

Influential members of the community who can potentially provide help in locating prospects. (Accountants, bankers, attorneys, teachers, business owners, politicians, government workers, etc.)

Noncompeting Salespeople

A salesperson selling noncompeting products. Can be a good source for prospects.

Business Networking International (BNI)

A formal organization with each local group consisting of noncompeting salespeople, having the general purpose of creating prospects for one another.

Company Records

Information about customers in a company database. Can be a useful source of prospects.

Advertising Inquiries

Sales leads generated from company advertising efforts. Potentially a good source of prospects.

Inbound Telemarketing

Involves a telephone number (usually toll free) that prospects or customers can call for information. Companies distribute toll free numbers by direct mail pieces (brochures), advertising campaigns, and their outbound telemarketing program.

Trade Shows

Presents salespeople with excellent opportunities to collect leads. The company purchases and sets up booth space that clearly identifies the company and its offerings.

Seminars

Firms can use these to generate leads and provide information to prospective customers.

Lists and Directories

Offer an inexpensive, convenient means of identifying leads. Available in a variety of sources published in print and electronic form.

Commercial Lead Lists

Designed to focus on virtually any type of business and/or individual. Available on paper or in convenient computer formats such as excel or word, ranging from simple listings of names, addresses, and phone numbers to more detailed listings with a full pr

Website

A collection of information about a company that usually includes history, products, prices, and how to order or reach a salesperson if there is an interest in the products Used to attract potential customers.

Strategic Prospecting Plan

Should fit the individual needs of the salesperson. The focal point should be the goal stating the number of qualified prospects to be generated. Formalized goals serve as guides to what is to be accomplished and help keep a salesperson on track. The plan

Tracking System

Part of the strategic prospecting plan that records comprehensive information about the prospect, traces the prospecting methods used, and chronologically archives outcomes from any contacts with the prospect.

External Prospecting Sources

-Referrals
-Introductions
-Community Contacts (Centers of Influence)
-Organizations (Civic or Professional, country club, fraternal)
-Non-competing Salespeople (BNI) Business Networking International
-Visible Accounts

Internal Prospecting Sources

-Company Records
-Lists and Directories
-Advertising Inquiries
-Telephone Inquiries
-Mail Inquiries
-Internet

Personal Contact Prospecting

-Observation
-Cold Canvassing (Cold Calling)
-Trade Shows/ Conventions
-Bird Dogs (spotters)
-Seminars