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9 Selling Today Developing and Qualifying a Prospect Base CHAPTER

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1 9 Selling Today Developing and Qualifying a Prospect Base CHAPTER
10th Edition CHAPTER Manning and Reece 9 Developing and Qualifying a Prospect Base

2 Prospect, Prospecting, and Prospect Base Defined
Prospect: a _____________ that meets the qualification criteria established by your company Prospecting: identifying potential customers Prospect base: is made up of ______ customers and ________ customers

3 Importance of Prospecting
Every salesperson must cope with customer attrition Customers move, firms go out of business, sales lost to competition Average company may lose 15 to 20% of customer base every year

4 Girard’s Ferris Wheel—Supply

5 Girard’s Ferris Wheel—Loss

6 Prospecting Requires Planning
Increase number of people who board the Ferris wheel Improve the quality of prospects Shorten _________ by determining which prospects are “qualified” Prospecting plans must be monitored continuously for effectiveness

7 Referrals Prospect recommended: by current satisfied customer or one familiar with product or service Endless chain: ask contact who else could benefit from product Referral organizations: facilitate networking Friends, family members, centers of influence: a person may not make decision but has influence on those who do opinion leaders

8 Directories Hundreds of business and industrial directories available
Many major trade associations publish directories Be sure to use current copy or edition as prospects shift firms; track people and companies

9 Trade Shows/Publications
Trade shows and conventions: your company may have a booth at key trade shows/expositions Trade publications: each industry has trade publications that sales professionals need to read Join trade associations: many salespersons join trade associations to gain access to potential buyers

10 Telemarketing Telemarketing: the practice of marketing goods and services through telephone contact To identify _________________ contact lists for sales staff To qualify prospects To verify sales leads generated by other methods To conduct follow-ups

11 Direct Response and Sales Letters
Direct response advertising: often features inquiry cards or information requests via mail or telephone Sales letters: send sales letters to __________________, then follow up

12 Website Websites provide cost-effective way for sales professionals to: Project personal image Provide additional information Generate leads from visitors to site Present product information Establish lists

13 Computerized Databases
In-house databases: your firm may already have a comprehensive database; sometimes referred to as the “house list” with details on customers, purchase patterns, and so forth List sources: wide range of precise lists available from variety of sources See

14 Computerized Databases
Purchasing __________ or lists can be costly; price usually set on cost-per-thousand names Not all relevant ________ are equal; some “pull” better than others Pull is the ______________ of the list resulting in qualified prospects or actual sales

15 Cold Calling Simply calling prospects without referrals
New salespeople rely on these as they haven’t built referral base Must be strategically planned Prelude to in-person appointment A way to introduce yourself and your company to a prospect

16 Networking Making and profiting from personal connections
Networking guidelines Meet as many people as you can Tell them what you do Do not do business while networking Offer business card Edit contacts and conduct follow-ups

17 Three Types of Networks

18 Educational Seminars Provide opportunity to showcase product without pressuring to buy Require extensive preparation Start value-added process Can attend or present at industry sponsored seminars or offer your own

19 Non-Sales Employees Non-sales personnel can be valued source of leads
Prospecting not necessarily exclusive task of sales force Non-sales personnel often need training and incentives

20 Combination Approaches
Salespersons generally rely on combination of prospecting methods Some methods have higher yield than others Important to use CRM technology to help maximize efficiency

21 Qualifying Prospects Key time-saving criteria:
Does the prospect need my product? Can prospect make the buying decision? Can prospect pay for the purchase? Will anyone close the sale?

22 Organizing Prospect Information
Prospect as an individual Prospect as a business representative

23 Prospect Information Harvey Mackay suggests 66-question customer profile. See it at:

24 Prospecting and Sales Forecasting Plans
Important to balance time and organize contacts: Prepare a list of prospects Forecast potential sales volume for each new account, by product Carefully plan the sales route to minimize time and cost

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