1. Strategic Prospecting and Pre-approach
Chapter 5
Strategic Prospecting and Pre-approach

2. 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 or Pipeline: A representation of the trust- based sales process and strategic sales prospecting process.

3. 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.

4. The Importance and Challenges 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

5. In-Class Exercise – Prospecting
Identifying Leads

6. Turning Suspects/Leads Into Bona Fide Prospects
Identify MAD Customers
Money to Buy
Authority to Buy
Desire to Buy

7. 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

8. Popular Prospecting Sources & Methods
Personal Contact
Observation
Cold Canvassing
Trade Shows
Spotters
Sales Seminars/Educational Forums

9. Popular Prospecting Sources & Methods
Internal Sources
Company Records
Lists and Directories
Advertising Inquiries
Telephone Inquiries
Mail Inquiries
Internet or World Wide Web

10. Popular Prospecting Sources & Methods
External Sources
Referrals
Introductions
Community Contacts (Centers of Influence)
Organizations
Non-competing Salespeople
Visible Accounts

11. 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

12. Prospecting Plans are the Foundation for Effective Prospecting
Set Goals
Establish daily, weekly and monthly quotas for acquiring new prospects

13. Prospecting Plans are the Foundation for Effective Prospecting
Set Goals
Allocate Time
Establish a regular daily schedule for conducting prospecting activities.

14. Prospecting Plans are the Foundation for Effective Prospecting
Set Goals
Allocate Time
Track your results from using the different prospecting methods.
Keep Records

15. Prospecting Plans are the Foundation for Effective Prospecting
Set Goals
Allocate Time
What is working for you? Compare results and use the methods that work best for you.
Keep Records
Evaluate

16. Prospecting Plans are the Foundation for Effective Prospecting
Set Goals
Allocate Time
Develop confidence by knowing your products and believing that you offer the best solutions.
Keep Records
Evaluate
Stay Positive

17. Developing a Strategic Prospecting Plan

18. Important Pre-Approach Information
Examples include:
Client name and pronunciation
Risk/type of buying situation
Communication style/profile of the buyer (may not be able to assess till several visits)
What is the market position of the company
Major competitor(s) of the company
Industry condition/intelligence
Challenges the organization may be facing
Company characteristics – size, division, decision makers, etc.

19. Case: Strong Point Financial Services
In-Class Exercise
Case: Strong Point Financial Services