Prospecting

(verb)

This involves finding and identifying buyers who are most likely to buy the product or service.

Related Terms

  • Gaining Commitment

Examples of Prospecting in the following topics:

  • Identifying Prospects

    • Organizations must identify prospective customers and understand their needs and wants to improve the odds of making a sale.
    • Prospecting for customers is the first step in personal selling.
    • Consequently, identifying and maintaining a steady list of prospects is usually a salesperson's top priority.
    • Prospects are usually labeled as sales leads, which can eventually be converted into contacts and opportunities.
    • Salespersons conduct significant research on their target market to better market products and services to prospects.
  • Preapproach

    • After the prospect has been qualified, the salesperson continues to gather information about the prospect.
    • What information will the prospect require before they will choose to buy my offering?
    • Failing to analyze a prospect is the main reason for a great deal of wasted prospecting spent on a customer who should have been promptly discarded after due research.
    • A salesman's product must be relevant to his prospect.
    • The salesman must establish on the outset whether the prospect can afford to buy.
  • Handling Objections

    • The prospect may object to points made in the presentation, so the salesperson should be prepared to listen and address those concerns.
    • During the course of the sales presentation, the salesperson can expect the prospect to object to one or more of the points made.
    • Sales objections can be defined as statements or questions by the prospect which can indicate an unwillingness to buy.
    • Showing interest can also show prospects that you want to know their concerns in order to help them.
    • Any presentation of a product or service will raise objections from the prospect.
  • Identifying Potential Business Customers

    • Having decided on a specific market, the salesperson should try to limit his prospecting to remain within that market.
    • Nonetheless, the closer a salesperson's prospect matches that ideal customer, the fewer sales objections will be placed in his way.
    • It therefore makes sense to ensure that his prospects at least resemble the specification as accurately as they can.
    • This means identifying the potential of a prospect at the very outset.
    • Failing to analyze a prospect is the main reason for a great deal of wasted prospecting time spent on a customer who should have been promptly discarded after due research.
  • Defining Personal Selling

    • The personal selling process is a seven step approach: prospecting, pre-approach, approach, presentation, meeting objections, closing the sale, and follow-up.
    • The sales cycle, more generally speaking, turns leads into prospects, suspects into prospects and prospects into customers.
    • Prospecting is the step where salespeople determine leads or prospects.
  • Generating Needs

    • Prospecting starts with defining a narrow target market, identifying the customer's wants, and then offering custom solutions.
    • Prospecting for customers is the first step to selling.
    • The entire object of any prospecting must be to find sales leads that can eventually be translated into sales turnover.
    • Effective prospecting requires a systematic methodology.
    • The essential rule is to prospect all the time, and not just when the list of potential people on whom to call runs out.
  • Sales Presentation

    • A well-prepared sales presentation will engage prospects with relevant information and entice them to make a purchase commitment.
    • A method is usually selected depending on the attention span available from the prospective client.
    • Whether the objective is an immediate sale or a future sale, the chances of getting a positive response from a prospect are increased when the salesperson:
  • Approach

    • How you approach a sales pitch in terms of attitude, prospect knowledge, and customized product will determine your success.
    • Yet it cannot be over-emphasized that, however good his negotiating or closing skills, he will always fail in his selling if he isn't comfortable approaching new prospects.
    • Direct selling through product demonstrations can give prospects a chance to try out the product and see if it is a fit for their company.
  • Consultant

    • Consultants are problem solvers who ask questions about their prospect's business in order to meet their needs and close a sale.
    • As a sales person who solves problems, you must begin the sales process by asking questions about your prospect's business, seeking to understand the following:
    • Once you understand how your prospect's business or department operates, you can then find a way to define what you sell in financial terms.
  • Closing the Sale

    • Salespeople are often taught to think of targets not as strangers, but rather as prospective customers who already want or need what is being sold.
    • Such prospects only need to be "closed. "
    • The half Nelson hold close - This technique is used to "strong arm" a prospect after he or she requests something.
    • Ben Franklin close - Similar to the Duke Of Wellington close, but the prospect lists feelings vs. thoughts.
    • The combination of personally writing the list and the psychological element of comparing feelings vs. thoughts will often help the prospect see the true value in owning the product.
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