Author - Real Profit
Solutions April 2006
What is Prospecting?
Prospecting is an absolutely
necessary function! It is essentially talking to businesses
that you don’t know so that you can evaluate whether
they are good customers for you. Every business from
the small “one man show” to the large Multinational
firm needs to prospect for sales leads.
is critical to business success
To avoid a slow sales month
or a bad quarter, your business team and sales people
must regularly prospect for sales leads. Businesses
that consistently prospect for sales leads keep a steady
flow of new customers and therefore new revenue coming
into the company coffers.
We mentioned previously
that in order for sales revenues (especially new customer
revenues to consistently grow) firms must prospect regularly.
Below are some things that you should keep in mind for
a healthy prospecting program:
• Set a prospecting
• Everyone has an
excuse for not getting work done. No excuses:
Set time aside and focus.
• Have a plan for
each of the big three: Daily. Weekly. Monthly.
While contacting new prospects
it is important to have a focus and a schedule. It is
equally important to plan your man hours dedicated to
prospecting. If you don’t have enough man hours
you need to plan accordingly. Keep in mind that Real
Profit Solutions Telemarketing division can make those
prospecting calls for you.
Prospecting Commitment & Measurement
Successful prospecting requires
commitment from you as a company but you also must track
the results of what you are doing. The best way to track
your activities is through a Software application. Measuring
prospecting results over time refines and improves any
process in your company.
Measuring Prospecting Results - 90 Day Test
Follow the simple steps
below to measure and refine prospecting activities:
• Develop a reasonable
prospecting schedule that you can execute.
• Make a sincere 90-day
commitment to the schedule.
• Track the results
- time spent, leads generated, orders, phone calls,
referrals and so forth.
• At the end of 90
days, answer these questions:
o How many sales leads
does every hour of prospecting generate?
o Of those sales leads, how many ordered during the
o Estimate how many leads will close during the next
30 - 60 days?
o How many phone calls did your prospecting generate?
o Did you get additional referrals from your prospecting
This 90-day prospecting
test provides solid evidence about prospecting benefits
and helps uncover prospecting strengths and weaknesses
that can be refined.
Below are our Real Profit
Solutions recommendations for leads:
Referrals - Ask customers, friends, and colleagues
for business referrals.
This is an easy prospecting method that is fast and
inexpensive. Personal referrals from your network lead
to warm calls, not cold calls. Usually high quality
leads. Just be aware that this method has limits as
it is limited to who you know in your circles.
Trade Shows - Spend time talking with people at
industry or association trade shows. This is relatively
inexpensive and provides for a focused audience which
can lead to a higher quality prospect.
Databases – Purchasing Real Profit Solutions
lists, or other Data Sources. This is sometimes the
best purchased source and it gives you the ability to
slice and segment business data quickly. This method
produces the most potential leads with the most information
about each prospect
Associations – Joining associations that fit
into your supply chain or groups that need your services
can at times be rewarding. TIP: Go to these for
the business experience and not the sale. You will make
more contacts that way as people are leery if you are
just trying to sell them initially.
What Is The Best Prospecting
A well-rounded, balanced
prospecting program includes all of these sources. In
fact, most companies probably use all four sources already.
However, they do not realize this as they lack adequate
tracking and measurement. Real Profit Solutions can
certainly help you to realize your potential from your
programs either through Marketing, Telemarketing and
Technology or a combination of all three.
You must prospect on multiple
fronts in order to “keep the ball rolling”.
You can never pre-judge all of your opportunities as
some of the sources of new leads/prospects/revenues
sometimes come from surprising directions.