The Old Prospector! part 2

Happy Friday!   "Sales are contingent upon the attitude of the salesman - not the attitude of the prospect." W. Clement Stone   Prospecting is hard work...   Yes, I said that yesterday, but it is still true!   If you do not have a steady flow of client opportunities, then you have to prospect.  If you are an independent sales person then the full responsibility of finding clients falls to you.  Even if you work for a company, they are relying on you to augment their marketing efforts with opportunity cultivation of your own.   Before we begin to look at the specifics of each method, here are my "Top 10 Things to Consider When Prospecting";   1. Prospecting is not selling.  Yes, I know insurance people who canvas and go right from the front porch to the kitchen table...and sell policies.  Great work if you can get it!  There is a place for that strategy based on several factors, but generally, the goal of prospecting is to build a pipeline of qualified people that you can then make a full presentation to.  In most cases, it is a two-step process.   2. Price is no an object.  Don't objectify your product by offering price while prospecting.  When someone asks, "How much does it cost", we get excited thinking they are showing genuine interest.  The moment you give price without value creation, you allow commoditization of your product - the cheapest product usually wins...is your product the cheapest?   3. Who is your ideal client?  If you could create a "perfect" profile of your ideal client, what would they look like?  Make sure to include key demographic factors such as age and income ranges.  For effective and efficient prospecting you have to narrow your focus to the group that needs and is willing/able to buy your product and services.   4. Where can they be found?  If you are selling used Bentleys, then your clients are in a particular zip code.  Selling insurance, then you can cast a wider net.  Either way, you may need to seek professional help.  Reputable list companies can help you locate conentrations of people who are likely purchasers of your products and services.   5. Name recognition.  Is your company well known in the market you are prospecting?  Is the reputation positive?  Do you represent a group of companies and some are household names and others obscure?  As you look at effective prospecting you have to be mindful of your companies place in the mind of the prospect.  Lead with the strongest message possible.     6. What prospecting methods work for top producers?  As you go to seminars or weekly meetings, observe what the successful people are doing.  Likely, it is heavy on repeat business and referrals (skill phase) but successful sales people are always engaging other prospecting methods.  They still call on businesses or do direct mail...they are always prospecting. Their results mean it is possible for you too!   7. How much time can you commit?  All forms of prospecting require effort...which means time.  We all have to eat while we hunt, which means you have to find clients while you are closing clients.  If you have a limited pipeline, you should block out specific days to devote to prospecting and the other days to full sales presentations.  If you have a steady stream of opportunity you have to devote time as it is available so your well doesn't run dry!   8. How much money can you commit?  If you have no money, then you have to engage prospecting methods on the left side of the "y" axis (upper left quadrant!).  As you begin to have money to invest in your marketing efforts, you have to decide how much.  If you knew you could spend $500 on a direct mail campaign and close $2,500 in commissions...would you do it?  Are you doing it?  Invest in your business!   9. How effective have you been with prospecting?  Gut check.  Are you prospecting at all or with half-hearted effort?  Are you pushing with tenacity and grit?  Either way, if you are not measuring, monitoring and managing you could be spending precious time, effort and money on the wrong approach.   Review where your last 90 days of sales came from and use that as a jumping off point for broader prospecting effort.   10. You need a plan.  The real challenge I see with sales people is a lack of strategy and the corresponding tactics.  Each prospecting method requires a different approach so you would need to be agile in your execution.  More than likely, 2-3 prospecting methods fit your business model and once perfected, you simply repeat, repeat...repeat!   Next week, we take a step-by-step look at the strategies of each major prospecting method.  Begin to review your current efforts and begin to devise an approach that can take your business to the next level...stay positive and motivated about your possibilities.   You could be one simple change away from a higher level of success!   Until tomorrow, I wish you Money, Power, Success!