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3 basic steps to finding & developing top prospects

Written by: Neil Mahoney

Article Overview: 1. Prospect Generation: How to develop more good prospects 2. Prospect Qualification: How to identify more REAL prospects 3. Prospect Development: How to cultivate prospects so they'll choose to buy from you

3 basic steps to finding & developing top prospects

Prospect Generation, Qualification & Development are like the weather. Everybody talks about them, but few companies do a good job really good job on most of them. Here are some helpful hints: 1. Prospect Generation:

a) Known Prospects - go directly to steps 2 &3.

b) Unknown Prospects - the standard methods for making your company and products known and respected by prospects apply here:

• Search Engines

• Advertising & Publicity

• Exhibits & Trade Shows

• Mailing Lists/Direct Mail

• Dealer/Distributor Customer Lists & Customer Referrals

2. Prospect Qualification:

a) Send literature to those who inquire and follow up - not just to ask if they received it, but to question them in an attempt to determine whether they're real prospects, or just "literature collectors." When you're sending your sales materials, e-mail the suspect prospect, and follow up with a phone call.

b) If you sell through Manufacturer's Reps or Distributors, they usually know their customers quite well. In fact customers often buy BECAUSE of them. Make sure they try to qualify them.

c) Run a D&B if you think it's appropriate. It will tell you how well they pay, or whether they're good to deal with.

d) Put a section in your website that encourages visitors to volunteer information that helps qualify them.

3. Prospect Development:

a) Do your best to determine what the prospect thinks of your products and your company. While this is listed as one of the last things you should do when evaluating prospects, it's one of the first things you should do before you begin marketing your product.

Even before you write your first news release you should know where you stand in the eyes of your prospects so you don't make claims that aren't believed or are seriously doubted. If prospect doubts are unfounded, then prepare PR & sales materials that help remove that doubt. The market has to believe the claims you make. If they are well-founded do what you can to fix or offset them.

When I was Publisher of a Manufacturing Management magazine, a well-respected manufacturer asked us to do a market study to learn prospect attitudes regarding their products. We surveyed our readers and found that another manufacturer was ranked at the bottom of every category - from Quality & Reliability to Customer Service. That firm was out of business in about a year.

b) Determining prospect attitudes is also something your sales force and Customer Service operation can do. Just because prospects inquire about your product doesn't mean they prefer it. They are more often "acquiring" rather that "inquiring." They gather information on several alternatives to aid in making their decisions, and demonstrating to management that they did their homework.

c) If you sell through Manufacturer's Reps or Dealers/Distributors, qualifying the prospects to determine if your product qualifies is their responsibility. Make sure they're trained so they can be prepared to present and defend your strengths & weaknesses.

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Article Tags: amp, customer referrals, dealer distributor, direct mail, doubts, e mail, first news, good job, helpful hints, literature collectors, marketing your product, news release, phone call, prospect development, prospect generation, prospect qualification, prospects, sales materials, search engines, weather



Related Forum Posts
General Guidelines to sale - Without knowing more about your market, company, products, etc. all I can do is provide a general answer. Determine who is your ideal prospects, craft an offer or two that you believe, based on information you have about your market, company, prospects, etc., these ideal prospects will respond favorably to and then deliver the message. Methods of message delivery might include telephone calls, in-person visits, mail/email, advertising, etc. Does that help?
Leverage everything - My best marketing decision was coming to the understanding that absolutely anything I need in resources, time, money or relationships can be leveraged by someone else. I approach situations with trying to identify where these resources are and developing a relationship with them - they are a circle of influence with the people that are already doing business with them. One way of another I've never had a problem finding people to JV with to launch a new product or cross sell to as every.
What is "Good Advertising"? - Hi dominick Thank you for your tips, they are very useful. However I have a question for you, what do you define good advertising as and how do you work out the best ways of advertising? I am keen to perform your formula, but where is the best place to capture my prospects attention do you believe? It would depend on my type of business obviously, but do you have any thoughts on where to find your best prospects for as little advertising waste as possible?
good rest tips - I generally can get good sleep most nights. As much as I don't like developing predictable routines, I have to say that getting to bed same time each night helps a bit. Insomnia seems to be affecting a lot of people these days. Plenty of exercise the day before does wonders for your sleep... If stress is the culprit, then I suggest listening to relaxing music before going to bed, learning meditation, and finding other ways to calm the busyness of the mind.
Re: Email Marketing Benefits - Robert, Many lists consist of more prospects than customers. Customer lists are the best, but they are created because prospects successfully transform into customers.


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