Prospecting - The Lifeblood of Selling - Chapter 7 of Fundamentals of Selling by Charles M. Futrell. Presented to the students of Tolani Institute of Adipur as a part of their Sales Management Course

1. PROSPECTING
Sales Management
Compiled & Presented By:
Anuj Sharma
Text Book: Fundamentals of Selling – Customers for
life through services by Charles M. Futrell (12th
Edition)
Pre-Class Reading – Chapter 7
Presented to the students of Tolani Institute of
Management Studies

2. PROSPECTING – THE LIFEBLOOD OF
SELLING
 People tend to do business with the people they know.
 Perception that salespeople are not honest or ethical.
 Buying from a stranger is getting harder and harder.
 People want to trust the person they buy from.
2

3. STEPS BEFORE THE SALES
PRESENTATION
 Obtain an appointment with the prospect.
 Plan the sales interview / presentation.
 Do your background work.
 20% presentation – 40% preparation – 40% follow-up.
3

4. WHY PROSPECTING?
1. To increase sales.
2. To replace customers that will be lost over time.
4

5. A PROSPECT SHOULD NOT BE
CONFUSED WITH A LEAD
 Once the lead has been qualified, it becomes a prospect.
5

6. FIND PEOPLE THAT ARE MAD!!!
 Does the prospect have money to buy?
 Does the prospect have authority buy?
 Does the prospect have desire to buy?
6

7. LEAKING BUCKET CUSTOMER CONCEPT
Obtaining new customers and selling more products to
present customers are the ways to increase sales.
7

8. PROSPECTING METHODS
 E-Prospecting on the web
 Individuals
 Organizations
8

9. PROSPECTING METHODS
 Cold Canvassing
 Law of averages
 1 out of 10 persons will buy the product
 Contact as many leads as possible
 No prior knowledge about the prospect
 Entirely volume based
9

10. PROSPECTING METHODS
 Endless Chain Customer Referral
 Customer refers the salesperson that they know to someone else.
 Very effective method.
 Hesitate that their associates may not want to be pestered.
10

11. PROSPECTING METHODS
 Orphaned Customers
 Salesperson has left the company.
 Backlog of inactive accounts.
 Call them again and find out why they’re not buying from you anymore.
11

12. PROSPECTING METHODS
 Sales Lead Clubs
 Salespeople in related but non-competitive fields.
 Grant membership to only one salesperson from each specific field.
12

13. PROSPECTING METHODS
 Prospect Lists
 List out the characteristics of your desired prospects.
 Search in library or industry databases.
 What publications do your prospects read?
 Buy targeted databases.
13

14. PROSPECTING METHODS
 Getting Published
 Submit articles about field or industry in journals, trade magazines or
newspapers.
 Information that people can genuinely use.
 Don’t worry about getting paid, just request them to post your contact
details.
14

15. PROSPECTING METHODS
 Public Exhibitions & Demonstrations
 Set up an interesting display.
 Write a concise message that fits on the back of a business card.
 Practice two-three key points. But don’t make it sound memorised.
 List out major buyers at the show.
 Maximise your display’s visibility based on flow of traffic.
 Be assertive in approaching passers-by.
 Use lead cards to follow-up prospect information.
 Be prepared for rejection. Don’t take it personally when you’re ignored.
 Your time is too valuable to waste on nonprospects.
15

16. PROSPECTING METHODS
 Center of Influence
 Find & Cultivate people in community or territory who are willing to
cooperate in helping to find prospects.
 People of particular position and some form of influence over others.
16

17. PROSPECTING METHODS
 Direct Mail
 Prospects spread across an extended geographical area.
17

18. PROSPECTING METHODS
 Telemarketing
18

19. PROSPECTING METHODS
 Observation
 New business construction
 New families moving into the town
 Always keep eyes and ears open
19

20. PROSPECTING METHODS
 Networking
1. Focus on meeting center-of-influence people.
2. First conversation should be about them. People want to talk about their business and not
yours.
3. Ask open-ended, feel-good questions.
4. “How would I know if someone I’m speaking with would be a good prospect for you?”
5. Get their business card for follow-up.
6. Send a handwritten thank-you note.
7. If you find an article they will enjoy send it to them.
8. Stay on their minds.
9. Send leads.
10. Send a handwritten thank-you note whenever you receive a lead.
20

21. PROSPECTING GUIDELINES
 Customise or choose a prospecting methods that fits your specific
needs. Do not copy other company’s method.
 Concentrate on high potential customers.
 Always call back on prospects who did not buy. They might like your
new product.
21

22. COMPONENTS OF THE PROSPECT POOL
22

23. THE REFERRAL CYCLE
Prospect
Pool
Preapproach
Presentation
Product
Delivery
Service &
Follow-up
23

24. DON’T MISTREAT THE REFERRAL
 Salesperson who mistreats a referral can lose the referring customer
and the prospect both.
24

25. ALWAYS MAKE AN APPOINTMENT
 Save time wasted in travelling and waiting.
 Buyer knows you’re coming hence he’s more receptive.
 Gives out a serious, professional image.
 Outward gesture of respect towards a prospect.
 Prospect sets aside the time especially for you.
 You can allocate each day’s selling time as per your appointments.
25

26. SECRET TO SUCCESSFUL PROSPECTING
 Believe in yourself.
 Develop friends in the prospect’s firm.
 Call at the Right Time on the Right Person.
 Do not waste time waiting.
26

27. THANK YOU!!!
27
 Grazie
 Gracias
 Domo Arigato
 Merci
 Danke
 Obrigado
 Mahalo
 शुक्रिया