Identifying Prospects by Dan Ramsey
Prospective buyers are all around you. In fact, every one you know or meet is a prospective buyer of something, as are you. The question is: Who is a prospective buyer for what you sell?
The question may seem straightforward, but the answer can be multifaceted, depending on exactly what you sell. It can entail geographic, economic, title, and other factors. It can depend on the time of year or the status of your employer's inventory. It also is dictated by your job description. If you are an inside salesperson, your prospects may be your employer's customers who have purchased initial products or systems from outside salespeople.
A prospect is a potential buyer of what you sell. It is a person or entity (corporation, government office, etc.) who needs the solutions your products offer, who has purchased them in the past from your employer or your competitors, or who may need these solutions in the future.
An excellent and free source of market data is the U.S. Census Bureau (www.census.gov). It includes current and historic data on people and households, business, industry, and geography. It should be the first place you look for population numbers. In addition, you can analyze the makeup of that population by a variety of criteria including age, race, economics, and other factors that impact business.
Prospect Needs
Earlier chapters explained that products and services are designed and marketed to solve specific problems that an identified group of buyers has. Reviewing a list of product features and benefits can help you analyze who your potential prospects are. For example, if what you are selling is displays designed to increase traffic into a retail clothing store, then your prospects, obviously, are clothing retailers.
The benefits list may continue with specifics that can help you focus your prospect definition even more.
Product Feature |
Buyer Trait |
Displays are easily moved to entryways. |
The prospective store is either in a mall or on a street that allows and has security for large outside displays. |
Display components can be changed to fit a variety of clothing merchandise. |
The prospective store offers a variety of clothing and prefers to rotate what the rack holds. |
Displays include signage racks. |
The prospective store wants to draw attention to the displays. |
By understanding what your products do, you can better understand who needs them. Then it becomes much easier to use sales lead resources (below) to identify and contact prospective buyers.
<emphasis>Previous Customers</emphasis>
<p>You may have prospective buyers waiting to order from you. Who are they? Previous customers. So why aren't they buying from your company right now? The reasons include:</p>
<itemizedlist spacing="compact" mark="bullet">
<li><p>Your firm's customer service department lost the customer.</p></li>
<li><p>Your competitors made them a better offer.</p></li>
<li><p>A prior seller for your employer lost them.</p></li>
<li><p>Their business changed.</p></li>
<li><p>They found other suppliers.</p></li>
<li><p>They simply forgot about your employer.</p></li>
</ul>
<p>How can you get them back? First, by identifying who they are. Your employer can help you identify previous customers who have not ordered within a specified period, such as a year. It will be your job, then, to prioritize your efforts, then update the contact information before making a call to identify the reason(s) why they aren't buying from you.</p>
<p>Fortunately, you are in a good position to help these previous customers become current. You are not the problem. By being friendly and helpful, you may be able to discover what the problem is and help solve it.</p>
<p>“I've just joined Acme Widgets and wondered if you can help me. I see that you used to purchase from us, but now you don't. Can you tell me why so that I can do a better job in the future?”</p>
<div class="npsb">
<p></p>
<p>One of the most powerful techniques you can use to disarm a prospect, customer, supplier, or coworker is to ask for their help. If asked sincerely, most people will take a moment to help another. Then make sure that you listen to what is being said. Once you learn how to use this technique, you can diffuse a variety of business and personal situations. Don't overuse it, but do learn how to use the power of “help me.”</p>
</div>
<p>In many cases, you'll find that prospects only need a reminder, a short sales message, to get thinking about your company again. If a prior order or contact has made the problem, your sincerely listening to it can help re-establish a relationship. If you can somehow resolve the problem to the person's satisfaction, you may have a new prospective customer. If not, your efforts to help can at least neutralize the effect of prior problems and open the buyer's mind to considering your company again.</p>
<emphasis>Competitor's Customers</emphasis>
<p>You also can find prospects among your competitor's customers. As you contact your prospects and customers, you will soon identify who your competitor's customers are. They also are your prospects. Never give them fully up to your competitors. Instead, identify why your competitors have won their business and, if you can, determine how you can win them away.</p>
<p>Why do you want them as customers? First, because if they are buying from your competitors, they are potential buyers for what you are selling. Second, because if your products or services can better satisfy the buyer's needs, they should be <emphasis>your</emphasis> customers. Of course, that's not up to you to decide; it's up to the buyer. But if you don't at least treat your competitor's customers as your prospects, they may never have the choice.</p>
<emphasis>Future Buyers</emphasis>
<p>Once you've identified who should consider buying from you, it's easier to recognize future prospects. For example, if you are selling display units to retail clothing stores, as above, future prospects will include those who are contemplating opening, remodeling, or buying an existing clothing store. Using various sales lead services, discussed below, as well as your own knowledge of the business, you begin courting future buyers.</p>
<p>In addition, you should be courting those who can help you find future buyers. That is, if you want to be aware of what retail stores are coming to your area, make contacts with shopping mall management, business permit offices, chambers of commerce, and other gatekeepers. Developing a relationship of mutual assistance and trust can pay off in identifying potential customers.</p>
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<div id="rel"><div class="n5">Related Articles</div><ul> <li><a href="http://www.netplaces.com/sales/finding-sales-prospects/identifying-prospects.htm" zT="18/1YL/Zn"> Identifying Prospects - Sales </a></li> <li><a href="http://www.netplaces.com/sales/finding-sales-prospects/locating-prospects.htm" zT="18/1YL/Zn"> Locating Prospects - Sales </a></li> <li><a href="http://www.netplaces.com/sales/precall-planning/what-is-precall-planning.htm" zT="18/1YL/Zn"> What Is Precall Planning? - Sales </a></li> <li><a href="http://www.netplaces.com/sales/anatomy-of-a-sales-call/closing-the-sale.htm" zT="18/1YL/Zn"> Closing the Sale - Sales </a></li> <li><a href="http://www.netplaces.com/sales/anatomy-of-a-sales-call/identifying-the-problem.htm" zT="18/1YL/Zn"> Identifying the Problem - Sales </a></li> </ul></div>
<div id="sec"><div class="n5">Read More Finding Sales Prospects</div><ul><ul class="col1"><li class="btO">Identifying Prospects</li>
<li ><a href="http://www.netplaces.com/sales/finding-sales-prospects/locating-prospects.htm">Locating Prospects</a></li>
<li ><a href="http://www.netplaces.com/sales/finding-sales-prospects/contacting-prospects.htm">Contacting Prospects</a></li>
</ul><ul class="col2"><li ><a href="http://www.netplaces.com/sales/finding-sales-prospects/sales-lead-resources.htm">Sales Lead Resources</a></li>
<li ><a href="http://www.netplaces.com/sales/finding-sales-prospects/buying-sales-leads.htm">Buying Sales Leads</a></li>
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