Effective Prospecting: Increasing Your Chances of Success

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June 16, 2016 | PJ Nisbet

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Effective Prospecting:Increasing your chances of success

☞ BRAIN TEASER

All of the numbers between 1 and 15 are listed below except for 4 and 9. Where would these numbers fall in

this sequence?

8, 11, 15, 5, 14, 1, 7, 6, 10, 13, 3, 12, 2

Answer: Think alphabetically, not numerically!

8, 11, 15, 5, 4, 14, 9, 1, 7, 6, 10, 13, 3, 12, 2

☞ BRAIN TEASER

CSO INSIGHTS top sales challenges for 2016


How to profile your ideal prospectsUnderstanding the activity metrics necessary to achieve your targetImplementing a multi-dimensional approach to getting meetings with your clients5 practical exercises to stay on top of your prospecting goals


Agenda

What are the common characteristics

among your current clients?

Can you describe your best customers?

Industry

DemographicsGeography

Company size

Company maturityBusiness SituationBuying Roles, Business

Issues and Problems solved

Identifying the profile


Problem

What specific problems can we help them with, normally a combination of people, process and technology challenges

Business IssueWhat are their likely business issues, usually about revenue, cost, quality or compliance

Value created by resolving business issues

Buying Roles Which job titles are most we relevant for?


Identify sources of information

• Industry information• Associations• Trade Press• Lists

• Partners• Co-Marketing Opportunities• Local Sales Reps


• Internal data• Marketing Campaigns• Past Customers

• External Data• Lists• Social Networking-

particularly LinkedIn

Leverage your baseCan you expand your current customer “spend” with you?

─Identify additional problems you can solve

Are there additional buying centers in your current customers that are untapped?

Referrals – other companies, friends, or colleagues who could benefit from your services?© 2016 ValueSelling Associates, Inc. All rights reserved.

Filling Your Pipeline: How many prospects do you need?


Target

Average Transaction Size

Total Number of Transactions Required

Average Win Ratio (Meeting to Close)

Total Qualified Prospects Required

Pipeline Ratio (Qualified Lead lead to Meeting)

Total Prospecting Year – Month – Day

For example


2,000,000

125,000

2m/125K = 16

1 out of 3

3 x 16 = 48

1 out of 5

5 x 48 = 240 per year or 20

per month or approximately

1per day

Building your prospecting campaign

Email campaigns

LinkedIn connections

Social media

Telephone calls


How do you contact your prospects (before you phone them)?


Prospects pick up the phone less than 10% of the time

This doesn’t necessarily mean that they aren’t interested, could be that they are just busy…

What do we do with the 90%...

Connecting with your ideal prospects by telephone


Tactics for making prospecting calls

Start calling as high as you can (MD, CEO, President)

There are 5 likely scenarios…

– You get through

– You can leave a voicemail

– You can speak to their Admin/PA

– You can speak to the Admin/PA voicemail

– You go to Reception

Leave a credible message on voicemail and/or if talking to the PA/Admin or Receptionist get a referral to another key Buying Influence

Repeat this process for all key Power People


Tapping into the social DNA of the prospect


Credibility introduction

Who you are and what you do

That you solved a business issue or very large problem for an organization similar to mine

What was unique about how you solved it?

What value (financial impact) did they receive from it?

30 second Credibility Introduction…

Persistence pays off…

90% of sales people give up after the first attempt

97% don’t make it to the 3rd attempt

Make at least 3 attempts to contact the identified power people

3 business days is optimal between your attempts

Try and create as many “touch points” as you can (i.e. voicemails, email, referrals, ADM dialogues, etc.)


5 practical ideas on improving your prospecting effectiveness

Profile organizations likely to do business with you, think of the problems that they are likely to have

List key sources of information about these organizations in your industry or market place

Current customers are the best source of referrals; think of 3 clients you could ask for a referral

Gather prospect information, establish the highest level decision maker and 3 other important buying roles

Create your compelling credibility introduction which you can use as a basis for email, voicemail or on the first call


Schedule time

Be purposeful

Begin with the end in mind

Focus and avoid distractions


Prospecting is non-negotiable

Questions?


At the end of today’s webinar


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Save the date!Our next webinar will be:

5 Steps to Overcoming ObjectionsAugust 18 | 10:00 AM PDT

Thank you!

PJ Nisbet | Managing Partner EMEA

[email protected]+44 (0) 1440 820 384 office

+44 (0) 77 184 89422 (UK Mobile)

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Effective Prospecting: Increasing Your Chances of Success

Sales

Transcript of Effective Prospecting: Increasing Your Chances of Success