With most if not all salespeople, the part of the job they like the least is almost universally answered with one word: prospecting. Despite spending time, effort and money comforting, engaging, encouraging, supporting and demanding that salespeople maintain a pipeline of “suspects-to-prospects,” many efforts fail to produce more than low returns. Ironically, the activity which is singularly involved with driving sales and commissions produces an environment of generally low morale. When looked at objectively, effective prospecting is very similar if not identical to effective selling.
Proper prospecting requires a customer-view from the salesperson that put the value delivered upfront, and in the forefront of the customer-centric message. When performed in a manner substantiated by all the leading consultative sales organizations and practices in the country, research into effective prospecting (free “gifts of Knowledge”) has proven that, these efforts are highly productive and invigorating to a salesperson, credentialing to the vendor organization, and can establish a powerful link between marketing and sales within the company.
Improvements in prospecting will lead to quick and immediate returns on investment (ROI), perhaps more than any other form of sales improvement. Generally accepted research has established that a suspect or potential “prospect” must at least meet one of three situations before it realistically progresses up into a sales pipeline or new business forecast. This is true regardless of technology or the solution that you are selling:
- The prospect has confirmed urgency about a pain or problem that the vendor can address. The prospect has expressed frustration or defined a need that they want to address. “The traditional self-focused selling approach is no longer effective because today’s new buyers are unwilling to follow you. They don’t want to be ‘sold’. They want to make educated buying decisions. To make a sale, you must join them on a buying journey.
- The prospect has considered in some verifiable way the possibility that the vendor may have something of interest that addresses a pain or problem. By establishing needs and particularly urgency, the two main constituents from which all complex sales develop, you are “earning the right” to present a solution. In fact, most pros in the field of consultative selling will actually have the prospect “close themselves”. Effective prospecting is an endeavor that establishes for the potential prospect/customer an interest in exploring how the vendor may improve the buyer’s business performance…or commonly referred to the bottom line. Effective prospecting focuses on customer/client problems, issues or needs, not on the seller’s features, corporate background and accomplishments, organizational characteristics, etc.
- With the commoditization of many solutions, you are able to differentiate your solution knowing the prospect sees little difference between alternative offerings. Despite seeing little difference, the prospects paid more than the lowest cost alternative. This leads us to believe that interpreting how vendors succeed in selling higher priced offerings to buyers who saw little difference other than price between various offerings, would establish a clear definition of value selling. These conclusions can be very dramatic to you day-to-day selling efforts. Prospects/customers are willing; often even eager, to pay a premium for the vendor who can provide value in the form of the three basic components during the selling process.
Instead of thinking about value-added think about “knowledge-added”. What knowledge can you add to your service, or communicate about your service, that will make you more attractive to…business partners and customers?” Be an advisor and stop selling….you are so much better than that or you would not already be successful.
What do you do next? Send us an email and we’ll arrange for you to speak with Ed to chat about how these learnings can help build more sales just for your business.