20 Mar The Importance Of Prospecting!
Prospecting – ‘something in a view as a source of profit or a potential or likely customer/client’.
If you want to be successful in business, prospecting is something you need to master, now the definition might not make much sense to you so let’s simplify it –in other words finding relevant information that would be used to progress or terminate a sale. Now you’re thinking, why would I ever want to willingly terminate a sale? Well, lets say you’ve got a customer who wants a product, you’ve manage to sell them on the benefits and price, while doing your fact finding(Prospecting) you realise they have a CCJ (County Court Judgement) and will not be legible for finance, if there’s nothing you can do for them you need to be able to pull the plug at that point.
While your prospecting you’re trying to recover valuable information that can help you close the deal.
When prospecting here are some of the things you would want to find out
- Is the product for them? If not who’s it for?
- What are their needs? Why this product?
- Are they looking for other products in the market or just this?
- Have they purchased from you before?
- What is the deciding factor? Price? Time of delivery? Colour?
- Are they in a position to make a decision if the product or service proves to solve the problem at hand?
- What would they be willing to spend?
At this point you may still be thinking, why is this so important? Let me ask you, what is the most precious commodity? No its not gold, oil or some of you may be even thinking bitcoin…No far from. The answer is time! Time is more valuable then anything, I can assure you that is one thing you don’t want to waste.
Prospecting will allow you to uncover information and speed up the sales process, let another example, for one moment lets imagine somebody walks in to a BMW showroom and they’re max budget is £2,000, they also wont need a car till next year July but eager to see what’s in stock now, how much time would you want to spend trying to find that information? Little to none.
With efficient prospecting you’ll know within a matter of minutes, possibly seconds whether the person seated in front of you is worth your valuable time.
Remember, ask a lot of open questions and keep them talking because it will allow you to draw information to help you’re prospecting.