The Art of Prospecting Part 2: How to Properly Prospect

Last month, we explored techniques for prospecting. Now, let’s dive deeper into effectively understanding how to prospect properly. In my 15 years of sales experience, I’ve learned that you need three key buckets of information to determine if a prospect fits what you’re selling. Read below to discover what these three buckets are!

1. Basic Company Information: Collect essential details such as the company’s address, phone number, name, and employee count. This information allows you to search your company’s CRM, database, or existing book of business to check if the prospect is already a lead or customer being managed by another coworker. If they are not, you’ll need this information to enter them into your company’s database, log your activities, and ultimately set up the customer to receive what they purchase.

   
   

2. Decision Maker (DM): The DM is the person who can give you the crucial “YES, we would like to utilize your company.” This individual will be the one you set meetings with later in the sales cycle. Always obtain the DM's email address to facilitate communication. If there are other “influencers,” gather their names as well. The more stakeholders you engage, the easier it is to secure meetings and acceptance.

   
   

3. Current Vendors or Incumbent Suppliers: Determine the prospect's current monthly spend with their active vendor. This information enables you to easily annualize their total spending, whether on a monthly or weekly basis. In the coming months, I will discuss how to leverage this information to your advantage—stay tuned!

   
   

I recommend role-playing these three parts with a peer, mentor, or manager to make your approach sound natural. Ideally, you should aim to get these questions answered in under a minute.

Remember, not every lead will benefit from your offering. The main goal of prospecting is to assess whether the customer is a good fit for what you’re selling. For instance, if your company only assists businesses with 20 or more employees and a minimum monthly spend of $500, and you discover a business with 10 employees spending $200 monthly, you should rule this prospect out based on your criteria.

Conversely, if a prospect has 100 employees and spends $1,000 monthly with a competitor, you’ve identified a quality prospect that meets your goals!

Prospecting is a vital component of the sales cycle, laying the foundation for successful deal closures. By identifying and reaching out to potential customers, you can build a robust sales pipeline, target the right audience, and increase your chances of conversion. Techniques such as cold calling, leveraging referrals, and utilizing social media can enhance your prospecting efforts, ensuring a steady influx of new leads into your sales funnel.

Mastering the art of prospecting is the first step toward becoming a successful sales professional and achieving long-term business growth. As we explore each aspect of the sales cycle over the next year, you will gain valuable insights to further refine your skills and boost your sales performance.

Next month, we will move on to the next step in the sales cycle: “Setting Your First Meetings,” based on the prospecting information we obtained earlier. We will discuss how to properly set a meeting, clarify your purpose for the call, and craft a compelling WOW statement that encourages the client to agree to meet with you.