Sales prospecting is the process of identifying possible customers or clients for your product and contacting them in an effort to get them into a sales funnel where they will remain until, ideally, they are prepared to make a purchase from you.
This is the reason that prospecting is so important: the more adept you are at identifying potential customers whose requirements and problems your product can solve, the more likely it is that you will eventually turn them into paying customers.
What is the difference between a lead and a prospect in sales Prospecting?
A lead is a prospective client who has expressed interest in your offering; they might have done so by reading your most recent blog post, downloading an ebook, or subscribing to your newsletter. However, they might not be a suitable fit for you at this time. Leads are often one-sided in their conversations; while they may read your content, don’t expect them to contact you or reply to your emails. In essence, the people on your email list are strangers.
Conversely, a prospect is a lead that meets your buyer profile, has the required funds, and is curious in what you have to offer.
What is Sales Prospecting?
Prospecting is the initial step in the sales process and is essential to success. If you don’t have any quality leads to reach out to, you won’t get many clients.
You’ll have more chances to clinch transactions the better at prospecting you become. As per RAIN Group study for every 100 target contacts, top prospectors obtained 52 sales appointments. Out of 100 connections, only 19 meetings were produced by other merchants. Furthermore, compared to 27% of other salespeople, nearly 50% of the top performers achieved or surpassed their individual sales objectives.
Prospecting for sales is actually rather common among clients as well. More than 70% of buyers prefer to hear from sellers early in the sales process, according to the same report.
Of course, salesmen might not feel that way. Only around 25% of sales emails are ever opened, according to research by Gartner, and it often takes 18 attempts to reach a prospect on the phone.
Sales Prospecting Tools
Even though it’s simple to give up, salespeople must persevere since prospecting is so important.
Prospecting that isn’t fruitful wastes a tonne of time, and certain strategies work better than others. We advise using the inbound framework to maximize your efforts as it is a flexible approach that works with almost any sales process.Having said that, the best prospecting strategy for you is just that—a strategy unique to you. There won’t be a perfect match between the prospecting frameworks, strategies, and concepts that best suit your offering and skill set and those of your colleagues.Because of this, we’ve also included exclusive prospecting advice and strategies from the top salespeople we know. Select and try out whatever is most effective for your personal sales campaign.
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Sales Prospecting Techniques
- To determine whether you can add value, do some research on your target and their company.
This is a lesson you will hear throughout this post: if you don’t qualify your prospects, you won’t be able to prospect well. It’s the most crucial component of prospecting by far. If you don’t know what a firm values in the first place, you can’t possibly add value to them.
During this phase of prospecting, you should aim to achieve the following objectives:Assess the prospect’s viability.Determine eligibility and start ranking candidates.Look for chances to connect with someone by being personable, establishing a rapport, and earning their trust.
- Sort your prospects according to how likely they are to become clients.
Closing with certain prospects is more feasible than with others, even if it might seem obvious. Prioritizing the correct prospects is the first step towards deciding where to focus the majority of your time and effort if you want to save time and increase your deal possibility.
Your job, your vertical, and the preferences of your sales organization will probably all have an impact on how you rank your prospects in order of importance. But despite those components, the core idea is always the same: gather several buckets of opportunities and concentrate on one at a time.
- Make a customized pitch for every potential customer
Since each prospect is different from the next, with their own unique history, interests, requirements, and preferences, none of them would tolerate being regarded like just another name on a list.For this reason, you should compile comprehensive data on your prospects so that you may create tailored, impactful pitches and carry out more deliberate, focused marketing.
However, you can’t accomplish that until you know what matters to your prospects. There are a few methods to ascertain what they care about, such as:Examining the prospect’s blog to see what topics they write about and post will reveal their interests.locating and looking through their social media accounts.
- Customize the pitch in such a way that it looks like you are helping your clients and not selling to them.
As I mentioned earlier, customization is essential to creating a compelling presentation, but its use isn’t only for your speech. Customize the way you begin conversations if you want to prospect successfully.
Your outreach should be customized to your prospect’s business, objectives, requirements, industry, and personal preferences whether you reach out by phone or email.If you want your outreach to be as targeted and successful as possible, keep the following in mind when you speak with a prospect over the phone or over email:
- Make it unique-Make a particular reference to an issue and its corresponding solution for the possibility.
- Remain contemporary and relevant-Make sure the problem a potential customer is attempting to address still pertains to them and their group.
- Be a person-Nobody enjoys having conversations with a professional robot.
Little gestures like wishing someone a good holiday weekend or praising their company’s product are genuine touches that help us connect with others more deeply.
- Don’t sell, help-Give without expecting anything in return. It’s about them in this process, not about us.
- Keep it casual- Remain authentic and avoid sounding too commercial. The secret to prospecting is to never try to close a deal. All we’re doing is figuring out whether a relationship would be beneficial to both of us.
- Keep in mind that this is only a conversation, so be casual.
Steer clear of coming out as overly commercial. Never attempting to complete a transaction is the key to successful prospecting. We’re just trying to determine whether getting into a relationship would be good for us both.