What difference does it make to have an abundance of prospects? One way to find out is to show the correlation between revenue and prospecting. Most people think that when a company runs out of sales, then it runs out of money. Of course this is true, but usually there is so much more to the story.
- Some companies have a hard time executing in terms of producing a quality product.
- Other companies fall down when it comes to pricing.
- Still other companies have terrific products at very reasonable prices, yet they still fail.
Why does this happen? Business cycles aside, the old adage that you can build a better mousetrap, but it won’t mean people will come charging to your door to buy it, still holds true.
Assuming you sell a decent product that is fairly priced, about all that’s left is marketing. Consequently, many companies have failed because they couldn’t get the word out about their products to enough new prospects on a favorable basis. These companies may have had terrific products and terrific delivery systems, but they still couldn’t make enough new sales to sustain their businesses. The critical issue is “prospecting.” One definition of prospecting is:
“…the systematic and ongoing effort to engage and inform qualified prospects about your products and services.”
Successful prospecting will inform prospects about your products or services, and invite prospects to consider your products or services when they a need for them. Prospecting provides the road map that is the path to your door.
Successful prospecting provides the clear invitation into your business whether that is in an actual place made of bricks and mortar, an office, an appointment or a virtual meeting place such as a phone appointment or a website.
- When you consider the subject of prospecting, it is also important to remember that prospects exist in varying states of interest.
- You must communicate with a sufficiently large enough group of general prospects in order to find a sufficiently large enough group of currently interested prospects. [Sponsored Link - Learn more about systematic prospecting , read the book Prospect Factory.]
- Some of the prospects with which you communicate today will be today’s sales and some will be tomorrow’s sales.
What is key, is to effectively engage enough qualified prospects so that you can create an abundance of new, interested prospects over time. Once you “crack the code” of prospecting, you will have made a major step forward on your way to creating and sustaining long-term business success.
Originally posted 2009-05-15 03:55:00.
