In today’s competitive landscape, scoping out potential prospects and convincing them to invest in your business requires more strategy than it used to. In order to maximize numbers, Sales Reps are constantly embracing new strategies, techniques, and tools that help them target the right people every time.
We know that prospecting is an important part of the sales process for converting leads into customers, but it’s also important to know the best prospecting practices to stay ahead of the curve!
What is Sales Prospecting?
Sales prospecting involves identifying potential customers (prospects) by developing a database of qualified leads and then systematically communicating with these leads to generate sales.
It’s important to note the difference between a lead and a prospect. A lead is a potential customer who has shown interest in your business. For example, they might have visited your website or signed up a weekly newsletter. They might not fit your buyer’s persona and may not be ready to make a purchase at the moment, but your business is on their radar.
A prospect is a lead that aligns with your buyer’s persona. They are interested in what your business has to offer and possess the ability to make a purchase.
Understanding the difference between a lead and a prospect brings you one step closer to moving through the sales funnel; converting leads into prospects and closing on more sales.
Kick-Start Your Prospecting Efforts
Customers expect businesses to anticipate their needs and offer appropriate recommendations before they even initiate contact. When your sales team is successful in determining, prioritizing and quantifying customer pain points, they can position your business as a solution and offer a more differentiated pitch for those customers.
Poorly managed leads, coupled with a decline in sales productivity, cost businesses $1 trillion annually. Having a prospecting process in place helps you target the right people so you don’t spend hours chasing an unresponsive, cold lead.
With effective prospecting, you can adopt a more targeted approach to selling by identifying the decision-makers early on.
Grow Your Pipeline
While prospecting creates lasting results, 40% of salespeople say it’s the most difficult part of the sales process. Knowing this, it’s important to plan ahead to incorporate time into your schedule to focus on your prospecting efforts. By blocking off time to prospect, you’re actively filling your pipeline, which often results in more conversations and better win rates.
Regardless of which stage of the sales cycle a potential buyer is in, you should always keep a prospecting mindset and be ready to learn about their business needs and how you can best meet those needs.
Now that you have a better understanding of prospecting, start committing the time and resources necessary to make it a successful part of your business strategy for the New Year!
Proforma is the leader in the printing, promotional products and packaging industries with a creative edge to add impact and value to your programs. Get in touch to learn how Proforma can help you achieve your marketing and overall business goals.