Sales Prospecting - DefinitionSales Prospecting is the beginning of the sales process. Many would agree that it is the most difficult. It can also be the most costly. Want to learn more? Email your questions for a quick response. |
Sales Prospecting - Process1. Define Target Market 2. Secure list of organizations 3. Research - what info would disqualify 4. Identify buyers 5. Make initial contact with buyers 6. Establish next step:
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What is your "Cost Per Sale?The graph to the right is a great way to figure out just what you are paying for new business. Good business practice calls for examination of several important ratios to evaluate the effectiveness of each sales method. The most obvious statistic is total cost vs. total revenue. But other telling ratios will come into play. What is the number of leads vs. the number of new clients? What is the average revenue per client when broken down by method? The most important question at hand is, which of these methods do the most for building long lasting business relationships with customers and prospects? This graph works best in a B2B environment. |
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Rejection is so common that sales people will end up spending too much time on poor prospects. They may show a little interest but have no intention of buying, can't provide enough business, or require too much energy. NASA says the Space Shuttle uses half its resources just to get off the ground. The same can be said of the sales process.