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Prospecting for business: Potential customers want to know you know all about them Return Home // Table of Contents |
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Unless you operate a retail business, most of your business does not just walk through the door. Customers don't wander around like in a grocery store, seeing what's on sale, what's not and comparison shop. Instead, you face the world of attracting customers from a different vantage point. You may not even think of it as sales. You most likely do not have "sales" in your title. And yet, as a representative of your business you are selling the company every time you answer the phone, attend a meeting or talk about what you do at a dinner party.
When prospecting for a particular industry, one must demonstrate expertise in that subject. For example, a banker interested in construction loans should show a familiarity with the construction industry. Being an expert in loaning money is not enough. "If you don't have the knowledge of a borrower's business, it doesn't work as easily," says Grottke who has worked 22 years at three professional services firms. Demonstrating expertise includes showing past work, speaking the "language" of that industry as well as speaking or writing on the topic in outlets that speak to the targeted sector. Another attribute of successful prospecting is to have people within your company who are well known in the industry or the community. These include seasoned professionals who belong to associations or chambers, or are seen at community functions, Grottke explains. "They are high profile," he says, noting many industries and markets require people to be visible to gain recognition for the individuals as well as the company. "If you're not as visible, you'll have less business," Grottke says. However, just because a professional is high profile does not mean she or he is the one who will get all the work. "That person may get the call from a prospect but may not be the final guy," he says. Thus, do not make the mistake of assuming high profile employees are the closers. In reality, they create brand awareness. Another prospecting concept that is easily understood is that people prefer to work with experts. Health care, banking, insurance, government contracting, utilities all are niche-oriented markets who want experts with familiarity of their industry. Not coincidentally, these markets also are highly regulated. As for geography's role in prospecting, it makes sense that someone in Hartford, Conn., is hampered in selling to someone in California. By being thousands of miles away, the Connecticut-based person may not be aware of all the local issues as well as the local competition. "It limits your ability," says Grottke. Yet if the Connecticut person can put together a package, bringing in a more local company to assist, that California deal could happen. This practice is especially helpful in geographically diverse companies as well as for smaller businesses that belong to national associations or organizations in their field. The Internet and other technological communication vehicles also enable businesses to cross great distances easily. Grottke says he sees a multi-pronged approach as essential for prospecting. "You have a blend of channels—internal capabilities, industry, product," he says. "Your strengths can position you well in sales opportunities." For example, an auditor who specializes in banking would have two prongs (industry and product expert) and be well positioned to succeed. With any prospecting path, realize the job is to first get the door open, not to close the deal. Know the hot topics related to the product or industry. Grottke says companies are eager to know your "quals"—the qualifications that enable you to do the work they want. So if it's a particular industry to which you're marketing, identifying clients with whom you worked on projects related to that industry would be helpful. Be aware of confidentiality agreements too. If you do not have the necessary "quals," but really want to pursue the industry or sector, consider building up your experiences to get that background. Work within your existing relationships to see if they need assistance in that particular area or consider offering a discount until you have built the necessary qualifications. Remember, Grottke advises, businesses want to hire companies that can help make their businesses better—operationally or financially. Ask yourself, "what are the things we do that are unique? What do we do that adds value?" By answering those questions—and conveying those points to your prospects—you set yourself apart from the competition. When Grottke hires someone to join CCR, he looks for eager people who can think on their feet, communicate well and speak quickly with wit. They are responsive and appropriately aggressive. "The buyer recognizes your unique capability when you communicate in a clear, articulate, succinct manner," he says. "Write bullets, not books." So here are a few bullets from Grottke on prospecting:
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