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These "Management Files" are mainly for Middle & Senior Management and Business Owners. The various topics are meant to remind and to stimulate management thought.


Please note: Our firm does not carry-out or furnish research in these areas. This area of our web site is available only as a public service to foster thought and better management in today's fast-paced environment when the human factor of business is often taken for granted and/or even overlooked.

We are not a source of facts.

 

 




Management Styles
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Prospecting
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Management Files - main mage


      BUSINESS DEVELOPMENT

                                Prospecting Review  |   Rating Prospects  |   Prospecting Methods


Prospecting:  Determining Prospecting Ratios

  —   Prospecting is the first step to expanding the existing client base and/or
         developing new relationships with the potential of becoming a client.
         Or, identifying and developing referral sources.
  —   Determine the number of prospects needed to meet your monetary goal.
  —   Factors to consider in developing a prospect ratio:
            - Determine monetary objective for new business.
              -OR-
              Amount to be achieved over the next months/year -- time period.
            - Determine new clients or expanded business from current -
              needed to achieve new business objective.
  —   Formula:
              Average Value of Customer = Total monetary value of all clients
              ÷ Total number of present clients = X
              then take Goal for New Business ÷ X
  —   Determine the number of new prospects to approach to gain a meeting.
         From experience, determine approximately how many prospects must be seen
         to produce one new customer.
  —   By going through this process it brings efficiency and effectiveness to the sales /
         business development effort.
  —   The number of prospects must far exceed the number of calls and meetings to be
         made - "hit" ratio of number of prospects to be ontacted to make a sale.
  —   Regardless of the factors the influence the prospect ratio. You should strive to track
         the number of calls made to the number of sales made - your "betting" average.

Prospecting Review

  —   Can you answer the following questions?
         If not you lack the necessary focus and goals.
  1. Target market(s)
                - Which industries, professions or individuals are you targeting?
                - Are any potential markets being avoided?
                - What geographical areas are targeted?
  2. Products
                - Which products and/or services are you emphasizing?
                - Which products and/or services that you are emphasizing low
                  margins or other problems (e.g. servicing)?
  3. Competition
                - Are you particularly vulnerable to any competitors?
                - Are any competitors vulnerable to your competition?
  4. Strategic Objective
                - Is your business or organiation more interested in market share / volume
                  -OR-
                  profitablilty of its products and/or accounts?

Rating Prospects - Considerations

  —   Prospects' eligibility for credit / non-credit business.
  —   Ability to purchase
  —   Identify decision maker(s)
  —   Know needs
  —   Your expertise / knowledge of this industry
  —   Your knowledge of product / services utilized in this industry
  —   Third party introduction is available
  —   You / your business's reputation in the industry
  —   Your competitive standing
  —   Prospects' profitability assessment
  —   Time investment for getting business -- days / months / years
  —   Needs not currently fulfilled by customers current "suppliers"
  —   Total monetary value if relationship were won

Prospecting Methods

  —   Cold Calling and Cold Canvasing
  —   Warm Calls - lead from someone else
  —   Appointments
  —   Active Networking
  —   Existing Clients
  —   Internal Prospecting
            - Building an internal referral network can be very effective in helping
               reach sales targets.
            - Call on the staff, in other departments or divisions as if they were
               prospects or centers of influence / referrals.
            - They may be able, directly or indirectly, to bring new business
               opportunities to you.
            - Hold information meeting, luncheons, coffee breaks, etc.. with your
               internal sources.
            - Ask for referrals. Do NOT assume that they know you want referrals or
               what the characteristics are for a qualified prospect or opportunity.
  —   Look for opportunities in news artlcles.
            - Local, national and international newspapers
            - Local, national and international newspapers
            - Trade magazines and newspapers
            - National and international periodicals
  —   Meet with your competition to determine those speciality areas in which you do not
         compete. Unbundle services and teaming opportunities.



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Thursday, March 28, 2024


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