Principles of Prospecting

In this thread let's discuss the various principles of prospecting. If you have one (principle of prospecting) list it here. -AZBroker

Principle: Prospecting and Selling are two different mindsets. -Seth

I agree, Seth. -Skip Anderson

Prospecting is what miners do.
The best salespeople create demand.

Jim Cundiff -jcundiff

Not sure I understand the question enough to muster and answer.

How do you define the word, "principle"?

Chuck -Sales Pro 1000

For the purpose of this thread I'd define a "principle" as a basic truth. -AZBroker

In my field of selling advertising specialties to companies and organizations the truth of the matter is that if I don't find new customers some way I don't sell and the bottom line is that I have no income.

So, whether we call it "prospecting", or something else, it's still a very true fact that I have to make the wheel of fortune spin very fast for it to throw off enough revenue to make me very happy.

Prospecting for me comes in many different flavors. Some cold calls from knocking on doors, some cold calling from telephone prospecting, some networking at events like chamber of commerce or something of similar nature.

It's too important a part of my success to try to rationalize it. It has to be so therefore it is.

Chuck -Sales Pro 1000

Always Be Prospecting. That has to be a principle right? -Thomas

Jim could you please give an example of a salesperson creating demand? -Houston

Gladly.

First, remember my perspective is from the B2B space not B2C.

As some background, let's compare demand creation with demand reaction. Many salespeople rely on demand reaction. They get a lead from marketing, a hit on a web site or, through cold call prospecting, find a potential customer actively looking for capabilities they sell. These salespeople are reacting to existing demand.

Demand creation is the process of finding potential prospects that match your targeting criteria and then approaching them before they have actively begun to look for solutions to a problem. One of the goals of a demand creation program is to craft messages that let you explore areas with in the target company where your solution could have an impact. Once you get the opportunity to explore those areas of need, you can then qualify and quantify the pain and, hopefully, open a new sales opportunity before the prospect begins to look for solutions.

Demand creation allows you to set the initial rules for evaluation and positions your company as a thought leader in a particular area of need.

Many say the difference between cold call prospecting and demand creation is more semantic than actual. I disagree. I have seen our firm uncover opportunities for major sales by getting in front of targeted prospects with a solid value message that got them to think about a problem they either felt they had already solved or one they didn't know existed.

One of the key advantages of demand creation is that when you do uncover a real opportunity, your chances of being the winner are better than 80-percent because you are the first vendor in the door.

Jim Cundiff -jcundiff

Demand creation is another phrase for creating customers' awareness for a need that is crucial to their operation. this a good opportunity to implement your solution. -temitope

Could you give us an example of "demand creation" as a principle of prospecting from your own experience? -Ace Coldiron

demand creation as aprinciple of prospecting. the main task or responsibilty or job role of a sales executive or account executive is to prospect and sell his goods, not only to places where there is a known need, but to places where he sees an opportunity to create a need for his goods. for example a customer with a central office within a building complex convinced to open a cyber cafe which served the small businesses around. others copied this idea and crearted a chain reaction and sales for the excutive that introduced it. -temitope

Basic principle

Prospecting is 'looking for leads'
Cold calling and/or direct solicitation
is selling.

Get this right and it will change the way you prospect.

Example (straight off the top of my head)
If I was selling a new wonder cleaner for car dealers.

I'd probably prospect by contacting motor dealers and saying something like...

Hi....I wonder if you can help me?....I've been given the task of selling this great new wonder cleaner for car dealers....could you suggest any dealers who may be interested in seeing it?

THAT is called prospecting. (hey I just thought...they might say that THEY are interested.....wow) -helisell

Thanks, you handsome devil! That's an idea I can use!

That approach totally asks for THEIR help instead of telling them what to do. It's like giving them a chance to show they have a big heart, like they're contributing to a good cause or something.

Heck, I could make calls like that all day and never feel hesitant! -DynamicMentalFitness