Sales Prospecting in Down Economies

Sales prospecting in down economies is no different than sales prospecting in up economies. It is still a behaviour, a discipline - doing what we have to do, even when we do not want to do it.

The only difference is that you may have to invest more time in sales prospecting in a down economy.

Sales prospecting can be time consuming in itself, but in a down economy, it is even more time consuming as sales prospects seem to be harder to find.

Therefore, more time invested in sales prospecting is required. If you did ten daily sales prospecting calls before, you may now have to do twenty to get the same results.

However, besides investing time, there is a better way to get the same or better results when it comes to sales prospecting. But first, you have to do your homework.

You need to know what our sales prospects should look like - you need to profile them so that you can take a targeted sales prospecting approach and not a shot gun approach.

It is the shot gun approach that is time consuming and does not get you the sales prospecting results you are looking for.

In a targeted sales strategy you need to define the criteria for three customer levels - A, B, and C.

The 80/20 rule states that 80% of your sales results come from 20% of your customers.

That 20% would be considered as your best customers. They are "A" or absolute customers, because they provide you with 80% of your revenues and without them, you would be out of business.

Answer this question: What criteria best describes you're A customers? Is it profitability, loyalty, margin, volume, brand, relationship, etc.? Note your answers.

Then you need to proceed with the same question for the next level of sales prospecting - "B" beneficial customers. So, what is the sales criteria for your "B" level of customers ? How are they distinguished from A customers? Note your answers.

You can then proceed with what is the sales criteria for your next level of customers - "C" - convenient customers? How are they distinguished from B customers? Note your answers.

You may find that most of your prospecting activities are probably to "C" or convenient customers, as most sales people invest 80% of their sales prospecting time where they get 20% of the revenues.

So, let's do the opposite and focus our sales prospecting activities on the A customers.

Once your sales criteria is defined for each level of customer, go to your sales data base and using the sales criteria identify your existing customers as A, B or C.

Separate the A customers and create their profile based on the information on hand. You will find that there is something different about them, compared to the B's and C's.

What is that difference? Now map that profile over to the market place for sales prospecting. Who are the A sales prospects out there that are not presently doing business with you?

Do the same with the B customers and identified the sales prospects for you B category in the marketplace. Also, look at your existing B customers who have potential to be come A's.

Sales prospecting can be fun and most rewarding for sales results when you invest the time and plan your sales prospecting approach.