Ep. 31: Perfecting Your Prospecting

Bruce LundBlog, Podcast, Solopreneur Movement

Perfecting Prospecting to Keep Your Pipeline Full
For this week’s podcast, we are going to focus on one of the most misinterpreted words in the sales vocabulary which is PROSPECTING. 

What it is?
Prospecting is a key component of any sales process. It involves finding and engaging new prospects or leads in hopes of converting them into customers. At times, prospecting can feel like a never-ending cycle of finding new leads and keeping your pipeline stocked with potential customers. Let’s explore what prospecting is and how you can perfect it to keep your pipeline filled.

In simple terms, prospecting involves researching and engaging potential buyers who are or might be interested in your service. To take pressure off the prospecting mindset, think of it this way. There are a group of people out there, think target markets, who need or want services in your field. It’s up to you to find these people and help solve their problems to the best of your ability. They are going to use somebody and you’re just as good as anybody in your market. We call this having a help list mindset of prospects to share ideas with and present offers to. 

What it isn’t?
Cold-calling or chasing people trying to convince them you are important enough for them to spend time with. It’s not a one-call or one-meeting close. It’s an ongoing process for you to attract the right people to do business with through an opportunity filter. 

There are TWO buckets I put prospecting into:

New Leads vs. New Targets
When prospecting, it’s important to differentiate between “new leads” and “new targets.” 

New leads come in through referral sources or marketing efforts; because they already have some familiarity with your brand, the close time for these leads is often reduced. 

New targets, on the other hand, do not know about you yet; so it can take longer to warm them up before making a sale. We’ll have a separate session in the future on how to proactively target prospects.

Common lead sources to assess in your current business model would be to evaluate where are your new leads coming from? The 90-Day Sales Manager system helps you differentiate into these three segments.

New Leads through 3 Main Sources

  • Referral Partners: These are people who consistently send you consumers who need your services. If you can build a consistent referral partner source, then the business becomes much easier. 
  • Marketing: This is a broad term because there are so many types of marketing (promotions, ads, digital, social, traditional). We will have a future topic that breaks this down in more detail. 
  • Events: One of the best and most efficient ways to convert is through events. Why? Because events are a multiplier. You can use them to market your services but also showcase your talents through speaking, networking, or just having a good time.  

New Targets through 3 Main Sources

  1. Lists
  2. Company
  3. Social Media

Keeping your pipeline full is essential for any business striving for growth and success—and avoiding the dreaded sales rollercoaster! To ensure that you remain competitive in an ever-changing market landscape, prospecting should be done regularly and methodically so that your sales team has plenty of quality leads to work with. Fortunately, by using both traditional methods as well as emerging digital tactics like social media advertising, you can maintain a steady supply of qualified prospects without breaking the bank!  By mastering the art of prospecting now, you will set yourself up for success in the future!