The Difference Between a Good Prospect and a Great Prospect
Have you noticed how everything seems to go so smoothly with certain customers while others seem to have problems with your product or service from the very beginning?
It is not that one prospect is nice and the other is horrible. It is not that their background, their education or even their industry has anything wrong with it.
Why do some clients get extraordinary results?
Much of this has to do with how the customer is wired.
Let’s say you are offering programming services to a company.
If the customer:
- Is already using custom created solutions
- Already understands the need to be specific when describing what is needed
- Understands the outcome of working cooperatively with the developers
- Have a commitment to make the project successful
- Realize finger pointing doesn’t solve anything
The results will be fantastic.
On the other hand if the client:
- Thinks your staff should be able to read their minds
- Sees software as kind of a magical thing that can do anything somehow
- Are reluctant to respond to clarification questions
- Are always focused on the cost of things and not the value
The results will be must less spectacular.
How to find ideal customers when prospecting?
Think through what your ideal customer looks like.
- What industry are they in?
- How many employees do they have?
- Have they already spent money trying to solve this problem?
- Where are they located?
Too often I hear, “everyone is a prospect, everyone needs this.”
There is a great marketing saying, if you call out to everybody, you call out to nobody.
Ten years ago I started a business with a few of my friends. We decided to offer online video training to associations.
There are over 150,000 associations in the United States alone.
We had to set up criteria to identify which ones were better prospects than others, because when we told our sales staff to land customers, they spent quite a bit of time pursuing associations that produced no sales.
We finally sat down together and came up with a list of the most important criteria for a qualified association:
- They had to have a certain number of members
- They had to charge at least $X per year in membership fees
- They had to have a certification program requiring continuing education
- The majority of their members needed to have Internet access
- Etc.
Once we identified the criteria, we were able to be much more selective and started landing customers.
One important criteria that often gets overlooked, is they need to have money…especially in today’s economy. There are lots of people and businesses who need certain products and services but they don’t have the money for them. Don’t waste your time or theirs trying to sell to them.
When business slows down
When business or the economy slows down, it is particularly tempting to start believing everyone is a prospect again.
Just the opposite is needed. Instead of broadening who is a qualified prospect, you need to be even more selective.
Many will pretend to be able to afford your product or service, but can’t. You are not in the charity business, so don’t waste your time trying to convince someone who doesn’t have the money right then to buy.
Conclusion
- Write down the characteristics of your ideal customer(s)
- Create qualification questions that would help you determine if an individual company or person is a top prospect
- Focus on selling to your top prospects
