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The lifeblood of business comes in convincing someone or some entity that your product or service best fits their need. To assemble these very valuable potential clients or buyers, it is necessary to conduct some form of attraction process. That process is better known as prospecting. Prospecting has been defined as the activity designed to identify individuals, businesses, families, etc. to call on for the purpose of talking with them about your business.
Prospects simply do not automatically appear, nor do they always fit or accept your product or service. It is a “grooming” process.
First, you discover a suspect, which is a person or entity who could become a prospect.
Next, you determine that this is an actual prospect or a potential buyer for your product or service.
Third, you develop a qualified prospect. This is a prospect who needs, values, has the ability to afford and is acceptable for your product or service.
Fourth, the prospect then becomes a buyer or a qualified prospect who has invested in your product or service.
Finally, the ultimate goal is to build a client. A client is basically a repeat buyer who grows with you and will refer others to you.
The process may sound very elementary, but often this very activity is the cause of more business failure than any other criteria. Overcoming the hurdles of successful prospecting is demanding but it can be done. There are however five (5) crucial pitfalls to overcome in being a successful prospector. By understanding these pitfalls and setting your course to overcoming them, you can position yourself to grow your client portfolio and your business in the manner you desire.
1) Lack of commitment. When the gold rush hit the west back in the nineteenth century, thousands hit the gold fields to strike it rich. Many quickly found that panning for gold or digging in mines was not for them. They did not take the time to investigate what would be involved. Many did not have proper equipment. They became focused on the panning and digging too much and failed to retain their focus on the actual goal which was finding gold. Therefore, most failed. Thus, when you begin a prospecting process, you must realize that your products and services can make a valuable difference in the lives of others. You focus on learning your product and service and then applying that knowledge to your efforts. In doing so, you build a conviction that provides courage to hold a conversation with someone or some entity about what your business can provide. It enables you to not worry about the details but focus on the goal of how your product or service will fit the need of your prospect. A commitment means doing your best. It means knowing what you are committed to. In essence, it is what transforms a promise into a reality. Commitment can guarantee victory. Therefore, to succeed, total commitment is needed.
2) Fear of rejection. No one likes to be told no. It is tough to swallow at times. However, ask any successful professional in any field and each will convey that they have been told “no” more times than they have received a “yes.” The difference is they kept at it. There are baseball players in the Hall of Fame who only averaged slightly more than 3 hits out of every 10 times they batted. Would you call that failure? A fear of rejection is basically an insecurity concerning some issue. It might be a fear of talking one-on-one, not believing you command an understanding of your product or service, or simply a lack of faith in what you can do. It is normal but yet must be overcome for success to be achieved. Think about this, “What is the worst that could happen if you ask someone to talk with you about your business?” Your chances are 50/50. The worst is that they would tell you no. However, you might also get a yes. If you believe you can do it, continue to do it and results will come. Most of what is feared never happens.
Here is the simple formula to follow: SW—SW—SW—SW. This is defined as follows: Some people WILL buy from you. Some people WON’T buy from you. So WHAT? Some one is WAITING to buy from you! It simply demands you keep asking, keep seeking and keep practicing your message. Soon it will become second nature for you and your relentless attention will help you effectively move forward and command your fear.
3) Lack of knowing how to prospect. There are perhaps hundreds of ways to prospect. Some very elaborate and others simple. To gain confidence and build results, keep things simple. Take “baby steps” until you can take “giant steps.” in your prospecting efforts. Find one or two approaches that best fit your potential prospect base and allow you to utilize your strengths and personality. Look for approaches that others in similar markets with similar prospects are finding successful. Adapt that approach to fit your market and your strengths and personality and give it a try. You will find something that works and when you do, not only your confidence will be lifted but your results will grow as well.
4) Not being motivated. This is a very puzzling realization. If sales come from building a pool of people to talk to about your product or service, how can you not be motivated? It is a sense of positive thinking that demands movement. Basically it comes down to taking action. You can build great plans that give you excitement as you are forming them; but, if you sit on the sidelines and never engage, all that work goes to waste. Soon, you will become nothing more than a statistic in the business failure category. Make things happen. Make things happen by examining who wins if you win? Would it be important to your family’s well-being for you to be successful? Would it be important to the time, effort and money you possibly have invested in your business that you be successful? Would it be important to you that you be successful? Unless you motivate youself, nothing will happen. Even the great Andrew Carnegie pointed out, “You cannot push anyone up the ladder unless he is willing to climb himself.” Build the desire within so that you may build the results you desire.
5) Inherent challenges with prospecting. Prospecting is tough. It does take skill, knowledge, and technique. You do not become an accomplished musician, golfer, or football player overnight. It demands you work smart and hard, be dedicated to your ultimate goal and perhaps most importantly, practice. The more practice you do, the better you can become when the “game” begins. Practice will enable you to fine tune your “donut holes.” Those are the things that keep you from being as successful as you desire.
- What part of prospecting is most difficult?
- What would it take for you to get over that difficulty?
- On a scale of 1 being low and 5 being high, where is your commitment to overcoming that difficulty?
Once you identify your “donut holes” and have your commitment in proper perspective, focus on improving them until they become a new strength. In doing so, you will set aside the challenges and soon become a master of the prospecting activity.
Becoming a master over the 5 prospecting pitfalls will set you in a course that can lead to great success. It can also become a fun activity because it allows you to utilize your creative nature as you build more and more listening individuals. As you become a prospecting master, you will see results improve, your confidence soar and your business achieve the goals you seek. It all begins with you. Make it happen.
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The Think BIG! Book Club is an ongoing study of various business and key issue books that enables the participant to more effectively meet current needs and gain expertise in areas of interest. 