Quiz 5: Strategic Prospecting and Preparing for Sales Dialog

Business

Mr. T could use any of the following prospecting methods. Cold Canvassing: It is a method wherein a sales call is made with no information or little information about the sales lead. The different types of cold canvassing methods are as follows: • Cold Calling - Sales people call an organization or an individual without having any information about the about them. • Referral - Contact Information or sales lead given by the customer or any other influential person to contact a prospect is called as referral. • Introduction - In addition to the contact information, the sales person asks the customer or the potential person to introduce the sales person to the prospect. The customer may introduce the sales person through a letter, note, or call. Networking: In this method, a sales person contacts a professional organizations, country clubs, and societies to yield prospects. The different types of networking methods are given below: • Centers of influence - These centers are formed by the professionals like bankers, accountants, attorneys, teachers, and politicians. • Non- Competing salespeople - This organization is formed by workers to help and support each other by generating prospects for each other. • Electronic Networking - Social networks like Facebook, LinkedIn are used to generate prospects. Company sources: In this method, company generates its own database to support the sales department. The different types of company sources are given below: • Company Records - Company has its own customer database created through its previous transactions with them. • Advertising Inquiries - The contacts that the firm has generated through its marketing and sales effort. The firm would contact the prospects that are generated through advertising inquiries. • Telephone Inquiries - The prospects calls the company to get information about the company or products. The company creates a database with their information and queries. • Trade shows - Companies demonstrate the products after purchasing a booth space. The firm contacts the prospect through trade shows. • Seminars - Firms use seminars to generate prospects. It is a presentation given by the sales people regarding the company or the products. Published sources: These are the sources that are in print or electronic form. Different types of published sources are given below: • Directories - Telephone books or industrial directory are used to contact the prospects. These directories are less expensive than other sources. • Commercial lead lists - A list that contains information about the prospects in detail like their profile, name, contact details etc. This source provides a narrow information.

In order to quality the leads into business prospects for the future, T should have some benchmarks to ensure successful conversion of the leads into sales. Also, having good criteria for qualifying the leads ensures better satisfaction for the potential customer as well as the seller. As it leads to sustainable business relationships, it is better for the long term planning of the business and its growth. The following criteria can be used by the restaurateur in this scenario. • Paying capacity: The paying capacity of the potential customer should be in accordance with the seller's expectations. In this case, the restaurateur, who is looking out for possible retailers, should ensure that the lead has the business and paying capacity to match restaurateur's expectations. • Growth history: The growth history and trend of a business would ensure to the restaurateur that the deal would be sustainable and mutually beneficial. Also, associating with a retailer has a mutual effect on the reputation of the brand and the seller. Thus, restaurateur should ensure that the association would be beneficial for the brand name. • Long term vision: The long term vision of the business gives an insight into their operations and professionalism. This information is necessary for the franchisor to associate with the retailers. • Quality and market share: The market share and quality that the retailer/franchisee has in the market gives an assurance to the franchisor about the equitability of their association.

The prospecting activities are the steps that lead to selection of the best alternatives available for the business. Having a robust prospecting policy would help the business as it would enable the restaurateur select the best among the available alternatives. The various methods that can be used by the restaurateur are mentioned below. • Referrals : Through referrals, the restaurateur would solicit the help of their known aides to find suggest suitable businesses to partner with. Through this, the restaurateur would be easily able to find able business partners at a very nominal cost. • Centers of influence : Using this approach, the restaurateur would search the forums wherein prospective business opportunities are available. • Advertising : Advertising has a very wide reach at a cost higher than the previously mentioned methods. However, the benefits in advertising are that it offers a plethora of available prospects for the business. • Enquirers : The enquirers about the prospecting business opportunities should be contacted as they have an interest in associating with the restaurateur. • Directories : Business directories offer a lot of information and data about the various businesses that can associate with the restaurateur.