TC: PROSPECT EVALUATION

Reaching out to prospects…again

Prospect: Someone interested in buying something from you.

Another definition: Prospects are people who may know about you but have never spent money with you.

Let’s focus on the second definition for this challenge. Your target market is where your potential prospects are hiding. You identify your target market by finding out their pains and gains, and then you reach out to them and offer solutions for their pains. Once contact is made you now have real prospects that for some reason did not buy from you.

Your challenge is to create a list of prospects that fit our second definition. To start, take a three month period and create a list of all the prospects to whom you presented your value proposition and divide them into two groups: those that bought and those that didn’t.

Those that bought: This group has to be added to your monthly “value based newsletter.” They should have at least one contact from you each month. Depending upon your product or service, additional contact can come in the way of Birthday, Anniversary cards and an occasional call.

Those that didn’t buy: This group is very valuable; they know who you are and they are in need of your product or service. Monthly contacts in the way of an e-newsletter and monthly personal contact should be continued on an indefinite basis.

An important lesson from this exercise is to see how many presentations were made and what percentage of those bought. If you truly have benefits that can ease your prospect’s pain, than your conversion ratio should be, in my opinion, over 40%. That also includes the follow ups that rejected you on your first contact.

Your presentation has to be constantly tweaked. Work on your value proposition and how it is presented. Find out from your customers what was the single most important factor that caused them to buy from you. Likewise, ask those that did not buy the reason for not making a purchase.

It’s more profitable and time efficient to work people that know who you are and that need your products or service.

As always, we are always willing to set a personal appointment with a member to discuss this issue.

TWEAK AND TRY AGAIN!

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Tips & Advice by Nick Petra – CFP, Mentor, and Founder of StrategicDuck and BizQuack.