Searching out Potential Accounts

Using the prospect definitions, the salesperson combs different sources for the names of probable prospects, or “suspects,” as they are called. Sources of prospect information include

Some companies use specialized personnel for prospecting, but

• Directories of all kind
• News and notes in trade papers and business magazines
• Credit reports, membership lists of chambers of commerce and trade and
• Manufacturers’ associations
• Records of service requests
• Other sources are
• Responses to company advertising
• Sales personnel of noncompeting firms calling on the same general classes of trade
• Conventions and meetings bankers and other “centers of influence,” and the salesperson’s own observations.

Salespeople selling services, insurance, for example, uncover prospects among their acquaintances; members of their professional, religious and social organizations; and the referrals of friends. Another source of prospects is the “endless chain” – satisfied customers suggest, voluntarily or on request, other leads to the salesperson who served them.

Qualifying Prospects and Determining Probable Requirements: As information is assembled on each tentative prospect it is easier to estimate the probable requirements of each for the types of products sold by the company. Prospects with requirements too small to represent profitable business are removed from further consideration, unless their growth possibilities show promise. Even after tapping all readily available information sources, additional information often is required to qualify certain prospects, and personal visits by salespersons may be the only way to obtain it. These visits may not bring in sales, but they save time, as prospects are separated from no prospects

 Relating Company Products to Each Prospect’s Requirements: The final step is to plan the strategy for approaching each prospect. From the information assembled, it is usually possible to determine each prospect’s probable needs. From what the salesperson knows about the company’s products, their uses, and applications, he or she selects those that seem most appropriate for a particular prospect. The salesperson’s presentation is now easy to construct, and it is tailored to fit the prospect. The salesperson should have clear ideas about specific objections the prospect may raise and other obstacles to the sale that may be encountered. The salesperson is ready to contact the prospect; the only tasks remaining are making an appointment, deciding how to open the presentation, and determining how to persuade the prospect to become a customer.