Networking to Prospects — How to Increase Sales 0

Posted On February 16, 2023, by Admin

A few decades ago, understanding products and services was the core of a successful sales process. However, the highly competitive economy of the modern era has transformed this sector. Consequently, sales have become buyer-focused, and prospecting has established itself as the backbone of the craft.

Importance of Prospecting

To be able to embrace the prospecting strategies we’ll discuss later, you need to understand the importance of this process. When approaching sales, inexperienced professionals focus on deal-closing strategies and hitting monetary targets. They forget that prospecting comes before these steps and allows them to take place.

Prospecting sets the tone for the overall sales cycle. When done right, it creates a potential customer pipeline and establishes your credibility as a salesperson. It also allows you to prioritize the correct account, helping you save time and energy and boost revenue.

Get More Prospects With These Strategies

Ready to get started?

1. Look beyond Existing Customers

Traditionally, sales teams try to identify the existing customers who need the product or service they offer. While this method is effective to a degree, it limits the growth potential of your business.

In addition to your existing customer base, who else could benefit from the product or service you offer? Consider other industries or geographies that are adjacent to the ones you currently serve. If your offering is relevant in those contexts, dig in to learn more about the potential new prospects.

2. Analyze Your Target Audience

Once you’ve identified your target audience, try to learn more about them. You can profile them based on their demographic, location, interests, and other characteristics. These assessments will give you an insight into the clientele you’re targeting and allow you to take meaningful actions.

As a result, your team can drop the deals that are unlikely to result in sales and prioritize more promising and potentially profitable prospects. Startups will focus more on local markets, while already-established brands will go for the international audience. The customers’ profiles will dictate the way you approach sales.

3. Put Yourself Out There

Finding appropriate ways to engage with new prospects is the next step in the sales cycle. It all comes down to creativity — step out of the box and think of original ways to connect with clients. There are several approaches you can take at this stage, depending on your line of work.

The following list explores some popular options:

• Build a friendly relationship with a potential client— People tend to be wary when you approach them with the intention of selling them something. So, try to establish trust before attempting to sell. Connect with the customer based on their views, values, goals, hobbies, and so on. Contact them sporadically, nurture the bond you’ve established, and then make your pitch. This method might require extra time and energy, but it will be worth it if you secure an important client. Plus, it might raise your chances of landing more leads in the future.
• Use social media— With over three billion users, social media might be the largest sales channel of the modern era, and a social profile is all you need to access it. A stable online presence can help you engage with audiences you may not have been able to reach otherwise. Moreover, it will allow you to maintain and cultivate those relationships in a cost-effective and straightforward way.
• Leverage the modern media— As you may know, videos have taken the world by storm recently. Almost all modern social networks have embraced this medium for a reason. Recent studies have shown that over 85% of customers have chosen to purchase a product introduced to them through video content. Take advantage of this new trend and use multimedia as one of your outreach tools. There’s no doubt you’ll see results.
• Don’t be afraid of outsourcing — No matter how strong your sales team might be, some tasks will be outside their area of expertise. These weaknesses don’t always show in the sales process, but they might be the reason you’re not able to close the deal occasionally. Find professionals, such as marketing agencies, that can fill those gaps and boost your performance.

4. Get Referrals

A marketing strategy that has persisted through time despite changes in the marketplace is word-of-mouth. Most buyers still place more trust in what they hear from their peers than any other sources. So, having satisfied customers who can and will vouch for your brand remains one of the most powerful advertising tools.

The best way you can leverage this opportunity is through referrals. Ensure your sales team is regularly getting testimonials from clients. The most appropriate time to ask for them is immediately after the sale. At that point, the customer is still enthusiastic about your products or services and likely to recommend them to others.

Your salesperson can present them with a list of customers you’ve been targeting and ask if they can assist you with them. Conversely, they can ask the customer for general referrals — businesses they know will benefit from what you have to offer.

5. Keep Track of Your Results

Monitoring your progress and results is vital to every business process, including sales. So, adopting the outlined strategies is only half the job done. Ensure you observe the changes new tactics have created within your workplace and the results they’ve yielded. This type of review will let you know what methods have worked in your favour, generating the most prospects and sales. Plus, they’ll reveal missed opportunities, areas that need improvement, and techniques you should drop.

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This blog is not meant to provide specific advice or opinions regarding the topic(s) discussed above. Should you have a question about your specific situation, please discuss it with your GBA advisor.

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