Research and define your target market.
For every product or service there is an expected or at least likely set of potential users. The first place to look is of course your current customer base. Look at who has been buying recently and for what reasons. It is likely if your customer company “A” is expanding or spending due to his/her industry conditions, his/her competitors, companies “B” and “C’ are doing likewise. Secondly research who has money to spend. Its good to remember the old collection adage from the finance company I once worked for. “There are those that can’t pay (read buy) and wouldn’t even if they could. There are those that can’t pay however would if they could. There are those that could pay although they won’t and there are those that can pay (buy) and will.” Hot prospects only come from the last group.
Another hot prospect group can be found through referrals. Talk to your existing customers about who they think may be interested in your product, of course still apply in the finance company test above. Two other simple places is through reading the newspapers and industry journals to look for those who are “movers and shakers” in your target market. One good starting place, at least to get a list of potentials that is often forgotten is… the yellow pages. Social media watch: If your potential buyer’s businesses have a Facebook page check periodically on what they are talking about to see if they mention relevant problems or expansion plans that you may be able to capitalize on.
Research and define your target company positions.
Only call on the decision makers. Remember that committees often make decisions so you must engage all players from the outset. If this is too difficult at least make sure you are dealing with to those that have the ability to greatly influence purchasing decisions for your product or service. If you just can’t get to them all spend as much time as you can in coaching your contact on how to sell the other executives on your proposal. Example I once had a lead on a leasing transaction and the company secretary/financial controller had to present his findings to his board. To assist I had to explain an eight centimeter high stack of printouts containing a bunch of numbers to him. He understood however thought the board would have difficulty understanding the figures. I coached him to say… “Leasing through Ric’s company is it most cost effective option, the figures prove it and here they are.” I told him to drop the heavy binder on the boardroom table with a thud and bet him no one would open it. They didn’t and we got the deal.
More soon… I will tweet ( @rictownsend ) when I have finished writing it.
