Let us go straight to unraveling the Prospecting Definition as well as the Prospecting Meaning. Prospecting simply put is when inside reps make outbound calls or send outbound emails to leads, in a bid of trying to create opportunities for account executives. Prospecting can include cold-calling, email, SMS messages, as well as other forms of outreach to nurture leads that have gone cold or attempt to reach completely new people who are potential buyers.
Sales prospecting is carried out with the help of sales tools that aid prospecting reps research companies, look out for the right people to reach out to, information about that person, as well as contacting them.
Prospectors are also known as sales development reps (SDRs) or business development reps (BDRs). They help in achieving predictable ROI by creating a steady system of opportunities for account executives.
These opportunities fill the sales channel, which in turn provides valuable fuel for the sales team. This can be highly beneficial as it frees account executives from having to prospect for their leads. Rather, they can spend their time selling to sales-ready prospects who have been qualified by sales development reps.
To make contact with sales suspects, (i.e) buyers who may not be potential customers for your business, some several popular tools and tactics can be used, they include:
- Phone calls – These are designed to initiate a discussion with the individual who answers the phone.
- Automated voicemail messages – This is geared towards persuading the listener to initiate an action to get more details, like visiting a website or making a phone call.
- Email – An email is designed to share information as well as entice the recipient to take any action that will identify them as a prospect.
- Direct mail – This is sent in the mail as flyers, postcards, or catalogs, such as designed to share information that may attract you to consider buying what is being offered.
Reason for Prospecting
The main aim of prospecting is to qualify a recipient as a prospect, or someone who may need what your business is putting up on the table. Once you have been able to define that someone is not interested and has no need for your product or service offering, which means the person is not a prospect, it will better help you define your prospect database to enable you to focus your marketing efforts on those prospects who would likely become customers.
Steps Involved in Prospecting
Suspects are individuals or companies you perceive may need the product or services you are offering, but may not be aware that those products exist. These are the set of people you seek to turn into customers, even though you are still unsure of them.
The only way to find out is to bring the existence of the product or service to their knowledge to increase their awareness and familiarity with the business. Once they become aware of the business you can now determine if they are willing and capable of purchasing the future.
Prospects are suspects you have made contacts with and who have had their confirmation that they are willing to buy from you at some point. A customer who has made purchases and spent money with you is also considered a prospect.