Tuesday, January 19, 2010

The Right Prospects

Do you ever find yourself spending valuable time in deficient places with futile people?  The aged mantra of ‘Fish where the fish are’ may not be as easy as we would like for it to be.  Prior to developing desired strategic alliances, identifying where you need to be and who you should be with is a challenge in itself.  There are precise characteristics that are non-negotiable as it relates to prospects and prospecting.  Be it a(n) mate, employee/employer, associate, or client (Let’s call these prospects), we are opposed to some qualities and require others.  Let’s take the client for example; How do we determine, in advance, that we are targeting the right prospects?  I am a firm believer in processes and strategic approaches to solutions.


Consider this mathematical methodology that makes not only targeting clients, also accurately selecting prospective relationships, easier.  Keep in mind that ‘Everyone is Selling Something’, we all have an evident ‘product/service’, and there is a potential purchasing ‘customer’ that we are after.  First make sure that he/she can benefit from our product/service by mutually exploring opportunities, then and only then should they appear as a prospect.  Now we are able to arrange prospects in a tactical hierarchy for greater efficiency.  In order to do this we:
  • Develop a list of characteristics, ideal prospects possess, that increase the probability of them purchasing our product/service (i.e. ROI, Customer Worth, Profit Margins, Access, Authority, Receptiveness, etc.). 
  • We then strategically place these criteria on the power chart’s designated axis (The most important characteristic goes on the X axis and second most important on Y axis)

  • Remember that the selected criteria and placement may change or be different according to the ‘Seller’ and/or ‘Buyer’.
  • Each prospect is then evaluated, ranked, and assigned an appropriate quadrant (Quadrant 1- Upper Right, Quadrant 2- Bottom Right, Quadrant 3- Upper Left, and Quadrant 4- Lower Left).
This design can be used for any of the aforementioned prospects and any decision that you can possibly make.  Great Selling!

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