Prospecting From Your Trash Can
Before you throw out those old leads, consider that today’s
trash could be tomorrow’s sale.
Don Freda of Articulate Global in New York City flew to Ann
Arbor, MI to present his software solution to the University of
Michigan. During the meeting he discovered that although his
solution could help the university, it lacked some major
features that the customer wanted. Because his company didn’t
offer the needed components, Don flew back to New York without
the sale.
Just like all good technology-driven companies, Articulate
Global was continuously growing and enhancing its product
offering to reflect the advancing needs of the marketplace.
Months later when Don learned that his company offered new
features – the very same features that U of M was looking for –
he pulled the old file from his sales graveyard and immediately
called his contact with the good news. Don’s next trip to
Michigan was successful and he brought home the order.
All sales professionals have a long list of prospects that did
not turn into sales. While it doesn’t make sense to contact all
of your old leads, you may want to refrain from throwing out
some of them and put them in your tickler file instead. By
touching base with them periodically you may turn trash into
treasure. Here are the types of old leads that are most valuable.
Availability Like in Don’s situation, you may have encountered
prospects who need a product or service that you don’t offer
now, but may offer in the future. Keep these prospects on file
and follow up with them if the features they needed become
available.
Timing If what you sell requires time-based contracts, be sure
to find out when your prospect’s contract expires with your
competitor. Contact the prospect before your competition inks a
renewal. Explain to your prospect that you will help them assess
their options before they blindly assume that their current
provider is still the best value.
Service Have you ever met prospects who indicate that they don’t
get great service from their current provider but stay with them
anyway? Keep these contacts in your periodic follow-up folder.
Contact them every four to six months. When they take your phone
call, you might find that their frustration with the current
provider has moved them closer to a breaking point. If they’re
ready to change providers, your company will be top-of-mind.
Elephants Big companies often take a long time to make important
buying decisions. They also frequently reevaluate their costs
and periodically explore other vendors for potential savings.
Crumbs off the table at a large account could make your year. If
you can’t get all of their business, at least try to get some of
their business. Stay in touch with decision makers at
potentially large accounts. You might find that an uninterested
prospect in October is much more interested in February.
Competitor uncertainty Did your competitor just get some bad PR?
Is their reputation deteriorating in the marketplace? If an old
prospect does business with that competitor, a call from you
might be in order. Never spread negative competitive rumors, but
consider mentioning something like, “Many of XYZ’s customers
have come to us because they’ve been dissatisfied with XYZ’s
(business challenge). I’m calling to let you know that our
company still offers (product or service), and to let you know
that I’m here as a resource if you decide to explore other
alternatives to your current provider.”
The one that got away Those clients who almost bought from you,
but didn’t, might have some second thoughts about their chosen
provider. Several weeks after your competitor delivers the goods
to your prospect, make a phone call to the decision maker and
ask questions about the customer’s condition: “How do the levels
of service meet your expectations? How did the quality of the
work (or the product) meet your expectations?” Don’t ask
questions that sound like you’re trying to get some dirt on your
competitor. Focus the conversation on your customer and his
needs.
Stop classifying certain prospects as dead. Instead, consider
them dormant and stay in contact with them. Once you fill your
pipeline with some dormant prospects, you’ll enjoy incremental
business as you begin converting them from prospects to
customers.