There are many different ways in which a company can bring in leads for their business. One of these ways is through sales prospecting. While inbound marketing can definitely work well for many businesses, sales leaders can sometimes rely on this strategy too much. Instead, they should go back and put a focus on one of the major aspects of sales prospecting, which is in many ways, another form of outbound marketing.
However, outbound marketing strategies – like effective sales prospecting techniques – can actually lead to higher success rates overall, even more so than inbound marketing techniques. First, get yourself familiar with sales prospecting. Understand that this can be another great way to increase your ROI, even if it might feel different. Next, see which sales prospecting strategies will work best for your business.
Sales Prospecting Definition
If you’re in sales, then you’ve probably heard of the term “sales prospecting” before. And, maybe you’re even doing it now. But, in case you’re new to this or you need a little refresher, sales prospecting is the act of using outbound marketing techniques – such as making outbound calls (cold calls) or sending outbound emails – to build relationships with prospective clients. Most of the time, these are clients you find yourself. Sales prospecting is essentially the opposite of waiting for a lead to come to you. Instead, you are going to find the leads yourself, and practice different sales prospecting strategies to create that ultimate foundation. Best of all, Mission Suite can help you keep track of your sales prospecting performance, no matter which techniques you decide use.
Sales Prospecting Techniques
There are many sales prospecting techniques that a sales team can utilize in order to have the best results. Some are more effective than others. But, that really just depends on which techniques feel right for you. The more comfortable you feel with one of these sales prospecting techniques, the more you can master that technique over time:
Before you can begin sales prospecting, you must first build a database of potential clients. Take an hour a day to build your list. Taking this time to scout people out can have the potential to lead to high-paying clients. Just an hour a day, and your work and dedication will surely pay off.
Make Cold Calls:
Many people tend to associate cold calling with sales prospecting, and that’s because it’s usually the first strategy that comes to mind. Cold calling involves simply making a call (or sending an email or message) to a potential client by being as direct as you can be. According to AZ Central, Marketing Consultant Charlie Cook says that conversion rates for cold calls fall around 2%, but this increases rapidly with solid leads (20%) and referrals (50%). To help keep your effectiveness high, write yourself a script and stick to it!
Make Warm Calls:
Warm calls are similar to cold calls but are unique in that the potential client is already “warmed up.” They already know something about your business, maybe because you’ve already reached out to them via email or social media. Warm calling all about continuing to grow that relationship with the person, and because they’ve already shown some interest, this is one of the sales prospecting techniques which can have conversion rates up to 30%.
Email marketing is still proving very useful when it comes to sales prospecting. Reaching out to prospective clients via email can be one of the easiest ways to bring a person in. As long as an email is mobile-friendly, people are going to be very likely to open the email and continue correspondence with you. It’s hard to gather specific information regarding success rates based on email marketing, however, if you do it right, cold emailing can range from 14% to 23% if targeted. This number increases greatly if you customize those emails, like using personalization or catchy subject lines. Of course, the more you follow-up, the better your sales prospecting results will be, too.
Ask for Referrals:
Having trouble getting new clients? Why not reach out to the clients you already have? Many businesses are able to grow because of word of mouth. And, as far as sales prospecting goes, referrals are the closest thing to a guaranteed lead, as your current clients are essentially doing the work for you. As mentioned before, referrals can lead to a closing rate of 5o%. You’ll be wondering why you didn’t go this route sooner!
Reach Out to Old Contacts:
Nurturing new prospects can be rather exhausting. What’s sometimes easier, is going through your old emails and records. See if there was anyone you spoke to that didn’t quite make it to the end of the sales funnel. Perhaps you had a client from a few years ago who had to stop working with you. Maybe they no longer had the budget or they were satisfied with the purchases they had already made from you. But, now, some time has gone by, and they may be interested in something new you can offer them. Your success rates for these prospects depends on how many old clients you have. And, how many you’re willing to get in touch with.
Social media is considered to be your best bet for sales prospecting, with nearly a 100% closing ratio on leads. This networking platform used by millions of people around the world bleeds into all aspects of marketing. But, in terms of sales prospecting, there are many ways to use social media to your advantage. Search through different groups and pages, checking on the conversations going on, and seeing if you can insert yourself at any point to offer your services. Just make sure that you know the group rules before doing anything that may violate them.
Sales prospecting is one the most straightforward types of marketing. Yet, it’s not for everyone. That being said, if you want a successful business, you’re going to have to try something new. And, with the right sales prospecting techniques at your disposal, there’s no reason that you won’t do well.
To learn more about how Mission Suite can help you leverage your sale prospecting, request a demo today!