Generating new business is one of the most important and challenging tasks for any sales professional. But not all prospects are created equal. Some are more likely to buy from you, while others may waste your time and resources. How can you identify the best prospects for new business generation and focus your efforts on them? Here are some tips to help you.
Before you start looking for prospects, you need to have a clear picture of who your ideal customer is. An ideal customer profile (ICP) is a description of the type of company or person that can benefit from your product or service, has the budget and authority to buy, and fits your values and goals. You can create your ICP by analyzing your existing customers, researching your market and competitors, and identifying your unique value proposition. Your ICP will help you narrow down your target audience and qualify your leads.
What I usually do when looking for a right prospect for my product and services is follow the MAN framework it helps me understand if the client/ customer i am looking at do they need what i am selling. M- Money A- Authority N- Need In order to decide whether i can sell to any prospect these 3 attributes must be in place. Money is important, it directly related to the capacity the client has financially to buy product. Authority: It helps sales person to understand weather you're selling your product to the right person, a decision maker is the right person and he/she/they will be responsible for your sale. Need: This is most important element, until and unless there is need there is no sales. Understand and create the right need.
To identify the best prospects for new business generation, first define your Ideal Customer Profile (ICP). Analyze existing customers, market trends, and competitors to outline the characteristics of companies or individuals most likely to benefit from and afford your offerings. Your ICP should align with your values and goals, helping you target and qualify leads more effectively. This targeted approach ensures your efforts are focused on prospects with the highest potential for conversion.
In my experience both when helping clients with their sales and also sales for myself and my luxury brokerage, it's always important to understand that when it comes to ideal client profile there's going to be a difference between an ideal client who's ready to buy vs the ideal client who isn't ready to buy yet but might be in the future. If you spend the vast majority of your time prospecting the ideal client who isn't ready to buy yet, it will impact your sales results. Whilst you want to ensure you are doing some activities in this area so you can have a steady flow of ideal clients to sell to, it makes sales 10x easier if you're spending most of your time selling to those ready to buy! Understanding the difference is key.
Not all leads are equally qualified. Some may be ready to buy, while others may need more nurturing or education. A scoring system is a way to rank your leads based on their fit and interest in your solution. You can use criteria such as demographics, behavior, engagement, and pain points to assign points to each lead. The higher the score, the more likely the lead is to become a customer. You can use a scoring system to prioritize your follow-up and tailor your messages to each lead's stage in the buyer's journey.
One of the best ways to find high-quality prospects is to ask for referrals and testimonials from your existing customers. Referrals and testimonials are powerful forms of social proof that can boost your credibility and trustworthiness. They can also help you reach new markets and segments that you may not have access to otherwise. You can ask your satisfied customers to introduce you to their contacts, share your content, or write a review. You can also use referrals and testimonials to attract more prospects to your website, social media, or landing pages.
Social media and online forums are great sources of information and insights about your prospects. You can use them to identify their needs, challenges, pain points, preferences, and opinions. You can also use them to find out what they are saying about your competitors, industry, or niche. By monitoring social media and online forums, you can discover new opportunities, join relevant conversations, and provide value. You can also use them to build relationships, establish authority, and generate interest in your solution.
There is no one-size-fits-all approach to finding the best prospects for new business generation. You need to test and measure different channels and strategies to see what works best for your product, market, and audience. You can use a variety of methods, such as cold calling, email marketing, content marketing, webinars, events, ads, or partnerships. You can also use different tools, such as CRM, analytics, automation, or AI. The key is to track your results, analyze your data, and optimize your performance.
In my experience experimenting is key and should be never ending. What doesn't work today might work next month. What's working today might look completely different next year. Experimenting is often the only way to actually find what works for you, for your market etc. When it comes to selling it's very very rare that you find the answers in your own head, you fine tune your selling and nail your selling by being out there. Taking action, trying, experimenting.