What are the most common prospecting mistakes and how can you avoid them?

When you're out there looking for sponsors, it's a bit like fishing – you've got to know where the fish are biting! Skipping the research part is like throwing your line in the water without any bait. It just doesn't work well. Imagine you're trying to get a sponsorship for your event or project. If you don't do your homework, you might end up talking to a company that has no interest in what you're offering. It's like showing up at a vegetarian potluck with a platter of juicy steaks – it's not going to impress anyone. On the other hand, when you take the time to research potential sponsors, you can find the ones that are a perfect match. It's like finding that special someone who loves the same things you do.

If you forget to prepare, prepare to be forgotten. One of the first things prospects ask themselves when you reach out: Why me? Why is this relevant to me? Without doing any research, big chance you are unable to answer that question well and earn more 'air time'. Make sure to have a repeatable process for research, where you look for specific triggers, experiences,s etc. That way doing research does not end in procrastination of actually reaching out.

It's crucial to have a well-prepared strategy that includes both efficient research and timely action. The key is to strike a balance between these two elements to ensure that you stay relevant and proactive. It's important not to get bogged down in perfectionism when conducting research, as this can hinder your outreach efforts.

It's important to be mindful of not crossing the line into being intrusive or annoying. Persistence is needed, but so is understanding when to pause or stop the follow-up process. Ignoring signs that a prospect is not interested can harm your reputation and your organization. Use your CRM to note responses and consider limiting follow-up attempts to avoid overstepping.

I've found it helpful to take into consideration what product/service you are selling and where your prospect is in the buyer journey. Depending on your internal sales process, product, and market it could make sense to make the problem/pain/challenge and the business priority of that problem of higher importance when qualifying than budget. As in many cases, a specific budget is not allocated for problems they did not know they had at the time they allocated budgets. In my experience budget can be 'found'/allocated if the problem is big enough and has enough priority for solving.

Apart from the usual BANT criteria used for qualifying prospects, emotional intelligence plays a crucial role that is frequently disregarded. By comprehending a prospect's emotional motivators, areas of concern, and communication preferences, one can gain valuable insights into approaching, engaging, and ultimately securing a deal.

While the concept of adding value is essential, what's often overlooked is the need for consistency in delivering that value. A single valuable insight or piece of content is great, but the consistent delivery of value across multiple interactions truly builds trust and rapport. This consistency enriches the relationship and reinforces your position as a reliable resource, encouraging the prospect to engage further.

Measuring results is undoubtedly crucial, but the need to adapt and iterate your prospecting strategies based on those measurements must often be mentioned. Collecting data is just the starting point. The real value lies in utilizing that data to make informed decisions and refine your approach. Whether it involves modifying your email templates, adjusting your follow-up timeline, or revising your qualification criteria, the objective is to continuously improve.