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What are the most effective ways to sell existing products or services to generate new business?

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Selling existing products or services to new customers is one of the most common and profitable ways to grow your business. But how do you find and reach out to prospects who are likely to be interested in what you offer? In this article, we will share some of the most effective ways to sell existing products or services to generate new business, based on sales prospecting best practices and examples.

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Thomas Nation

Prospecting Ninja ?? I assist sales professionals in closing deals faster and more predictably by integrating…
Paul Crowe

Sales Leadership as a Service, NED, Investor, Speaker. Working with business leaders to transform a viable business…

1 Define your ideal customer profile

Before you start looking for prospects, you need to have a clear idea of who your ideal customer is. An ideal customer profile (ICP) is a description of the type of company or person that is most likely to benefit from your product or service, based on factors such as industry, size, location, budget, needs, and goals. By defining your ICP, you can narrow down your target market and focus your efforts on the most qualified and relevant prospects.

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Thomas Nation

Prospecting Ninja ?? I assist sales professionals in closing deals faster and more predictably by integrating data-driven AI, technology, and proven sales methodologies. Welcome to the future of sales!
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How often do you hear, “We work with everyone”? Most business leaders I speak with who are looking to grow their business haven’t even got an ICP in mind. The first thing you need to do is define what an ICP looks like to you and go deep! This way you’ll start to understand your prospect's needs and desires and market to them accordingly.

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2 Use multiple sources to build your prospect list

Once you have your ICP, you need to find and collect the contact information of the prospects that match your criteria. There are many sources you can use to build your prospect list, such as online directories, social media, referrals, events, webinars, blogs, podcasts, and more. The key is to use a combination of sources to diversify your outreach and increase your chances of finding the right prospects. You can also use tools like CRM software, email finders, and lead generation platforms to automate and streamline your list building process.

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Paul Crowe

Sales Leadership as a Service, NED, Investor, Speaker. Working with business leaders to transform a viable business into a buyable business that is scaleable, predictable and competitive.
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Be realistic and ruthless when collecting contact information. Remember that the prize is not for generating a list it is in compiling a group of target companies that are as close to your ICP as possible. Better to invest your time in creating and maintaining a targeted ICP list than increasing the likely ratio of "no interest" to "yes talk to me" calls. This enables each contact made, by whichever source, meaningful and of interest to the prospect.

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3 Segment and prioritize your prospects

Not all prospects are created equal. Some are more ready, willing, and able to buy from you than others. That's why you need to segment and prioritize your prospects based on their level of interest, urgency, and fit with your product or service. You can use criteria such as lead score, lead source, lead stage, and lead behavior to segment your prospects into different categories, such as hot, warm, and cold. Then, you can prioritize your outreach based on the potential value and likelihood of conversion of each segment.

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4 Craft personalized and value-driven messages

The next step is to reach out to your prospects with messages that capture their attention, address their pain points, and demonstrate your value proposition. You can use different channels to communicate with your prospects, such as email, phone, social media, video, and more. The key is to craft personalized and value-driven messages that show that you have done your research, understand their needs, and have a solution that can help them. You can also use tools like templates, scripts, and automation to save time and optimize your messages.

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5 Follow up and nurture your prospects

One of the most important and challenging aspects of sales prospecting is following up and nurturing your prospects until they are ready to buy. Most prospects won't respond or convert after the first contact, so you need to stay in touch with them and provide them with relevant and useful information that builds trust and credibility. You can use different strategies to follow up and nurture your prospects, such as sending educational content, offering free trials or demos, asking for feedback, and creating urgency. You can also use tools like follow-up reminders, email sequences, and drip campaigns to automate and track your follow-up and nurturing activities.

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Thomas Nation

Prospecting Ninja ?? I assist sales professionals in closing deals faster and more predictably by integrating data-driven AI, technology, and proven sales methodologies. Welcome to the future of sales!
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Remember, Deals are done in the follow-up! Have a stringent follow-up procedure in place to engage with top-of-the-funnel leads and those showing buying intent.

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6 Measure and improve your sales prospecting performance

The final step is to measure and improve your sales prospecting performance based on the results and feedback you get from your prospects. You can use different metrics to evaluate your sales prospecting performance, such as response rate, conversion rate, revenue, and customer satisfaction. You can also use tools like analytics, reports, and dashboards to monitor and visualize your sales prospecting data. By measuring and improving your sales prospecting performance, you can identify and fix any gaps or issues in your process, and optimize your strategies and tactics to generate more and better new business.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Chidi Nwankwoh

CSS; PFSO; - MNIIS, Security Consultancy | Incident & Crime Investigation Specialist | Risk Mitigation & Management | ISO Quality Process Support | Protocol & Close Protection Expert | Tech-Security Integration Advisor.
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Great article and it has been explained that to sell existing product, it's important to: Define the ICP, Build Prospect List, Segment and prioritize, Use value driven messages and Evaluate prospecting performance. In addition and as a sales person, I will not skip this important sales determining factor. what? - Reinventing the product: Every existing product usually have a maximum expiring date, not the date of the product expiration, but the date the customers interest might begin to wane. This is why for an existing product to stay relevant, I'd say every 2.5years - 3years, you should reinvent something new on the product, because every product you sell speaks to target customers of a time period, whose taste would change in no time.

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What are the most effective ways to sell existing products or services to generate new business?

1

2

3

4

5

6

7

1 Define your ideal customer profile

2 Use multiple sources to build your prospect list

3 Segment and prioritize your prospects

4 Craft personalized and value-driven messages

5 Follow up and nurture your prospects

6 Measure and improve your sales prospecting performance

7 Here’s what else to consider

Sales Prospecting

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What are the most effective ways to sell existing products or services to generate new business?

1

2

3

4

5

6

7

1 Define your ideal customer profile

2 Use multiple sources to build your prospect list

3 Segment and prioritize your prospects

4 Craft personalized and value-driven messages

5 Follow up and nurture your prospects

6 Measure and improve your sales prospecting performance

7 Here’s what else to consider

Sales Prospecting

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