A blog by Brian Baker
You have heard of the Prospect Profile... haven't you?
September 8, 2010
The market place is cluttered today - regardless of industry, regardless of specialty. It's filled with companies that provide products and services developed to meet every need you can imagine. These offerings are all designed to accomplish the same basic goals - to work smarter, faster, and better.
Bringing something new to market, you should be excited because you're introducing a new solution that aids a prospective clients' ability to do more business. It seems like a no brainer, the result should be increased sales, revenue growth, profits and success. But this often isn't the case. The real question is this: Why not?
Sometimes, if we build it, they will NOT come. Putting a new product out on the market doesn't constitute success - you need to sell it and your sales team has to bring in the clients to buy it. This is a challenge, and the first step is defining the ideal client, how to reach them, and how to peak their interest in your new offering. To do this, it's absolutely essential to develop a "Prospect Profile," or a straw man.
The Prospect Profile is a model of the ideal buyer - it's your perfect target. This is a crucial step a lot of sales leaders either skip or gloss over, and this is a common, but huge mistake. The Prospect Profile includes:
- Company information - industry, size, annual revenues, # employees, etc.
- Decision maker role - CEO, CFO, CIO, VP, Director, Manager.
- Geography - Local, Regional or National.
- Industry Specific - Yes or No?
- Critical Business issues - Are there specific business challenges your platform addresses?
- Buying Power - who has both the authority and influence to say yes?
- Identifiable Pain - clients do not make changes or investments without a reason.
- WHO IS NOT AN IDEAL BUYER?
Once you create this profile and have it in place, your sales team can precisely attack the market and target the perfect prospects. This process may seem like an extra step to those who don't yet practice it, but I can guarantee you it will streamline and focus your sales efforts to make them more effective. The profile defines where their buyers work, network, gain information, and most importantly, what messaging will resonate to secure that all important introductory meeting with the new prospect. If you take the time to really figure out your top tier targets up front, your sales team and their efforts will be much more efficient, focused, and successful.
A well defined Prospect Profile is invaluable to your marketing efforts, especially in a competitive market. Most companies have not placed enough time and energy on the development of their Prospect Profile. You'll hear a company say, "Well, everyone is a potential client." In reality, this couldn't be further from the truth. Is your business better served by being all things to all people, or should you narrow your focus? Absolutely not. You specialize, you serve a specific clientele, and you need to target the people who can benefit from your offerings.
A sales person's job is not only to fill the pipeline, but is also to analyze the opportunities and determine which are likely to close. The goal should be to a have a pipeline full of ideal buyers and to weed out the prospects that are going to do little more than waste time and effort that could be better spent. Can your team tell you which prospects will say yes, and WHY? If the answer is no, Go Build Your Prospect Profile and Capture Some New Clients!
Sales Fundamentals - Go Back to the Basics
July 26, 2010
I've been in sales for a long time - and over the course of my career I've learned it's not the random, mysterious part of business it's often made out to be. There is no doubt that sales is central to a company's success, but I've found in my time as an account executive, Sales Manager, VP Sales or as a consultant that most executives simply aren't completely comfortable with how it works and how to make it better.
Many organizations have a sales team, but aren't sure how to improve performance or scale the organization to improve results. Often times, the leadership team is apprehensive to 'dig in' to their sales operations because of an inherent fear of what they may find. Most managers, especially those that work for smaller businesses, typically have a few good sales people who are producing fairly well and they don't want to make any moves that might upset the apple cart. This is a mistake, plain and simple.
At the heart of any good sales organization are fundamental practices that can be taught, repeated, measured, grown and forecasted. Sales should be thought of in the same way as operations or finance; you can build a sales organization utilizing a systematic approach that result in optimal performance and scalability. Good sales people and good sales divisions work a well defined plan, which includes:
- prioritization
- time management
- prospect definition
- effective messaging
- relationship management
- solution development
- problem solving
- negotiation of the close
- client commitment
Within this general framework are specific skills, tactics and strategies to be developed and key milestones that can be measured, qualified, and leveraged to bring new business into an organization.
All too often these days, companies are seeking the 'quick fix' to solve sales challenges with a patchwork solution. Unfortunately there isn't a quick fix to achieve strong sales fundamentals and sustain good solid growth. Sales requires constant care and feeding. Just as high-level athletes have to constantly practice and develop their skills to be the best, so does your sales team. There is nothing mysterious about a solid sales strategy - it's a process that just takes time, awareness and effort to implement it, grow it and ultimately see the rewards.
Get Back to the Basics and Focus on the Fundamentals!
