The Story Behind PopIt
Companies that aim to offer one-size-fits-all products or services are bound to fail. People have different tastes and conflicting views, and it’s just not possible to cater to everybody’s needs.
By Ryan Niddel
Prospects are potential customers based on a company’s set criteria, and defining who they are is one of the first steps in a successful selling process.
They should be part of your target market, can afford your products or services, and have a need, desire, or interest in what you’re offering.
You can narrow your prospects down to underinsured individuals if you own an insurance company focused on selling personal policies. Those with enough insurance might be in your target market, but they aren’t your prospects since they don’t have a need, desire, or interest in what you can offer.
Prospecting means finding leads and turning them into prospects in business. Going back to the earlier example, you can look for leads in various ways if you own an insurance company. You can do cold calls, send emails, join events, host seminars, or invest in digital ads. The goal of such activities is to look for prospects.
You can narrow your list down by getting information on your leads’ income and willingness to purchase a personal insurance policy.
Continuous prospecting will gain you new customers and earn you more revenues.
Using Customers To Improve Prospecting
Looking into your existing customers can help you gain valuable prospects.
Find Common Attributes
You can gather information on your best customers to find out how to reach potential prospects. You should try to find out whatever you can about your top clients, including their age, gender, location, income, nationality, occupation, and interests.
You can conclude that leads with the same attributes will most likely become prospects and customers once you have this kind of information later on.
Calculate Customer Value
You can quantify the value that they bring to your business using your top customers’ list. You can consider their profit margin, lifetime value, and retention rate.
That will be valuable information if there’s a way to find out how many referrals a client makes.
Clients who advocate your products and services and refer their friends and family are easily worth five paying customers.
You can set a reasonable budget for the sales and marketing efforts you can allot for each prospect once you determine a client’s value.
Focus Marketing Efforts On Likely Prospects
Identifying potential prospects using your existing customers’ information can maximize your marketing budget by focusing your efforts on people and enterprises who are likely to be interested in your products or services.
Sites like Google and Facebook have excellent targeting mechanisms that allow you to focus your budgets on specific groups. There are even options for retargeting campaigns.
Focusing your efforts on the correct prospects will increase conversion rates and revenue.
You can maximize your profitability once you find the relationship between your current clients and your best prospects. A management consultant or business consultant can help you with this process. You can easily break sales slumps and achieve revenue highs when you master the art of prospecting.