There’s Gold in Them Leads! Why Your Business Needs Sales Prospecting
Marketing is the heart of every successful business. The more that you can expand your brand and engage new customers the higher chance of making your bottom line even stronger. However, promoting your business is only one part of the sales equation. It takes extra effort and resolve to bring people in and turn them into clients.
For B2B businesses, creating a pipeline of new leads is essential, although it can be challenging at times. As such, one crucial method that you should have at your disposal is sales prospecting. It’s not enough to just make your clients aware of your products and services. You need to convert leads into sales, and prospecting is a fundamental process for conversion.
What is Sales Prospecting?
Simply put, this is the act of taking a list of leads and figuring out how they will respond to your business. If you have 100 business cards from other companies, for example, how can you know which ones are going to be interested in what you have to offer? Although it would be amazing if that number were 100%, the fact is that you won’t know without sales prospecting.
This is the process by which your sales team contacts your leads to assess their interest in your products or services. Then, they categorize them into one of three kinds of prospects.
The Three Types of Prospects
- Cold Prospect: This is a client who is not interested in your product, even after being contacted and informed of its appeal
- Warm Prospect: In this case, the customer may or may not be interested, but will most likely have to be finessed to get a sale. For example, discounts or perks may convert a warm prospect into a client
- Hot Prospect: This is the most valuable option, as this is a customer who is eager to buy your products or services
Overall, your sales team needs to reach out to all of your leads and determine which ones are worth the most time. By categorizing your leads into these three sections, you can figure out how much time and effort you need to get the numbers you want.
Inbound vs. Outbound Prospecting
Obviously, you want as many leads as possible to be hot prospects. This will ensure that you can spend as much time converting sales while avoiding cold prospects who will only set you back.
Two methods can generate leads. First is outbound, which is when you promote yourself to a wide variety of potential prospects. For example, networking at a trade show or cold calling a list of numbers.
Inbound marketing, however, is the best way to generate leads because the people leaving their contact information are already interested in what you have to offer. Inbound marketing is when you draw customers to your brand. This can be done a variety of ways, but the most popular is through social media or a blog.
Overall, inbound marketing will ensure that more of your leads are either warm or hot prospects, so you should invest more of your time and effort into it. Rather than taking a shotgun approach and trying to reach everyone, it’s better to cast a smaller, more focused net.
Why Prospecting is Vital to Your Business
Without this crucial steps in your sales pipeline, you will be wasting time and energy on leads that don’t pan out. By making initial contact and then following up later, you can figure out which customers are going to add to your bottom line, not detract from it.
Overall, sales prospecting is an essential step towards producing the kinds of results that you want so that you get the best return on investment.
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