Targeted Prospecting Leads to New Business Development

RMA Journal, The, Nov, 2001 by Buck Bierly

I'd like to come back again, say, in three or four months, find out more about your expansion plans, and see we can be a resource to you. What do you say, Jack? Can I come back again in three or four months?

Business owners like to hear ideas that offer solutions to their problems; so when ideas are offered, they are likely to agree to a second call. During that call you can discuss another idea. For instance, discuss how the prospect can finance the additional rolling stock that will be needed as the company expands.

On a good first call, you do 30% of the talking; the customer does 70%. Do not talk about your products on a first call. Talk about their business, talk about them, talk about where they want to go, about how you have helped other business owners get to where they want to go. They're looking for a partner and an advisor. They're looking for help, they're not looking for a loan at this point in time.

Objectives for the First Sales Call

(1.) Book another appointment within three months. This is the first of five calls, walk out with a commitment for another appointment.

(2.) Pick any low hanging fruit. The fruit is an immediate need. For instance, the prospect may have just sold a $500,000 piece of equipment and needs a place to invest the proceeds.

(3.) Understand the history of the business.

(4.) Understand the five-year view of the business.

(5.) Understand the prospect's business operations.

(6.) Understand the prospect's financial operations.

How long does it take to accomplish these objectives? Anywhere from 60 to 90 minutes. You may think you'll never get that much time in front of a customer, but if you spend the time talking about the customer, you'll get it. Business owners have all the time in the world to tell you the greatest story ever told-their story. They have very little time to hear about your products.

Don't give up on this prospect until after the fifth call. No matter how many times they tell you, "I'm happy with my current bank," you keep going back, you keep talking about the future, you keep talking about their business operations. And if you can get back in the door by doing this the third, fourth, or fifth time, there's no doubt you will get business from these people in that 15-month period.

Bierly is president of MZ Bierly Consulting, a sales force management firm in Philadelphia.