Happy Friday, everyone!
This week's poll question was inspired by a recent Sales Brew podcast by Jack Kasel, "Finding Sales Opportunities" (click here to listen to the audio or read the transcript). Kasel makes the point that while prospecting should be a priority for every salesperson, it is also important to pursue the most productive types of prospecting (e.g., seeking introductions versus making cold calls).
So here is this week's question:
How much time do you devote to prospecting each week or each month? What are your favorite prospecting methods?
Looking forward to reading your replies!
New business (from new and current accounts) is the life blood of commerce. Current accounts are the most easily-leveraged source of incremental business. Prospecting volume depends on current account load. Even with a mature/top billing list, I prospect more than most sellers. If I am building a small list, I'm prospecting multiple times a day. If I have a mature/top-billing list, the good reason that I'm prospecting less is because I'm always looking for ways to grow the current accounts' businesses and use more radio to make that happen.
I'm an anomaly - I love to make cold calls - by phone or in person. I applaud those who do similar things with fewer words, but I've found the following approach (of several to choose from, depending on the advertiser) gets me to close more new dollars - with both new and current accounts - than most salespeople:
<Advertiser Name>, my name is Andy McNabb of <Radio Station(s)>. We have a documented system that enables you, as a <Market Name> <industry category>, for the first time, to measure your advertising results to the penny (note to reader - there's a variety of approaches to doing so, but I'm not going to confuse them).
This month/next month, I have the responsibility to choose one <Market Name> <industry category> and then send them business with this system. I've called you because <irrefutable, specific, non-platitudinal, non-flattering reason about the company and/or their industry>.
So you can calculate the amount of business you'd get, I first need to get some questions answered about
1. What makes <their Company Name> unique and compelling to your customers and
2. Where you see the opportunity and challenges in <Market Name> <industry category> over the coming year.
3. If we both see some potential, I'll go back to the station and work with our people to scope out that system, specifically for <Company Name>. After that, once you see it, if you like the money you can make with it, we're both further ahead.
What's a good day this/next week for 45 minutes?
Advertiser: Send me some information/What's it all about?
This is all focused on what you tell me where you see opportunity in the market and what makes your company specifically unique and compelling for customers to choose you; and that determines how we shape the plan, the strategy and the message, so you can track your results. What day this/next week works best for 45 minutes?
Sales is a 24/7 job. Business is where you find it. In a bar on Friday night. In the church parking lot on Sunday morning.
I keep a notepad next to me when I watch TV at night. I see a local business on Cable I call them the next day. I pass out cards at Chamber of Commerce meetings and at golf tournaments. I apply the 3 foot rule. Everybody within three feet of me gets a business card. And I make sure that I get one of theirs. I subscribe to the iCloud so that when I type their contact info into my cell phone it shows up in all of my computers.
Sitting around waiting for the phone to ring is a fools fantasy. In short, when I'm not closing, I'm prospecting.
NO ONE IN SALES WANTS TO HEAR THIS!!!!
The ONLY way to make a sale is to have someone to talk to. The only way to have someone to talk to is to look for prospects. The only ways to find prospects are 1) Ask for referrals 2) Have a SOLID networking plan and 3) Make time for COLD CALLING (ughh, the very words make me shiver).
Okay some facts from our experience: We did enough research to know that the BEST time for cold calling is Wednesday starting at 3PM. I could write you an entire white paper on why but for now trust me.
Who do you call? Everyone. Don't worry how big or small the business is. Everyone.
What do you say? Here is what I like to say:
"Hi it's Chris from the radio stations (I don't say which one, I don't ask "HOW ARE YOU" I launch right in)
"We have a radio station in town and all I am asking for you to do is listen to it for the next two days... it's at 104.9FM. Now if you'd do that for me I'd like to come in after and get your impressions of the station. I will take just 90 seconds. Can you do that for me? I promise I won't waste your time". If I have movie tickets that I have traded I offer those up too.
How does this work? Ever 9.4 calls results in a meeting. It is called the Opinion Demo and is NOT for you to do more than find out what they are saying and make the SECOND of ten contacts that you will need with this person to make a sale.
Our math:
Average order +/- 9000 (short term and agency sales take that number down because of their length)
Average number of Presentations to make an annual sale: 3
Average velocity to a sale from CNA: 18 days
Average number of CNAs completed from 4 scheduled for the week: 3
So... 9.4 calls = 1 CNA. 3 CNAs = one average sale of $9000. That means each cold call is worth $321.42 even if they hang up!
IF you are a salesperson and work JUST 40 hours per week, two hours of smiling and dialing per week is 5% of your entire week. Can you spare it?
I cover this in depth at the FREE (and worth every penny) sales training on RadioSalesSchool.com
