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What is Sales Prospect? – Banks9ja

Imagine you’ve called on one of your leads and received a great tip that could just be the story you’ve been looking for.You’ve asked them the questions and they’ve answered them all with the details you hoped to hear. At this point, your lead becomes a prospect. Following a prospect is where the real legwork begins, but it’s also the exciting part.In the business world, it’s just as exciting.The lead has been qualified and hopefully is willing to have continued correspondence with you.This lead has the problems that your products solve, a budget that warrants your pricing, and a timeline that puts them near ready for a decision. However, you may not get the sale right away.In B2B scenarios (especially larger organizations) there are multiple people involved in the buying decision. The data suggests 5.7 on average.For this, your one-lead story becomes a multi-person operation.More interviews, finding the right person to talk to, and schmoozing everyone in order to get the intel that you want. Call it journalism, call it sales — not much of a difference.What is Sales Prospect? - Banks9jaThat’s ok.Just make sure that you factor that into your overall process to deem it worthwhile. If a prospect is close to making a decision, but needs a ton of work dealing with multiple influencers; you’ll want to factor that into your efforts.Prospect: A lead that has proven to be a fit for your products/services and is progressing toward a decision by having a continuous conversation with a sales rep.For these reasons, the prospect stage isn’t necessarily a short one.This phase could actually be the longest, given the direct time that you’ll be involved. Leads are leads until you get to have a conversation.Prospects are prospects until they move into the opportunity phases (our next definition), or are ruled out due to other factors (e.g. cold feet, change of personnel, unforeseen issues). Although, you shouldn’t continue to call them “prospects” if they aren’t progressing toward a decision.This doesn’t mean they won’t buy, but it could be a time when they aren’t seeking a solution and aren’t a viable prospect for a closed deal.Note: There is another definition for prospect that we didn’t include here for the sake of confusion. Essentially, a prospect (by this second definition) is a company/individual that fits into a particular buyer persona. Before you contact them, they are already a prospect by this definition. We opted not to detail this one out.Another Note: The word “prospect” is also not to be confused with “prospecting“. Prospecting is the process of finding leads in the first place. (See why we’re trying to define these terms?)

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Joseph Paul

Joseph Paul is A Business Writer and Social Media Strategist at Banks9ja and Impeesa Digital Service Who has succeeded in helping young and aspiring bloggers grow in his Blogging Academy He is a Hustler and young Nigeria Entrepreneur who is still helping small buinesses skyrocket.

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