Turning Prospects into Clients
Your initial contact with a prospect is an
opportunity to gain a new customer. The prospect may have contacted you as a result of
your direct marketing, a referral from one of your satisfied customers, your company's
website or your listing in a telephone directory.
As part of the process of turning a prospect into
a client, it is important to understand why and how they make buying decisions and what
factors they consider when choosing an outside supplier. This article discusses the buying
process and what you can do to improve your chances of influencing and winning a
prospect's confidence and business.
Responding to Change
One of the catalysts for changing suppliers of
products or services is a change in the business's operations or requirements. These
changes can come about for a number of reasons - increased competition or costs, new needs
or dissatisfaction with an existing supplier.
Dealing with an Issue
Once an organization has decided to seek some
assistance, management will start to investigate potential ways of solving their problem
or meeting their need. In many cases, they will have a series of meetings with one or more
preferred or selected suppliers. These meetings are often used to help them with their own
thinking and estimate the potential costs and time frames as well as the resources
required to deal with the problem.
The Selection Process
Some organizations may ask a preferred supplier
for a quote to supply the product or do the work; others may ask for formal proposals from
a number of potential suppliers and then select the one that best meets their needs.
How You Can Influence the Buying Cycle
Once you are aware of an opportunity to provide a
product or service to a potential client, the most important thing to do is to establish
rapport and begin the process of building trust.
During the prospect's investigation stage, it is
important to maintain close links with the prospect and do everything you can to foster a
continuing dialogue. Most buyers prefer to award the work to a person where some kind of
personal chemistry has been established. If you have been able to develop sufficient
rapport and trust with the prospect, he or she may well decide only to involve a single
supplier - you.
In cases where the business is required to go
through a competitive bidding process for products or services, it may be possible to gain
an advantage over the competition by offering to help the prospect draft the Request for
Proposal document (RFP) and the supplier selection criteria. In many cases, the company
that assists with drafting the RFP is the one selected for the work.
The speed with which a company moves through the
buying cycle can vary significantly, as can the length of time spent at each particular
stage. Also consider that outside suppliers can enter the buying cycle at different stages
in the process. Clearly, the earlier in the cycle you can become involved, the more likely
you are to win the client's business.
Tips When Meeting a Prospect
When you meet with a prospect, here are some
techniques that can help you turn a prospect into a client:
• Maintain
good eye contact and show interest and friendliness;
• Use
body language, such as gestures and posture, to communicate your enthusiasm;
• Paraphrase
the other person's comments to indicate you are paying close attention; and
• Actively
listen and ask probing questions to clarify any concerns.
People Buy People First
The most successful business development
activities occur when you can establish a good rapport with the prospect. Keep in mind the
old adage, "people buy people first". If you can make the buyer see you as
someone with whom they can work and feel comfortable, you will be in a strong position to
gain a new customer. But even if you are not chosen this time around, you should continue
your efforts to maintain a good relationship with the prospect to ensure that you will be
asked to bid on future business. |
