Prospecting is very important in the modern day business world because it is the method of finding out prospective customers. A good salesman keeps a watch the prospects whom he can convert into buyers. It also serves as the basis of determining the ultimate success of the salesman. The process of prospecting is done on a continuous basis by the successful salesman.
The selling process begins with collecting demographic information about the people who can prove to be potential customers. Finding out individuals who are most likely supposed to purchase is known as prospecting. There are several methods of prospecting. The salesman can decide which particular method or prospecting he wants to adopt. Some of the important and most frequently used methods of prospecting are as follows:
Family Tree Method
For gathering the names and addresses of the prospects, this is one of the most important and popular methods. While the salesman is interviewing a prospect, he can collect the names and addresses of the relatives, friends and family members of the prospect also. At times, a salesman asks the satisfied consumers to recommend the names of friends and relatives who they think can buy the specific products or services. A satisfied customer can provide the names of the friends and relatives as they have already used the product and have a favourable experience. They can be convinced that the product or service will also provide satisfaction to their friends, relatives and other family members. Therefore, the process of prospecting increases continuously and the chain becomes endless. This method of prospecting has proved to be very successful in the sales of intangibles like investment, insurance, educational courses etc. this method is also called endless chain method.
Canvassing or Cold Turkey Method
The salesman makes a random list of individuals with an assumption that they are good prospects in this method. After preparing such a list, the salesman starts meeting them without collecting any information about their taste, likes, dislikes, financial status etc. and canvasses about the product or services he wants to sell. Such random method of prospecting can sometimes be successful on the other hand it can also realize only a few prospects at times. Some authors believe that this method of prospecting is just wastage of time, energy and skills of the salesman. This method of prospecting may be complex or may not be very successful but it provides the salesman with a valuable experience of meeting the strangers and convincing them. It is one of the most popular methods of getting new business in unexplored areas, especially in rural areas. Many organizations have used this method very successfully to sell the tangible products on a door to door basis.
Centre of Influence Method
The salesman, under this method, takes the help of influential persons who hold a respectable status in the society and can provide information regarding prospects. These persons are doctors, lawyers, counsellors, bankers, professors, social workers, politicians and important personalities having number of friends and contacts in the society. The salesman finds out people who are in need of his products and services through these special people. The recommendations made by these persons carry much weight. So, it becomes easier for the salesman to convert the prospects into customers. These persons can also introduce the prospects personally to the salesman. Prospects are influenced if such people recommend them and it becomes easy for the salesman to convert the prospects into customers. So, this method is very popular and used widely by the organizations.
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