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Prospect Management

Prospect Management

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Published by anujkhannaee

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Categories:Types, Business/Law
Published by: anujkhannaee on Nov 19, 2010
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05/12/2014

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Prospect Management
Prospect Management - It·s not just for campaigns anymore. In fact, it·s a continual process. Leads are
cultivated, solicited, and monitored, and then the cycle starts all over again.
Campaigns
Find the prospects, qualify, cultivate, solicit, close and monitor. If only it were that easy to make sure that it
gets done. You must have one focus ² hitting your campaign goals.
One key is to make sure you have the right number of qualified prospects in your database. If you have too
many prospects at the lower end of the spectrum ² your sales team will be overwhelmed by quantity and will
miss out on the quality!
Prospect Management and Research
What if you don·t have enough qualified prospects? Research! Research! Research! Prospect management and
research should work hand in hand. It should be a two-way flow of information. Everyone can help dig up
new leads. Peer screening and electronic screening can also help you gather additional names for research.
Keeper of Your Prospects
You need to have one person dedicated to your prospects ² not only to manage your lists, but make sure that
information is reported back - and entered into your database. If the information does not get reported to
the appropriate people, then you may as well not have gathered the information at all.
This Keeper must hold the sales team accountable for their prospects, progress, visits, and next steps. That
way, information can flow seamlessly and in a timely manner with one person keeping everything
streamlined. Further prioritizing of your prospects based on similarity and capability will only further your
capabilities.
Lists, Lists, Lists
Manage your prospects with multiple lists:
Who was already solicited, and what is the action plan
Who needs to be solicited in the next 90 days
Who needs an additional contact before solicitation ² and what is the action plan
Who needs to be contacted right away ² within the next 30 days?
Take Care During The Campaign
While the sales teams are out cultivating and soliciting, they should also be making monitoring visits. These
visits should be celebratory, informational, and thankful. You do not want to skimp on these visits ² it could
impede future closed deals.
AfterThe Campaign
You hit the goal, now what? First you celebrate! Then you monitor all of your prospects appropriately! At the
same time, you probably will have new initiatives and programs in development; or, you may have
uncompleted goals from the current campaign ² and you need to keep the momentum going.
Consequently, you have prospects that you cultivated that weren·t quite ready to close before the intiative
ended. Likewise, you have to answer the question of who will be your prospects for the future.
Truthfully, every action you take after the campaign sets yourself up for the next one. Even if your quiet
season, you need to think about lead generation towards your next campaign. You also may have some
intermediate projects that require attention ² so it·s important to keep a fresh list of prospects at all times.
You finished a successful campaign. You are now in the middle of a strategic planning process, and of course,
with every strategic plan come new initiatives ² and with every new initiative come another opportunity.
Prospects and Established Customers Keep Moving
You were unable to see all of your major prospects ² didn·t close a vast majority of them. But they are still
viable leads. Plus, many of the ´too small for us opportunitiesµ could grow into major prospects in the next
couple of months or years ² those are definitely ones to keep an eye on and develop now.

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