Thursday Jun 9
On smart targeting of prospects
All good business people appreciate the importance of addressing their customers' needs.
However, they don't always make sure that the prospects they target are those with the needs that they can best address, and address them better than their competitors can. They often make the mistake of targeting what they perceive to be the juiciest prospects - failing to realise that they don't have anything special to offer. Furthermore, they don't necessarily target those that will be best for their business, often being seduced by the more glamorous prospects, who may not be the best customers.
So, my tip is this; when targeting prospects use two separate and distinct sets of criteria:
- Look for prospects who want what you have to offer, and who will buy from someone like you.
- Look for prospects that will help meet your business goals for growth, profitability, sustainability, cashflow, portfolio etc.
The prospects who score high against both sets of criteria are the ones to target. If there are not enough of them, perhaps you need a bit of a strategic rethink!
