Prospect Generation Glossary

Who is a Prospect?

A prospect is the one who is qualified or determined by the company to fit into their buyer persona and who have not expressed interest yet to buy their product or service, but rather they plan to change over them to customers sometime in the future.

What is Prospect Generation?

Prospect generation is a process of fetching the information ex. Phone number, email id's of the prospects and nurturing them to become a lead through activities like cold emailing, cold calling etc.

How to Generate Prospects?

Prospect generation can be achieved by: 

1. Building a list of email ID's and phone numbers.

2. Influencers who provide referrals. 

3. Professional Podcasts weekly with guests and interviews.

4. Webinar or seminar.

5. Speak at conference.

6. Guest blogging.

Who is a Lead?

A lead is a qualified prospect that has started to exhibit the buying behavior.

What is Lead Generation?

Lead Generation describes the marketing process of stimulating and capturing interest in a product or service for the purpose of developing sales pipeline.

How to Generate leads?

Content marketing is the key to generating enough leads. Other mediums include - Tv, Radio, Yellow pages, PPC Ads, magazines, newspapers etc. 

How are leads generated through content marketing?  

Generate content relevant to each stage of the customer thoughts. The stage includes 

1. Awareness of lead.

2. Consideration research. 

3. Analysis and comparison.

4. Purchase and loyalty.

How to write relevant content ?

1. Understand your target audience.

2. Sketch out buyer persona in detail. 

3. Problems your customers have. - Make a list of your customer concerns.

4. How can you keep you customer glued to your content? - Tell a story.

5. Create content with a purpose - Include a call to action.

What is Sales Cycle?  

A sales cycle is the series of predictable phases that begins with the initial contact with customer, identification of product/service to be procured, acceptance of the intended purchase and the transaction that completes the sale.

Steps in Sales Cycle:

Prospecting Collecting the names of Prospects systematically. This helps your business to familiarize with all aspects of relationships with market participants. Prospecting - Collecting the names of Prospects systematically. This helps your business to familiarize with all aspects of relationships with market participants.

Pre Approach This is an important step - It begins with Researching the prospect then understanding the customer needs and to end learning all the relevant background info about the individual and his business.

Approach The first few minutes of sales call is crucial to any organization because it the first step towards building trust. This involves the introduction to who you are, what you represent, a small talk about the clients expectations and generally explaining how your product can make a positive impact to their business in terms of revenue.

Presentation This incorporates Product demonstration video, PowerPoint presentations, or letting customers actually look at or interact with the product.

Handling Objections Once the presentation is done it's natural for your clients to have some hesitations and objections about the product. Look at objections as the positive opportunity to further understand customer needs and respond responsibly. 

Closing the sale  Once the customer is convinced that you product/service would add value to their business, you close the deal by agreeing on terms of sale and finishing up the transaction. There can we cases where it might take several sales calls to close a deal in the process of addressing further objections.

Follow-Up This comprises of assuring customer satisfaction, retaining customers and prospecting for new customers. 

What is Sales Funnel?

A sales funnel also called a purchase funnel, is the visual representation of a how a sale proceeds in a linear fashion from customer awareness to customer action. This illustrates the idea that illustrates the idea that every sale begins with a large number of prospective customers and ends with a much smaller number of people who actually make a purchase.

This has 4 sections:

1. The ones who are aware of the company.

2. The ones who have contacted the company. 

3. The ones who made a purchase.

4. The ones who are repeatedly ion contact with the company.

e.g. If you are targeting 50 customers by the month end. Start with 250 hot prospects, 1250 qualified prospects and 6250 suspects. 

Suspects 6250
Qualified Prospects 1250
Hot prospects 250
Customers 50