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By John Orvos, Founder and CEO of Sellcoach.com.
In your search for leads in any business, target industry segments for which you have expertise. A knowledge of the industry segment you are targeting makes you more credible and confident.
The first step of any sales effort is to search for leads to which you can sell your solution. A lead is any company that can potentially purchase your solution. The goal of the Sleuth is to provide these leads for the Face of the Bull.
The Face of the Sleuth conducts inquisitive searching, as would any detective in the process of solving a mystery. Searching for leads requires a determined effort. Like any Sleuth searching for clues, you will discover that many possibilities are “blind alleys,”
amounting to nothing. However, like any good Sleuth, you are diligent and eventually find the things you seek. This information brings you to your potential customers.
1. Create a list of your personal and business contacts
- Personal business (accountant, store owners, dentist, etc.)
- Personal list (friends, neighbors, classmates, religious organization, etc.)
- Business (your managers, previous vendors, fellow employees/peers, etc.)
- Current and past customers
2. Target known industry segments
Identify those industry segments in which you and your company have the most knowledge expertise. This helps to eventually close the sale; later in this process, when you wear the Face of the Doctor, you must be positioned as an expert.
You are more comfortable and appear more confident if you understand the industry to which you are selling. This expertise enables you to be more credible and capable in analyzing and solving your customers’ needs. For this reason, target
industry segments for which you have expertise, and develop knowledge of industries you wish to target in the future.
- Obtain the names of companies in your targeted industry segment. You can buy a list of company names in your targeted industry from www.infousa.com.
- Subscribe to and read technical and industry trade magazines and business publications.
- Join trade-associations and attend events, seminars, and trade shows.
- Go to your current customers’ websites and find key words to identify their products or services offerings. Then search on those key words to find other businesses that offer the same. Search tools include www.yahoo.com and www.google.com.
- Read the home pages of your targeted customers on the internet.
- List the competitors of your targeted and current customers. Search under the company name at www.hoovers.com.
3. Target your customer category
Targeting the size of your customer depends largely upon the conditions and goals of your business.
Category “A” Companies
Category “A” companies are larger firms, usually generating over $500 Million in revenue. Because they often have a recognizable brand, they can become your “flagship” customers, thus putting your company “on the map.” If your goal is to
generate large contracts for highest potential sales volume, then your sales strategy is to target companies in this category.
The advantages in targeting “A” companies are:
- Establishes credibility for your company
- Increases long-term revenue potential
The disadvantages in targeting “A” companies are:
- Difficult to penetrate
- Many people involved in decision making
- Demanding negotiation terms
- Lengthy sales cycle
- Highly competitive
Category “B and C” Companies
Category “B” and “C” companies are, generally, smaller than category “A” companies. If your company needs to generate revenue quickly, then target these.
Category “B” companies are medium sized firms that usually generate $100 to $500 Million in revenue. Category “C” companies usually generate $1 to $100 Million in revenue.
The advantages in targeting “B” and “C” companies are:
- Accessible decision-maker
- Short sales cycles
- Quick cash flow
The disadvantages of targeting “B” and “C” companies are:
- Low long-term revenue potential
- Higher potential of business discontinuation
If you are working at or own a startup-company, cash flow is king. Therefore, focus the majority of your time on “B” and “C” companies to generate fast cash flow during the
startup sales effort. If your organization is more established, or is not in need of fast cash flow, focus your efforts on larger “A” companies.
It is a good practice to balance your efforts to maximize the potential for both short and long term growth. A typical mix is 80% concentration of one and 20% concentration on the other.
4. Target your contacts
An initial contact is the first person or group of persons you will call. They can be positioned to make a buying decision or influence a buying decision. They have various titles, such as
CEO’s, Presidents, Vice Presidents, and Department Managers. Call the company receptionists and ask for these contact’s names, direct phone numbers, and email addresses.
Create a Call List
In order to manage and organize your list of leads, prepare a call list of companies. Software and online sales tools exist to help you organize your call list, such as www.sellcoach.com,
an online sales tool that provides a collection of company information, past history and sales strategies.
5. Ending the Face of the Sleuth
The Sleuth’s job is to provide leads. Research the information thoroughly to include contact names, titles, reach numbers along with industry, product, and competitive information.
When this and a contact list are prepared, you no longer need to use your Face of the Sleuth.
John Orvos is the founder and CEO of the Sellcoach.com, an online sales tool to manage contacts, generate reports and reinforce sales strategies. Mr. Orvos is a
well-known speaker and coach for sales professionals nationwide. With 10 years of sales credentials, he brings unique and fresh perspectives in a practical guide
for sales professionals. He is the author of the Four Faces of Sales, which teaches sales professional how to prospect, present, and close more sales. Mr. Orvos
has consulted with companies in the Technology, Software, New Media, Consulting, Advertising, Publishing, Retail, and Business Services industries. Mr. Orvos is
a 1989 graduate of Penn State University. He currently lives in Princeton, New Jersey, with his wife, Lisa.
Please contact John Orvos at john@sellcoach.com with any questions.
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