6.

BUSINESS NEGOTIATIONS (2):

PROSPECTING
 Purpose
PURPOSE
• provide you with a structured approach and a set of core skills to
enable you to prospect more productively

WHEN?
• after deciding the business strategy, the next step,
• before SALES & NEGOTIATIONS

3 KEY PHASES / SKILLS:

• PREPARE
• CONTACT
• ASSESS & IMPROVE
 Phase 1:
Prepare
PHASE 1: PREPARE

1.1 Analyze your flow of business

1.2 Find prospects
1.3 Identify business issues
1.4 Plan your approach
WHAT ABOUT
YOUR BUSINESS
DEVELOPMENT FUNNEL?

Negotiations, if the case! =>

 1. Targeting Prospects

2. Earning the right

Business 3. Analyzing Requirements

Development 4. Internal Analysis

Funnel / 5. Recommending Solutions
Pipeline: 6. Delivering / Implementing
example of
phases 7. Maintaining & Expanding
1.1 ANALYZE YOUR FLOW OF BUSINESS
• Meeting your goal relies on a steady flow of prospects
through your funnel.
• Regularly assess the movement of prospects through your
funnel to ensure your focus is balanced.
• Calculate how many prospects you need to contact weekly.
 Determine if you have enough leads;
source more as needed

Ask for names of those who

might benefit.
Ask for
Ask permission to use contact’s
referrals! name.
Ask about lead’s business issues.
1.2 FIND
PROSPECTS Gather complete information on your
leads, review leads to identify
prospects.

Prioritize prospects - Evaluate leads

against characteristics of your best
customers to identify prospects.
 1.3 IDENTIFY BUSINESS ISSUES
• Types of business issues:
• External conditions
• Organizational responses
• Functional challenges

• Identifying business issues helps you:

• Pursue a prospect that you can help.
• Capture prospect’s interest.
• Target industries/companies that
would benefit from talking with you
 TYPES OF BUSINESS ISSUES
I. External conditions
-> include: II. Organizational Responses
• Economy - >can be in response to external conditions and include:
• Competition • Corporate goals and objectives
• Costs • Reduction in operating expenses
• Political events • Strategic planning
• Environmental issues • Re-organization, downsizing

III. Functional Challenges

- > usually result of organizational responses to external conditions and include:
• Staffing
• Space utilization and planning
• Acquisition and use of resources
• Department budgeting
 It is important to qualify before the call

Your overall plan:

• Establish a goal.
• Adhere to a schedule.
1.4 PLAN • Prioritize your prospects.

YOUR Your prospect - specific plans:

APPROACH • Identify who to call.
• Strategize how to get in.
• Conduct research.
• Plan what you will say:
• To the prospect
• To the screener
 PHASE 2: CONTACT

Request
Action

Explore

• Engage Engage

• Explore
• Request action
 SKILL 1: ENGAGE THE PROSPECT.

Request
1. Greet the prospect and introduce Action
yourself.
2. Make a purpose/benefit statement Explore
(linked to business issues).
3. Gain agreement to continue.
Engage
 SKILL 2: EXPLORE BUSINESS ISSUES.
1. Use open probes to gather Request
information. Action

2. Listen and ask follow-up

questions. Explore

3. Acknowledge the prospect’s

feelings and point of view.
Engage
 OPEN PROBES:
• Open probes elicit more than a yes/no or short answer
• To be most effective, open probes should:
• Evolve from your purpose/benefit statement.
• Link to prospect’s business issues.
• Demonstrate you are informed on prospect’s business issues.

Acknowledge:
• You can acknowledge the prospect’s:
• Logic or point of view:
-“Of course. The ability to control costs plays a critical role in maintaining a competitive advantage.”
• Feelings about the situation:
- “It’s terribly frustrating to be treated that way.”
 SKILL 3: REQUEST ACTION.
Request
Action
1. Summarize the reasons for
moving ahead.
2. Specify the next steps. Explore

3. Thank the prospect for

speaking with you. Engage
 Ensures you are investing time in the right
prospects

After business issues are confirmed

QUALIFYING Might be done over the course of several

conversations
PROSPECTS
Qualifying Criteria Categories

1. Potential
-> Make sure you 2. Authority
qualify on criterias: 3. Resources
4. Time
 ADDRESSING INDIFFERENCE:
Common Reasons for Indifference:
• Don’t have time to talk (not a priority).
• Are satisfied with current situation
(competitor, in-house solution, fear of change).
• Don’t need to make changes (don’t see issues).

• Be prepared for indifference before you call!

• How you respond to indifference can
distinguish you from your competitors!
 ADDRESSING INDIFFERENCE:
• Steps for Addressing Indifference:
• Acknowledge the prospect’s indifference.
• Provide a reason to continue.
• Gain agreement to continue.

• Examples of acknowledge
• “I can appreciate that you are busy.”
• “I respect your position.”
• “I can appreciate that you are satisfied with your
current situation.”

• Avoid words like “but” and “however”!

• Maintain positive attitude regardless of outcome!
 WORKING WITH SCREENERS

Think of screeners as an extension of prospect.

Plan ahead – know what you will say.

Use the following model of steps :

• Introduce yourself and ask to speak with the prospect.

• If asked, state the purpose of your call.
• Ask for help in making contact with the prospect.
• Thank the screener for his or her help, time, and courtesy.

Remain courteous & positive, regardless of outcome.

Before making a call…
• Draft your voice mail message.
• Edit the message.
• Practice speaking the message.
USING
Voice Mail VOICE MAIL
• Plan voice mail message before calling &
prospect.
E-MAIL
• Practice message to ensure proper content,
tone EFFECTIVELY
E-mail
• Draft e-mail; keep it brief.
• Ask colleague to review and provide
suggestions.
• Keep up to date on spam filters, opt-in laws.
 PHASE 3: ASSESS
2 Levels of assessment:
Assess both:
• Individual prospecting calls
• Overall prospecting approach
to increase prospecting effectiveness.

Steps:
1. Track your calls
2. Assess your skill use.
• Review your strengths
• Identify best practices
3. Plan for improvement and set new goals
4. Practice!
THANK YOU!