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HOME » NEWSLETTER & ARTICLES » Prospecting & The Power of One: The High Performing Salesperson
Prospecting & The Power of One: The High Performing Salesperson
by Bill McCormick,
President, Sales Training And Results, Inc. (STAR)
In today’s business environment, most organizations now have to deal with factors such as market maturity, customer consolidation and increasing global competition. These industry challenges make prospecting for new business even more difficult then ever, and all the more necessary for growth. Most sales managers claim that their sales people spend too much of their time in their comfort zone and not enough time prospecting.
Just take a moment to think about the power and the results of one great inventor or one successful businessperson, one charismatic leader, or even the power of one amazing idea. People like Thomas Edison, Henry Ford, Amelia Earhart, Martin Luther King, and Bill Gates come to mind.
The Power of One Great Sales Person
The results generated by one single high performing sales person can be remarkable. Managers report that their top performing salespeople are not only highly skilled at their jobs, but they generate a disproportionate amount of sales results, such as profit growth and number of new accounts. Don’t underestimate the power of one great salesperson! Now how can you get your entire sales team to do this?
The Power of One Great Coach
When surveyed, most sales managers cite that it is outside the comfort zone of their sales people to prospect for new business. As such, a sales managermust coach and develop the prospecting capabilities of each sales person. Just because a sales person does a great job at account management, does not necessarily mean that this same person is comfortable and competent at business development.
Research demonstrates that frequent coaching by a manager correlates to a significant increase in the skill and strategy level applied by a sales person. Managers need to coach their salespeople in two ways. First, they need to help the salesperson develop a strategy and plan which includes clear business goals and targets. Second, they need to ensure that their salespeople have the necessary capabilities and skills needed for success.
What Are The Most Common Mistakes Made by Sales Professionals?
Sales people often make the same common mistakes when prospecting. First, they don’t spend nearly enough time on prospecting for new business. And when they do put forth the time and effort, they tend to go after the wrong types of prospects. Sales people need to know how to identify and gain access to the best prospects.
Not All Prospects are Created Equally
A common mistake is to go after the wrong prospect. Not only will this waste time andmoney, but if you do succeed in making a sale you will likely regret it.
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- The prospect has a genuine need or interest for your service or product
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- The potential size of the sale justifies your selling effort and resources
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- The timing is right (in terms of the "decision process" and deadline for decision)
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- Your contact(s) have the authority to buy
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- The money or funding is available in the budget
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- The prospect values what you provide and is not just interested in price
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Another mistake is to rely on non-productive and outdated prospecting methods. Sales people need to understand and become proficient atcreative and more productive ways to prospect, rather then relying on conventional methods such as cold calling over the telephone and just stopping in (what some firms call “smokestacking”).
The best sales professionals use creative methods to prospect, such as:
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Stay active at industry associations (join a committee, give a speech, network, etc.
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Ask for referrals from current customers and others
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Use the Internet to research and identify the best sales opportunities
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Send targeted mailings and emails
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Conduct informational seminars (not a sales pitch, but an educational event)
Preparation for prospecting sales calls also differentiates the best sales professionals. Average sales people ‘wing it’ whereas the best sales people prepare and practice what they will say, notably their “elevator speech”. Sales people who can describe in two minutes or less the value that their company, products and services can offer a potential customer are more likely to gain access and advance the sale. Conversely, those who have not formulated and practiced their value statements and “elevator speeches” are not likely to get a second appointment.
Similarly, since you may only get one chance to speak with a new prospective client, it is essential to prepare and ask the right questions in order to qualify the sales opportunity. The best sales professionals ask the best questions. It sounds like common sense, but it is not common practice.
The Value of One New Customer for Manufacturers and Distributors
Of course not all prospects are created equally. Now take a moment to think about how much one good prospect is worth to your company. Manufacturing clients report that the average new account brings in between $75,000 -$100,000 annually. Similarly, distributors and brokers report that on average one new account brings in $25,000 or more.
The chart below summarizes the cumulative results that can be achieved through increased prospecting activities by one effective sales professional. Hence, the Power of One!
The Power of One
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Annual Activity by One Sales Professional |
Before Coaching & Training |
After Coaching & Training |
Percent Improvement |
Increase in New Accounts |
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Proposals Submitted |
40 |
60 |
50% |
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Win Ratio (# proposals to win 1 new customer) |
5:1 |
4:1 |
25% |
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Cumulative Results (# of new customers) |
8 |
15 |
87% |
7 |
“However beautiful the strategy, you should
occasionally look at the results.”
- Winston Churchill
Sales managers need to lead the effort to coach and support everyone…top sales performers included…to do a better job at selecting and winning new business.
The power of good prospecting can and should result in steady growth and improvement, producing dramatic results for you.
A combination of proactive coaching and sales training will increase the confidence and competence of your sales force to do
prospecting well.
About the Author
Bill McCormick is the founder and president of Sales Training And Results, Inc. (STAR), a firm specializing in customized sales training, consulting, and reinforcement. Prior to founding his own company, he worked for more than 10 years in sales, sales management, and marketing for a Fortune 25 chemical corporation, after which he joined an international consulting firm as Vice President of Marketing for five years. Mr. McCormick specializes in the design, delivery, and reinforcement of sales and management training workshops for many large corporations, including one-on-one coaching of sales professionals and managers.
Mr. McCormick has written numerous business articles (such as “How to Wow Your Customers and Increase Retention and Profits”) and been published in magazines such as Sales and Marketing Management. Mr. McCormick earned his M.S. degree in Business Administration from Johns Hopkins University and a B.S. degree from Rensselaer Polytechnic Institute.
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