NEW BUSINESS PROSPECTING FOR GROWTH

Business has slowed down not just because of the pandemic but also because people (consumers) have shifted their priorities due to uncertainty. Nevertheless, "The Show Must Go On" even if it has slowed down. In these uncertain times, business leaders are sometimes forced to find new sources of revenue to make up for the losses in revenue. Whether your organisation has a New Business Development Team or the task of New Business is de facto allocated to Vice Presidents and Directors, the pressures of acquiring more new clients quickly has exponentially grown. Bringing new clients in, to ensure the machine is fed and running has become the No.1 priority (no matter what the deal value is).

"BUSINESS PROSPECTING ISN'T FOR THE FAINT OF HEART. IT'S FOR THE BRAVE,THE  PATIENT AND THE PERSISTENT. IT'S FOR THE OVERCOMER"

9 tell tale signs to look out for when New Business Prospecting

 

The Idealist Prospect

These types of prospects have big visions and want revolutionary ideas at break neck speeds. They are fabulous to have if their visions are reasonable, ideas are feasible and have the time and money to implement 

 

The Celebrity with Options Prospect

These types of prospects can wreck havoc on your teams morale as they not only expect VIP treatment 24/7/365 by constantly threatening to take their business elsewhere because they 'have options'.  

 

The Control Freak Prospect

These types of prospects have a hard time letting go, and micromanage your team on even the simplest job. They are extremely hard to satisfy because the job was done by someone other than themselves. Their intrusive behaviour (while mostly with good intentions) can be disruptive to the culture of your organisation. 

 

The On-Fire Prospect

These types of prospects most often are Rebels without a Cause. Everything is wanted immediately when nothing is actually needed. These types of clients can negatively affect not only the morale of your team as they are forced to work late nights and weekends but also affect the output quality of your solution  

The Missing In Action (MIA) Prospect

These prospects appear to be very busy all the time. While they may to be excited to begin work immediately they disappear when they are needed most. These prospects can wreck havoc on timelines and deadlines.

 

The Frozen Options Prospect

These prospects love options (the more the better) but freeze when they have to make a decision. Their love for options can result in brief changes, extending deadlines and constant dissatisfaction with their decision. 

 

The Resistance Prospect

These are prospects who are in love with the past; the way they did things and the outcome that they produced. They are highly skeptical of new things especially if these counter what they know or what they are used to doing. 

 

The Trending Prospect

These prospects latch onto anything new. Their desire is to be at the very edge of whats happening without thinking about how their company (brand, product, service) fits into the trend. These types of prospects can waste a lot of your team's time and not actually produce any work as they eventually realise that it does not fit their brand or there is a newer trend to adopt. 

 

The Ideas Everywhere Prospect

These prospects have short attention spans to ideas and tasks. They constantly jump from one idea to another. These types of prospects can derail all forms of project planning and deadline fulfillment.  

Negotiating a deal in difficult times can become like a dance standoff. Each side pushing to get their wishes and desires fulfilled; sometimes at the expense of the other; sometimes with neither side backing down and often not knowing when to walk away.

 

There are 5 steps towards navigating the dance to a win-win situation for both parties concerned. 

 

Listen to Understand 

Asking many questions that go beyond yes or no answers helps you not only understand the other's point of view but also to helps them articulate their wants and needs better. As humans we have an inbuilt need to be heard.

 

Show Empathy

Listening to what is said and truly understanding their wants, needs, desires and emotions can help you navigate the negotiation better.

 

Build Rapport

As in any relationship, being perceived as a partner who genuinely cares and is concerned with their wants, needs and desires makes it easier to persuade.

 

Communicate

Don't let the negotiation be their monologue. Articulate your wants, needs and desires. Ask them to help you arrive at common ground where its a win-win situation.

 

Timing

Timing is everything in the new normal. Sometimes its not the right time; Sometimes it's going to take more time. It is important to engage throughout the process no matter how tough or long it may be. Take a break and schedule a follow-up meeting to discuss certain points. 

 

If you are clear on the outcome you want, you should be able to evaluate whether you're achieving it or not. Demonstrate cooperation, flexibility and your resolve towards a win-win for both businesses.

In closing, New Business Prospecting is tough. Being able to quickly identify your prospects' attitudes and behaviours early on, will help you plan your time, your efforts and help you achieve your goals.

Trigger Worldwide is a Brand Marketing Agency, built specifically for businesses to create Sustainable Growth. Our proprietary tools and process methodologies harness Technology, Creativity & Innovation, leverage Economic Drivers and Consumer Beliefs to help businesses overcome marketing inefficiencies and achieve their Growth Agendas.

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