Bull's-Eye

Tips for targeting the right prospects

Successful entrepreneurs choose their best prospects; theydon't wait forprospects to choose them. Here are threeimportant steps you can follow to putthis strategy to work for yourbusiness:

Step 1. Focus on a narrow target. One of the biggeststumbling blocks toentrepreneurial success is a lack of focus. Someentrepreneurs think theirproduct or service is so terrific, anyonecan use it. They're marketing tobusinesses, children,adults--anyone they think might listen to their message.Instead ofproducing maximum sales in all markets, these entrepreneurs getjusta trickle of sales in each. Their lack of focus fragments theirmarketingefforts--not to mention their budgets.

To increase your sales, narrowly focus on your best prospectsand use yourresources--time and a marketing budget--wherethey'll get the best results.

Step 2. Identify your prospects. You'll identifyprospects differentlydepending on whether you're marketing tobusinesses or consumers.

First, identify your types of prospects by category. What typesof businessesare they? Hospitals, restaurants and law practices area few examples. Selectthree or four primary categories, whichyou'll fill out with about a dozenprospects in each.

As you choose businesses to put in each of your categories,consider thequalifying criteria important to you, such as theirlength of time in business,number of employees, location and anyother factors that make businessprospects more desirable. Use tradejournals, directories, associationmembership lists and the Internetto compile your list.

Step 3. Meet with qualified prospects. Unsuccessfulmeetings cost youplenty in lost time and money. So it's vitalto pre-qualify every prospectcarefully by phone before you set up ameeting. No matter whether you'reselling to businesses orconsumers, before you make that qualifying phone call,prepare alist of questions. Then arrange to meet only with the prospectsyoudetermine are the best qualified.

A qualified prospect has a need for your product or service, canafford it andis willing to pay for it. That's why it's goodnews when you discover prospectswho are buying from yourcompetitor. It means that person fits the criteria.

The next time you encounter a prospect who says she'sperfectly happy with yourcompetitor, think of it as your chance toprove how much she'll benefit byworking with you instead. Bychoosing your own clients or customers in thisway, you ensurehigher profitability and faster growth for your new business.