Commodity Sales Prospecting – How to Stand Out From Your
Competitors
by Alan Rigg
Published on this site: May 25th , 2005 - See
more articles from this month...
I have received a number of requests for advice from salespeople
and sales managers that sell "commodity" products and
services. When I refer to commodities, I don't just mean pork bellies
or frozen concentrated orange juice. A commodity is any product
or service where the target prospect is likely to be thinking:
"I get contacted by (X) salespeople a day that sell (whatever
they perceive your product or service to be). Why should I spend
any of my time with YOU?"
How can salespeople prospect successfully if their target prospects
see them as just one of many possible (and nearly identical) sources
for a product or service?
The key challenge when prospecting in a crowded field is finding
some way to capture enough of a prospect's attention to convince
them to meet with you. This all-important first meeting is the starting
point for building a relationship, which in turn is a crucial element
of success in "commodity" sales. Here are four strategies
that will help you win more of these elusive first meetings:
- Write and distribute Special Reports
What special report could you write that would be useful
to your target prospects? Conduct the necessary research,
write the report, make sure your name is highlighted on
the cover page, and get the report into your prospect's
hands.
What is the value of a special report that you have authored?
Think about it How many of your competitors have AUTHORED
a special report? Do you think authoring a special report
might create the impression of significant or unusual expertise?
Do you think it might increase your credibility with your
target prospects?
- Deliver Business Interest Seminars
Seminars are another great way to build credibility and
initiate
relationships. To be effective, they need to address subjects
(ideally, problems or frustrations that your company solves)
that your target prospects really care about. You and your
company can offer these seminars on your own or in partnership
with suppliers or other (non-competing) companies that wish
to pursue the same target prospects.
- Build relationships with other salespeople that sell
to your target prospects
What other products and services do your target prospects
buy? Which companies provide those products and services?
Who are the salespeople for those companies?
Look to establish mutually beneficial relationships with
salespeople from non-competing companies where you can REFER
prospects to each other. Your success rate for booking appointments
from referrals should be much higher than your success rate
with cold calls.
- Learn from successful salespeople in your company
that have "cracked the code"
You don't have to re-invent the wheel. Invite the successful
salespeople in your company to lunch or dinner. Use your
time together to pick their brains by asking them the following
questions:
- How did they achieve success?
- What are their favorite prospecting techniques?
- If they are at a stage where they are focusing solely
on servicing existing accounts, how did they originally
initiate their relationships with these accounts?
After the meeting, think about what they said and decide which
of the suggested prospecting approaches might fit well with your
own talents and interests.
Conclusion
The key challenge when prospecting for “commodity” product
or service sales opportunities is capturing enough of your prospect's
attention to convince them to meet with you. Use these four strategies
to win more of those elusive first meetings!
Alan Rigg is the author of How to Beat the 80/20 Rule in
Selling: Why Most Salespeople Don't Perform and What to Do About
It. His company, 80/20 Performance Inc., supplies specialized sales
assessment tests and consulting to help organizations build top-performing
sales teams. For more sales and sales management tips, visit: http://www.8020performance.com
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