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Prospect Researching - What is it?

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Telephone Prospect Marketing

Prospect research, also known as lead development research, has been used by fundraisers for years as a way to identify potential large donors to their cause. The technique is now being used more frequently in the world or business as a way to identify and market to individuals or other companies investing in your services.

Prospect research allows a company to establish the likelihood of other firms buying their product or service. This allows sales teams to prioritise their workload in order to become more efficient with time and resources, and generate greater results.

Telemarketing agencies can clean your data and improve your prospect lists

What is prospect researching?

The process of prospect researching involves investigating any leads who you hope to be able to sell your product or service to. By looking at an individual’s background and preferences or a company's ethics, goals, financial status and interests, as well as other aspects, you can determine whether or not that lead is likely to be interested in your services before you pick up the phone.

By using information from the web, relevant blogs, social media feeds and third party publications, you can learn a lot about the lead you are considering approaching. Necessary information to gather, especially for B2B lead generation, includes company size, the number of employees, what service or products they offer and also their typical sale size.

Other useful pieces of information to look for are:

  • Whether the company is struggling in any area in which your services may help improve
  • What they are talking about on social media
  • What, if any, events have they hosted or visited

Knowing all of this information will help you to determine how likely this company is to be interested in your own services.

Business benefits of prospect researching

Reach the right leads

One of the main business advantages of prospect researching is the ability to highlight potential sales and prioritise leads accordingly. By gaining vital intelligence about leads, your business can focus its sales efforts on the prospects most likely to generate sales.

Not only will this help you identify the biggest potential increases to your income, but it will also help you save money and resources as you won’t be chasing dead end leads who aren't suited or interested in your offering.

Better prospect lists means better leads, which means more sales

Improve your sales pitch

Another benefit of prospect research prior to a sales call is that it can help add relevance to your sales pitch. We live in a world where connecting to people is key and you are much more likely to increase lead generation and sales if you can create a good rapport with the lead you intend to do business with.

You can use the knowledge gathered through prospect marketing to identify a lead’s “pain points” and then highlight just how your service can help ease them.

Bypass the gatekeepers

Prospect research will also enable you to identify the key team members and decision members within the organisation you are planning to pitch to. By going straight to the decision makers, you will be able to bypass frustrating gatekeepers, shortening the sales process and are making it far more likely to gain their business.

Are there any cons?

While prospect research certainly has its benefits for businesses, it may lead to the temptation to judge a book by its cover. The information gathered by prospect research can often be interpreted differently from salesperson to salesperson; what one person finds important, another may dismiss.

Therefore, potential leads may be disregarded before being properly explored and a sales opportunity may be missed.

The best rule to follow is not to dismiss any lead if there is even one reason that company may purchase your services or product.

How can telemarketing help prospect researching?

Prospect marketing can be outsourced to a dedicated prospect research company within the UK. Companies who specialise in lead generation in the UK can use their telemarketing teams to do much of the intelligence gathering for you.

Telemarketing teams can make calls to businesses, individuals and third-party publications to gather information about key personnel, company details and the services in which they specialise.

This can help you greatly and be a very cost effective way to get the information you require without having to use your own team resources in finding hoards of important information yourselves. This leaves you and your sales team free to make the final calls to pitch your services.

Next steps

Prospect researching is an innovative and extremely useful tool for any business to business sales company who want to expand their contacts with the most promising leads.

To start generating more leads today, complete the form at the top of the page and we’ll connect you to the suppliers best suited for your business.