There is NOTHING and I mean NOTHING that irritates me as much as a slow ‘maybe’. It is absolutely frustrating. Give me a quick ‘no’ now. There will be plenty of opportunities in the future to share with the prospect why we are the best at what we do and there really is no better choice than the Massimo Group when it comes to improving income. Forgive me, but you should feel the same. You want your prospects to understand they only have one choice and that choice is you.
However, we put ourselves in the position where our prospects continue to suggest they are interested in our services but can never commit. The prospect that tells you they have not had the opportunity to review your proposal, or they still need to meet with their partners. So, still believing you have a chance to win their business, you wait, checking in periodically, yet never really making any progress. When, in reality, you are actually digressing. You are wasting time with unqualified prospects.
Stop letting prospects control you. It’s time to take back the process and start working with those who are ready, willing and able to make a damn decision!
There are two steps to determine if the prospect on the other end of the phone line or table is really worth your time. We will explore the first step today and second, a more significant step, in my next post.
First, you need to confirm where you are on the “Prospect Spectrum”. This was an approach shared with me by Ralph Spencer, CCIM, a regular contributor to the Massimo Group.
1) They have a need for some type of commercial real estate solution. Recognize your prospects may not realize they have a need, and it’s your responsibility to determine if they do.
2) They are aware of their commercial real estate need. If not, is there any information you can share with them to make them aware?
3) They have the authority to execute a solution strategy. There is no greater waste of time than dealing with someone who has no authority. You make your pitch asking for a meeting only to find out the prospect needs to speak to their partners, or worse, their boss. You didn’t qualify.
4) They have the budget approved to execute a solution strategy. If your solution is a new lease, a new mortgage, a new purchase or consulting arrangement, make sure your prospect understands the appropriate costs. We never send a proposal or move down the prospect process without confirming the prospect understands the required investment and expected returns.
5) They have a relative sense of urgency about the real estate decision. They may have a need; however, they may not believe it is a priority to them. If you are not sure, you can always ask the question. “When will (fill in your service solution) be a priority to you?
6) They are familiar with your company and have had a satisfactory past experience. The greater your presence with the prospect before you make contact the better chance you have of moving forward.
7) They know, like and trust you. Careful here. Don’t assume you will win the business because you have done business with them in the past. Confirm if they are speaking with other service providers.
8) They are willing to be guided by what you say. This is ideal, but even so, you need to confirm the prior 7 steps of the Prospect Spectrum.
Once you believe you have qualified (and you really haven’t fully qualified the prospect yet) you may be asked to send “additional information” or even a formal proposal. I strongly suggest you do not proceed unless you first get one more thing from your prospect.
And that item is the subject of part two of this prospecting series. We will post part two next week, but for now, start taking control of the process.
Image courtesy of Soul in Motion