Prospecting Tips For Your Small Business

Are you in the dark about how to start small business? The very first item on your to do list should be prospecting leads.

With the dozens of details to consider-finding a location, appealing to investors, choosing the right suppliers, and hunting for employees-it can be easy to lose sight of what should be your most important focus: the customer.

After all, without customers, you haven’t any business.

You might have the best product or service anywhere, but if you have not drawn up a marketing plan outline for prospecting leads that can benefit from your new business idea, you’ll be struggling with how to start your small business.

The good news is, lead generation doesn’t have to be rocket science. With the right combination of research, planning, and execution, you can increase your market presence and make yourself known to your target demographic.

Top 8 Prospecting Tips

1. Create a concrete plan. Before you start prospecting leads, spend some time formulating a realistic, workable plan of attack.

For example, if you’re marketing a product or service to businesses, create a list of target companies along with the name of the department and person you need to reach. Determine how you’ll attempt to contact them (phone, email, or a face-to-face visit at their office or at a networking function).

2. Become an event junkie. Conferences, trade shows, and seminars can be gold mines for prospective customers. Look in newspapers and online for event calendars.

If you run a wedding planning business, invest in booth space at a bridal show. If you sell landscaping services, contact the coordinator of an upcoming home and garden show and offer to give away a free lawn treatment in exchange for prime advertising placement. Attending industry events is also a great way to build a network of professional associates in the industry.

3. Peruse the papers. Take a few minutes each day to scan the local headlines. Be on the lookout for new businesses opening up, awards or promotions that have been bestowed, and any developments related to your product or service. Drop an email to the people mentioned in the articles letting them know you saw the piece and subtly upselling your offering.

4. Watch your competitors. While you’ll want to develop your own unique approach, studying the competition can help you stay up to speed on the latest industry trends and developments. If your biggest rival is offering free shipping during the holidays, you may want to follow suit to remain competitive. It’s also a good idea to place advertisements in the same publications and venues as your competitors.

5. Don’t be afraid to follow up. One of the biggest mistakes small business owners make is pay a single visit to a prospect and then sit back and wait for them to come knocking. After the initial contact, it’s essential to follow up to gauge their level of interest, answer any remaining questions, and attempt to close the deal. If they aren’t ready to buy, ask if they know anyone who may have a need for your product or service.

6. Use the power of referral marketing. One delighted customer can lead to dozens more. Why wait for word-of-mouth advertising to happen on its own? Don’t be afraid to ask satisfied customers to spread the word to their friends and colleagues. Chances are they’ll be delighted to see their associates reaping the same benefits they’ve enjoyed.

7. Sample your way to success. Who doesn’t love a freebie? Giving away a complimentary sample of your product or service is a great way to demonstrate its benefits and encourage future sales. If you sell bath and body products, include a small packet of lotion with your marketing postcards. If you’re an IT consultant, offer businesses a free technology assessment.

8. Partner with other businesses. Nearly every industry has parallel providers that cater to the same group but offer different products or services. Forming an alliance with people in the same market can be mutually beneficial. If you sell custom stationery, contact a local bridal gown boutique and ask if you can drop off some business cards. If you provide consulting services for small businesses, ask a local office furniture seller if you can post a flier. Offer reciprocal exposure in exchange.

Remember, prospecting leads isn’t a one-time excursion. To sustain the profitability and branding identity of your business, you’ll need to devote time and resources to ongoing prospecting campaigns.