Sales is a fickle game filled with acronyms. Is this person BANT qualified? Do they fall into our strategic ABM umbrella? Which BDR was responsible for the qualification?
However, if like me, you’re early into your career (or product launch), you may want to consider the following questions before concentrating your sales tactics on a particular market.
Do you have enough prospects to sell to?
Obviously, not every prospect is going to convert to a sale, but you must ask yourself if your target market has sufficient customers that fit your profile.
Focus your attention on niche technical markets, rather than the biggest ones where there will be more competition. If you concentrate on building your brand around a specialist tech area, your margin will be higher and the competition lower.
When compiling your prospect list always ask yourself: “Are there enough of the right prospects to sell to?” Not just: “Are there enough?”
Do your prospects have a big enough problem?
So, having made your list of viable sales prospects you now need to thin it out some more by asking: “Do the prospects on my list have a great enough need for the solution I’m offering?” Obviously the easiest people to sell to are those who are desperately seeking the solution you can provide.
At the other end of the scale, and harder to convert, are those who see your product as a ‘nice to have’ rather than a ‘must have’. Often, these are the ones who will collect lots of product information but never actually buy anything. The middle ground of your list will be made up of those prospects who will have a need, but are either not actually aware of it or have not begun seeking a solution yet. It’s these customers who are perfect for your marketing campaigns, rather than your direct sales efforts.
Do your prospects have a deep enough purse?
So, having whittled down your original prospect list to show all those with a pressing need for your product, one very important question still remains, do they have the money to pay?
Targeting people who can’t or won’t pay for your product is pointless, and depending upon the nature of your product or service, your customers may have to borrow money to pay for it, which can be an issue for some.
For these reasons, it’s very important to understand the buying process that your customer has to undertake in order to procure the necessary funds to purchase your product.
In conclusion, applying the three Ps to your sales model is simple and effective.
Remember the fundamentals of the principle and (I hope) you won’t go wrong!