Recipe: Finding Prospects

The best ways to find prospects are by using the pipeline-filling strategies of networking and referral building, public speaking, and writing and publicity, described later in this chapter. This is because these approaches provide you with increased credibility, perceived endorsements, and personal connections, all of which build the know-like-and-trust factor that makes people buy. But you can also locate prospective clients through research techniques if you have done a good job of defining your market niche.

If you need a large number of prospects, you can license a targeted prospect list from a professional list broker or an online vendor of business lists or consumer lists (search the Web for “prospect lists” or “sales leads”). A compiled list like this can be useful if you are trying to market to many people at once. For example, sending out direct mail to invite people to a seminar, or hiring a telemarketer to pitch free initial consultations (as you might do when marketing a professional services business with several principals). But for a solo professional doing a call–mail–call campaign, licensing a compiled list may give you more names than you can possibly use during the term of your license.

Know that the day you obtain a list, it’s already out of date. Ask the provider when the list you are getting was last updated, and what the undeliverable rate is expected to be, so you’re not disappointed.

For smaller numbers, especially when marketing to businesses, it may make more sense to compile your own list. Here are some possible sources for compiling prospect lists:

Internet searches for your target industry and geographical area (e.g., “Portland hospitals,” “Atlanta restaurants”)

Online directories of companies or business contacts (e.g., Jigsaw, Manta)

Your social media network and the networks of others you are connected to

Yellow Pages (online or print) and other advertising directories

Trade directories (e.g., Chamber of Commerce, Better Business Bureau)

Association membership rosters (groups you belong to and others you can find online)

Leading company lists (e.g., those published by Forbes or Fortune)

Book of Lists published by your local Business Times or Business Journal

Tenant directory posted in the lobby of an office building or industrial park

When compiling your own list of consumers you plan to call at their home phone numbers, be aware that for U.S. residents, the Federal Trade Commission’s telemarketing regulations prohibit making sales calls to people with whom you have no prior relationship if their numbers are listed in the National Do Not Call Registry. While the FTC doesn’t typically enforce these rules against small businesses that make a low volume of sales calls, you may wish to check the numbers on your list against the Registry, which you can do at the FTC’s Do Not Call website. Registration for up to five area codes is free. Business-to-business marketing is exempt from these regulations.

You can also develop your own ongoing lead sources, which might be professional or trade associations; educational institutions; print, broadcast, or Web media; online communities; or personal networking buddies. Associations and schools produce publications and events that will keep you in touch with who’s who in the industry or specialty they focus on. Print, broadcast, and Web media, and online communities like social media channels, message boards, and discussion groups can do the same. The more targeted the periodical, program, or community is to your market niche, the better.

The people who are speaking at these events, writing articles, being interviewed, and participating or being mentioned online are all potential leads for you. Make note of the names and affiliations you learn from these sources that might be prospects for you. Finding out how to contact the person mentioned is often the easy part.