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My Best Prospects Criteria

by PaulintheSticks
10 replies
I put together the following list of the attributes I look for in the ideal prospect in order of importance. If anyone has anything to add, please do.

has mktg budget/currently spending
wants to grow
has problems I can help solve
is open minded
is successful
has a well run company
takes action
has a good reputation
has a product or service I'm passionate about
trendy/growth niche
marginal competition
new business can come from many sources
lots of related businesses
b2b (better referral opps)
high lifetime customer value
recession proof
#criteria #prospects
  • Profile picture of the author KingOfContentMarketing
    willing to refer
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    • Profile picture of the author PaulintheSticks
      Originally Posted by Joe Ditzel View Post

      willing to refer
      I'd say almost all are willing to refer once you deliver but how would you find that out when looking at a list of businesses/industries to target?
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      • Profile picture of the author shane_k
        Originally Posted by PaulintheSticks View Post

        I'd say almost all are willing to refer once you deliver but how would you find that out when looking at a list of businesses/industries to target?

        If this were true then businesses wouldn't have to cold call, use direct mail, etc, etc, etc.

        Trust me getting referrals is not that simple. A lot of business owners will tell you they will give you referrals but like anything else when it comes down to pulling the trigger they will have their objections.
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        • Profile picture of the author PaulintheSticks
          Originally Posted by shane_k View Post

          If this were true then businesses wouldn't have to cold call, use direct mail, etc, etc, etc.
          I wonder if maybe you're forgetting a number of important factors.

          1. Most businesses don't even come close to maximizing their referrals. 2. Just because a prospect is referred, they still have to be sold. 3. If a company has horrendous attrition, referrals won't fix their problem. 4. Some companies have much better referral opportunities than others.

          Trust me getting referrals is not that simple. A lot of business owners will tell you they will give you referrals but like anything else when it comes down to pulling the trigger they will have their objections.
          Maybe you don't have strong enough relationships with your clients and they don't have enough faith in you to deliver. I've been in several businesses over the past 15 years and have never had a problem with getting referrals. Of course, I have always developed great relationships with my clients.
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          • Profile picture of the author Rearden
            I'll second Shane's point.

            It's easy to be tempted by the allure of referrals as being your primary lead source.

            Truth is, some people will refer, some people won't.

            Bottom line referrals are out of your control. People who run a (key word) successful business, continually for many years based mostly on referrals, is the exception to the rule.

            And any business owner putting stock and hope into something he can't control, really isn't in business.

            That's why the most successful businessmen continually prospect, in good times and bad. They treat referrals as gravy.



            Originally Posted by PaulintheSticks View Post

            I wonder if maybe you're forgetting a number of important factors.

            1. Most businesses don't even come close to maximizing their referrals. 2. Just because a prospect is referred, they still have to be sold. 3. If a company has horrendous attrition, referrals won't fix their problem. 4. Some companies have much better referral opportunities than others.

            Maybe you don't have strong enough relationships with your clients and they don't have enough faith in you to deliver. I've been in several businesses over the past 15 years and have never had a problem with getting referrals. Of course, I have always developed great relationships with my clients.
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            David Duford -- Providing On-Going, Personalized Mentorship And Training From A Real Final Expense Producer To Agents New To The Final Expense Life Insurance Business.
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  • Profile picture of the author Rearden
    Hopefully you're not expecting to get an actual client that meets all these criteria.

    For me, I want a prospect that is the decision-maker and check-writer. So I can one-call close him.
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    David Duford -- Providing On-Going, Personalized Mentorship And Training From A Real Final Expense Producer To Agents New To The Final Expense Life Insurance Business.
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  • Profile picture of the author CudaFish
    "has mktg budget/currently spending"

    That's the most important aspect. If he has the money, and you do your job right, you can CREATE the need in any field you so desire. Think he needs a better reputation? Make him agree. Think his website needs a revamp? Show him and convince him he's losing money if he doesn't revamp it. Now. With YOU.

    If he's got the money to pay you, everything else is in your court. If he doesn't have any money or isn't willing to spend the money he's got, your spinning your wheels.

    Just my 2c on that aspect of it though.

    - Mark Cuda
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    cudafish.com | marketing | design | work / life balance
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    • Profile picture of the author AndrewCavanagh
      I like businesses that have high transaction values
      (or where with a bit of investigation you can find
      high transaction values where they may not have
      existed before).

      If one sale makes a client enough profit that he can
      pay your fees it's a whole lot easier for him to justify
      hiring you.

      It's also helpful if the business is doing some serious
      turnover and/or serious profits (the two don't necessarily
      go together).

      A high number of employees points to serious turnover.

      For business where you can get to talk to an independent
      owner you're probably looking at 10-20 employees being
      an indicator of some serious turnover.

      A large advertising budget is often a good indicator too.

      If you're seeing a pile of their ads in the newspaper, ads
      on TV on radio etc then they could be a good prospect.

      Plenty of money going out that could be invested more
      intelligently for more results with you.


      Serious profits is not so easy to find without looking at the
      books.

      I can tell you that the business owners driving fancy cars
      and wearing expensive watches and clothing often are NOT making
      serious profits.

      I see those things as a yellow caution flag because smart
      business owners put a large portion of their income back
      into their business.

      Kindest regards,
      Andrew Cavanagh
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      Old School Copy Like This Is BACK & Converting Like Crazy!
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  • Profile picture of the author MIB Mastermind
    Referrals are pretty simple to get (for me anyway) I make it known going in that I expect referrals if I preform as stated, I've never had a client who has not given me multiple referrals. Make it a condition of doing business with you and have a formalized referral system in place and your good to go.

    Oh, and make sure you can deliver!
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