{"id":45382,"date":"2021-08-14T07:41:00","date_gmt":"2021-08-14T11:41:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=45382"},"modified":"2021-08-20T10:46:42","modified_gmt":"2021-08-20T14:46:42","slug":"sales-prospecting-tips","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/sales-prospecting-tips\/","title":{"rendered":"Sales Prospecting Tips From Mike Weinberg"},"content":{"rendered":"\n<p>Do you regularly prospect for new customers? What is the best way to approach <a href=\"https:\/\/www.shortform.com\/blog\/prospecting-strategies\/\">sales prospecting<\/a>? <\/p>\n\n\n\n<p>Sales prospecting kickstarts the entire sales process, yet few business owners give it the time and attention it deserves. In his book <em><a href=\"https:\/\/www.shortform.com\/blog\/new-sales-simplified-by-mike-weinberg\/\">New Sales Simplified<\/a><\/em>, sales expert Mike Weinberg stresses the importance of regular prospecting and provides some tips on how to incorporate it into your processes. <\/p>\n\n\n\n<p>Keep reading for sales <a href=\"https:\/\/www.shortform.com\/blog\/prospecting-tips\/\">prospecting tips<\/a> from Mike Weinberg, one of the most renowned and trusted sales experts in the world. <\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Mike Weinberg on Sales Prospecting<\/h2>\n\n\n\n<p>Many business owners like to talk about selling, but when it comes to prospecting, fewer actually do it. Three ways to make prospecting a priority and get it done are <a href=\"https:\/\/www.shortform.com\/blog\/time-block-schedule\/\">time blocking<\/a>, creating a personal business plan, and maintaining a balanced \u201cpipeline\u201d or portfolio of active accounts. <\/p>\n\n\n\n<p>We&#8217;ll discuss Weinberg&#8217;s sales prospecting tips below.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Block Time for Prospecting<\/strong><\/h3>\n\n\n\n<p>Time blocking is reserving stretches of time for activities that are priorities. <strong>Schedule blocks of 90 minutes to two hours at least twice a week for prospecting.<\/strong> (Three is probably the maximum you can concentrate and be free of interruptions.)<\/p>\n\n\n\n<p>If you\u2019ve done little or no prospecting, consistently devoting four hours a week to it should significantly improve your results. If you have aggressive business <a href=\"https:\/\/www.shortform.com\/blog\/examples-of-development-goals\/\">development goals<\/a>, scheduling eight or nine two-hour blocks a week\u2014still only a third of your working hours\u2014will get superior results.<\/p>\n\n\n\n<p>The keys to successful time blocking are:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Put the time blocks in your calendar (don\u2019t just mentally reserve the time).<\/li><li>Treat the time as inviolable and use it for prospecting.<\/li><li><a href=\"https:\/\/www.shortform.com\/blog\/task-shifting\/\">Stay on task<\/a> during the reserved time. Don\u2019t check email or take phone calls.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Calculate Your Sales Activity Time<\/strong><\/h3>\n\n\n\n<p>To efficiently and consistently generate new business, <strong>determine how much sales activity it takes you to generate a sale from the beginning of the process to the close.<\/strong> By keeping track of your sales time and activity for each account from initial contact to <a href=\"https:\/\/www.shortform.com\/blog\/closing-the-deal-in-sales\/\">closing a deal<\/a>, you\u2019ll soon have enough data to calculate this. <strong>With this number, you can determine the amount of effort required to achieve whatever number of new sales you\u2019ve set as a goal.<\/strong><\/p>\n\n\n\n<p>The typical stages for <a href=\"https:\/\/www.shortform.com\/blog\/how-to-track-your-time\/\">tracking your time<\/a> are:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Target a prospect<\/li><li>Have an initial conversation<\/li><li>Conduct an initial meeting<\/li><li>Uncover the prospect\u2019s issues, confirm fit, agree on next steps<\/li><li>Have a second meeting; gather more data<\/li><li>Make a proposal or presentation<\/li><li>Close the deal<\/li><\/ol>\n\n\n\n<p>Count the hours backward from a closed deal to the first step to determine how much new-business activity it takes to close a deal. For the purposes of illustration, if your sales goal is 12 new sales, you\u2019d need to:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Make 144 cold calls (assuming half lead to initial meetings).&nbsp;<\/li><li>Have 72 initial meetings (assuming two-thirds of initial meetings move to the next stage)<\/li><li>Have 48 prospects confirming fit and agreeing to next steps (assuming three-fourths progress to the proposal stage)<\/li><li>Deliver 36 proposals (assuming you win one of three)<\/li><li>Close 12 new sales<\/li><\/ul>\n\n\n\n<p>The better you get at using sales tools such as cold-calling and conducting <a href=\"https:\/\/www.shortform.com\/blog\/sales-meeting\/\">effective sales meetings<\/a>, the more efficient your numbers become, and the better your results. For example, if you increased the proportion of cold calls that secure meetings from half to two-thirds, you\u2019d ultimately increase sales.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Develop a Personal Business Plan<\/strong><\/h3>\n\n\n\n<p>Besides time blocking to ensure that you follow through on new business development, write a personal business plan annually. The process of developing a plan sparks creativity and <a href=\"https:\/\/www.shortform.com\/blog\/big-picture-thinking\/\">big-picture thinking<\/a>. In addition, it requires you to take ownership of your area of responsibility, whether a portfolio, sales territory, or functional area such as inside sales.&nbsp;<\/p>\n\n\n\n<p>A personal business plan has five components:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Goals<\/strong>: Identify your personal goals for the year\u2014for example, total revenue, revenue from existing versus new accounts, revenue by account, and number of new accounts gained.<\/li><li><strong>Strategies<\/strong>: Determine how you\u2019re going to reach your goals\u2014for example, cross-sell (sell additional services to existing customers), growing specific accounts, or use methods such as team selling, social media, and events.<\/li><li><strong>Actions<\/strong>: Commit yourself to specific sales activities, which you can quantify and track by key activity metrics\u2014for example, number of hours committed to prospect calls, and <a href=\"https:\/\/www.shortform.com\/blog\/face-to-face-sales\/\">face-to-face sales<\/a> meetings and the number of presentations and proposals produced.<\/li><li><strong>Hurdles<\/strong>: Determine what potential hurdles you should address preemptively\u2014for example, lack of sales support or too many competing responsibilities.<\/li><li><strong>Personal development<\/strong>: Identify areas in which you\u2019ll develop your skills and steps you\u2019ll take to develop them\u2014for instance, improving your writing and social media skills by attending training or seeking a mentor.<\/li><\/ol>\n\n\n\n<p>Once you have a plan, take two more steps:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Share it with your colleagues<\/strong>: Weinberg recommends that each sales rep take 30 minutes to present their plan to the sales team and get feedback. This creates accountability and improves the plan.<\/li><li><strong>Review it regularly<\/strong>: Check your progress on the goals, strategies, and actions you committed yourself to. Make sure you\u2019re spending most of your time on the activities crucial to <a href=\"https:\/\/www.shortform.com\/blog\/steps-to-achieve-your-goals\/\">achieving your goals<\/a>.&nbsp;<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Maintain a Balanced Pipeline<\/strong><\/h3>\n\n\n\n<p>Your pipeline is the accounts you\u2019re working on. <strong>Spread your sales efforts over many accounts that are at various stages in the sales process so that hitting your sales goals won\u2019t hinge on one or two accounts that could stall.<\/strong> You should have three types of prospect accounts in your pipeline:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Targeted<\/strong> accounts are those you\u2019re working on converting to active accounts.<\/li><li><strong>Active<\/strong> accounts are those where you\u2019ve started a dialogue, and you\u2019re working to convert them into urgent accounts.<\/li><li><strong>Urgent<\/strong> accounts are those with momentum; you\u2019ve provided a proposal or are about to.<\/li><\/ol>\n\n\n\n<p>It\u2019s natural to focus on urgent accounts, but you should be working in all categories simultaneously. Allocate about a third of your prospecting time to each.<\/p>\n\n\n\n<p>In addition, make sure all accounts are progressing from one category to the next rather than stagnating.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Do you regularly prospect for new customers? What is the best way to approach sales prospecting? Sales prospecting kickstarts the entire sales process, yet few business owners give it the time and attention it deserves. In his book New Sales Simplified, sales expert Mike Weinberg stresses the importance of regular prospecting and provides some tips on how to incorporate it into your processes. Keep reading for sales prospecting tips from Mike Weinberg, one of the most renowned and trusted sales experts in the world.<\/p>\n","protected":false},"author":7,"featured_media":12103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45,103],"tags":[456],"class_list":["post-45382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-sales","tag-new-sales-simplified","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sales Prospecting Tips From Mike Weinberg - Shortform Books<\/title>\n<meta name=\"description\" content=\"In his book New Sales Simplified, sales veteran Mike Weinberg provides his expert tips on how to incorporate prospecting into your processes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.shortform.com\/blog\/sales-prospecting-tips\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sales Prospecting Tips From Mike Weinberg\" \/>\n<meta property=\"og:description\" content=\"In his book New Sales Simplified, sales veteran Mike Weinberg provides his expert tips on how to incorporate prospecting into your processes.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.shortform.com\/blog\/sales-prospecting-tips\/\" \/>\n<meta property=\"og:site_name\" content=\"Shortform Books\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-14T11:41:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-20T14:46:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/s3.amazonaws.com\/wordpress.shortform.com\/blog\/wp-content\/uploads\/2020\/08\/sales-coaching-techniques-challenger-sale.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1279\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Darya Sinusoid\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Darya Sinusoid\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.shortform.com\/blog\/sales-prospecting-tips\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/sales-prospecting-tips\/\"},\"author\":{\"name\":\"Darya Sinusoid\",\"@id\":\"https:\/\/www.shortform.com\/blog\/#\/schema\/person\/0421cce75bc249b11e2517b3a91f9c46\"},\"headline\":\"Sales Prospecting Tips From Mike Weinberg\",\"datePublished\":\"2021-08-14T11:41:00+00:00\",\"dateModified\":\"2021-08-20T14:46:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/sales-prospecting-tips\/\"},\"wordCount\":1000,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/sales-prospecting-tips\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2020\/08\/sales-coaching-techniques-challenger-sale.jpg\",\"keywords\":[\"New Sales Simplified\"],\"articleSection\":[\"Business\",\"Sales\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.shortform.com\/blog\/sales-prospecting-tips\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.shortform.com\/blog\/sales-prospecting-tips\/\",\"url\":\"https:\/\/www.shortform.com\/blog\/sales-prospecting-tips\/\",\"name\":\"Sales Prospecting Tips From Mike Weinberg - 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