Don't chase rainbows

It is a fact that pursuing unqualified business is one of the most common reasons companies fail to reach their revenue targets

There are three potential realistic outcomes from an initial new business meeting:

1. You may discover at this stage that your further exploration reveals that your solution is not the ideal one for the prospect

If so, don't carry on regardless, admit it and, if it's not absolutely clear to the prospect why that's the case, give your reasons

You have absolutely nothing to lose in the short term - you're not going to make a sale that is going to benefit you and this company right now - but your honesty and, perhaps, perceived expertise will stand you in good stead if there is an opportunity for you to do business together in the future.

2. You get a clear-cut committal to a straightforward need, so you:

• Briefly present your company's credentials (nature of your business, how you work, current clients, etc.)
• Demonstrate the product or show appropriate literature
• Select the most compelling (Selling point and) Benefit(s) that your product or service will provide for this prospect
• Back it/them up with the most suitable testimonial(s)
• Tie the prospect down to wanting this
• Close the sale

I have deliberately glossed over this scenario as, in my experience, it really only tends to occur when:

• Your telephone qualification prior to the meeting was excellent
• Your meeting is with the sole Decision Maker (the M.A.N. - he with the Money, Authority and Need)
• The prospect is well aware of the product or service on offer
• A demonstration of the product or showing literature about it is sufficient to close the deal
• The need is obvious and urgent
• Whilst the sale is valuable to you, the outlay is not great from the prospect company's point of view
• The benefits of ownership are obvious and unarguable
• You are streets ahead of any competition (on comprehensiveness of the service you offer, flexibility, value for money, etc.)

If this is the case for you, enjoy it and prosper!

3. For the majority of would-be vendors though, the most usual outcome of the initial meeting will be that you use it to:

1. Refine and agree the prospect's need(s) that you have already established in principle prior to the meeting and reaffirm his commitment to finding a solution (ensure at this stage that you understand how your solution could meet it)
2. Ascertain your prospect's expectation of price range and timing and whether your solution falls within both
3. Discover who else makes up the Decision Making Unit and the role each person plays
4. Find out what competitor products or services are currently under consideration and judge whether you can successfully compete with them

Only once you have satisfied yourself on all four counts should you continue to woo this prospect and commit him (or her) to the next steps.

This is the best prospecting sanity check that you will probably ever see, yet I've never seen it anywhere else*

*If you do see this elsewhere please let me know where and when - I'd love to hook up with like-minded people!