Review of Fanatical Prospecting
Financial Prospecting aims to teach the readers how to be efficient and effective with prospecting. The author acknowledges that prospecting is a hard, gruelling, rejection-dense work. But it is the price you have to pay to earn a high income.
The Problem
The main reason for failure in sales is an empty pipe, and the root cause of an empty pipeline is the failure to prospect. The failure to do the little things every day will cripple your efforts to achieve your goals. In sales you are owed nothing! Thus, you need to go out there and make things happen yourself.
Do not waste time on trivial things. Understanding what you are worth helps you gain awareness of the cost of focusing on trivial things.
7 Mindsets of Successful Salespeople
1. Optimistic and enthusiastic.
2. Competitive.
3. Confident.
4. Relentless.
5. Thirsty for knowledge.
6. Systematic and efficient.
7. Adaptive and flexible.
Interruption is the Main Job in Sales
To achieve sustained success in sales career, and to maximise income, you have to interrupt prospects. There is no perfect time to approach a prospect. Cold calling is not that hard; it is the interrupting. Sales representatives are afraid to make the call, not the cold call.
Balanced Prospecting Regimen
Design your prospecting regimen based on what works best in your industry and with your product, service, deal complexity, customer base, and tenure. You may need to utilise more than 1 channel and integrate them to maximise chance of success.
4 Objectives of Prospecting
1. Set an appointment.
2. Gather information and qualify.
3. Close a sale.
4. Build familiarity.
Prospecting is not for building relationships, selling, or chatting up your buyer. Master time, territory, and resource management, then you will lower your stress level and make more money.
WIIFM
What’s in it for me? You must articulate the value of spending time with you in the context of what is most important for your clients. Confidence and enthusiasm are the 2 most powerful and persuasive nonverbal messages you send to prospects.
Ask For What You Want
The one and only technique that really works for getting what you want on a prospecting touch is: Ask. Fear of rejection causes so many people seeking the easy way out and looking for shortcuts and silver bullets rather than just biting the bullet and asking for what they want.
RBOs (Reflex Responses, Brush-Offs, and Objections)
In sales, there are always objections. To handle RBOs, you have to plan for them in advance. Disrupt rather than defeat the prospects. Use a disruptive statement or question that turns them around so that they lean toward you rather than move away from you.
3 elements of the RBO Turnaround Framework are Anchor (to manage the disruptive emotions generated by rejection), Disrupt (say something unexpected by the client and avoid using the phrase “I understand”), and Ask (ask for what you want).
People make decisions based on emotion first and then justify with logic. So, you must appeal to their emotion first, instead of reasoning with them. Do not try to defeat your prospects with reasons; it might cause them to resent you.
Conclusion
In sales, business, and life, the 3 things that we can control are our actions, our reactions, and our mindset. In sales, you control your own destiny. You are the CEO of your own career. The true test of a CEO is the ability to find creative solutions to inevitable roadblocks. Thus, you should find ways to handle the roadblocks to your success. In sales you cannot be delusional and successful at the same time.
It is not always about trying harder. Sometimes you need to slow down to speed up. Sometimes it is doing or thinking differently. Desperation magnifies and accelerates failure and virtually guarantees that he would not close the deals he must have to survive. Remember, the more you prospect, the luckier you get.
One-sentence summary for Fanatical Prospecting
You must interrupt people in order to be successful in sales.
Quotes
- Procrastinating is easy, but the cost is great.
- Messy success is far better than perfect mediocrity.
- Courage is developed in the presence of fear, not in spite of it.
- Persistence is the fuel of winners.
- Just because you are a winner today does not guarantee that you will be a winner tomorrow.
Rating
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