Four tips when chasing new business

Many SMEs work tirelessly to try and generate new customers for their business. When starting out it's easy to fall in the trap of following up every prospect that falls your way, but it's important to avoid this trend or else you may find your spending too much time pursuing inexistent sales.

It is essential you clearly separate the interested prospects from the disinterested. Once you've defined the targets worth pursuing you should follow these four key tips.

1. Ensure your targets need your product and have capacity to buy

By determining straight off the bat if potential customers have a need and capacity to buy you are capable of immediately limiting the time spent on pursuing prospects. Some key questions to ask include:

  • What's your budget?
  • Who is involved in the decision making process?
  • When are you expecting to buy?
  • What are the next steps?

2. Don't be afraid of rejection

It's important to avoid too much time spent chasing unlikely prospects. Your time is valuable, therefore you shouldn't be afraid to immediately write off a prospect that says 'No' and should even push for a clear answer early on to limit any possibility of wasting time. By saving time you can focus your efforts on those prospects who are interested.

3. Credit check your prospects

It's one thing to waste time chasing prospects who aren't interested but it's far more damaging to chase potential customers who won't pay an invoice. By running a credit check you can determine the risk in acquiring a particular customer and save yourself the costly situation of having to face bad debt.

4. Determine the interest of your leads

Not all your leads will have an interest to buy your product immediately. Some may determine it's a need they can do without for the time being. By gauging the level of interest in your leads early on you can pursue those hot leads first and foremost then follow up any potential warm leads after.

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