Business Prospects: Understanding and How to Get It

Entrepreneurs must be familiar with the term prospect. Before starting a business, entrepreneurs will usually do research first to find out whether the business can run well or vice versa.

The definition of a business prospect is an expectation or possibility (KBBI). When interpreted in simple terms, this prospect means a potential possessed to produce a certain impact.

When it comes to business, the impact here is an advantage for the business.

Understanding Business Prospects

In simple terms, business prospects are potential buyers/consumers/customers who have a desire for a product or service.

Where these prospective customers will be expected and have the possibility to buy goods or services owned by a business.

Understanding Prospects According to Experts

Some experts also have their own understanding of business prospects, namely:

  • Siswanto Sutojo: 1945

Business prospects are a clear picture of the opportunities and threats of a marketing and sales activity in the future.

  • Bilson Somamora: 2001

Business prospects are groups, organizations, or individuals who are considered to have the potential to carry out a business exchange, or prospective buyers who have a will for a product or service.

  • M Ridki Zarkasyi: 2013

Business prospects are a picture of the sustainability of an idea in the future in the form of opportunities that still have to be adapted to the various limitations and conditions that surround it.

  • Paul R. Krugman

Business prospects are opportunities that arise from a person’s efforts that aim to meet the needs of life and achieve possibilities.

  • Jasmin

Business prospects are policies taken by the company both in the short and long term by taking advantage of all opportunities and overcoming all existing obstacles with the aim of increasing sales.

The term prospect is more often used in the business world to define possible opportunities and risks that will arise in uncertain marketing and sales activities.

That’s why the definition of the experts above is a definition based on the point of view of a business or company.

Definition of Prospects by Placement

In addition to the business world, the term prospect is also used in several other places. These places are as follows:

  • Work

In the world of work, known as job prospects. Job prospects are job opportunities available in the future. An example of this prospect is a doctor where the prospect to become a doctor is only a student majoring in medicine.

  • Career

Career prospects are opportunities for an employee to get a promotion and a better career path in a company in the future.

  • Effort

Business prospects are a picture of the sustainability of a business in the future that has the possibility to get better, stay in its current position, or go bankrupt.

  • Economy

The economic prospect is a picture of the economic condition of a country in the future.

An example of this prospect is if a country is hit by a crisis, a lot of debt, and frequent wars occur, the economic prospects in that country are very bad.

How to Get Business Prospects

Every day, a salesperson must find a way to sell his product or service. That is, he must get prospects or potential buyers. So how do you find the right prospects for the product or service being offered?

  1. The Endless Chain (Referensi)

The most reliable and most widely used technique by sales executives as a way to find prospects or potential customers is to get referrals. They will look for it by finding references through business partners or coworkers.

The salesmen will carry out prospecting activities by asking for references from acquaintances or business partners to find potential buyers.

To get maximum prospects, try to find colleagues who have a strong leadership spirit and can work well together.

  1. The Center of Influence (Community Leaders)

In any area, there will always be community leaders or people who are respected, respected, and elder. Their every word and action becomes a role model for the people around them.

Usually, that characterization occurs because of religious, social, educational, and other factors. In general, they have references or know who are the right people to be potential customers of your product.

Try to approach and ask the community leaders for help in finding the potential customers you need.

You can give a gift as a token of gratitude to them if the prospect succeeds in becoming a new customer of your product or service.

  1. Direct Demonstration (On-Site Demo)

This can be done by visiting a place and asking the owner of the place for permission so you can do a product demo.

Or, you invite prospects to come to your place if you already have your own place to demonstrate your product.

Demos are often held in a place where certain events are being held, such as social gatherings, reunions, family gatherings, and others. Look for a bustling and strategic area so that more potential prospects will come closer.

  1. Canvassing (Berkeliling)

Canvassing is one way of finding leads. This activity is carried out by salesmen to make contact with customers or prospective buyers via telephone contact, electronic mail, or make direct visits.

The more canvassing, of course, the more communication is created. Finally, the greater the possibility of a sale.

By traveling around the city or visiting an area, these canvassers distribute brochures or pamphlets so that business prospects know what they have to offer.

Usually, they also ask for permission to demonstrate the products offered.

  1. Personal Observation

This last method is a complement to all the previous points. Salesmen do it independently by paying attention to their surroundings when looking for prospects.

This method can be done anywhere and anytime. You can also try to apply it when you meet friends or relatives at a party or when you go to visit a place.

Source of Information About Business Prospects

You can get lots of leads if you know where to find leads. Usually, a person looks for prospects at the ends of the world without realizing that there is a nearby source that can help.

  1. Family

This is your first resource if you want to find and get leads. In fact, they could also be your main target or prospect. They can also be eager to provide information that you don’t necessarily get anywhere else.

  1. Friends/Coworkers

The second source of information regarding business prospects is those who communicate with you every day. School friends, college friends, divisional colleagues at work, or small friends whose houses are only separated by a wall. They are usually willing to provide the information you need when prospecting.

  1. Association

Everywhere, humans as social beings will do gathering activities with people who have the same hobbies or interests. For example PKK women, social gatherings, cart vegetable traders, and others.

They know what people like them usually need so you can easily jot down all the information to find business prospects that match your business needs.

  1. Organization

Similar to an association, an organization is usually managed more seriously and has a neater membership and management structure.

Starting from the chairman to the lowest member on the organizational structure chart can be a source of information about suitable prospects. It is not impossible that they will become potential prospects and loyal customers.

  1. Product/Service Advertising

Have you ever thought about making your competitors a place or source of information regarding the prospect you are looking for? The ads they use to attract new potential customers or prospects can actually be your opportunity to attract the same target.

Consumer Phase in Purchase Phase

A prospect, potential buyer, potential customer, or potential customer will be faced with three phases that determine whether they will buy or leave a product.

  1. Brand Awareness

This is the first stage which is quite vulnerable and becomes your first heavy PR because people do not know that you have a product or service.

As a result, they do not know there is a product that you are offering. Do they need your product? You don’t even know it.

Your job is to wake them up by looking for them and finding them as prospects. By meeting up, you can let them know you exist. Introduce yourself and explain what you are doing.

You only need to look for prospects with the main goal of getting them to give their opinion and show interest in the service, information, and product companies that are in your business.

Make interesting content as creative as possible. Do it regularly and distribute the content online or offline.

When a prospect starts to make a decision to buy, it means that your first step was successful.

  1. Consideration

In this second stage, business prospects already have an awareness of who you and your company are. But they haven’t made a choice yet. They still need a lot of additional information.

In this digital era, it is not difficult to find information related to a brand, product, and/or service. There are search engines that will help them.

Your task in this second phase is to compete with competitors in how to convey information to help potential customers pass the consideration stage.

Provide information related to product advantages, and added value, and conduct question and answer sessions whenever possible so that all prospects’ doubts about your product can be answered properly.

Ever heard the anecdote, “CLBK. Old chat, don’t you buy it?”? In fact, if you realize one thing that a potential buyer is considering, you’ll understand that this phase can take a long time.

They may stay in this phase of consideration for a week, a month, or even a year. This depends on your next action and the prospect’s needs.

When you want to explain to potential prospects, try to position your product or service better than competitors.

Don’t forget to give prospects proof of why their buying decision should be made now.

‘Disturb’ is the prospect’s mind regarding the product or service that you are informing about and the solution so that the disturbance disappears is to present your product.

Thus, the prospect will immediately make a decision rather than regret for the delay in determining.

  1. Results

When the business has begun to be known, it is at this last stage that it is easier for business prospects to come directly to you voluntarily.

In this last phase, the community already has a sufficient amount of information and they want to verify the facts or convince themselves with the final question.

If you can answer prospects’ questions well, then they will enter your new customer list.

Once you’ve managed to get new customers, don’t forget to retain them and turn them into loyal customers.

As an important note, there’s no point in getting new customers if you can’t keep them loyal in hopes of continuing to benefit you.

 Effective Prospecting Tips

The point of doing prospecting or looking for business prospects is so that your business is known by the public. But how to make the activity of finding business prospects more effective?

  1. Know the Needs of Business Prospects

Every consumer has their own needs. From the results of Accenture’s 2014 research, it was revealed that nearly 95% of prospects from B2B businesses research companies online before making a purchase.

That is, prospects choose to do in-depth research on companies that produce a product that they feel will meet their needs. Give them as much information as possible.

  1. Take an Approach to Social Media

In this digital era, according to research conducted by Phonetics, nearly 53% of prospects for B2-B companies turn to social media to see the company’s products before making a purchase decision.

That’s why now a lot of creative content is being done to attract prospects scattered on social media. A sense of security and comfort is experienced by prospects because basic information about the product they are looking for has been found on social media.

  1. Send Personalized Email

As a sales tool, many people have started to think that electronic mail (e-mail) is not effective. In fact, there are still those who choose to interact with the sales team via e-mail.

This benefits the company because the cost of prospecting via email does not require large costs.

Perform electronic mail delivery with personalized modifications for each lead. They will feel cared for in a special way so that potential purchases can have greater possibilities.

  1. Prospect Evaluation

Not all potential prospects include potential customers. Conduct an evaluation so that this prospecting activity becomes more efficient.

  1. Product Needs and Wants

Every potential customer must have a desire for the goods or services you offer. But this desire will not be seen clearly. The problems they face and the solutions you offer with your product are key.

  1. Have Purchasing Power

The purchasing power of potential consumers should be a concern. It could be that they really need your product but their purchasing power is low. That means they are not among potential buyers.

You do not need to spend time and energy to continue the prospecting process to them.

  1. Decision maker

Every salesperson must be observant in paying attention to business prospects when making purchasing decisions. Not everyone has the power to decide something.

In a company, there is at least one particular person who has the authority to decide on a purchase. You have to prospect for the right person so that the next process runs smoothly.

  1. Special Terms on Products

In a buying and selling process, generally, there are certain conditions related to your product. The product has special conditions in order to be used.

If the conditions cannot be met, then potential customers cannot become good prospects. Don’t continue prospecting with them.

  1. Sales Visit

Even though all of the above requirements can be met by prospective prospects, they will still be useless if they are difficult to find.

You can’t offer offers or product demos if prospects are difficult to contact or find. Don’t waste your time on potential buyers like that.

Things to Pay Attention to in Business Prospects Are:

After you know the meaning and how to find prospects, you also need to pay attention to several things to be able to attract the hearts of your prospects. This is done so that all the activities you do are maximized.

  • Communication

Communication is the most basic thing we will do with our prospective customers. Communicating well and politely is hoped that will create trust in yourself from potential customers. Communication here can be in the form of live chat, telephone, social media, or email.

  • Building Personal Relationships

The next step is to build a relationship with the prospect. The sale and purchase transaction relationship is a formal business relationship. However, it’s a good idea to make a friendship with your prospect.

The goal of this is to create an emotional closeness that can make prospects trust you more. The approach method is to approach prospects personally and talk about personal things outside of business matters.

  • Be a trustworthy person

The best product or service you offer will still not be in demand by prospects if you can’t be trusted by these prospects.

You need to provide good service, quality, and communication so that prospects can trust you and the products/services you offer.

Those are some things you might need to know about prospects. Getting leads is hard, but keeping them is even more difficult. The trust of the prospect in us is something that needs to be maintained so that the prospect does not turn to the other party.

You already know what prospects mean from the description of the article above. Prospects mean potential general consumers who can buy goods or services for what you offer.

It will be easier if you use the best bookkeeping application and the best accounting software from the Journal to simplify all the business you do.

Good luck and hopefully useful!

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