Creating a Prospect Strategy Map
How do you ensure that your prospects are ideally suited for you?
It is quite simple. By having robust strategies in place to identify and guide your prospects through your pipeline.
After all, new business is your lifeblood. Your success is dependent upon the degree to which you are able to design and execute a strategic prospecting approach to fill your pipeline with qualified leads.
Random vs. Strategic
Random is a scary word. It’s defined as “occurring or done without aim or reason.” To be a successful risk consultant, you must remove the word random from your vocabulary as your time, money, reputation, confidence, and relationships are on the line.
Strategic, on the other hand, involves a plan, method, or series of maneuvers to achieve a specific goal or result. If there is some randomness in your prospecting game plan, don’t fret. This is why you are going to create a Prospect Strategy Map!
The foundation of a Strategic Prospecting System is having a clear picture of your ideal prospect supported by a strategy map to determine:
- Where to spend your time and energy, the industry and product knowledge you must gain
- People who are able and willing to connect you with the ideal prospect, products, services, solutions, and resources needed
- Issues driving the emotions of the ideal prospect.
Designing your Prospect Strategy Map involves a five-step best practices system for business development success.
Step 1: Know Your Ideal Client
Through the identification of your ideal client, you will take a strategic step toward business development success.
In knowing your ideal client, you will gain confidence and reputation, increase your time with prospects who have a high probability of turning into clients, and decrease time spent with prospects who have a high probability of wasting your time.
Step 2: Articulate Your Value Proposition
Your unique message summarizes why a potential customer should buy your particular product or service, how it exceeds that of your competition, and why it is worthy of the price they must pay.
Your value proposition separates you from the pack, elevates your performance, helps you progress with purpose & passion, puts fun in the business, and makes you a lot of money!
Step 3: Manage Your Pipeline
Pipeline management represents your activities to fill the pipeline with qualified opportunities including, but not limited to researching industries and specific prospects, positioning your network for referral harvesting, community involvement, trade associations, social media strategies, and cold calls.
Step 4: Excel in Phone and First Interviews
The phone and first interview scripts are essential components of your business development success. Think of these actions as your performance. You must master them.
Step 5: Develop Your Unique Risk Management Process
Top-tier producers deliver a process, not products. A product is defined as “an article or substance that is refined for sale.” A process, on the other hand, involves “a series of steps in order to achieve a particular end.”
One example of a tried and tested process is the risk management process. The proven five-step risk management model is endorsed by risk managers throughout the world.
It involves five steps. The first step is risk identification, the second step is risk assessment, the third step is risk evaluation, the fourth step is acting on the risk. The possibilities for dealing with risk include risk avoidance, risk mitigation, contractual risk transfer, risk retention, or the transfer of risk through insurance. The fifth and final step is monitoring.
The model should support your value proposition, phone, and first interview scripts.
A strategic prospecting system starts by having a clear picture of your ideal prospect supported by a strategy map.