Prospects are essential to maintain or increase business, and prospecting means finding qualified leads. Who is most likely to want or need your product or service? Who has the means and is willing to pay for your product or service? Answer those questions and you will have determined your target prospect. If you target specific prospects, the results are likely to be more effective. To select the appropriate prospects, consider the principles of attrition, attraction, and accountability.

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	Merilee Marsh consults with law firms and other professional service organizations and presents marketing workshops and speeches for clients and associations.

Attrition

It is essential to replenish prospects because they are continuously moving: wanting new services, trying different experiences, changing loyalties, leaving the workforce.

For instance, every few years the New York State Police force announces that it will be offering an exam as part of its recruitment process. The target prospect is very specific: requirements include individuals who are 20 to 29 years old and have 60 hours of college credits. The resultant applicant pool gives the New York State Police an opportunity to choose candidates from qualified prospects. Replenishment through suitable recruits is essential to keep the ranks at an adequate level.

Attraction

Regarding your product or service, how frequently do you refresh, replenish, or refurbish to attract the prospects interested in what you offer?

The Grand Canyon is a national treasure, attracting individuals and groups from all over the planet. Even so, those who depend on tourism in that area continue to build on the allure. According to www.meadview.info/Canyon Overlook.htm, the newly opened Grand Canyon Skywalk—located on the Hualapai Indian Reservation—was built with more than a million pounds of steel beams, is designed to hold 72 million pounds, and features a four-inch-thick glass bottom and sides. This tourist pull juts 70 feet into the Grand Canyon, 4,000 feet above the Colorado River.

No matter how well-known the Grand Canyon is, no matter how many "prospects" have come to it, there is a never-ending search to replenish those prospects. For those who have seen the Grand Canyon but not yet experienced the Skywalk, there are now new generations of prospects.

What have you created to appeal to your target prospects? Keep your services or products fresh so individuals will return.

Accountability

It is up to you to target your prospects. Those who believe that "everyone knows who we are" or "we are too busy to go after prospects" may find themselves in the land of businesses that no longer exist, whether those companies were as well-known as Montgomery Wards or are industries that once were important to consumers such as buggy-whip manufacturers.

Individuals may suddenly turn into prospects. Have you ever noticed that when you are in the market for a new car, you suddenly notice cars in a different way? You may find yourself looking at models, colors, or styles. Before that time, you may not have been interested—or noticed—advertising for cars. Now you are paying attention and may even look for automobile advertising. At this moment you are a car dealer's prospect.

How do you target your prospects? When you pursue prospects, you may focus on a geographic area (for instance, Sacramento business owners) or a specific venue (e.g., a sports arena for vendors who sell popcorn). You may seek prospects who hold a certain degree, have a particular income, or are members of a profession. Income level or specific industries are other possible determinants. Be sure that the target prospect you choose is appropriate for the service you provide.

Once you have determined your target market, there are numerous approaches to reach your prospects, from advertising and public relations to networking and referral sources. Whether you select a trade show or offer presentations as your approach, be consistent and persistent.

Follow the principles of attrition, attraction, and accountability to locate your prospects. They keep your business alive.

About the Author

Merilee Marsh consults with law firms and other professional service organizations and presents marketing workshops and speeches for clients and associations. Merilee first assesses marketing needs and then recommends steps to help clients recognize and seize marketing opportunities. She consults on positioning, business development, public relations, advertising, relationship building, and other marketing areas. For additional information, call (518) 372-1989, email mm@merileemarsh.com, or visit www.merileemarsh.com.

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