Developing a Prospecting Mindset

Developing a Prospecting Mindset

We are in the prospecting and promotion business. The most successful people in this business are not necessarily the best salespeople, they are the best prospectors. Why? Because at the end of the day… we are looking for discretionary income. We are looking for successful professionals who have money to save and invest.
Gathering Acorns
“Now, early in your career it is imperative that you call on anyone and everyone until you have built up your client base – which is the foundation of your practice. Then you can begin to “sift and winnow” and only focus on quality prospects and clients. This increases your business efficiency and is necessary for long-term success. “However, in the early years, if they can “fog a mirror,” then they are a prospect for you. Metaphorically speaking, you have to treat every new client as an acorn. You are not sure which of those acorns will grow into a successful, large oak tree. Some are going to achieve success, some are not going to be successful. But we don’t have a crystal ball to let us know which ones. Therefore, it is imperative that you gather as many acorns as possible in the early years. Now, you can always look for people who have better potential than others as you begin to qualify each prospect. But don’t discriminate too much early on because people can surprise you later in life. “A new client is very similar to a lottery ticket, you never know what you are going to get. That person could turn out to be very valuable to your practice over time. “The ideal goal would be to produce 100 lives each and every year and obtain 50 new clients in order to maintain a very healthy, successful practice.
Prospecting is Belief Driven
“Prospecting is belief driven. Effective prospectors believe they add value to their clients and deserve to be introduced on a favorable basis. “Therefore, when you ask for favorable introductions, you must do so with extreme confidence. If you appear as though you are “begging for referrals” or are uncomfortable asking, then you’re prospect or client will feel uncomfortable referring you because it demonstrates a lack of belief in yourself. “Prospecting will instill confidence in yourself and your ability. Having enough good quality prospects is the difference between a “scarcity mentality” and an “abundance mentality.” “Think about the mindset difference during the sales process. A financial advisor that has very few referrals or “prospect cards” has a scarcity mentality. How does that affect the advisor throughout the sales cycle? Well, the advisor who has very few people to call on in walking through the sales process with a fragile, “china egg.” In other words, this scarcity mentality causes them to not have confidence on the telephone, to not challenge prospects during the factfinder when appropriate, to not directly ask for the business during the close and ultimately not ask for additional referrals because of fear of losing the prospect or business. The advisor is in essence “walking on eggshells” throughout the process.
What about the advisor who has a large stack of prospect cards to call on? Well, this advisor has an “abundance mentality.” There is confidence throughout the sales cycle because that advisor is not afraid to disengage with the prospect because there are plenty of people to call. This advisor is empowered to go three objections on the telephone, to challenge prospects and to directly ask the prospect to take action is the close because they have nothing to lose. They benefit from having the ability to use the most powerful word in the financial services business… NEXT!!!
There is an amazing difference between the mindset and sales process of these two advisors. Having a steady flow of good quality prospects provides you with an “abundance mentality” – ultimately giving you the confidence you need to succeed.

Source by Joey Davenport
#Developing #Prospecting #Mindset speaking tree

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