Take a Targeted Approach

By Heather Baldwin

Imagine you could give your sales reps a gift of fewer cold calls and more meetings with warm prospects. And imagine that gift resulted in a shorter sales cycle and a higher number of sales closed per meeting. Sound impossible? Not when the gift is a year of Prospect Relationship Management (PRM) services from DJD/Golden, an integrated marketing communications firm based in New York City.

PRM takes the grunt work, such as finding good prospects, contacting them and setting up meetings, out of the hands of sales reps, thereby enabling reps to spend more time in face-to-face meetings with qualified prospects. Its aim is to eliminate the splatter approach to finding good prospects and replace it with targeted accuracy so more calls turn into meetings and more meetings turn into sales.

In practice, PRM starts with a DJD/Golden rep sitting down with a client to determine the client’s ideal prospect, including both the type and size of the company and the position within that company that should be targeted. DJD/Golden then assembles a database of prospects that meet those parameters, checking each name on the database to ensure it is accurate and correct.Once the client reviews the database, DJD/Golden sends out a mailing piece, including a letter stating the date a sales rep will phone and requesting a meeting on a specific date. DJD/Golden reps handle all the calls and their client’s sales reps attend the meetings with prospects, armed with the information DJD/Golden has amassed about the prospect, such as whether the prospect is friendly and open or all business and just wanting the facts, and so on.

“We boost the credibility of a call,” says Joseph Milner, director of PRM at DJD/Golden. “It’s as though someone from your firm is getting on the phone. We expect our people to answer in a credible, factual way when they’re asked a question about a product.”

Does it work? According to DJD/Golden, PRM generates a response rate between 4% and 10% – 4 to 10 meetings for each 100 names – compared with a typical 2% response rate for direct mail. PRM also has reduced its users’ sales cycles by 50% to 70%, so that a typical 10-step sales cycle now takes only three to five steps. For most of DJD/Golden clients, it has taken only one sale to pay for a complete PRM program.

“I had one client who was unhappy with the number of meetings we had secured for them during a trial period,” recalls Milner. “But then his reps attended the meetings we had set up. The prospects knew why the reps were there, had an initial understanding of what the client could do for them and the client closed the sale in three meetings instead of the usual six or seven.” That, in a nutshell, is PRM.

For more information, contact Milner at jmilner@djdgolden.com.