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[Video] How Much Prospect Research You Should Do

Are you wondering how much prospect research you should be doing before you contact a potential prospect? The answer depends on the value of the opportunity.

Now, if you’re going after a big company like GE or IBM, you will want to spend a lot of time doing research on their website, finding out what industry analysts are saying, etc. – especially if it’s a big opportunity that could be pivotal for your business.

But, if you’re going after smaller companies, you don’t need to invest that much time. The reality of it is, many people call on the same type of decision makers all the time and they know a whole lot about their main concerns and challenges. They develop a depth of expertise on that individual or market segment. And when you have that, you don’t have to do as much specific research on a company.

For example, I always sell to VP’s of Sales, and they're always concerned about new client acquisition.

So, think of the size of the opportunity and what it might mean for your business. If it’s worth researching, go after it. If it's not that big of deal, don’t do as much homework because it won’t make that much difference.

prospect research

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More Stories By Jill Konrath

Jill Konrath’s career is defined by her relentless search for fresh sales strategies that actually work in today’s business environment. She loves to work on tough sales challenges, big issues and unsolvable problems. Her first book, Selling to Big Companies, was hailed as an "instant classic." Fortune selected it as a "must read" and it's been an Amazon Top 25 sales book for 4+ years. Her newest book, SNAP Selling, was just released to rave reviews. She also writes a popular blog and publishes a leading newsletter. As an in-demand speaker an annual sales meetings and conferences, Jill helps sellers crack into new accounts, speed up sales cycles and win more business. Her clients include IBM, Microsoft, Hilton, Accenture, 3M and Staples. Her expertise is frequently published in top business media such as ABC News, Success, Inc., WSJ Start-Up Journal, Entrepreneur, New York Times, Business Journal, Selling Power and Sales & Marketing Management.