Digital Solution Prospecting Strategy
Prospecting is the first step in the sales process, which consists of identifying and prioritizing potential customers. The goal of prospecting is to develop a database of likely customers and then systematically communicate with them in the hopes of converting them from potential customers to current customers. Prospecting for digital solutions will often differ from a company's traditional product portfolio.
Four key questions must be addressed:
1. What benefits will your prospects pay for? Many digital solutions are built on the company’s legacy strengths without a clear focus on specific market needs. Does the solution solve an urgent business problem? Is it easy for customers to understand?
2. How do you price your products? Pricing model flexibility is an opportunity for digital solutions but also presents complexity for buyers. Does your revenue model reflect the value you create? Does your revenue model create a ‘sticky’ relationship to reduce customer churn? How do you benchmark prices?
3. How do you communicate value? Digital solutions impact a wide range of users, from IT to management to operations, each with unique needs. Does your product generate value for multiple user groups? Is your value proposition clearly differentiated? Are any stakeholders likely to be an adoption barrier?
4. How do you distribute your products? Customers may expect end-to-end solutions including software, hardware, and integration to reduce deployment complexity. What sales channels are effective in your target markets? Do you have a partner strategy to build 'whole solutions'? Can partners effectively communicate your value?
Engagements typically range from one to three months.
German, English, Chinese, French
Who is this for?
Seniority: C-1 (e.g., vice president, global head of X), C-2 (e.g., director, regional head of X)
Functions: Business Leadership (e.g. P&L ownership), Growth (e.g., sales, marketing)
- Increase sales focus and efficiency in existing markets.
- Prepare for the entry into new geographic regions or market segments.
- Accelerate sales through a focused drive to identify and engage prospects with a compelling value proposition.