Prospect Target
Master quick and accurate prospect classification to optimize your event ROI.
Defining the four types of attendees
How do you optimize your engagement time with show attendees?
When you are working a trade show, you are there to engage with as many of the right attendees (prospects) as possible. EVERY person walking past your booth holds some level of value to you and your company. Don’t prejudge based on appearance or behaviors. Treat every person as a valued prospect and you will be amazed at what business you can generate either directly or indirectly by giving that prospect an appropriate piece of your time.
The best practice key here is to apply an appropriate filtering process to differentiate qualified from non-qualified prospects. The filtering process will vary depending on your product or service specifics. But, classifying the results of the filtering is more universal. It’s been my experience that you can most easily divide your prospects into 4 distinct groups. Once you’ve classified the prospect, you will know how best to maximize their value and how much of your show time to spend with them.
As your show hours are limited, you need to have a system to quickly define which of the 4 groups your prospect falls into so that you can move on to the next prospect and not allow good business to walk right by you.
What are the 4 prospect groups and how do you work within each group?
All prospects fall into one of four groups based on their direct need for your product or service and their knowledge or awareness of the need. Think of an archery target having three rings and a bullseye. The value of each area increases toward the center with the bullseye being the highest valued portion of the target. But, just like the archery target, you can’t hit bullseyes all the time. So, drill for skill in working with all 4 groups.
Outer Ring: (DK) They don’t need you and they know it
• A DK may not be a direct buyer. But, they can be a great source for referrals. Establish rapport and ask them who they know that would benefit from your product or service. Get a list. After you’ve helped their friends, circle back. They may decide they need you after all.
Another aspect of the DK is that they initially LIE about being a DK. Once you switch to asking for referrals and seeking to help others, they may decide to open up and let you help them. This defense mechanism is in place to protect them from pushy sales staff. So, don’t be pushy. This has worked for me numerous times.
Middle Ring: (DD) They don’t need you. But, they don’t know it
• A DD’s guard won’t be up. So, they will more likely listen to your value proposition with a more open mind and explore possibilities with you. Discuss “what-if” scenarios with them and watch for interest to blossom. They may talk themselves into buying based on reasons known only to them. Again, build rapport and always ask for referrals.
Inner Ring: (ND) They need you. But, they don’t know it
• An ND has come to the show without a shopping list. They know they need something. They really don’t want to leave empty handed. Your job is to help them unveil the need for your offering and work through the process of getting what they now know they need. Get referrals.
Bullseye: (NK) They need you and they know it
• An NK is what you wish everyone was. They are the low-hanging fruit. They will literally walk up to your booth and try to advance the discussion to a buying decision as long as you don’t mess it up. Get referrals.
The filtering process looks like this:
ENGAGE: Use your best practice approaches discussed in previous weeks of this series for gaining the prospect’s attention
FILTER: Work to determine which of the 4 groups they belong by assessing their interest level in your offerings and doing a needs assessment
CLASSIFY: Based on your filtering results, put the prospect into the appropriate group
PURSUE: Close, set appointments, get referrals, etc.
When you are working a trade show, you are there to engage with as many of the right attendees (prospects) as possible. EVERY person walking past your booth holds some level of value to you and your company. Don’t prejudge based on appearance or behaviors. Treat every person as a valued prospect and you will be amazed at what business you can generate either directly or indirectly by giving that prospect an appropriate piece of your time.
The best practice key here is to apply an appropriate filtering process to differentiate qualified from non-qualified prospects. The filtering process will vary depending on your product or service specifics. But, classifying the results of the filtering is more universal. It’s been my experience that you can most easily divide your prospects into 4 distinct groups. Once you’ve classified the prospect, you will know how best to maximize their value and how much of your show time to spend with them.
As your show hours are limited, you need to have a system to quickly define which of the 4 groups your prospect falls into so that you can move on to the next prospect and not allow good business to walk right by you.
What are the 4 prospect groups and how do you work within each group?
All prospects fall into one of four groups based on their direct need for your product or service and their knowledge or awareness of the need. Think of an archery target having three rings and a bullseye. The value of each area increases toward the center with the bullseye being the highest valued portion of the target. But, just like the archery target, you can’t hit bullseyes all the time. So, drill for skill in working with all 4 groups.
Outer Ring: (DK) They don’t need you and they know it
• A DK may not be a direct buyer. But, they can be a great source for referrals. Establish rapport and ask them who they know that would benefit from your product or service. Get a list. After you’ve helped their friends, circle back. They may decide they need you after all.
Another aspect of the DK is that they initially LIE about being a DK. Once you switch to asking for referrals and seeking to help others, they may decide to open up and let you help them. This defense mechanism is in place to protect them from pushy sales staff. So, don’t be pushy. This has worked for me numerous times.
Middle Ring: (DD) They don’t need you. But, they don’t know it
• A DD’s guard won’t be up. So, they will more likely listen to your value proposition with a more open mind and explore possibilities with you. Discuss “what-if” scenarios with them and watch for interest to blossom. They may talk themselves into buying based on reasons known only to them. Again, build rapport and always ask for referrals.
Inner Ring: (ND) They need you. But, they don’t know it
• An ND has come to the show without a shopping list. They know they need something. They really don’t want to leave empty handed. Your job is to help them unveil the need for your offering and work through the process of getting what they now know they need. Get referrals.
Bullseye: (NK) They need you and they know it
• An NK is what you wish everyone was. They are the low-hanging fruit. They will literally walk up to your booth and try to advance the discussion to a buying decision as long as you don’t mess it up. Get referrals.
The filtering process looks like this:
ENGAGE: Use your best practice approaches discussed in previous weeks of this series for gaining the prospect’s attention
FILTER: Work to determine which of the 4 groups they belong by assessing their interest level in your offerings and doing a needs assessment
CLASSIFY: Based on your filtering results, put the prospect into the appropriate group
PURSUE: Close, set appointments, get referrals, etc.