How to Find New Customers (Pt. 1)

Here's one of the most basic problems in sales -- trouble building up a customer base. A reader writes:

I wholesale insurance to retail insurance agents, who in turn sell it to consumers. I have never worked for a wholesaler and I am not getting close to my quota. The job isn't exactly what I expected (because of all the administrative duties that I now am required to do) but I accepted the position and want to make it work. I am a marketing and a sales person at heart but I find it difficult to actually find the right clients. My competitors already have relationships with other wholesalers and it is difficult to break in. My challenge is finding the right client. Do you have any suggestions?

1. Cold-calling. You go out and find new customers.
2. Networking. Your current customers find new customers for you.
3. Demand creation. You create conditions where customers come find you.

• STEP 1: Winnow your list. I'm assuming that you've got a big list of all the retail agents in your territory. Try to find anything in the information within that list that might indicate a higher likelihood that the agent might require another wholesaler. Example: if your list provides their current wholesaler, there may be a wholesaler who's got a bad reputation, in which case those agents might be more willing to switch. Here's a blog post that can help:

  HOW TO QUALIFY LEADS

• STEP 2: Hone your cold calling skills. Since you're pretty much starting from scratch, you'll need to develop your ability to convert sales leads into real prospects. The key to doing this is getting really good at cold calling. The key to cold calling is creating a script, rehearsing it, and tuning it. Use your colleagues and friends to help you hone your skills in this area. Here's a blog post that can help you with this all-important skill:

  HOW TO BE A COLD-CALL SUPERSTAR

• STEP 3: Don't get discouraged. Now it's just a matter of actually making the cold calls. Set a goal for how many cold calls that you're going to make each day. Make the calls. Give yourself a pat on the back after every call -- regardless of how it turns out. After you've made your quota of calls, celebrate. Make the process as positive and upbeat as possible. Remember: cold-calling is a "long-distance" event, not a sprint. Here's a post to help you stay motivated, even when you don't convert many leads:
  

  ELIMINATE "REJECTION" FOREVER

To summarize, the keys to effective cold-calling are lead qualification, communications skills and attitude. If you consistently develop your skill in those three areas, you'll start landing good prospects. It may take time, but it will happen. Here's a post with some general advice that should prove valuable if you go this route:

TEN WAYS TO MAKE COLD CALLING EASIER