How to get best out of  Prospecting? Reliance Industries Limited(RIL) as example

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About this article ?
  • As one can see this is a fascinating article on prospecting methods.
  • So also what is the market of prospecting as well as discussed in detail.
  • Discusses natural markets as well.
  • Then it takes the prospecting strategies based on specific industries.
  • When it takes the real-life example of how Reliance Industries do the prospecting in the Vast set up they have that includes media entertainment beauty quick commerce etc.
  • Again at the end of the article we have a free tool for enhancing sales, that is the Sales Enhancer.
  • Helps in relationship-related sales.
So also at the end of the article you can try for FREE, our Unique and Powerful SALES Enhancer which helps to scale your sales at least by 30% or more.
  • You will be surprised by the results and accuracy and feel that you get.🙂
    • Methods of Prospecting?
    • So as we can see prospecting is a process of trying to connect to one’s potential customers who have the potential to buy the services or products of solutions.
    • So there are several methods to connect to the target audience. One of the most common is cold calling as is known we get a lot of cold calls every day on our mobile. So again is the email marketing .
    • But overall, all this requires perseverance and skill to build long-term relationships so the first trigger is to get into a relationship by cold calling or emailing and then go beyond it.
    • So also one of the popular methods is networking; which involves attending events where you get to connect to people related to the same industry or maybe joining industry groups. So that you can leverage your connections and meet your prospects.
    • Now as we know LinkedIn or other social media like Instagram is a very good way of connecting to potential customers and projecting yourself. So is mailing based on a mailing list, we have a lot of mail to the inbox in this regard.
    • So also Facebook social media is there, where one can present ideas and videos very easily to reach a large target audience.
    • Instagram is one more way as pointed out above where one can connect to potential clients. And so also blogs & videos could be added to the same to attract people organically.
    • Finally referral-based sales is a very powerful method to get good customers and satisfy them because they are referred by satisfied customers.
    • The trust levels are higher naturally.
    • So other digital strategies that use a database or what we call CRM-driven prospecting are also very useful.
    • What happens there is that a company collects a lot of data for sales to analyze the customer data, and identify the leads which could convert or call. Be it warm leads and then create campaigns to attract them.
    • Other alternatives include partnerships trade shows or direct mail campaigns depending on the industry.
    • So where is methods are used to ensure a steady pipeline?
    What is Your Market for Prospecting?
    • So say depending on the market suppose one is into B2B or business-to-business sales so business to business then to make proper sales we need to connect to the decision makers or maybe the business owners or executives who are empowered to make proper decisions .
    • B2B is used for healthcare, & for finances, and manufacturing especially where companies need very specialized solutions so the interaction between the seller and the person to whom it is to be sold is high.
    • The other approach is Business to customer or B2C approach.
    • This could be retail business or maybe financing & other services or real estate. So this could typically involve social media or also advertising on social media. It includes Facebook and even LinkedIn and even influencer marketing. Like engaging with popular influencers and using their influence to sell the products or solutions.
    • Here the businesses connect with the end customer based on the behavior, demographics for location, and based on what the customers want.
    • Another one is the important effort we want to put energy or focus on.
    • So business sales need work on a global level. So also another strategy is to focus on very specific markets. One needs to understand the customer pain points the needs and the customer behavior and Tailor the prospecting strategies in accordance for high effectiveness.
    • As we discussed a well-defined market or segment ensures a better return on investment in the prospecting efforts. As the strategies could be highly focused.
    • And the right kind of message can be tailored for the specific markets.
    What Are Natural Markets?
    • Means people who are already or naturally enable to buy your services or products.
    • Relatives to the family the people whom you know or the first clients or customers.
    • So this a trust level already existing there.
    • Hey good more easily give referrals for the person.
    • So in natural markets the basic advantage is that the trust is already there so naturally the conversion rate of the sales is higher.
    • Many of the people are already satisfied customers so it can help to expand the base by referrals this natural market approach is very useful in referrals like insurance or say financial methods for natural management of real estate or even direct sales.
    • All here the core trust is fundamentally important.
    • Looking below at the breakup of various strategies based on various industries.
    Prospecting Strategies Based on Specific Industries
    • Now various prospecting strategies depend on the kind of audience one has or maybe the kind of sales cycle one has, depending on the industry type the strategy changes.
    1. B2B (Business-to-Business) Industries A. IT & Software (e.g., TCS, Infosys, Microsoft)
    • So here the prospecting can be easily done by using LinkedIn and also Facebook or social media-based selling.
    • Companies like IT companies especially, using linked-in direct messaging or knowing the profile of the end customer well could help in making the sales deal go more easily.
    • The other possibility is doing technical webinars and product demonstrations. So that could include generating leads showcasing the software or giving demonstrations.
    • Then so also is the account-based marketing giving customized solutions to customers.
    • So also referrals could be used by leveraging the satisfied customers to get the new customers.
    B. Manufacturing & Heavy Industries (e.g., Tata Steel, Reliance Industries, General Electric)
    • So for heavy industry, networking is needed. Which could start with showcasing the capabilities of what one can do.
    • For Business-to-business sales, say if the other end is government. So The contracts could be used with government-based prospecting, using tenders, and making maybe long-term agreements.
    • Channel partnership is collaborating with distributors to expand the business reach.
    • So also direct sales could happen by directly reaching the factory owners or procurement management managers by email and call.
    C. Financial Services (e.g., HDFC, ICICI, JP Morgan)
    • Now for financial services the prospecting can happen with seminars for wealth management. These could also be free seminars to attract more people one may start with cold calling, followed by proper follow-up to get people to join the event or seminars.
    • Then when the people are attending the seminars, building more trust with direct contact is helpful.
    • So also social media and content marketing can be used. like writing relevant blogs for financial reports for government or companies and making the right kind of YouTube to attract people would also help in getting sales .
    • One could take proper initiative by offering free financial planning to customers. So also maybe sessions where you talk about the people or potential customers, end attract and engage more people. This approach would surely be very helpful.
    2.B2C (Business-to-Consumer) Industries A. Retail & E-Commerce (e.g., Tata Neu, Amazon, Flipkart)
    • If it is Business to consumer, it could fall into two parts that are retail and e-commerce. So top are Reliance, Tata, and Flipkart what is happening here is that one can directly engage people directly with social media and use influencers for marketing.
    • Facebook and TikTok as well could be used to engage customers. Then is regular SEO and content marketing that includes writing blogs that are interesting to engage people.
    • Again Reviews of the product and running YouTube or Google advertisements could also help attract people .
    • So within SEO is content marketing, or maybe the use of eBay and SMS marketing. All these could be added for a better return on investment.
    • Exclusive promotional offers would enhance the chance of a person coming back.
    • Starting referral programs could also increase the traction of people coming to the business. So basically encouragement of the existing people to get more customers is needed.
    B. Real Estate (e.g., Godrej Properties, DLF, Century 21)
    • Now let us talk about the property business. Which is a good business and is called real estate as well. In this case, one could have open houses where the customers could be shown how the house or flat looks like they can feel which helps to attract customers.
    • Then again we have a very powerful traction by Google & Facebook advertisements. The customers can be made to more focus on getting better returns on investments by their investments in land flats or houses or say properties.
    • So also if the list of customers or possible customers is there, then cold calling and WhatsApp marketing can help one directly get to the potential customers.
    • Then to motivate them beyond that point one could opt for free counseling or offering discounts would also help.
    C.Automobile Industry (e.g., Tata Motors, Maruti Suzuki, Tesla)
    • Now other is the automobile industry, where the key players are Tata Motors & Maruti Suzuki Tesla etc. To attract customers a test drive could be given so that the customer gets a feel or experience of driving the car. So that would naturally attract the customers.
    • Then there could be dealership events with some motivations for adding some discounts.
    • As we know YouTube and social media marketing help a lot in business-to-customer prospecting. So additionally one could add the reviews of the car and videos to promote the car.
    • Additionally connecting to large multinational companies would be helpful to get big orders or purchases at one time. This is called the corporate or fleet sales.
    • Again encouraging customers to upgrade the old vehicles is also important, as this only could lead to the phenomenon of people buying more cars.
    3. Service-Based Industries A. Healthcare & Pharmaceuticals (e.g., Apollo Hospitals, Cipla, Pfizer)
    • So next is the Healthcare & pharmaceuticals . where Apollo is a good player, so is Fortis & cipla or Pfizer. Here networking with doctors and networking and Hospitals or say tie UPS is fundamentally important. Which any medical representative sales guy does.
    • So this kind of prospecting needs direct engagement with people dealing with the medical profession.
    • So also creating campaigns or setups for health awareness is needed. Like free health checks., in which if the problem is found and giving recommendations for the same. Using this approach people will naturally get attracted to the services or solutions one is offering in the medical area.
    • Business-to-business or B2B sales could mean directly connecting to the clinic or pharmacy that is selling a machine or a medical report. This could be done through direct outreach or directly selling or call it prospecting to clinics and pharmacists.
    • So also people search on Google for nearby hospitals or any machine or medicine etc. so for this optimization for any hospital or any health services on the Google could help a ton.
    B. Education & EdTech (e.g., BYJU’S, Coursera, Unacademy)
    • So for education or education technology we have byju at the top and then we have unacademy. So the obvious natural choice to attract students is free demo classes to get the students related to the field. Plus let them proactively know what they would gain from the classes. Plus free webinars would also help.
    • So again YouTube marketing also helps. This could be done by creating short classes & engaging the audience there.
    • Social media marketing on Facebook or even LinkedIn helps.
    • Offering Referral discounts to students or encouraging students to get more people to join would also help. Like making people like an acquaintance or a friend to join, if they can do so. Then some referral bonus could be given to the student.
    Conclusion
    • So one can guess that for every industry the prospecting strategy has to be tailored based on the sales cycles or competition or target customer behavior. Especially in business-to-business (B2B), Industries focus more on networking and partnership or in certain cases direct cold calling .
    • While business to customer or call it B2C they focus more on digital marketing. This also includes more collaboration that could help. Once again referral programs could also help.
    How does Reliance Industries d prospecting? – sample example case
    • Reliance Industries Limited is a combination of various kinds of businesses and interests and uses multi-faceted ways or strategies for prospecting to tailor to the unique dynamics of each sector in which Reliance Industries is placed.
    1. Strategic Partnerships and Collaborations
    • So the first option is going for strategic partnerships and collaboration
    • 2. Omnichannel Retail Platforms
    • So there are Omni channel retail platforms that deal with an integrated online & offline shopping experience altogether.
    • Like for instance launch of Tira .
    • Tira combines the e-commerce capabilities along with physical stores. This helps to offer the consumers a seamless or smooth shopping experience. And allowing reliance industries to get into the burgeoning beauty and personal care market.
    3.Quick Commerce Initiatives
    • Quick delivery light blanket is going up blink it so it’s leveraging its extensive network of markets and also it partners with status like dunzo.
    • AIMS at giving deliveries intend to 30 minutes.
    • So this helps us hold to compete with established quick market commerce players and give quick delivery.
    4. Innovative Advertising Techniques
    • In the media and entertainment sector Reliance uses state-of-the-art technologies to attract advertisers and enhance the prospecting possibilities.
    • So what it does is it uses fertilizers neuroscience studies such as brave mapping to show that there is higher engagement of customers when advertisements by Reliance Industries Run. This kind of approach helps to attract more business in platforms like IPL and enhances the revenue stream for Reliance.
    • There have been a lot of strategic moves for Reliance Industrial and details sectors.
    • Abs to changing consumer behaviors and various Technology will changes as well.
    Conclusion
    • As one can see this is a fascinating article on prospecting methods.
    • So also what is the market of prospecting as well as discussed in detail.
    • Discusses natural markets as well.
    • Then it takes the prospecting strategies based on specific industries.
    • When it takes the real-life example of how Reliance Industries do the prospecting in the Vast set up they have that includes media entertainment beauty quick commerce etc.
    • Again at the end of the article we have a free tool for enhancing sales, that is the Sales Enhancer.
    • Helps in relationship-related sales.
    • This solution enhances the Sales results by at least 30% .
    • So you do at least 30% more sales easily!:)
    • So one can try and check the same.
    • Our Sales Enhancer solution can help significantly in relationship selling or be-to-be sales.
    • It can increase the ROI significantly by over 30%.
    • One can try the tool for free given at the given below.
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