How To Nail Your First Prospect Meeting: A Step-by-Step Guide

To access a step-by-step guide to preparing for your first meeting with a prospect, download the template above. You can use this guide for each new meeting and maximize your chances of success!

Imagine stepping into your first meeting with a potential client. The pressure is on. This encounter can either open doors or shut them tight. Trust me, I've been there. That first greeting and the initial words exchanged are more than formalities; they are vital to establishing trust and credibility.

In corporate sales, excelling in your first meeting with a prospect is like laying the foundation for a solid structure. Not only does it have a lasting impact on future interactions with that prospect, but it goes a long way to establishing that you understand their needs and know how to address them. As the SVP of Business Development at IBISWorld, with over 15 years of experience in prospect interactions, I've learned that trust is the cornerstone of successful business relationships.

Drawing from my wins and losses over the years, I will share the tips, tools and strategies I use to nail my first meetings. From preparation to follow-up, I take these steps to help me get off to a winning start.

Step one: The preparation stage

Preparation is the crucial first step; it sets the scene for how well your first meeting will go, so don’t underestimate the importance of strong preparation. Your success hinges on you putting in the effort long before you step into that first meeting, so here’s how to ensure you’re ready.

Study up

Before you even think about shaking hands, research your prospective client. I like to deep-dive into their background, find out what’s going on in their industry landscape, and try to understand their unique challenges and specific needs. Knowing your prospect's business environment is crucial to addressing their concerns and earning their trust.

By researching your prospect’s industry, you can identify current trends and developments that impact their business, and position your product or service in a way that aligns with their needs. This makes your offering more relevant and appealing, and gives you a better chance of closing the deal.

Knowing who the key players are in your prospect’s industry and understanding their strengths and weaknesses is also key. It helps you differentiate your offering from competitors and identify areas where you can provide unique value.

Doing your homework beforehand sets the stage for a better connection, so investing time in thorough research is a must. It can make the difference between sealing a deal or walking away empty-handed.

Pre-meeting work

Once you have a better idea of who your prospect is, this is usually where I like to start putting together a plan, beginning with a summary of ‘what we know’ and ‘what we want to understand.’ A plan for a sales call can serve as a guide, but it doesn’t have to be finished upfront. It can help pinpoint the key information you’re missing about the prospect - so during the meeting, aim to gather this information and add it to the guide as you go.

This method sets you up to be organized, prepared and shows you’re a valuable partner, setting the stage for a productive sales cycle. It also helps you answer any possible questions or objections, thereby boosting the prospect's trust in your skills.

Use available resources

In my downtime, I like to keep updated on local and world news. The effect of interest rates on the economy is one issue I’m keeping my eye on. At IBISWorld, I’ve learned a lot about specific client pain points, like how external factors such as interest rates impact our clients and their customers.

For instance, our Commercial Banking in the US report has given me insights into how higher interest rates from the Federal Reserve have affected loan growth. These insights have secured multiple meetings as banks confront new challenges in a higher-rate economy, especially when they’re seeking to benchmark businesses against their industry and identify industries that align with their newly adjusted risk tolerance. By weaving this knowledge into my initial pitch, I've shown expertise and empathy for potential customers' challenges.

I’m not an expert in all our client’s industries, but that’s okay. Tools like IBISWorld’s industry reports are there to help you show prospects that you have a solid understanding of their industry, pain points and growth goals. Utilizing the collective knowledge within your organization is another smart way to prepare for meetings. Your colleagues can offer insights on roles, industries and use cases that can boost your preparation.

With that said, don’t fall into the trap of tunnel vision. Relying solely on internal preparation for prospect meetings could limit your perspective, so it's key to balance internal ideas with external viewpoints.

Phone a friend

Beyond tapping into internal resources, I’ve found another great strategy: bringing a team member to sales calls. In the early stages of my sales career, I had this notion that outnumbering prospects in meetings meant 'too many cooks in the kitchen', but experience has since changed my opinion. I now think bringing in support can lead to better results, as long as all attendees have something valuable to contribute or a specific role to play.

For instance, I've had our EVP of Product Development, Jocelyn Phillips, join calls to discuss future solution roadmaps with prospects. This helps to align their needs with our offerings, while also showcasing our commitment to customer-centric growth.

You should also share your meeting agenda with all involved, including the prospect. Whether introducing a new product, tackling current issues, or sealing the deal, having clear goals for all involved helps guide the conversation. Clarity on discussion topics and mutual agreement guarantees that the most important topics are going to be covered, enhancing the overall productivity of the meeting.

Key takeaways

• Do some solid research on potential clients to customize your pitch and solutions to fit their specific needs and challenges.
• Have a flexible meeting plan ready that pinpoints any missing information about the prospect to gather during the meeting.
• Use external resources like industry reports to get a better grip on client pain points and show your expertise.
• Work together with team members before sales calls to make sure everyone knows their role and contributes effectively.

Step two: The execution stage

Now, it’s time to make things happen. When you’re moving into the execution stage, several critical aspects must be considered. It may seem obvious, but begin by setting up a mutually agreed-upon start time and duration for the meeting. Ensure you accommodate your prospect's schedule, which may be filled with competing priorities.

Plan tailored questions

Remember when we talked about noting ‘what we know’ and ‘what we want to know’ during the preparation stage? Well, now it’s all about putting together a set of questions based on this information to help you get the results you’re after. Before diving into these questions, double-check the prospect’s objectives – the reason for the call may have shifted. This will ensure that the conversation stays beneficial for both sides and clear of any hint of one-sided interrogation.

After allowing the prospect to outline additional agenda items, I kick things off by asking questions before jumping into solutions. I usually start with something like,

“What are the goals of your department/role over the next quarter and the next 12 months?”

As the relationship matures and key stakeholders are identified, I ask when our solutions could be put into play at their company. For example, if knowing when a competitor’s contract ends is important, I might ask,

“Could you please share when your current contract with [competitor’s name] is up for renewal?”

Anticipating the prospect's future needs with strategic and planned questions helps you to gather relevant information smoothly. By covering key details in the meeting, you can avoid returning to missed topics.

Actively listen

Remember to listen to your prospects' responses to your questions. Selling IBISWorld’s solutions gives me a significant edge, offering a range of information in various formats across thousands of industries. But sometimes, too much information can be overwhelming. That’s where active listening comes in.

Good salespeople personalize their pitch to meet their prospect’s needs, understanding how their own solutions can help their prospect reach their goals. It’s about picking up on what prospects want in those first chats and tweaking your presentation. And in customer meetings, keep it clear and concise, giving them the information they need without drowning them in unnecessary details.

Conclude with clarity and confidence

As you wrap up your initial meeting, make sure everything is crystal clear to avoid any confusion. Lay out the next steps and set expectations for the future. Use this as a chance to address any questions or concerns that may have popped up during the meeting. Consider asking for referrals if the prospect seems interested in your product or solution.

Recap any to-dos from the meeting, like commitments to follow up on specific topics or arranging further discussions with colleagues. Value the prospect’s input and make sure you cover all their immediate questions, asking them,

"Is there anything else you were hoping to cover in today's meeting?"

This is how you wrap up with clarity and confidence.

Key takeaways

• Get the meeting off to a good start by agreeing on when to kick things off and how long to chat, making sure it suits everyone’s schedule.
• Ask the right questions based on what you already know and what you want to find out, keeping the conversation flowing smoothly and avoiding making it feel like an interrogation.
• Wrap up the meeting with a clear plan for what comes next, summarizing what you’ve already discussed and sorting out any issues that may have been raised.

Step three: The follow-up stage

You’ve just concluded a promising meeting with a potential client. What happens next can make all the difference. If you don’t follow up quickly, you might miss a chance to reinforce the value you discussed and address any concerns.

Be sure to maintain regular contact with the prospect, as per your scheduled agreement, adjusting for the different sales cycles of your products or solutions. It’s key to stay on the radar and stand out. However, a generic approach doesn’t cut it, especially in follow-up messages. Tailor your follow-ups to match each prospect’s unique interests and preferences for a lasting impact. Share relevant industry insights and show you’re focused on their business needs to make it stick.

Personalize your outreach

In my follow-up messages to prospects, I like to include key factors that directly impact their business, taken from the key performance section of our industry reports. This way, I can show how we can address their concerns and explain why their competitors might use our services.

By including these insights, I make sure that the follow-up speaks to both tactical and strategic stakeholders. This helps smoothly transition from immediate needs to long-term objectives, highlighting the flexibility and effectiveness of our solutions.

Set the next steps

It’s important to lay down clear next steps to continue with the momentum. This could include scheduling a follow-up call or meeting to discuss specific details, answer additional questions, provide trial access, or start the next sales phase by outlining a contract. By defining specific action items and timelines, you and your prospect remain focused and aligned on achieving a win-win result.

Utilize your sales tech stack

At IBISWorld, we streamline our follow-up game by leveraging our sales tech stack with Gong. It captures and condenses meetings on Microsoft Teams for comprehensive summaries, helping us spot key points like questions, objections and discussions.

In a recent chat with a private equity firm, I faced some challenging questions that fell outside my expertise. Rather than improvising, I returned to the Gong recording to fish out the answers to those questions and forwarded them to our Client Services team. This enabled me to fulfill my follow-up commitment and avoid losing the prospect's trust.

Key takeaways

• Make your follow up messages unique to each prospect and include industry insights to showcase your understanding of their business.
• After your first chat, nail down the next steps so you both stay on track and keep the ball rolling.
• Use handy sales tech tools like Gong to follow up efficiently, tackle questions, and keep the trust intact.