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©2015
Cold Calling & Prospecting for Business
Arleen DaltonVice President, Business Development
General Growth Properties, Inc.Chicago, IL
©2015
mobile.icsc.org
©2015
WHAT IS PROSPECTING?
• Cold calling, canvassing, door-knocking….
these are all names for the act of connecting to someone
in order to identify and create new business possibilities
©2015
WHY PROSPECT?
• Generate new leads for current and future vacancies
• Enhance the merchandising mix
• Understand the competition
• Gather market intelligence
• It’s a key component of your job!
©2015
WHY NOT PROSPECT?
• 100% occupied
• Too busy…can’t make time to get out
• No money in budget to prospect
• You’re not comfortable prospecting
©2015
WHEN TO PROSPECT
• Any time and all the time
• A minimum of twice a week
• Mid-week is best
• Off-peak times when retailer isn’t busy
©2015
THREE MAIN WAYS TO PROSPECT
©2015
INTERNALLY• Sales Force/leasing database• Business cards on your desk• Cold and warm leads• Former retailers• Existing retailers• Mall team• Friends and family• Magazines• Newspapers• Trade publications• Advertise on vacant RMUs
and storefronts
©2015
INTERNET
• Google alerts
• Yelp
• MANTA
• Etsy
• The Chamber
• Online Newspapers and publications
• Blogs
©2015
EXTERNALLY• Other malls
• Strip centers
• Downtown areas
• Resort towns
• Craft and trade shows
• Pop Up markets
• Festivals and street fairs
• Airports
• Farmers’ markets
• Convention Center expositions
©2015
PREPARING TO PROSPECT
• Have the right mind set
• Evaluate your mix to determine
your wants and needs
• Have your talking points ready
• Create a Top 10 list
• Believe in what you are selling
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READY, SET, GO!
• Have a schedule and stick to it
• Don’t go into the office first
• Plan your trip
• Bring your supplies…cards, ipad, lease plans, GPS or iphone with maps
©2015
KNOW YOUR MALL
• Demographics
• Leasing exclusives
• Restricted areas
• Available inventory
• Target rents/occupancy costs
• Trade Area
• Demographics
• Major area developments, housing, schools, jobs
• Competition
• Traffic flow
• Best entrances
• At-risk tenants
• Merchandise Mix
• Create Top 10 selling points
©2015
KNOW YOUR PROSPECT
• How long have they been open?
• What is their business plan?
• Current sales?
• Profit margins?
• Other businesses?
©2015
PROSPECTING MEETING – WHAT TO BRING• Right attitude
• Sincerity and enthusiasm
• Creativity and an open mind
• Right attire
• Business cards, brochures, sales sheets
• Be curious – ask lots of open-ended questions
• Willingness to listen and observe
©2015
FOLLOW UP, FOLLOW UP, FOLLOW UP
• Promptly and often
• Re-cap meeting in an email, then call them
• Practice patience. And persistence.
• Build the relationship
• Follow up again
©2015
CLOSE THE DEAL
• Get the prospect to the property
• Time kills all deals – move quickly
• Develop trust
• Negotiate a win-win deal
• Ask for the sale. Ask again.
©2015
Q&A
©2015
COMPLETE YOUR SHOW EXPERIENCEMORE THAN 30 SESSIONS CAPTURED LIVE DURING RECON!
• Recording Package $150 usd
• Extend Your Own Education
• Share Sessions with Colleagues
• Compatible with Mobile Devices
icsc.sclivelearningcenter.com
©2015
Course Evaluation
Please Complete Your Evaluation Now.
1. Take Out Your Smartphone or Tablet
2. Go to survey.icsc.org/2015RECON
3. Select this course:
Cold Calling and Prospecting for New Business