Differentiate between just a prospect and buyer

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Re: Differentiate between just a prospect and buyer

#1 Postby lovneeshscmhrd » Sun Jan 11, 2015 5:15 pm

The need of the hour is to understand who is a prospect and who is a buyer. It is not necessary that every person who walks into the store and inquire will definitely buy the product, so it is critical to identify who is a buyer to increase sales and revenue. A current prospect can be future buyer, so it is important that a sales person caters to him just like another buyer, tell him all about the product, understand his needs and get to know in about what time is the prospect looking forward to buying the product.
Also a buyer may be more keen to buy a particular product so will be more focused towards one or two product unlike a prospect who may inquire about many products which in turn may help him decide whether he is ready to purchase or not.

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Re: Differentiate between just a prospect and buyer

#2 Postby rachna » Sat Jan 10, 2015 9:52 am

Prospect - Someone who is looking solution for his company but not able to decide on few things like whether to go for paid services, will it benefit him,from which company he should avail services and etc...We need to show value for the money and convince him to convert a prospect into buyer.

whereas Buyer is someone who is ready to buy,he will negotiate on pricing and add on advantages.

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Re: Differentiate between just a prospect and buyer

#3 Postby anmoljain » Tue Jul 15, 2014 8:18 pm

According to the current scenario one cannot judge simply which of the customer is a prospect and which one is a buyer. Inflation rising in India and the prices of commonly used goods are ever increasing which makes the consumers think a lot on what to purchase and at what price. One cannot simply judge by looking at a person that he the person is a prospect or a buyer.In simple words whenever a need arises for a product then prospect becomes a buyer.
In other words, a prospect is considered as a future buyer whereas a buyer is a customer who was once a prospect and is now convinced to purchase the product at the demanded price.
A prospect is not sure or convinced whether the product will satisfy his needs whereas a buyer is already convinced.
All prospects cannot be turned/converted to buyers whereas all buyers were once just a prospect.
In very simple language, a prospect is a future buyer of the product or service.

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Re: Differentiate between just a prospect and buyer

#4 Postby Priya16 » Sat Jun 28, 2014 10:27 am

There is a difference between a prospect and a buyer. Prospect is one who just wants to know the details about the products or services. Whereas, a buyer is one who buys the products and services. He comes to the shop to buy goods and services. Prospect comes to shop just to know what other products and services are available, what are the ingredients of the products or to know the full details of the product. He may in future buy those products and services. We should try to convert prospect into a buyer. We should also target such type of consumers. We should provide them with more products and services also which is in their budget. They might not go for high priced products and services. SO, ask them their budget first and then showcase the products and services. We should also try to be friendly with them and build good relations among them, so that they come again and again. A buyer comes to buy the products and services. We should maintain such customers by providing credit facilities and also sometimes providing them discounts.

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Re: Differentiate between just a prospect and buyer

#5 Postby ISTTMVINAY457 » Mon Jun 23, 2014 1:31 pm

Yes every prospect may not be our buyers. But we can turn them every prospect as our customer. More over we should target particular segment of people only. Some people will come to stores to just know about product or service, may be they will but that product or service in future. Some people will come to store to purchase our product, we should target those people who are ready purchase a product or service.So if we follow these we can turn them as our customer.
Collect their email id and add those people into a monthly email campaign
If you have good relations with customer asks their personal contact and follow up that.
Develop a keep in touch campaign to keep your name in their mind
Ask yourself how important is this sale?

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Re: Differentiate between just a prospect and buyer

#6 Postby bhawna » Sat Mar 29, 2014 10:01 am

This is very important to analyse that which one is just a prospect and which one will genuinely buy your product.. Prospect are the target audience to which the product is offered. They are those who might can buy a product/service But, not everyone buys the product, some becomes buyer and rest of the person just remains as a prospect.. And, to differentiate between just a prospect and buyer it depends on the salespersons analysis & his/her skills..

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Re: Differentiate between just a prospect and buyer

#7 Postby pearl » Thu Mar 14, 2013 10:36 am

Today in competitive market it is very important to understand which prospect shall become a buyer and others who have just come for inquiry..
I believe what makes a big difference between both prospect & buyer is keen knowledge about our product.. a buyer will do its home-work on our product & the quires of that buyer will be entirely different from prospect.. let take an example, every one have their interest in Car..!! so any one can be prospect..!! but the buyer will be one who have knowledge about that product being offered by different companies existing in market.. and will have questions like Cost, not more about product, because of his interest in product made him search about the same..
but a general prospect will be one who want to know about product & than will think, DO I NEED THIS PRODUCT/ SERVICE??

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Re: Differentiate between just a prospect and buyer

#8 Postby Shikha Gupta » Thu Mar 14, 2013 10:20 am

The best trick to understand who is an actual buyer completely depends on the sales person analysis... because while interacting to a person they should know ans of few questions like whether the person with whom they are talking can take the decision to buy the particular product/service? Will he be able to convince the right person? or does your services can actually help him anyway? and if you know ans of these questions it will be easier to identify that which prospect can be your buyer.
And a prospect will always ask you about your process like how you do the things,why its so expensive? etc.whereas a buyer will always ask you how YOUR services can help him and he will be more interested to share his information also...

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Re: Differentiate between just a prospect and buyer

#9 Postby avinash » Thu Mar 14, 2013 9:56 am

Prospect – Anyone who has taken action to search for a solution, and need your assistance to have it.
They actively supply their personal information to have detailed information. They are not a lead at this point, but rather, a prospect who is ready to be nurtured into a lead.

Buyers – The right person who is ready to buy..
After having full details, they talk about payment, pricing, additional features.. these are the right buyers.

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Re: Differentiate between just a prospect and buyer

#10 Postby Nakul » Thu Mar 14, 2013 9:55 am

Today in a very competitive market it is very important to understand which prospect shall become a buyer and others who have just come for enquiry.
It is important because if some one comes to your shop and enquiry about many thing and after that he does not buy you feel that your product was not up to mark to convince a customer and your analysis should be good that if a customer comes to your shop and you totally sell him the product..And if some one asks you about many products so you should understand that he/she has just come to enquiry about the product and if some one comes and says that i want this ,that then he/she is a perfect customer and they have come to buy a product . For eg. If a student goes to a car showroom and says i want to buy a car than he is not your buyer he/she would be your future prospect .And if someone elder goes their than he is your real prospect you should tell him each and every thing in detail so that he /she goes happy and than they can buy your product soon .The person who is present and attending the customer he/she should have a fair idea that whether the customer is your prospect or have come to enquiry......

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