Years ago, a mutual fund manager named Peter Lynch wrote a book called, “One up on Wall Street.” Mr. Lynch had long been praised for his unique ability to find hidden gems, companies that were not on anyone else’s radar. He tells stories in the book about earning five and 10 times his original investment. He called them, “Bangers,” as in five bangers and 10 bangers.
His secret was simple and it made a lot of sense: Invest in what you know. Lynch talks about staying in a La Quinta motel and then investing in it because he was so impressed. His daughter took him shopping at a retailer called Chico and he invested in it because he was impressed.
Your best prospect ever is likely a company or an industry that you understand. Let me give you an example…
I have now been through the college selection process three times. I could hold my own in a conversation with an Admissions Director and even offer suggestions how to improve on the process. Were I selling print today, that would be a perfectly natural place to start.
Talk about selling to your strength! Calling on companies and industries with which you are familiar gives you great confidence. Often times, don’t you find yourself at a disadvantage since you don’t know about the pharmaceutical company or the multimillion dollar corporation you are calling on? This is like having home field advantage!
Think about your experience and your strengths and your knowledge base. Make a list. In which field or fields you consider yourself an expert? Somewhere in that mix lies your best prospect ever.
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