A successful growth strategy requires that you do your homework – and do so collaboratively – according to Larry Davis, CEO of AgoNow, a Tulsa, OK-based pure industrial master wholesaler and channel solutions provider, in 5 Tips for Acquiring New Customers.

You put a lot on the line every time you approach a new prospect. To avoid the common pitfalls, Davis suggests vetting your customers just as much as they are vetting you.

"Consider all the variables, including technology questions this customer might ask during the initial sales call," Davis says. "If the customer asks to see how you can digitally interface between your platform and theirs, for example, you need to be ready to show that. Or they might ask how they can order one-offs or unique items on the website. If you don’t have those capabilities, but they are important to that customer, you’re out of luck."

Knowing what your customers know can't always save a deal, but knowing your strengths and weaknesses can help guide the conversation – and prepare you for any question or concern.

"Thanks to growing transparency, the customer probably already knows what the market price is for your products," Davis says. "But that doesn’t mean you shouldn’t be ready to talk about it; if you're higher, be ready to articulate how your superior value proposition outweighs that difference."

Reda more advice for successful sales prospecting in 5 Tips for Acquiring New Customers.