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8/13/2019 Chap007 - Selling
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8/13/2019 Chap007 - Selling
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7 - 1
ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
Some questions answered inSome questions answered inChapter 7Chapter 7
Why is prospecting important foreffective selling?
Are all sales leads good prospects?What are the characteristics of aqualified prospect?
How can prospects be identified?
How can the organizationspromotional program be used inprospecting?
How can an effective leadqualification and managementsystem aid a salesperson?
How can a salespersonovercome a reluctance to prospect?
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
DefinitionsDefinitions
Prospecting:
Prospecting is the process of locating potentialcustomers for a product or service.
Lead:
A lead is potential prospect, a person ororganization that might or might not be a true
prospect.Prospect:
A prospect is a potential customer, a person or
organization that might be a true customer. If thelead is a good candidate for making a sale.
Customer:
If the prospect is committed to a certain course ofaction (e.g.) places an order.
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
Steps in the selling processSteps in the selling process
Prospecting
Collecting pre-call information
Making the approach
Discovering needs
Making the presentation
Responding to objections
Obtaining commitment
Follow up
.............................Lead
..............Prospect
......Customer
Exhibi t 7.1
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
Am I a prospect?Am I a prospect?
Do I have a want or a need that the
purchase of the salesperson's productcan satisfy?
Do I have the ability to pay?
Do I have the authorityto buy?
Can I be approached
favorably?
You need to answer 5 questions:
Am I eligible to buy?
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
Sources of LeadsSources of Leads
Satisfied customers
Endless-chainCenter-of-influence
Networking
Promotional activities
Lists and Directories
CanvassingSpotters
Telemarketing
Sales letters
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
Sources of leads: satisfied customersSources of leads: satisfied customers
Satisfied customers
1. Current customers
2. Previous customers
It is the most effective source of leads.
They provide additional business, sales, inaddition refer the seller to other leads.
The name of a lead provided by a customer is
called referred lead and considered to be themost successful type of prospecting. Why?
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
Sources of leads: endlessSources of leads: endless--chainchain
Exhibi t 7.3
Wayne OSullivanContractor
Elizabeth ShickBanker
Steve Jones
Barnett Bank
Linda Clinton
Lawyer
Mary SwainAdministrator
Ronald DeckAccountant
Linda Strand
Contractor
David Craig
Engineer
Frank Hartjen
Lawyer
Jim Smith
County Schools
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
Sources of leads: centerSources of leads: center--ofof--influenceinfluence
Information flowsInfluence flows
Eagles
Bell cows
Opinion leaders
They may never buy
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
Sources of leadsSources of leads
1. Lists and directories
2. Center-of-influence
3. Cold calls, canvassing
4.Letters
5. Promotional activities
Assume you are prospecting for a job
when you graduate. Which of these
methods would be most useful?
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
Sources of leadsSources of leads
Additional sources of leads:
1. Satisfied customers
2. Endless chain
3. Networking4. Internet
5. Shows (job fairs)
6. Spotters (employment agencies)
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
Prospect listsProspect lists
Assume you belong to asocial organization oncampus that needs to
recruit new members.How would you developa prospect list?
North America Industry ClassificationNorth America Industry Classification
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
North America Industry ClassificationNorth America Industry ClassificationSystem (NAICS)System (NAICS)
NAICS provides common industry definitions for
Canada, Mexico, and the U.S. which facilitate the
measurement of economic activity in the threemember countries of NAFTA.
NAICS is replacing the Standard Industrial
Classification System, a system which had been inplace for more than 50 years.
NAICS is consistent with theInternational Standard
Industrial Classification of All Economic Activities,published by the United Nations, to facilitate
measurement of global economic activity.
North America Industry ClassificationNorth America Industry Classification
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
North America Industry ClassificationNorth America Industry ClassificationSystem (NAICS)System (NAICS)
Broadcasting and
telecommunications
Radio and television
broadcastingWire
telecommunications
carriers
Paging
Cable networks and
program distribution
Telecommunications
Wireless
telecommunication
carriers, except
satellite paging
Telecommunications
resellers
Satellite
telecommunications
Other
telecommunications
Cellular and other
wireless
telecommunication
2 DigitIndustry Subsector
3 DigitIndustry Group
4 DigitIndustry
5 Digit U.S.National Industry
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
Using NAICSUsing NAICS
Assume you are about to graduate from
college.How would you use the NAICS system tohelp you locate prospective employers?
P i l i i iP ti l ti iti
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
Promotional activitiesPromotional activities
AdvertisingCatalogues
Direct mail
Trade shows
Seminars
PublicityTelemarketing
Di t ilDi t il
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
Direct mailDirect mail
Using inquiriesDirect mail and request foradditional information
Covering letter with informationand bounce-back card
Advertisement in a tradepublication (e.g.) magazine
ShSh
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
ShowsShows
Trade shows computer, furniture,car, .
Conventions medical, NGOs, Fairs book, mobile,
Ch tCh t
S iS i
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
SeminarsSeminars
Industrial marketers
Pharmaceutical companiesElectronic communicationequipment companies
Ch tCh t
Li t d di t iLi t d di t i
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
Lists and directoriesLists and directories
Professional membership listssyndicate
Trade membership lists
Club membership lists
Chamber of commerce directories
Telephone directories
Industrial directoriesNewspapers
Internationally: procuring lists
ChapterChapter
C iCanvassing
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
CanvassingCanvassing
Cold calls or cold canvass calls
Blitz or crash campaign
ChapterChapter
R l i fli ti d iResol ing conflicting ad ice
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
Resolving conflicting adviceResolving conflicting advice
Assume your company sends you, via
email, the names and addresses of
leads who registered with your firms
web site that day. All of the leads sent
are in your territory and your firm
expects you to quickly follow-up with
these leads.However, your sales manager suggests
that such leads are a waste of time.
S/he instructs you to make cold callsinstead, saying Cold calling got me
where I am today. It will for you too!
What would you say in response?
ChapterChapter
SpottersSpotters
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
SpottersSpotters
Bird dogs
Consultants outside paid
ChapterChapter
TelemarketingTelemarketing
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
TelemarketingTelemarketing
Telephone
Electronic media
Outbound telemarketing
Inbound telemarketing
Importance of active listening
Limitations of telephone prospecting!
Tie-in with other tool
ChapterChapter
Sales lettersSales letters
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
Sales lettersSales letters
The opening paragraph gainattention
The body of the letter presentbenefits
The final paragraph seek action
Limitations of sales letters!!
Promotional item with the mailer
ChapterChapter
Other sources of leadsOther sources of leads
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ChapterChapter77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
Other sources of leadsOther sources of leads
Trade journals
General business publicationsLocal newspapers
Non-sales employees in the same
firm
Non-competing salespeople
Social clubsProfessional trade publications
ChapterChapter
Getting the most out of prospectingGetting the most out of prospecting
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Chapterp77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
Getting the most out of prospectingGetting the most out of prospecting
Learn to effectively qualify andevaluate prospects. Remember the20% - 80% ratio. Categorize them.Classify them A, B, C,. Segmentthem. Not all sales leads are good
prospects.Keep good records. Reporting data.
Keep quotas. Prospecting is acontinues process.
Evaluate results. Select the most
profitable. Use effective leadqualification and management system.
ChapterChapter
Overcome reluctance to prospectingOvercome reluctance to prospecting
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pp77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
Overcome reluctance to prospectingOvercome reluctance to prospecting
Listen to the excuses of othersalespeople
Identify the excuse you useEngage in role-playing
Have someone accompany youMake calls without your supportingpartner
Re-enact the call in front of a group
Set specific goals
Recount your own success
ChapterChapter
Any questions about the terminology?Any questions about the terminology?
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pp77
Questionsanswered
What isA prospect?
Sourcesof leads
NAICS
Conflictingadvice
Terminology
Any questions about the terminology?Any questions about the terminology?
Banner advertisingBird dogBlitzBounce-back card
Buying communityCenter-of-influence methodCold callCold canvass method
DatabasesData miningEndless-chain methode-sellingExclusive sales territoriesHouse accountsInbound telemarketingLeadLead management system
Lead qualification system
NetworkingNorth America IndustryClassification System(NAICS)
Outbound telemarketingPostcard packPrequalificationProspectProspecting
Qualifying a leadReferred leadSearch enginesSelling deeper
spamSpotterStandard IndustrialClassification (SIC)Systems integrator
Telemarketing