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Professional Selling Exam 2 Chap 6
Terms in this set (56)
What is prospecting?
locating potential customers for a product or service
-finding new customers to replace those who:
switch to competitors
move out of territory
merge w noncustomers
decide to do without a product or service
What are the characteristics of a good prospect?
-qualify the lead
What is a lead?
potential prospect that may or may not have what it takes to be a true prospect
What qualify the lead?
determine whether a lead is in fact a prospect
What is a prospect?
good candidate for making a sale
What is a sales funnel?
What are characteristics of a good prospect?
-exsistence of want or need
-ability to pay
-authority to buy (saves salesperson time & effort ; results in high % of sale)
-availability of resources to pay
-accessibility of lead
What is system integrator?
have authority to buy products and services on behalf of the delegating firm
What is an exclusive sales territory?
particular salesperson can sell only to certain prospects
What are house accounts?
large customers that are handled exclusively by corporate execs.
What is insight selling?
evaluating prospects who do not necessarily have a clear understanding of what they need but make quick decisions
How are satisfied customers used for leads?
current and previous customers are contacted for additional business and leads
How are endless chain source used for leads?
attempt to secure at least 1 additional lead from each person he or she interviews
How is networking used for leads?
using personal relationships w those who are connected and cooperative to secure leads
How is center of influence used for leads?
cultivating well known, influential ppl in the territory who are willing to supply lead info
How is social media used for leads?
using online tools like linkedin, fb, twitter to prospect for new customers and maintain contact w existing customers
How are internet sources used for leads?
website, email, bullitin board, forums, roundtables,newsgroup
How are ads, direct mail, catalogs, and publicity, fairs, shows, merch mkt, webinars, and seminars used for leads?
use them to generate leads
How are lists and directories used for leads?
using secondary data sources which can be free or free based
How are data bases and data mining used for leads?
data analysis software and companys database
How is cold calling used for leads?
calling on totally unfamiliar organizations
How are spotters used for leads?
paying someone to lead info
How are telemarketers used for leads?
phone/ telemarketing staff
How are sales letters used for leads?
personal letter to potential leads
What is a customer referral value?
monetary value of the referrals and the costs to get and maintain the referrals
Who are promoters?
loyal customers who keep buying and urge their friends and associates to do the same
What are referral events?
gatherings designed to allow current customers to introduce prospects to the salesperson
What is a referred lead?
lead provided by either a customer or a prospect
What is selling deeper?
additional sales to satisfied customers who provide leads
What are negative referrals?
tell others about how poorly you or your product performed
What is the endless chain method?
getting additional lead from each person interviewed
-works best when the source is a satisfied customer and partner
What is networking?
-utilization of personal relationships by connected and cooperating individuals for the purpose of achieving goals
-establishing connections to other ppl and then using those networks to 1. generate leads 2. gather info 3. generate sales
What are practical suggestions for networking?
regularly call prospects and attend social events
-mingle at events and learn about prospects business and non business interests
-follow up w new contacts on a reg basis and thank ppl for providing leads
-send network contact lead info and circulate business card
-monitor networking and join business network international
-prepare to introduce yourself in social settings
What is center of influence method?
cultivating a relationship w well known influential ppl in the territory to get the names of leads
What is a buying community?
small, informal group of ppl in similar positions who communicate regularly
What is social media?
component of communication and relationship building functions of a business
-leverages the network of customers and prospects to promote value co creation
-approach for using social media should involve either a push or pull strategy
What are extranets?
internet sites that are customized for specific target markets
What are trade shows?
short, temp., exhibitions of products by manufacturers and resellers
What are trade fairs?
trade shows in europe
What are merchandise markets?
places where suppliers have sales offices and buyers from resellers visit to purchase merchandise
What are webinars?
-appeal to a specialized mkt
-invite good prospects
-subject should have strong interest
-go high quality
-be involved before during and after
What are lists and directories?
secondary data sources which can be free and fee based
-uniform classification for all countries in N. America when researching using secondary sources
-Standard industrial classification code (SIC)
-N. American industry classification system (NAICS)
What type of lists and directories can be PURCHASED?
-lead generating publications
What are data bases?
contain info about
What is data mining?
artificial intelligence and stat tools
-discovers insights hidden in the volumes of data in their databases
What is cold canvas method of cold calling?
generating leads for new business by calling on totally unfamilar organizations
What is blitz in cold calling?
call all prospective business in a given geographical territory on a specified day
What are spotters?
individuals provides leads for the salesperson
-called BIRD DOGS
-find out when someone is ready to make a purchase decision
What is outbound telemarketing?
telephones are used to generate and then qualify leads
What is inbound telemarketing?
uses telephone number that leads and customers can call for additional info
How do you become an expert?
-speeches at industry conventions
-luncheons and dinners hosted by prospects and industry reps
-writing journal articles
What are other sources of leads?
-non sales employees within the salesperson firm
What is a lead qualification system?
process for qualifying leads
What is prequalification?
can be purchased or created
-help salespeople use their time wisely
-increase the number of leads that sellers actually follow up with
What is lead management system?
analyzing relative value of each lead
-evaluate profitability of sales resulting lead generating activities
What are the reasons for reluctance?
-worrying about worst case scenarios
-spending too much time preparing
-being overly concerned w looking sucessful
-feeling intimidated by ppl w prestige or power or feeling guilt at having career in selling
-having a compulsive need to argue, make excuses, or blame others
-identify and eval excuses not to call
-engage in sales training and role playing activities
-prospecting contacts to be made with a supporting partner or sales manager
-set specific goals for prospecting activities, considering their economic value
This set is often in folders with...
Professional Selling Exam 2 Chap 5
Professional Selling Exam 2 Chap 7
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