Transcript Fundamentals of Selling
Chapter 7
Prospecting —The Lifeblood of Selling
Chapter 7
Building Relationships through the Sales Process
The sales process is a sequential series of actions: 1. Prospecting 2. Preapproach - planning 3. Approach 4. Presentation 5. Trial close 6. Determine objections 7. Meet objections 8. Trial close 9. Close 10. Follow-up
Ten Important Steps in the Customer Relationship Selling Process
1.
Prospecting
. Locating and qualifying prospects.
2.
Preapproach
. Obtaining interview. Planning: determining sales call objective, developing customer profile, customer benefit program, and sales presentation strategies.
3.
Approach
. Meeting prospect and beginning customized sales presentation.
4.
Presentation
. Further uncovering needs; relating product benefits to needs using demonstration, dramatization, visuals, and proof statements.
5.
Trial close
. Asking prospects’
opinions
during and after presentation.
6.
Objections
. Uncovering objections.
7.
Meet objections
. Satisfactorily answering objections.
8.
Trial close
. Asking prospect’s
opinion
immediately before the close.
after overcoming each objection and 9.
Close
. Bringing prospect to the logical conclusion to buy.
10.
Follow-up and service
. Serving customer after the sale.
The Concept of Prospecting
“I’d rather be a master prospector than be a wizard of speech and have no one to tell my story to.” Paul J. Meyer
• • •
A salesperson without prospects is out of business A salesperson without prospects can no more close a sale than a surgeon without a patient can operate Prospects are everywhere - develop ways to find them
Qualifying the Prospect
•
Moving from a “lead”, to a qualified prospect
•
Lead - is just a name
•
Prospect - researched for money, and authority, and desire.
•
Qualified prospect evaluated prospect along with personal information
Cultivate prospects who pass the MAD test :
oney uthority esire
Methods of Prospecting
• •
Why we lose customers
•
Customer’s company goes out of business
• • • •
Competitor takes your customer Customer moves or dies Merger or downsizing Customer-salesperson relationship deteriorates Referrals
•
Have person make the initial contact for you
• • •
Learn how to ask for a referral! Why people don’t give referrals Referrals tend to be horizontal
Methods of Prospecting
•
Centers of Influence
Believes in you and what you are selling
Is influential with a significant number of people
Is willing to give you names on a regular basis
The names given to you are at least partially qualified prospects
•
Group Prospecting
Follow up with interested prospects
Trade shows, speaking engagements
Methods of Prospecting
•
Planned Cold Calling
At least one out of seven will be receptive
Treat cold calls as a supplement. Don’t neglect other techniques
Preplan cold calls
Limit waiting - 15 minutes is a good gauge!
Remain enthusiastic
Methods of Prospecting
•
Direct
mail or fax
Prospects do read well-targeted direct mail
Mailing is only as good as the list
Sources of lists to consider:
–
Membership rosters
–
City directories
– – – –
Yellow pages White pages Religious groups Past customers
Create your own newsletter
Observation -
prospects are everywhere
Always be looking
Read the newspaper and selected magazines
Trade journals
Methods of Prospecting
•
Joining Civic Groups
Carefully select the groups you join
Work for positive visibility
Set contact goals for each organization meeting Maintain an information file on the contacts made in each organization
Use “remeet” goals to help you develop closer relationships with people
Use active listening to learn more about the financial goals and needs of others
Look for appropriate opportunities for further business-oriented discussions
Methods of Prospecting
•
Networking active cooperation, i.e. ‘tips’
There are formal groups that you can join
Sharing information makes good sense
• • • • • •
Using Directories Goldmines if used correctly Moody’s Industrial Manual Poor’s Register of Directors and Executives The Dun and Bradstreet Reference Book The Thomas Register of American Manufacturers Contacts Influential
Methods of Prospecting
• •
Company Initiated Prospecting
Telemarketing Activities
Advertising Response
–
Direct Mail
–
Newspaper Past Customers
•
Go over list of inactive accounts
•
Develop and create a Web site
•
Streamline the sales process
• •
Affiliate program marketing Turn web leads into online sales
Methods of Prospecting
•
Trade Shows
•
Selecting the right trade show is critical
•
On the spot sale versus lead generation
•
Pre-show training and post-show follow-up
•
Display planning to get high visibility
•
Staffing the booth to handle information
Methods of Prospecting
•
E-prospecting Sales leads http://www.infousa.com/ http://www.business.com/search/rslt_default.asp?r4=t&query=prospecti ng+sales+leads http://www.zapdata.com/ snowboarding trade magazine http://www.transworldsnowboarding.com/snow/snowbiz/0,13010,,00.ht
ml
Methods of Prospecting
•
What methods will YOU use?