theory discussion
Chapter 5 strategic prospecting and preparing for sales dialogue
-The importance and challenge of prospecting
1. Customer-bases are not permanent; salespeople may lose customers due to: low satisfaction, competition, economic fluctuation, other forms of attrition
2. The prospecting process is can be long
It may take weeks to replace a lost customer with a new one, revenue streams can fluctuate if “pipeline” isn’t managed
3. Prospecting isn’t easy and often includes a lot of rejection
(5 times contacts to close a deal)
The strategic prospecting process:
Generate sales leads- determine sales prospects- prioritize sales prospects-prepare for sales dialogue- remaining stages in sales process
Sales funnel or pipeline: a representation of the trust-based sales process and strategic sales prospecting process.
Strategic prospecting process:
-sales leads or suspects: generated from internal or external sources, lead generation methods should be managed
-qualifying process: need? Financial resources. Authority to make purchase decision.
-sales prospect: prioritize prospect list, initiate pre-call planning
Ideal customer profile: the characteristics of a firm’s best customers or the perfect customer.
Popular prospecting sources and methods
-Cold canvassing: cold calling, referrals, introductions
-Networking: centers of influence, noncompeting salespeople, electronic networking
-Company sources: company records, advertising inquires, telephone inquiries, trade shows, seminars
-Published sources: Directories, commercial lead lists
Basic purpose of strategic prospecting: to help salespeople determine the best sales opportunities in the most efficient way.
Chapter６
Sales Dialogue: Business conversations between buyers and sellers that occur as sales
Customer-Focused Sales Dialogue: throughout the process, selling strategy must focus on customer needs and how the customer defines value.
Sales Communication Formats: Canned Presentations,
-The importance and challenge of prospecting
1. Customer-bases are not permanent; salespeople may lose customers due to: low satisfaction, competition, economic fluctuation, other forms of attrition
2. The prospecting process is can be long
It may take weeks to replace a lost customer with a new one, revenue streams can fluctuate if “pipeline” isn’t managed
3. Prospecting isn’t easy and often includes a lot of rejection
(5 times contacts to close a deal)
The strategic prospecting process:
Generate sales leads- determine sales prospects- prioritize sales prospects-prepare for sales dialogue- remaining stages in sales process
Sales funnel or pipeline: a representation of the trust-based sales process and strategic sales prospecting process.
Strategic prospecting process:
-sales leads or suspects: generated from internal or external sources, lead generation methods should be managed
-qualifying process: need? Financial resources. Authority to make purchase decision.
-sales prospect: prioritize prospect list, initiate pre-call planning
Ideal customer profile: the characteristics of a firm’s best customers or the perfect customer.
Popular prospecting sources and methods
-Cold canvassing: cold calling, referrals, introductions
-Networking: centers of influence, noncompeting salespeople, electronic networking
-Company sources: company records, advertising inquires, telephone inquiries, trade shows, seminars
-Published sources: Directories, commercial lead lists
Basic purpose of strategic prospecting: to help salespeople determine the best sales opportunities in the most efficient way.
Chapter６
Sales Dialogue: Business conversations between buyers and sellers that occur as sales
Customer-Focused Sales Dialogue: throughout the process, selling strategy must focus on customer needs and how the customer defines value.
Sales Communication Formats: Canned Presentations,