8-1 The Power of Selling. 8-2 Chapter 8 The Preapproach: The Power of Preparation.
The Power of Selling
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Transcript of The Power of Selling
7-3
Video Ride-Along
• The video Prospecting features Lisa Peskin, Sales Trainer, Business Development University
• Lisa Peskin shares her tips for identifying new customers
• According to her, cold calling is the least effective method for prospecting
• http://www.youtube.com/watch?v=kb7pjzqfmdc
7-4
Chapter Objectives
• Explain the role of the seven steps of the selling process.
• Understand the role prospecting plays in the selling process.
• Identify resources to use when prospecting.
• Understand how to identify prospective employers.
7-6
Seven Steps of Selling Process
• Prospecting: Identifying the potential buyers for a product or a service
• Qualifying: Determining whether a lead has the desire and ability to buy your product or service
• Preapproach: Preparation and research a salesperson does before making the sales call
• Approach: First few minutes of a sales call, during which the salesperson explains her purpose for coming and establishes a rapport
7-7
Seven Steps of Selling Process
• Presentation: Part of the sales call when the salesperson offers a solution for the prospect
• Objections: Hesitations or concerns a prospect might have about the product or purchasing process
• Close/Closing: Agreeing on the terms of the sale and finalizing the transaction
• Follow-up: Salesperson assures customer satisfaction and maintains customer relationships
7-8
Prospecting: A Vital Role in the Selling Process
• The value of a lead
– Customers who give the “just looking” response are valuable leads
– If such customers are not followed up and qualified, their business goes to a competitor
Item number: 200464104001
7-9
Prospecting: A Vital Role in the Selling Process
• Sales funnel: An illustration of the way the sales process begins with a large pool of prospects and ends with a more focused number of buyers
• Technological tools can help identifying, qualifying and prioritizing prospects
– Examples: Collaborative communities and online resources
Video: Understanding the Sales Funnel:http://www.youtube.com/watch?v=TV1j21Ky4dk&feature=related
7-11
Is the Sales Funnel Dead?
• http://www.youtube.com/watch?v=TV1j21Ky4dk&feature=related
• Buy-cycle Funnel (Parts I and II) Mark Sellers
• http://www.youtube.com/watch?v=oyucRm_CNvI
• http://www.youtube.com/watch?v=ZDGNb_ixJdM&feature=related
7-12
7-13
Prospecting: A Vital Role in the Selling Process
• To decide which prospects you should invest your time in pursuing, create a profile of your ideal buyer:
– What particular qualities and characteristics will define this individual or company?
– What specific problems would this buyer have that your product could solve?
– In what ways should the buyer be compatible with you or your organization?
7-14
Where to Find Prospects
• Top ten power prospecting list:
– Existing customers
– Referrals
– Networking and social networking
– Business directories in print
– Online databases and directories
– Newspapers, trade publications, and business journals
7-15
Where to Find Prospects
– Trade shows and events
– Advertising and direct mail
– Cold calling
– Be a subject matter expert
7-16
Seth Godin Interview
• The video How To Flip The Sales Funnel features Seth Godin, Best-Selling Author, Entrepreneur, and an Agent of Change
• Seth Godin talks about ‘flipping the funnel’ which means turning the funnel to a megaphone and letting your best customers act as your salespeople
• To view the video, click here
Source: SellingPower.com
7-17
Organizing Your Prospect Information
• Choosing a system
• Gathering intelligence
• Keep it up-to-date
7-18
Choosing a System
• Customer relationship management (CRM): The process a company uses to organize and track their current and potential customer information
– It allows you to maintain relationships in a systematic way, following up more consistently with your leads and continuing to meet the needs of your existing customers
7-19
Choosing a System
• Contact management system (CMS): A system for tracking and organizing customer and prospect information that is less complex than CRM and doesn’t necessarily keep a record of every customer contact
– It allows you to keep current contact and company information on your prospects and to record detailed notes about your conversations with them
7-20
Keep It Up-To-Date
• To avoid loosing (losing) your prospect to a competitor, keep your prospect information current
• Several online business directories provide customized alerts on company news, turnover of key personnel, or merging and splitting off of companies
– Examples: RSS ( Really Simple Syndication) and Google news alerts
7-21
Qualifying Your Prospects
• Five questions to help you meet your qualifying objectives:
– Does your prospect have a need?
– Does he or she have the authority to make the buying decision?
– Does he or she have the resources to purchase the product or service?
– Does he or she have the willingness to purchase the product?
– Do you have access to the influencer or decision makers?
7-22
Managing Your Prospect Base
• Once you have qualified your prospect, the next step is making an action plan
– Action plan: A specific plan of approach for each customer
• Begin your action plan by conducting a need analysis because your qualified prospects will have different needs
• Think about the next steps in the sales process
• Develop a timeline and plot out the steps