930 chap 4 Flashcards
1
Q
success in sales requires:
A
- an effective process
- sufficient execution and persistance
- realistic matching of the skills & resources to needs of prospect.
- regular monitoring of the process
- balance of salespeople/client servicing staff
- right incentives of staff
- senior mngt support and engagement
- creation of a sales culture
2
Q
new business target ^ new business is the revenue the business desires less the business it expects to renew
brokers aim for 90% retention, 95% ideal
-sales pipeline -‘iron law’ if you dont have an active NB pipeline, no new business
-managing the pipeline
A
- systems, eg databases
- status- ranking systems, cold, hot, warm and reporting
- allignment with broker skills
- sectors- classified by trade
- reporting weighting- weight the chances for success if getting good indicators
- outcome analysis- why accounts won and didnt win
3
Q
methods of generating prospects
A
- networking
- rship building
- marketing
4
Q
managing the 1st meeting
A
- confirming the meeting in advance
- preparing and sending an agenda
- collating known data about prospect
- setting objectives for meeting, building rapport
- use a prompt list of questions, allow prospect to lead
- let the prospect talk
- record discussion in writing and confirm to client
- seeking actions that allow repeated contact
5
Q
developing the r.ship
A
- project work
- site visits
- events
- reg communication
- entertaining
6
Q
structured selling- heimans ‘blue sheet planning tool’
A
- identify best opportunities
- match the client needs to what you can offer
- identify the indivds at the prospect who will influence the outcome of the review
7
Q
dedicated sales staff v client service staff- hunters and farmers
brokers need both for success
A
hunter- sales hunts for new opportunities even when none appear there
farmers - creates sales opportunities via existing accounts
8
Q
incentiviastion- ideal system ha ha
A
..1. bonus system transparent to all
- fair rewards ha ha ha
- true exceptional work = exceptional rewards
- everyone should remember bonuses can go down as well as up
- should be a link to overall performance
- for large account there needs to be a way to reflect overall team performance
9
Q
building a sales culture
A
- ensure staff understand strategy of firm
- make sure all staff engaged
- adopt methodical and structured approach to sales
- senior level of commitment and monitoring activity vital
- ensure sales people can focus on sales without disraction. clear targets
