930 chap 4 Flashcards

1
Q

success in sales requires:

A
  1. an effective process
  2. sufficient execution and persistance
  3. realistic matching of the skills & resources to needs of prospect.
  4. regular monitoring of the process
  5. balance of salespeople/client servicing staff
  6. right incentives of staff
  7. senior mngt support and engagement
  8. creation of a sales culture
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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
  1. systems, eg databases
  2. status- ranking systems, cold, hot, warm and reporting
  3. allignment with broker skills
  4. sectors- classified by trade
  5. reporting weighting- weight the chances for success if getting good indicators
  6. outcome analysis- why accounts won and didnt win
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

methods of generating prospects

A
  1. networking
  2. rship building
  3. marketing
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

managing the 1st meeting

A
  1. confirming the meeting in advance
  2. preparing and sending an agenda
  3. collating known data about prospect
  4. setting objectives for meeting, building rapport
  5. use a prompt list of questions, allow prospect to lead
  6. let the prospect talk
  7. record discussion in writing and confirm to client
  8. seeking actions that allow repeated contact
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

developing the r.ship

A
  1. project work
  2. site visits
  3. events
  4. reg communication
  5. entertaining
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

structured selling- heimans ‘blue sheet planning tool’

A
  1. identify best opportunities
  2. match the client needs to what you can offer
  3. identify the indivds at the prospect who will influence the outcome of the review
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

incentiviastion- ideal system ha ha

A

..1. bonus system transparent to all

  1. fair rewards ha ha ha
  2. true exceptional work = exceptional rewards
  3. everyone should remember bonuses can go down as well as up
  4. should be a link to overall performance
  5. for large account there needs to be a way to reflect overall team performance
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

building a sales culture

A
  1. ensure staff understand strategy of firm
  2. make sure all staff engaged
  3. adopt methodical and structured approach to sales
  4. senior level of commitment and monitoring activity vital
  5. ensure sales people can focus on sales without disraction. clear targets
How well did you know this?
1
Not at all
2
3
4
5
Perfectly