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Career Training > B2B Tech Sales > Flashcards

B2B Tech Sales Flashcards

1
Q

Rules for Linked In:

A

Have profile, professional headshot, have connections and referrals (can have 100 per week; 500+ will optimize)

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2
Q

Rules for Course:

A
  1. Read through it, learn the material
  2. Don’t jump through things too quickly and out of order; content is foundational
  3. Seek help; learn what questions to ask, and do some research on your own whenever not sure about something; take advantage of coaching and networking with other students
    4 Read the books
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3
Q

What books to read?

A

Spin Selling and Fanatical Prospecting - Mandatory;

How to win Friends & Influence people highly recommended (need alternatives)

Other sales and communication based books are also a great addition

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4
Q

Alternatives to How to win friends & Influence People that will be more effective

A
  1. Practice communicating for real in person - (on-campus events, class, get another job, networking events, invest in hobbies
  2. Coaching - Healthygamer/Course Careers
  3. Online communication - YouTube / record myself, LinkedIN, IG
  4. More effective books - storytelling, social selling, how to talk to anyone, never split the difference
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5
Q

Steps in a Sales Process:

A
  1. Prospect
  2. Preapproach
  3. Approach
  4. Present
  5. Close
  6. Follow-up
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6
Q

Why is it important to learn the structure of the organization?

A

Important to impress the interviewer, makes you more attractive and likely to work within a large/complex company

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7
Q

Why do I want to work in tech sales? What is my goal? Reason?

A

Need to improve my life overall - start my career strong, build good foundation of social skills, and make money to start exploring and making decisions in my life; seeking to become a sales engineer and build my channel and blog for extra income and to help others (don’t care about corporate leadership; wish to branch out and be independent, with way more opportunity and variety outside of sales)

Also want to pivot, and work in engineering and science later on

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8
Q

How to make positive social impact on new people

A
  1. Introduce yourself, greet the other person, ask for their name; thank for the conversation afterward if formal/promise to speak later if casual, ask questions and provide feedback
  2. Let them speak for an ample amount of the conversation; 60 - 80% of the time
  3. Show attentiveness and that you are listening to them throughout (use their name, give verbal and body language confirmation, and reference what the other person said, perhaps in question form)
  4. Engage emotionally with the other person, find common interest
  5. Avoid debate, learn to negotiate, see their point of view, eliminate tension and bring ease
  6. Bring a story or idea into the conversation that sparks interest or emotion in the other person (Avoid the conversation landmine of rationally delving into topics that only concern you)
  7. Initiate to end successful conversations; ask to meet again to discuss deal, hangout, or get contact information
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9
Q

How to cultivate respect with other people

A
  1. Acknowledged them for their time/attention
  2. Respect boundaries and don’t push, prevent objections by speaking clearly and answer questions
  3. Show “Social proof” (Having a network/reputation, showing signs of trustworthiness)
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10
Q

What is the ideal customer profile (ICP)? Why is it important?

A

the type of company you are selling to, their characteristics, the business model, what it aims for in order to be successful.

Important to know which companies to target, and will be more likely to have faster, more successful, and more lucrative sales with less wasted time. The more ideal the customer profile, the better the opportunity.

Some companies sell to multiple markets

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11
Q

What to look for in an ICP?

A
  1. Company size (large, small, mid)
  2. Revenue (What is the budget? deal size? employee size?)
  3. Industry (match what you’re selling to to needs, do you have better knowledge how that company works)
  4. Geography (remote or in person, do you travel)
  5. Technology (are they up to date with current trends? if not, can solve that problem)
  6. Attributes (give surveys, hiring sales interns, industrial engineers, nurses)
  7. Desires (Do they want to collect data from general public, make their manufacturing more efficient, design products, help people to have operations, etc.)
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12
Q

Buyer persona?

A

generalized personalized representation of the ideal customer for your business. Includes demographics, motivators, goals, and challenges. Companies create it based on market research and data about existing customers

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13
Q

Key about the most valuable buyer persona?

A

There are multiple in B2B sales; the most important one at a company is the one who influences the decision to purchase the product/service, and who benefits most from it (contact them)

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14
Q

What does knowing the buyer persona allow you to do?

A

target the right buyer and qualify leads more quickly.

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15
Q

Account

A

contains all the records of customer interactions, including
contact information, preferred services, and transactions with your business.

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16
Q

Annual Recurring Revenue (ARR)

A

The amount of money a customer pays you every year on a subscription model.

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17
Q

Annual Contract Value(ACV)

A

average annualized revenue per customer contract.

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18
Q

What is the Annual Contract Value compared to and why?

A

customer lifetime value; to see how long it takes to pay back the cost of acquiring a customer

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19
Q

Account-Based Selling

A

strategy where the entire company (all departments) work together to pursue high-value accounts.

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20
Q

What departments are typically involved the most with Account-based selling?

A

sales, marketing, and customer success

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21
Q

Business Unit

A

group of people representing a specific department or product within
a company such as accounting or manufacturing.

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22
Q

Buying signal

A

verbal or nonverbal cues that show a customer is ready to make a purchase

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23
Q

Examples of buying signals that are important to identify

A

signing up for free trial, asking about contract specifics and more information

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24
Q

How can a BDR/SDR have more efficient and productive sales processes?

A

automating and accelerating workflow with software, generating the right leads, and identifying buying signals upon interviewing leads

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25
Q

C-Level / C-Suite

A

Executive level (CEO, CFO, COO, CMO, CIO, etc)

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26
Q

Champion

A

prospect within a company that wants to purchase your product or
service and is willing to do everything they can to help convince the others in the
company to make the purchase.

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27
Q

Channel Partner

A

person or company that offers services or products on behalf of
another company.

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28
Q

Channel Sales

A

Focusing on different sales channels, such as an in-house sales team, retailers, referrals, dealers etc

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29
Q

Churn

A

percentage of clients that leave or stop using your services or products
within a certain time period.

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30
Q

Closing Ratio

A

the number of deals closed compared to the number of engaged prospects.

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31
Q

What is the Closing Ratio used to do?

A

evaluate the performance of an
individual sales rep and forecast sales.

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32
Q

Customer Acquisition Cost (CAC) –

A

Cost of acquiring new paying clients

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33
Q

Customer Lifetime Value (CLV)

A

total lifetime value of one client in terms of the revenue they’ll bring before they churn

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34
Q

Customer Relationship Management/CRM

A

– A software or Internet-based service
that helps business owners and sales professionals manage their sales pipeline; track prospects and related activities throughout the sales cycle

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35
Q

Customer Success

A

– A strategy and a proactive mindset that helps reduce churn
rates, increase customer satisfaction with a service/product, and the predictability of
recurring revenue.

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36
Q

Gatekeeper

A

person who answers the phone that lets you speak to the decision maker or not

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37
Q

How do you get past the gatekeeper?

A

Leave message, contact info, notify them you sent the prospect in question an email, and your business. Be grateful & courteous, thank for time; If that doesn’t work, use the number of extensions or get the number of the sales department

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38
Q

Inbound sales

A

Sales that happen as a result of customers directly approaching and engaging with the brand/company; comes IN

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39
Q

Lead Generation

A

The activities that are completed in order to generate interest around what the product or service you are selling

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40
Q

Methods of lead generation?

A

content marketing, PPC, referrals, outbound marketing, partnerships

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41
Q

Lead Nurturing

A

Engaging and building a long-term relationship with existing
prospects.

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42
Q

lead Qualification

A

process of qualifying if a lead is a good fit to purchase your product or service.

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43
Q

Lead Scoring

A

Assigning value to every lead based on predefined criteria, to rank in terms of engaging priority (buying signals help)

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44
Q

Marketing Qualified Lead?

A

Will most likely become a paying client, based on pages visited, action taken on the company website,
and other digital footprint info.

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45
Q

Monthly Recurring Revenue

A

amount of regular and predictable income a company expects to receive every month.

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46
Q

Onboarding

A

set of actions or a process of introducing a new client with a service or product. Setting up an account and introducing the client with their point of contact at the company.

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47
Q

Outbound Sales

A

Cold calling, cold emailing and social selling, with the goal of initiating contact with a prospective client and ultimately closing the deal. Not in the pipeline yet

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48
Q

Point of Contact

A

A person or a department within a company that the client can
reach out to with questions or specific requests.

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49
Q

Profit Margin

A

ratio of profitability that reveals how much money a company actually makes. It is the amount by which revenue from sales exceeds costs.

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50
Q

Formula for Profit Margin (hint: %)

A

Gross Profit (Revenue - cost of goods sold)/Revenue

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51
Q

Revenue

A

Amount of money a business generates in a specific time period

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52
Q

Sales Acceleration

A

Speeding up the sales process using different tools and technologies to boost productivity and efficiency.

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53
Q

Sales Automation

A

process of automating sales workflow by using a software or an online tool. It can help simplify, speed up and streamline the sales process.

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54
Q

Sales Cadence

A

determined sequence of sales activities and the frequency at which
the sales team interacts with leads.

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55
Q

Sales Cycle

A

Predictable sequences and stages that a company goes through as they
sell their product or service.

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56
Q

Sales Enablement

A

Providing sales professionals with necessary tools, technology,
training, and other resources in order for them to have better performance at customer engagement

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57
Q

Sales Funnel

A

visual representation of sales processes with defined stages, that every potential client goes through as they are let towards a final decision – buying a
product or service.

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58
Q

Sales Pipeline

A

visual representation of a sales process and stages of each individual prospect.

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59
Q

Sales Qualified Lead

A

potential client that already met all the necessary criteria, and is forwarded to Account Executive to close the deal.

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60
Q

Scrapping Data

A

Extraction of large amounts of data from websites.

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61
Q

Segmentation

A

process of dividing a large market or a contact list into smaller segments based on different criteria – location, company size, revenue etc.

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62
Q

Social Selling

A

sales tactic that involves using social media as a sales channel.
SDRs engage and create relationships with prospects by probing their needs and
providing relevant and valuable insight.

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63
Q

Top of the funnel

A

refers to the top of the sales or marketing funnel, where all prospects go through a qualification process, both from inbound and outbound efforts.

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64
Q

Vertical

A

A specific segment of the market where a business targets only a specific
industry, sector or niche

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65
Q

SDR, BDR, B2B, B2C, SaaS

A

Sales Development Representative, Business Development Representative, business to business, business to consumer, software as a service

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66
Q

What does an Account Executive/AE/Closer do?

A

in charge of closing deals by converting qualified leads into paying customers.

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67
Q

What does a business development representative do?

A

sales specialist focused on finding new prospects, establishing foundational
relationships, and updating the sales pipeline with new leads (what I’m taking the course to have as my job title)

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68
Q

What does an Account Manager/Am/Farmer do?

A

in charge of managing and
up-selling existing clients and accounts.

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69
Q

Clients

A

Closed opportunities, paying clients and people that your account managers
should take care of (account managers only existing clients)

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70
Q

Closers

A

Account Executives, they are focused on closing deals and they only
prospect a small number of strategic accounts. (AE’s responsible for new, potential customers only; opening accounts)

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71
Q

Cold Call

A

outbound engagement with a prospect you don’t have a relationship with via phone

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72
Q

Cold Email

A

outbound attempt to reach prospects you don’t have a relationship with yet via email containing a sales proposal

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73
Q

Decision Maker

A

person in charge of making a purchasing decision at a company; vital to research who that person is

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74
Q

Fortune 500

A

List of the 500 larges companies in the US based on revenue

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75
Q

Influencer

A

Someone who has a strong influence over the purchase of a product or
service, but isn’t the final decision-maker.

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76
Q

Opportunites

A

qualified lead that is a good fit for your solution. An SDR has qualified this person as someone who has the need and ability to purchase.

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77
Q

Prospects

A

List of names & contact info in a list, database, or CRM

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78
Q

Referral

A

Method of generating new sales leads, where someone refers a potential client to you

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79
Q

Return on Investment

A

Shows the effectiveness of the initial investment. It is a ratio between net profit and the cost of investment.

80
Q

Sales Demo

A

event that serves as a showcase of the product or service the company is selling

81
Q

Sales Prospecting

A

process of finding & identifying new prospective clients using different outbound methods - cold email, social selling, advertising, etc.

82
Q

Unique selling point (proposition)

A

Unique features of a business that sets it apart from competitors

83
Q

1 reason for failure in sales

A

lack of prospecting

84
Q

Is cold calling necessary?

A

Yes, most companies don’t have enough leads to keep their salespeople busy and the best prospects are used to having salespeople go to them

85
Q

The main reason salespeople are afraid of cold calling is because ________.

A

They don’t want to interrupt prospects

86
Q

What’s the best prospecting technique?

A

A balance of cold calling, emailing, social selling, in person, and messaging

87
Q

What’s the most important daily imperative of a successful salesperson?

A

keeping the pipeline full of qualified prospects

88
Q

What is the formula for predicting sales?

A

Efficiency + Effectiveness = Performance

89
Q

When is spending time doing research in advance before calling a good idea?

A

When calling C-level prospects selling a high value product/service

90
Q

What are your Golden Hours as a salesperson?

A

All the sales activities you do, including prospecting and qualifying that you do not want to interrupt

91
Q

Should you schedule your work in time blocks?

A

Yes, salespeople are much more effective when focusing on one single task for a period of time.

92
Q

How do you schedule your work in time blocks?

A

Go into google calendar and create a schedule into it for the week when starting to work. Have the first hour in the morning as the golden hour, the next for emailing, social selling, and research, the next for other tasks like CRM management and list building, and the next for a productive break; Repeat again in in a similar manor, and save the very last hour or so for calling.

93
Q

What is Horstman’s Corollary?

A

Work contracts to fit the time restricted for it (opposite of Parkinson’s Law; think back to group projects)

94
Q

What’s your objective as a B2B sales development rep on the first contact with a new prospect?

A

Setting an appointment

95
Q

What does the job of an SDR consist of?

A

Set appointments with the prospects that are highly qualified and/or in the buying window

Nurture the prospects that you’ve qualified but are not in the buying window

Gather information on the prospects for which you have some or no data so you can qualify their potential and learn their buying windows

96
Q

Under what circumstances is it logical to set an appointment without first qualifying the prospect?

A

You sell a product or service that is non contractual and there is no set budgetary period for making these types of purchases

There is a high probability that most of your prospects will be buyers because your product is something they use all the time

The decision-maker role is fairly consistent or usually a single person

97
Q

What is a touch?

A

Anything that increases familiarity with your prospect

98
Q

How many touches on average does it take to engage a cold prospect?

A

20-50 touches; it is less the more familiar you are with them.

99
Q

What qualities can you use to organize a prospect list?

A

Qualification level, Potential deal size, Industry vertical, how familiar they are with your company, are they cold or hot, buyer window, etc.

100
Q

What’s the primary reason you use social selling?

A

building familiarity with prospects

101
Q

5 C’s of Social Selling?

A

Connecting - sending a request to meet someone, including directly, reciprocally, or passively
Content Creation - publishing original content that establishes your credibility and engages people to you
Content Curation - Clipping content from others that aligns with your business, and sending it to someone
Conversion - generating leads from all the prospecting to open sales conversations
Consistency - having regular time blocks where you social sell

102
Q

What’s the primary social channel in B2B sales?

A

LinkedIN

103
Q

Most people do not like it when salespeople interrupt them, especially by phone. How do you make the process smoother for them and you?

A

Be clear and transparent
relevant to their problems
and quick to get to the point. Always avoid beating around the bush.

104
Q

What is a value proposition?

A

A clear statement about the value a customer would gain from using your product/service

105
Q

What question does a successful value proposition answer? What 3 components must be included in order to answer the question?

A

WIIFM (What’s in it for me?); You must include 3 key things in a winning value proposition:

  1. Focusing on a measured business objective of the customer.
  2. Disrupting the Status Quo positively.
  3. Providing Ethos - credible history of helping customers that were in a similar boat to solve their problems.
106
Q

Give an example of a value proposition that includes the 3 components.

A

“I’ve helped multiple companies (ethos) in your market segment reduce time to profitability on new product launches by as much as 50 percent. (objective) In fact, Aspen Systems’ IDEK SaaS launch was the fastest ramp to ROI in the history of the
company. (status quo) With our system, they made a 41 percent improvement over their last launch.”

107
Q

What is a good rule of thumb for value propositions?

A

The less risk the business can afford the greater the value proposition has to be. Even greater risk for executives.

108
Q

What should actually be avoided for value propositions?

A

Crafting a single perfectly tailored message to a prospect; It is more efficient to have series of messages in a short window.

109
Q

Main difference between a targeted and strategic bridge?

A

Strategic bridges use information custom to each prospect, while targeted bridges do not

110
Q

If you could choose only one method of prospecting, what would you choose?

A

Phone calling

111
Q

What is the format for when you call the prospect and they answer?

A

Attention
Identify
What you want
Bridge
Ask

112
Q

Correct order for a voice mail framework?

A

Identify-Phone number twice-Reason for call-Reason to call back-Phone number twice

113
Q

What is the best time to cold call?

A

There is no “best time” - instead of timing it, just make as many calls as you can.

114
Q

Correct order for the RBO framework?

A

Anchor-Disrupt-Ask

115
Q

What are RBO’s?

A

Reflex responses, Brush offs, Objections

116
Q

What are common reflex responses?

A

“Just looking/no thanks”

117
Q

What are common brush offs?

A

“can you send me some more information/I’m busy right now, can you call back later?”

118
Q

What are common objections?

A

“We are busy with a project/we don’t have a budget/we signed with your competitor, etc.”

119
Q

What is the job of the gatekeeper and what is the secret technique to getting past them?

A

To protect the time of the prospect you are trying to reach. There is no secret method to getting past them.

120
Q

How should your emails be structured (framework)?

A

Hook-Relate-Bridge-Ask

121
Q

Guidelines to ensure email is delivered to the inbox

A

professional, no abbreviations, no links, no attachments, no caps, no spam, no mistakes; draws attention and is compelling itself in its message

122
Q

When do you typically use text messaging for prospecting?

A

If you are already familiar with your prospect

123
Q

What is the framework for texting?

A

Identify yourself, be direct and brief -
1 to 4 sentences when possible, 250 characters max. Avoid the same things as in an email, know your numbers, and only send to familiar prospects.

124
Q

4 pillars of mental toughness?

A

Desire - How bad do you want something
mental resilience - can you take what life throws at you
outlearn = outearn - Learn as if you’ll live forever
physical resilience - exercise, take care of your health

125
Q

11 words you need to live by when ending a sales workday?

A

“When it is time to go home, make one more call.”

126
Q

What are the clues that most successful salespeople leave behind as to why they are successful?

A

Optimism,
Competitive nature,
Confidence,
Relentlessness,
Thirst for knowledge,
Systematic thinking, and
The Ability to adapt.

127
Q

What 3 core philosophical laws that relate to sales and prospecting?

A

The Law of Universal Need, The 30 Day Rule, and The Law of Replacement

128
Q

What is the Law of Universal Need?

A

The more desperately you are in need of something, the less likely you are to get it (Opposite of the Law of Attraction)

129
Q

What is the 30 day rule

A

If you do not prospect for 30 days, it will leave your pipe dry and empty likely for the next 90 days

130
Q

What is the Law of Replacement

A

Once you meet with a prospect, they are no longer a prospect - they are either a customer, or a non-customer. It is a waste of time to try to go back to people you’ve already failed to sell to. If you finish following up with already existing customers, you must start prospecting new ones if you are to fill the pipe again.

131
Q

Why is it important to keep track of your numbers?

A

To evaluate where you are and what more you need to do to get where you want to go.

132
Q

3 p’s that hold you back

A

Procrastination, Perfectionism, Paralysis by Analysis

133
Q

What is the hierarchy for prospecting?

A

Level 6 (top) - Priority - move into the pipe asap
Level 5 - Hot leads and referrals - immediate follow up
Level 4 - Conquest - nurture
Level 3 - Identified - nurture + contact decision maker
Level 2 - Little info - find buying window + stakeholders
Level 1(bottom) - Unknown - Investigate

134
Q

What is the crucial step before calling?

A

Take the time to prioritize who you call on the list; start at the top of they pyramid and work your way down

135
Q

Tools used in Sales development?

A

email, calendar, scheduling, and meeting

136
Q

Best practices for your email

A

I. archive important ones, and get rid of anything else
II. Set time to look at it and close when not in use to prevent distraction.
III. Use drafts to send follow up emails later you remember but don’t have time to send immediately
IV. Use the framework
V. Make a new business email with no ties to email lists of any kind

137
Q

Best practices for your Calendar

A

I. Utilize timeblocking - don’t let any tasks interfere with one another (Especially during the 2.5 Golden Hours)
II. Have at least an hour to fill the pipeline with new prospects.
III. Know when meetings will be scheduled; SDRs are expected to get other work done in their own time
IV. Have at least an hour for managing the CRM and finishing follow-up tasks
V. Avoid scheduling breaks. But have an additional hour of productive time - podcasts, book reading, interview, etc. Should have different topics for each day (ex - Monday - communication skills; Tues & Thurs - B2B Sales related; Wednesday - passive income, investing, and financial independence Friday - Fitness)

138
Q

Best practices - scheduling

A

I. Do it correctly to handle it professionally
II. To get an advance instead of continuation, send an invite with a scheduled meeting time on it
III. Embed the link for calendly and have prospect select time. Coordinate schedules with AE if possible

139
Q

Best practices - virtual meeting

A

I. Remote work is a big advantage of Tech Sales - most meetings are virtual
II. Put the links for the meeting invite in the calendar
III. Have good etiquette - check mic & camera before starting, share screen and look at chat

140
Q

Best practices - CRM

A

I. Use the information to track what you are doing
II. Become familiar w/ Hubspot & Salesforce, the most commonly used CRM’s; watch tutorials
III. Unlike emails, have it on screen often and update it as needed (except during Golden hours)
IV. Send notifications to yourself to remind
V. Make sure to check it for info on a company, tasks you can give to yourself, your performance compared to team, forecast for future performance, and any information you can organize about previous deals.

141
Q

Sales Engagement Software Definition

A

Interactions and exchanges that occur between reps & prospects or customers. Used to make touches to get familiar, keep conversation flowing and relationship going. If how you communicate, the frequency at which you do, and the substance of your interactions are good enough, you will make sales.

142
Q

Benefits of sales engagement software

A
  1. Adds on to the CRM
  2. Automates cadence for you so you can be efficient with outreach
  3. Uses more analytics that you can use
  4. Will be easier acclimating to job via HubSpot (Salesloft and Outreach also common)
143
Q

Sales Data Software Definition

A

Works around the clock to collect and make sense of company info from millions of sources. Includes 2 parts of the data market - company data and contact data. It gives salespeople the data needed to figure out which companies and contacts they should sell to

144
Q

Benefits and advantages of sales data software

A
  1. Provides more info than just phone numbers and emails - includes info on purchase history, contracts, business objectives, and digital footprint.
  2. Salespeople get access to information faster, allowing direct dialing and easy identification of buying signals
  3. Also Integrates with the CRM just like sales engagement.
  4. Practicing with common platforms gives new sdrs an advantage once on the job (LinkedIn Sales Navigator, Apollo, Zoom Info, and Dun & Bradstreet are common)
145
Q

Goal of a Discovery Call

A

To win the deal, as it’s arguably the most important step that can make or break it. Discovery is about making a dossier about the prospect - down to the small details and nuances. You want to build up the prospects need for their product or service and quality if they are able to make the purchase.

146
Q

How would a prospect most likely want a Discovery call to go?

A

They want to know if your product or service is something that would benefit them (WIIFM) and if you can waste the least amount of their time and effort (ideal for both parties)

147
Q

Best ways generally to open a Discovery call

A
  1. Be open about objectives
  2. Be efficient with the time you have
  3. Qualify and bring in AE if you can and when it makes sense in a meeting
  4. Set expectations
148
Q

Where do you use BANT/SPIN in the sales cycle?

A

From Discovery till closing

149
Q

What is BANT?

A

A series of questions used to qualify a prospect

150
Q

What does BANT stand for?

A

Budget - Can they afford it?
Authority - Who influences the purchase decision?
Need - Do they have a problem we can solve?
Timing - Are they ready to buy /when will they be?

151
Q

What is the priority of BANT questions in a discovery discussion?

A
  1. Need - if there is none, no sale is possible
  2. Authority - only certain higher ups can give the green light.
  3. Timing - a sale at the wrong time is wasted money, and can lead to firing. It may just be a matter of weeks before the buying window opens.
  4. Budget - The more valuable your product/service is to their organization, the more they will be willing to pay for it.
152
Q

What is SPIN?

A

Another series of questions to qualify (just like BANT); Appropriate use allows you to build value, potentially increase deal size, and mitigate objections. Reliable sales methodology

153
Q

What does SPIN stand for?

A

Situation - Reference what you know or already talked about w/ the prospect (be more familiar/start to build rapport)
Problem - Start figuring out what problems they care about most.
Implication - Part 2 of figuring out problems; asking even more questions to uncover implied needs and turn them into explicit needs.
Need Payoff - questions to get them to state what solutions they are looking for that reflect the benefits of your product/solution.

154
Q

How do you use SPIN successfully?

A

PLAN accordingly to your research - ICP, buyer persona, and the needs you hypothesize they have.

155
Q

Why is research vital?

A

Don’t want to waste time and effort on the wrong companies and contacts.

156
Q

How do you start with research?

A

With companies, then contacts within later.

157
Q

Research Steps?

A
  1. Build List of Companies - Ideal customer profile
  2. Build List of People in companies - buyer persona
  3. Find contact info from people you’ve listed
  4. Personalize outreach to each contact before doing so
158
Q

What are the 3 methods to find contact info from contacts on the list?

A
  1. Use sales data provider or other platform (ZoomInfo, Hunter.IO, LinkedIN Sales Navigator, etc.)
  2. Google/online search
  3. “Guess” via typical format (first name.last name@company.com/org)
159
Q

How do you personalize outreach?

A

Look for any information that is relevant to the prospect, proves you are aren’t a robot, and that you did your homework on the prospect.

Specific information on the prospect and their company cannot be sent in a basic random LinkedIn or spam text message; it is something that can only be known if you did diligent research.

160
Q

What are some methods to find personalized info?

A
  1. Relevant company blogs, magazines, articles
  2. Their own content - Youtube, IG, facebook
  3. LinkedIn - message history, posts, curated content
  4. Referrals you have already that are familiar
  5. Financial data (public only)
  6. Sales data
161
Q

What are examples of information that is NOT personalized?

A

We noticed you are an inventor…and we help other inventors…(you are a student, very assumptive)

I’m a Phd from UL Lafayette…We are gathering data from black students from Northwestern university…(I’m enrolled at UL Lafayette just like you, all you had to do was look at my email…)

We are inviting current Accountant students to take our CPA exam for reduced cost…(I’m an engineering student, not relevant)

162
Q

If your goal was to find a good entry level BDR internship, what are good examples of personalized info that you would want to include in your contact list?

A
  1. Position - BDR, AE, Sales Manager, Sales Engineer, VP of Sales, etc.
  2. Company - Salesforce, Hubspot, Dun & Bradstreet, Intel
  3. Their preferred name/title - Dr., Esq., Sgt.
  4. Location they work at - Cali, South LA, remote
  5. Specific post they curated or curated
  6. Use the lingo they use (crush it, get to the money, end 2024 on a bang) or proper sales terminology (lead, discovery, prospect, etc)
  7. If they actually interacted with relevant things we have in common - UL, NSBE, Coursecareers
163
Q

What is a sales methodology and how is it different from a process?

A

set of guiding principles that define how a business sells to its customers.

A process a strategy that defines the steps, a methodology serves as the tactics within each step the salesperson takes.

164
Q

What are the processes in B2B sales?

A
  1. research
  2. outreach
  3. discovery
  4. present
  5. close
  6. follow up
165
Q

What are methodologies in B2B sales

A
  1. build contact list based on Buyer personal and ICP
  2. email, phone call, message in cadence,
  3. NATB, SPIN, qualify, set meetings
  4. Have sales demo, invite AE/Sales Engineer, etc.
  5. Negotiate, challenger method, discuss terms
  6. Call list in sequence
166
Q

What is an SDR primarily responsible for in the sales process?

A

Research and Outreach; perhaps discovery when AE does not

167
Q

Difference between major sales and smaller sales?

A

Small - one call, low value, faster, mistakes less impactful

Major - many calls, high value, takes more time, mistakes are riskier

168
Q

4 stages of a call

A
  1. Preliminaries
  2. Investigating
  3. Demonstrating Capability
  4. Obtaining commitment
169
Q

What step in a call leads to an eventual successful sale? Why?

A

Proper investigating; asking the right questions, which eventually makes a prospect think differently. (Not Closing, which challenges thinking, leading to objection).

170
Q

What is a close?

A

A behavior used by the seller which implies or invites a commitment. Closing IS necessary, but only once, and later in the process.

171
Q

What is the problem with pushing a closing technique?

A

Reduces success due to buyer thinking you are annoying and deceptive when you do not focus on their problems and more on their solution.

172
Q

What is the best way to close?

A

Using need payoff questions - suggesting the next step in the process.

173
Q

What is your goal in obtaining commitment?

A

An order (closed sale, contract negotiation) or an advance (another meeting with confirmed date and time)

174
Q

To obtain commitment, you must:

A
  1. Give attention to the investigation and demonstrating capability stages
  2. Check that key concerns are covered
  3. Get them to summarize the benefits of your product via Need payoff questions
  4. Following step 3, make the ask/proposal
175
Q

What is a need in sales?

A

Any statement that expresses want or concern that can be addressed by a seller, and solved via a purchase.

Examples of solutions to needs include but aren’t limited to: Salesforce Saas, a Hermes-Berkin bag, Prilosec, Musclemilk chocolate protein powder, a glock 23, superfeet inserts, Firestone 205/65/R15 tires, a Ratterrier puppy, an engagement ring, a suit, a baseball cap, a warriors jersey.

176
Q

Implied Need

A

When customer states problems, difficulties, or dissatisfactions. (Ex: My feet hurt really bad everytime I get out of bed).

177
Q

Explicit Needs

A

When a customer states a specific want or desire that can fix any difficulty, disatisfaction, problem, or incovenience (Ex: I went to the doctor, and he said to buy Hoka shoes to help with my foot pain).

178
Q

Where do large sales and small sales differ in terms of needs?

A

In small sales, implied needs are sufficient enough to make a sale; In larger sales, explicit needs must be stated, or objections will come into play.

179
Q

What are the most important questions to ask to uncover explicit needs?

A

Implication questions; they elaborate further on problem questions, which reveal implicit needs. Doing so will grow needs even greater as you emphasize how large the problems are.

180
Q

What is the value equation? How does it relate to sales

A

The cost of dealing with the problem has to grow until the cost of fixing it is less. Once this occurs, people are willing to buy.

181
Q

What are situation questions? How to approach them?

A

Questions about the buyer’s background. Just like preliminaries, it is best to not waste too much time on them.

182
Q

What are problem questions?

A

Questions about the problems, difficulties, and dissatisfactions. This is when the real sales call begins, and they are more difficult to ask then situation questions. Must be strategic to uncover the right implicit needs to elaborate on.

183
Q

What are implication questions?

A

Questions to understand the underlying consequences, implications, of customer’s problems. The most important of them all, and the most difficult to ask. Proper execution will lead to customers giving their explicit needs - key for making sales.

184
Q

Need payoff questions?

A

Questions to build up value of a proposed solution. They get the buyer to tell you what your product would do for them.

185
Q

What is a benefit?

A

Shows how products meet explicit needs

186
Q

How do benefits differ from features and advantages?

A

Features are neutral facts about the product, while advantages are pros you mention about the product. Neither address explicit needs, so don’t rely on them or force them.

187
Q

What are the good parts of each one?

A

Benefits directly lead to a sale if the right explicit need is stated.

Advantages can give you a baseline to test the waters about what problems are most important for the buyer.

Features can give the customer knowledge to go off, which can lead to them stating their problems in further detail.

188
Q

How do you approach demonstrating capability?

A

Only use a limited number of advantages, do it later on in the call, and be careful with opportunistically endorsing new products too much.

189
Q

Why do salespeople get objections?

A

Closing too early without addressing the important needs and building the value of your solution. And of course not actually being able to address the need.

190
Q

What myth exists with objections?

A

Great salespeople are skilled at handling objections; The truth is that great salespeople don’t get many objections at all.

191
Q

Do preliminaries make or break the sale?

A

No; they only really hurt your chances if done horribly - focusing too much on them, not moving on to the next stage, and being unpresentable. It is ok if the first impression is not perfect.

192
Q

Is customer loyalty important for larger B2B sales?

A

Not as much; it is more about who can offer the most valuable solution to a customer’s explicit problem. It can however help, especially with social selling, online sales, or local small businesses.

193
Q

What is important in moving on from preliminaries?

A

cutting out bullshit and beating around the bush

194
Q

How do you learn something new the smart way?

A

Work on 1 thing at a time until proficient at it.

Practice only with low risk activities.

Seek accountability and guidance from other people who have done it before and did it right.

When doing something for the first time, focus first on doing it more often instead of doing it perfectly.

195
Q

How do you turn information into knowledge;

A

practice what you’ve learned

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