Ch 9 Flashcards
According to one sales expert, Gerhard Gschwandtner, publisher of Selling Power, the salesperson’s job is ________.
not to make sales, but create customers
Identifying and developing potential customers is an important aspect of ________.
the customer strategy
The goal of prospecting is to build a qualified prospect base made up of ________.
prospects and customers
The need to develop new customers is extremely important. Some studies estimate that the average company loses ________ percent of its customers every year.
15-20
Several of the most common causes of customer attrition include the following: ________.
the purchase was a one-time need, customer moves or is acquired, and a loyal buyer goes to new company or leaves
Analysis of your ________ can help identify, locate, and profile your prospects.
product and current customers
________ leads result in higher close rates, larger sales, and shorter sales cycles.
Referral
When you build _____ into your sales process, you increase the odds that the customer will give you a referral.
value
_____ is/are a source of information about potential customers for new salespeople.
Friends and family
There many types of prospecting approaches; however, most successful salespeople are using ________ for prospecting and account development.
a combination of approaches
One of the MOST important keys to success in personal selling is the ability to ________.
qualify leads
________ is the process of identifying prospects who have a need for your product and should be contacted.
Qualifying
The qualifying process is also the first opportunity to consider ________.
prospect needs and how they match with your product characteristics
Some organizations link the qualifying process with the need discovery step in the ________ process.
consultative sales
The basic lead qualifying criteria includes ________.
prospect need, authority to buy, financial resources to buy, and willingness to buy
When it comes to collecting and organizing prospect and account information, salespeople have a large variety of computer systems available. These are known as ________.
sales force automation systems, or customer relationship management systems (CRMs)
________ data is the information seen in most CRM systems and might include customer contact information, past purchase and product information, volume, influencers in the buying decision, preferred communication method, and much more.
Sales
The type of information that goes beyond sales data such as insights into the prospect’s marketplace, the firm, the competitors, and even the prospects themselves is called ________.
sales intelligence
Information that turns prospects and accounts into long-term customers includes ________.
knowing more about the customer than just name and title; knowing about the prospect’s company and marketplace; and knowing how you bring value-adds to them
To effectively and efficiently manage the prospect or account base, sales managers and salespeople often conduct a(n) ________ analysis.
account
Two popular models salespeople use for performing account analysis and what sales strategies to use are the ________.
portfolio model and the sales process model
Portfolio models are MOST effective where salespeople understand ________.
individual customer needs and where relationship strength is important to sales success
The sales process (or sales funnel) model includes the following steps: ________.
prospect, qualified, needs analysis, presentation, negotiations, and closed/service
________ management is the process of managing all the prospects in the salesperson’s sales funnel.
Pipeline
The ability to conduct sophisticated data analysis and modeling on prospects is called ________.
pipeline analytics
