Ch 9

Question 1

According to one sales​ expert, Gerhard​ Gschwandtner, publisher of Selling Power​, the​ salesperson’s job is​ ________.

Answer 1

not to make​ sales, but create customers

Question 2

Identifying and developing potential customers is an important aspect of​ ________.

Answer 2

the customer strategy

Question 3

The goal of prospecting is to build a qualified prospect base made up of​ ________.

Answer 3

prospects and customers

Question 4

The need to develop new customers is extremely important. Some studies estimate that the average company loses​ ________ percent of its customers every year.

Answer 4

15-20

Question 5

Several of the most common causes of customer attrition include the​ following: ________.

Answer 5

the purchase was a​ one-time need, customer moves or is​ acquired, and a loyal buyer goes to new company or leaves

Question 6

Analysis of your​ ________ can help​ identify, locate, and profile your prospects.

Answer 6

product and current customers

Question 7

​________ leads result in higher close​ rates, larger​ sales, and shorter sales cycles.

Answer 7

Referral

Question 8

When you build​ _____ into your sales​ process, you increase the odds that the customer will give you a referral.

Answer 8

value

Question 9

​_____ is/are a source of information about potential customers for new salespeople.

Answer 9

Friends and family

Question 10

There many types of prospecting​ approaches; however, most successful salespeople are using​ ________ for prospecting and account development.

Answer 10

a combination of approaches

Question 11

One of the MOST important keys to success in personal selling is the ability to​ ________.

Answer 11

qualify leads

Question 12

​________ is the process of identifying prospects who have a need for your product and should be contacted.

Answer 12

Qualifying

Question 13

The qualifying process is also the first opportunity to consider​ ________.

Answer 13

prospect needs and how they match with your product characteristics

Question 14

Some organizations link the qualifying process with the need discovery step in the​ ________ process.

Answer 14

consultative sales

Question 15

The basic lead qualifying criteria includes​ ________.

Answer 15

prospect​ need, authority to​ buy, financial resources to​ buy, and willingness to buy

Question 16

When it comes to collecting and organizing prospect and account​ information, salespeople have a large variety of computer systems available. These are known as​ ________.

Answer 16

sales force automation​ systems, or customer relationship management systems​ (CRMs)

Question 17

​________ 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.

Answer 17

Sales

Question 18

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​ ________.

Answer 18

sales intelligence

Question 19

Information that turns prospects and accounts into​ long-term customers includes​ ________.

Answer 19

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

Question 20

To effectively and efficiently manage the prospect or account​ base, sales managers and salespeople often conduct​ a(n) ________ analysis.

Answer 20

account

Question 21

Two popular models salespeople use for performing account analysis and what sales strategies to use are the​ ________.

Answer 21

portfolio model and the sales process model

Question 22

Portfolio models are MOST effective where salespeople understand​ ________.

Answer 22

individual customer needs and where relationship strength is important to sales success

Question 23

The sales process​ (or sales​ funnel) model includes the following​ steps: ________.

Answer 23

​prospect, qualified, needs​ analysis, presentation,​ negotiations, and​ closed/service

Question 24

​________ management is the process of managing all the prospects in the​ salesperson’s sales funnel.

Answer 24

Pipeline

Question 25

The ability to conduct sophisticated data analysis and modeling on prospects is called​ ________.

Answer 25

pipeline analytics