Chapter 14 Customer Success pg 293-303 Pre-Digital Era Selling Flashcards
What model do media salespeople use?
Media salespeople use a model based on manufacturing companies to sell and service their accounts in media sales organizations.
How is commission structured in media sales?
Commission is based on acquiring accounts, not on retaining them.
What does CPM stand for?
“CPM” stands for “Cost Per Mille,” meaning “Cost per thousand” in Latin, used to calculate the cost of 1,000 impressions of an ad.
What do media services offer?
Media offers a service of entertainment and information, not a tangible product.
What are the four fundamental ways of selling tangible products?
Services are like handshakes; both the provider and consumer must participate, involve many interactions, are hard for customers to evaluate in advance, and customers do not own what they pay for.
What are stewardship reports?
Stewardship reports provide documents that help customers of services in media to be fully aware of the analysis of their purchase.
How has the digital era changed service usage?
Data usage by companies became more abundant due to the internet, which became a place to learn about consumers and their preferences.
What is the nature of selling in the digital era?
Selling in the digital era is fast-paced, with consumers expecting a seamless sales process.
What must the post-sale process be defined by?
The post-sale process must be defined on a step-by-step basis to suit the needs of each media organization and each individual customer.
What is service design?
Service design involves reimagining, recreating, and rethinking every stage and aspect of the customer experience, being proactive rather than reactive.
What is the key rule for consistency in customer interactions?
Consistency is crucial; each interaction with customers should be consistent, often using customer relationship management (CRM).
What does ‘automate everything but the hugs’ mean?
Let A.I. and automation handle repetitive work, while salespersons focus on empathetic, personalized responses to customer problems.
What does ‘the customer is always right’ imply?
This applies to the right customer, one that can be retained and lead to a profitable relationship.
What are the four ways intangible products differ from tangible products?
- Invisibility & Intangibility: Media products cannot be seen or owned. 2. Perishability: Media products lose value over time. 3. Customization & Variability: Media solutions are tailored to needs. 4. Value Perception & Measurement: Media sales rely on performance metrics.
What are the three types of media?
- Paid media: Advertiser pays for exposure. 2. Owned media: Company’s web properties. 3. Earned media: Monetary value of earned media generated.
What is the rule for managing whale clients?
The Pareto Principle applies; 20% of clients account for 80% of the revenue, often from the largest advertising accounts.
What are the three factors of a solution premium?
- Perceived Value: Customers’ belief in the solution’s worth. 2. Brand Positioning: How well the product is positioned against competitors. 3. Customer Demand & Willingness to Pay: Recognition of the problem and readiness to pay extra.
What did Ed Koch famously ask?
How’m I doin?
