Chapters 6-9 Flashcards
Define and provide an example of leads and prospects.
Lead: potential prospect that is just a name and number.
Ex: Comes up on the call sheet but you don’t know anything about them.
Prospect: good candidate for making a sale, someone who might be buying.
Ex: Someone who is in need of something that you are selling.
What are the five questions that must be answered in the affirmative to make a lead a prospect?
- Does a need or want exist?
- Does the lead have the ability to pay?
- Does the lead have the authority to buy?
- Can the lead be approached favorably?
- Is the lead eligible to buy?
Define and provide an example of using the endless chain method to find leads.
Endless Chain: attempt to secure at least one additional lead from each person they interview
Ex: once you secure a new customer, see if they will recommend you to someone they know who could be in need of your services
Works best when the source is a satisfied customer and partner and they know everybody and a wide variety of people use the product
- Ex. NW Mutual process – by the way… do you know 2 or 3 other people that may be interested
What are three common reasons for cold call reluctance? How can you overcome each?
Common reasons for reluctance:
- Worrying about worst-case scenario - Spending too much time preparing - Being fearful
Overcoming:
- Identify and evaluate excuses not to call - Engage in sales training and role-playing activities - Set specific goals for so you can do other activities (Use call sheets to chart so you maintain motivation, ” “Make 5 more calls, then call 5 existing contacts”
What is an influential adversary, and what are two ways to overcome them in a sales scenario?
Influential Adversary: carry great influence but are opposed to you/your firm/your products
Ways to overcome →
get them onboard so that they start selling for you
cut them out of the process
Define analysis paralysis. How can it affect sales preparation?
Analysis paralysis: which can occur if your prefer to spend practically all your time analyzing situations and finding information instead of making sales calls
- Salespeople must find balance between acquiring information and time spent making calls
- Need to check the quality of any data gathered
What does the acronym SMART refer to in setting call objectives?
SMART: Specific measurable achievable realistic time-based *Refers to the way in which you prep yourself for a sale as to not be too lofty in ideas, but have a clear and attainable goal to hit
Define and provide an example of primary objective, minimum objective, and secondary objective.
Primary Objective: the actual goal you hope to achieve
Ex: get buyer to make a large purchase today
Minimum Objective: the minimum you hope to achieve
Ex: get the buyer to make a small purchase today
Secondary Objective: getting something else out of the sales experience even if it was not one of your goals
Ex: speak to someone else about this or get a tour of the plant
Define focus of receptivity, focus of dissatisfaction, and focus of power. Who is easiest to start with? Hardest? Most important?
Focus of Receptivity: person who will listen receptively and give the seller needed valuable information→ easiest
Focus of Dissatisfaction: person who is most likely to perceive problems and dissatisfactions → hardest
Focus of Power: the person who is most likely to approve, prevent, and/or influence action → most important
Define and provide an example of the following opening methods: referral opening, benefit opening, product opening, complement opening, question opening.
Referral Opening: Tell me about someone who referred you to the buyer
Ex: Jon Smith referred me to you as he thought you could be in need of my product
Benefit Opening: Start by telling some benefit of the product
Ex: This product has five new additional features that can make your life easier
Product Opening: Demonstrate a product feature and benefit as soon as you walk up to a prospect
Ex: Do a product demo to gain interest
Compliment Opening: Compliment the buyer or the buyer’s firm
Ex: That is a very nice suit you are wearing
Question Opening: Start the conversation with a question
Ex: Could you use a tool that increases efficiencies and is easier to use than what you currently have?
List and define are the four components of the SPIN technique? Provide an example of each question.
Situation: ask about facts or explore the buyer’s present situation
Ex: How many people are there at this location?
Problem: ask about specific difficulties, problems, or dissatisfactions the prospect has with the present situation that you can solve with your products and services
Ex: What don’t you like about your current product?
Implication: questions that follow problem questions, designed to help the prospect recognize the true nature of their problems
Ex: what happens if you miss a deadline?
Need Payoff: asking questions about the usefulness of solving a problem
Ex: If I had a product that could be twice as efficient, would that help your business?
What is the most important question to ask just prior to proposing a solution?
Anything else?
Define features and benefits as they relate to a product. What is feature dumping? What is a feature without a benefit?
Features: bells and whistles
Benefits: solve problems
Feature Dumping: discussing features that is of no use to the customer
Feature without a Benefit: who cares?
What are four key components to planning a presentation?
- How many people will attend?
- What information they need?
- What type of situation is this?
- Which stage of the buying process are they in?
How would you structure a presentation for each of the four social styles? What would you include? What would you not include?
Drivers: Crisp professional visuals with bold lettering to highlight important points
Expressive: Strong, intense colors and lots of photos, cartoons, fancy fonts, and positive images
Amiables: With people and a relatively slow-moving
Analytics: Clean and simple, a list of references, and lots of details
