Part 1 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?
What are house accounts, and how do they differ from a normal account?
House Accounts: covered by corporate headquarters. These are customers who generally receive priority and prompt attention, straight from corporate. Can’t steal from corporate.
Normal Account:
ex.) Marriott Hotels considers Ingersoll Rand a house account – which should be handled by a Marriot executive at Marriott Corporate Headquarters.
Normal Account: anything not house. Too important for you to screw up.
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
Define and provide an example of using the center of influence method to find leads.
Center of Influence: cultivate well-known, influential people in the territory who are willing to supply lead information
Ex: get that one person who knows everyone and can get you in contact with people in different markets
What is cold calling? How is it different from warm calling?
Cold Calling: generating leads for new business by calling on totally unfamiliar organizations
*Different because warm calling has an idea of you, your company, or the product in which you’re selling
What is a cold call blitz?
Cold Call Blitz: all prospective businesses in a given geographical territory on a specified day
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”
We discussed six reasons for planning out a sales call. List and explain three of them.
To be reasonable in expectations and goals → if the buyer may only be in the market for one new widget, don’t try to push ten on them
To avoid talking about things the buyer doesn’t know/care about → so you’re on topic with what they want and it’s actually useful to them
Have knowledge, which gives confidence → be able to answer questions from the buyer
What are two ethical dilemmas to be aware of when gathering personal customer information?
- People do not always like to give away personal information. Info is confidential.
- Have to be careful what you’re asking
What are four demographic details we discussed related to a prospect’s organization?
Type of organization
Size and number of locations
Products and services offered
Financial position and its future
Overall culture of the organization
What are the prospect’s competitors to you (as a salesperson)?
- Who they are
- How they differ in their business approaches
- Prospect’s strategic position in the industry
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
