Chapter7

Chapter7 - Chapter 7 Chapter Prospecting The Importance of...

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Chapter 7 Chapter 7 Prospecting
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The Importance of Prospecting The Importance of Prospecting Prospecting- important process of locating potential customers for a product or service Key to success – finding new customers More important in some fields – stockbrokers, real estate The world is constantly changing Population changes, new businesses and products, shifting of businesses, and distribution changes Customer turnover
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Characteristics of a Good Prospect Characteristics of a Good Prospect Lead - person or an organization that may or may not have what it takes to be a true prospect Qualify the lead- determine whether a lead is in fact a prospect Prospect- when the salesperson determines that the lead is a good candidate for making a sale
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5 Questions to Qualify a Lead and 5 Questions to Qualify a Lead and Pinpoint a Good Prospect Pinpoint a Good Prospect Does the lead have a want or need that the purchase of my products or services can satisfy? 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?
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Does a Want or Need Exist? Does a Want or Need Exist? Many firms use the telephone or e-mail to assess needs High-pressure tactics may be beneficial to the firm in the short-run, but detrimental in developing long-term customers Customers do not always know they want/need item Customers have practical needs and intangible needs
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Does The Lead Have The Ability To Pay? Does The Lead Have The Ability To Pay? Ability to pay includes both cash and credit Salespeople are sometimes surprised at their leads’ credit ratings Many firms subscribe to credit rating services
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Does The Lead Have The Authority Does The Lead Have The Authority To Pay? To Pay? Finding out who makes the actual purchasing decision is important Salespeople can determine by simply asking questions Due to downsizing more firms are delegating their purchasing tasks to outside vendors System integrators- have the authority to buy products and services from others
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Can The Lead Be Approached Can The Lead Be Approached Favorably? Favorably? Getting an interview can be so difficult and chances of a sale are so small, representatives eliminate them as possible prospects (Ex. Bank presidents, major executives, and senior partners)
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Is The Lead Eligible To Buy? Is The Lead Eligible To Buy? Be sure of status of prospect – wholesaler or retailer? Geographic location of the prospect matters E xclusive sales territories - particular salesperson can sell only to certain prospects and not to other prospects Avoid targeting leads already covered by corporate headquarters House accounts- large customers or potential customers that are handled exclusively by corporate executives
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Chapter7 - Chapter 7 Chapter Prospecting The Importance of...

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