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Unformatted text preview: Product Validation and sales January 22 nd 2012 Developing and Qualifying a Prospect Base - Prospecting – is a systematic process of identifying potential customers- Prospect – is a potential customer who meets the qualification criteria established by you or your company - Buying Centre – the group of people involved in making a purchase decision- Members may include a technical influencer, user influencer, and financial influencer - Prospect Base – is a list of current and potential customers o Every effort is made to devise and implement a customer strategy that builds, fosters, nurtures, and extends relationships with established customers Importance of Prospecting - Average company loses 15%-20% of its customers every year through attrition: o Customer may move to a new location outside the salesperson’s territory o A firm may go out of business or merge with another company o A loyal buyer may leave their position Promotion, retirement, resignation, or illness o Sales are lost to competition Reasons for Loss of Customers- Relationship between customer and salesperson deteriorates- Business failure- New buyer buys from another source- Acquisitions and mergerst- Customer moves- Death of customer- Customer has only one-time need for product- Customer needs change because of new technology Sources of Prospects- Referrals- Centres of influence, friends, and family members- Directories & trayde publications- Trade shows & special events- Telemarketing & e-mail l- Direct response advertising & sales letters- Web sites & computerized databases- Cold calling, networking, & seminars- Prospecting by non-sales employees....
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This note was uploaded on 02/02/2012 for the course MGCR 423 taught by Professor Okhmatovskiy during the Winter '08 term at McGill.
- Winter '08