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Strategic Prospecting and Preparing for Sales Dialogue

5. Strategic Prospecting and Preparing for Sales Dialogue. Learning Objectives. Discuss why prospecting is an important and challenging task for salespeople. Explain strategic prospecting and each stage in the strategic prospecting process.

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Strategic Prospecting and Preparing for Sales Dialogue

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  1. 5 Strategic Prospecting and Preparing for Sales Dialogue

  2. Learning Objectives Discuss why prospecting is an important and challenging task for salespeople. Explain strategic prospecting and each stage in the strategic prospecting process. Describe the major prospecting methods and give examples of each method. L L L 1 2 3

  3. Learning Objectives Explain the important components of a strategic prospecting plan. Discuss the types of information salespeople need to prepare for sales dialogue. L L 4 5

  4. Key Thoughts • Strategic prospecting is the process by which salespeople separate out those that are more likely to buy from those that are less likely to buy in order to avoid wasting resources. • Leads may be generated in a variety of methods. It is important for salespeople to know which are more effective. • Satisfied customers are often the best source of good leads. • A strategic prospecting plan will improve a salesperson’s prospecting efficiency and effectiveness. • Salespeople should spend some time learningwhat they can (without wasting resources)about their qualified leads in order to develop an effective sales strategy.

  5. The Importance andChallenges of Prospecting • Customer-bases are not permanent, salespeople may lose customers due to: • Low satisfaction • Competition • Economic fluctuation • Other forms of attrition • The prospecting process can be long • It may take weeks to replace a lost customer with a new one • Revenue streams can fluctuate if “pipeline” isn’t managed • Prospecting isn’t easy and often includes a lot of rejection

  6. Why Buyers Won’t See Salespeople • They may have never heard of the salesperson’s firm. • They may have just bought the salesperson’s product category, and there is presently no need. • Buyers may have their own deadlines on other issues, and they are not in a receptive mood to seeany salespeople. • Buyers are constantly getting calls fromsalespeople and do not have the time tosee them all. • Gatekeepers in any organization screentheir bosses’ calls and sometimes arecurt and even rude.

  7. Ethical Dilemma

  8. Q. 1. What are the steps in the selling process?

  9. Strategic Prospecting Process Ideal Customer Profile: The characteristics of a firm’s best customers or the perfect customer.

  10. Qualifying Prospects Sales Funnel or Pipeline: A representation of the trust-based sales process and strategic sales prospecting process.

  11. Q. 2. What are the sources of locating prospects?

  12. Popular Prospecting Sources & Methods Basic purpose of strategic prospecting: To help salespeople determine the best sales opportunities in the most efficient way.

  13. Cold Canvassing

  14. Networking

  15. Company Sources Company Records Advertising Inquiries Telephone Inquiries Trade Shows Seminars Industry Trade Show in South Africa

  16. Published Sources NAICS Code • Directories • Hoovers • Harris Directory • Moody’s industrialDirectory • Commercial LeadLists • Sales Genie • infoUSA • Others • Other Web Sources (including use of NAICS)

  17. Developing a Strategic Prospecting Plan

  18. Developing a Strategic Prospecting Plan

  19. Q. 3. Who are qualified prospects?

  20. Qualified Prospects . . . • Can benefit from the sales offering • Have the financial wherewithal to make the purchase • Play an important role in the purchase decision process

  21. Qualified Prospects . . . • Are eligible to buy based on a fit within the selling strategy • Are reasonably accessible and willing to consider the sales offering • Can be added to the customer base at an acceptable level of profitability

  22. Q. 4. What are the steps in Preapproach?

  23. Gathering Precall Information: About the Buyer Name, title and contact information Education & work background Community & organization involvement Hobbies & interests Communication style

  24. Gathering Precall Information: About the Company Type of business History of business Current strategy & performance Number of employees Target markets served Products & services offered Key competitors

  25. Gathering Precall Information: About the Selling Situation Type of purchase Motivation for buying Buying center members & roles Buying process Current supplier Available budget Competitors involved

  26. Ethical Dilemma

  27. Sources of Information

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