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Effective Preparation Strategies for Business-to-Business and Retail Sales

Chapter 12 focuses on the essential steps for preparing to sell, particularly in business-to-business and retail settings. It highlights the significance of developing thorough product information and understanding industry trends. The chapter details various prospecting sources and methods, including leveraging telemarketing, referrals, cold canvassing, and utilizing business directories. Additionally, it emphasizes the importance of preapproach activities, tailoring sales strategies for existing customers and new prospects, and adhering to company policies and ethical standards in sales practices.

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Effective Preparation Strategies for Business-to-Business and Retail Sales

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    1. Preparing for the Sale Chapter 12

    2. Ch 12 Sec 2 – Getting Ready to Sell Sources for developing product information Prospecting sources and methods How leads are developed Preparation for the sale in business-to-business selling and retail selling

    3. The Preapproach

    4. 1. Product Information Direct experience Written publications Other people Formal training

    5. 2. Industry Trends Read related periodicals Trade journals Standard & Poor’s – a publication that provides data on industry trends.

    6. 3. Prospecting A prospect, or a lead, is a potential customer Prospecting is especially important in business-to-business selling situations.

    7. Sources and Methods of Prospecting Employer Leads Some firms employ entire telemarketing teams to generate leads Some rely entirely on their salespeople to find new customers

    8. Sources and Methods of Prospecting Telephone directories Trade and professional directories

    9. Sources and Methods of Prospecting Newspapers Birth announcements Reports of business mergers Commercial Lists Salespeople can buy lists of potential customers Email lists

    10. Sources and Methods of Prospecting Customer Referrals The names of other people who might buy a product. Endless chain method – salespeople ask previous customers for names of potential customers.

    11. Sources and Methods of Prospecting Cold Canvassing – blind prospecting Going door-to-door Selecting names from the phone book at random

    12. Preparing for the Sale in Business-to-Business Selling The preapproach activities vary depending on whether the sales call is with a previous customer or a new prospect Research to determine the customer’s needs Set an appointment for a face-to-face meeting

    13. Preparing for the Sale in Retail Selling Straighten and arrange stock Adjust price tickets Learn about stock and it’s location Arrange displays Clean the floor, shelves, and selling area

    14. Company Policies and Training Training Four-step method – explanation, demonstration, trial, critique Compensation and Sales Quotas Often compensated by commission (% of what is sold.) Sales quotas are dollar or unit sales goals set for the sales staff to achieve in a specified period of time. Legal and Ethical Issues No hard-sell tactics! Must fully disclose the facts.

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