The Power of Selling

1. The Power of Selling

2. Chapter 7 Prospecting and Qualifying: The Power to Identify Your Customers

3. Video Ride-Along • The video Prospecting features Lisa Peskin, Sales Trainer, Business Development University • Lisa Peskin shares her tips for identifying new customers • According to her, cold calling is the least effective method for prospecting • http://www.youtube.com/watch?v=kb7pjzqfmdc

4. Chapter Objectives • Explain the role of the seven steps of the selling process. • Understand the role prospecting plays in the selling process. • Identify resources to use when prospecting. • Understand how to identify prospective employers.

5. Figure 7.1 – Seven-Step Selling Process

6. Seven Steps of Selling Process • Prospecting: Identifying the potential buyers for a product or a service • Qualifying: Determining whether a lead has the desire and ability to buy your product or service • Preapproach: Preparation and research a salesperson does before making the sales call • Approach: First few minutes of a sales call, during which the salesperson explains her purpose for coming and establishes a rapport

7. Seven Steps of Selling Process • Presentation: Part of the sales call when the salesperson offers a solution for the prospect • Objections: Hesitations or concerns a prospect might have about the product or purchasing process • Close/Closing: Agreeing on the terms of the sale and finalizing the transaction • Follow-up: Salesperson assures customer satisfaction and maintains customer relationships

8. Prospecting: A Vital Role in the Selling Process • The value of a lead • Customers who give the “just looking” response are valuable leads • If such customers are not followed up and qualified, their business goes to a competitor Item number: 200464104001

9. Prospecting: A Vital Role in the Selling Process • Sales funnel: An illustration of the way the sales process begins with a large pool of prospects and ends with a more focused number of buyers • Technological tools can help identifying, qualifying and prioritizing prospects • Examples: Collaborative communities and online resources

10. Figure 7.4 - Traditional Sales Funnel

11. Video: Understanding the Sales Funnel:http://www.youtube.com/watch?v=TV1j21Ky4dk&feature=related

12. Is the Sales Funnel Dead? • http://www.youtube.com/watch?v=TV1j21Ky4dk&feature=related • Buy-cycle Funnel (Parts I and II) Mark Sellers • http://www.youtube.com/watch?v=oyucRm_CNvI • http://www.youtube.com/watch?v=ZDGNb_ixJdM&feature=related

13. Prospecting: A Vital Role in the Selling Process • To decide which prospects you should invest your time in pursuing, create a profile of your ideal buyer: • What particular qualities and characteristics will define this individual or company? • What specific problems would this buyer have that your product could solve? • In what ways should the buyer be compatible with you or your organization?

14. Where to Find Prospects • Top ten power prospecting list: • Existing customers • Referrals • Networking and social networking • Business directories in print • Online databases and directories • Newspapers, trade publications, and business journals

15. Where to Find Prospects • Trade shows and events • Advertising and direct mail • Cold calling • Be a subject matter expert

16. Seth Godin Interview • The video How To Flip The Sales Funnel features Seth Godin, Best-Selling Author, Entrepreneur, and an Agent of Change • Seth Godin talks about ‘flipping the funnel’ which means turning the funnel to a megaphone and letting your best customers act as your salespeople • To view the video, click here Source: SellingPower.com

17. Organizing Your Prospect Information • Choosing a system • Gathering intelligence • Keep it up-to-date

18. Choosing a System • Customer relationship management (CRM): The process a company uses to organize and track their current and potential customer information • It allows you to maintain relationships in a systematic way, following up more consistently with your leads and continuing to meet the needs of your existing customers

19. Choosing a System • Contact management system (CMS): A system for tracking and organizing customer and prospect information that is less complex than CRM and doesn’t necessarily keep a record of every customer contact • It allows you to keep current contact and company information on your prospects and to record detailed notes about your conversations with them

20. Keep It Up-To-Date • To avoid loosing (losing) your prospect to a competitor, keep your prospect information current • Several online business directories provide customized alerts on company news, turnover of key personnel, or merging and splitting off of companies • Examples: RSS ( Really Simple Syndication) and Google news alerts

21. Qualifying Your Prospects • Five questions to help you meet your qualifying objectives: • Does your prospect have a need? • Does he or she have the authority to make the buying decision? • Does he or she have the resources to purchase the product or service? • Does he or she have the willingness to purchase the product? • Do you have access to the influencer or decision makers?

22. Managing Your Prospect Base • Once you have qualified your prospect, the next step is making an action plan • Action plan: A specific plan of approach for each customer • Begin your action plan by conducting a need analysis because your qualified prospects will have different needs • Think about the next steps in the sales process • Develop a timeline and plot out the steps