Marketing 3005 - Personal Selling Chapter 9

The need to develop new customers is extremely important. Some studies estimate that the average company loses ___________ percent of its customers every year.

15-20

_______________ is/are a source of information about potential customers for new salespeople.

Friends and family

Portfolio models are MOST effective where salespeople understand ____________________.

Individual customer needs and where relationship strength is important to sales success

Information that turns prospects and accounts into long-term customers includes ____________.

Knowing more about the customer than just name and title; knowing about the prospect's company and marketplace; and knowing how you bring value-adds to them

______________ management is the process of managing all the prospects in the salesperson's sales funnel.

Pipeline

The ability to conduct sophisticated data analysis and modeling on prospects is called ______________________.

Pipeline Analytics

Two popular salespeople use for performing account analysis and what sales strategies are the _____________.

Portfolio model and the sales process model

Analysis of your ______________ can help identify, locate, and profile your prospects.

Product and current customers

The qualifying process is also the first opportunity to consider ___________.

Prospect Needs and how they match with your product characteristics

The basic lead qualifying criteria includes _________________.

Prospect need, authority to buy, financial resources to buy, and willingness to buy

The sales process (or sales funnel) model includes the following steps: _____________.

Prospect, qualified, needs analysis, presentation, negotiations, and closed/service

the goal of prospecting is to build a qualified prospect base made up of _____________.

Prospects and customers

One of the MOST important keys to success in personal selling is the ability to ____________.

Qualify Leads

__________ is the process of identifying prospects who have a need for your product and should be contacted.

Qualifying

_____________ leads result in higher close rates, larger sales, and shorter sales cycles.

Referral

__________ data is the information seen is most CRM systems and might include customer contact information, past purchase and product information, volume, influencers in the buying decision, preferred communication method, and much more.

Sales

The type of information that goes beyond sales data such as insights into the prospect's marketplace, the firm, the competitors, and even the prospects themselves is called ________.

Sales Intelligence

When is comes to collecting and organizing prospect and account information, salespeople have a large variety of computer systems available. These are known as _____________.

Sales force automation systems, or customer relationship management systems (CRMs)

When you build __________ into your sales process, you increase the odds that the customer will give you a referral.

Value

There many types of prospecting approaches; however, most successful salespeople are using ________________ for prospecting and account development.

a combination of approaches

To effectively and efficiently manage the prospect or account base, sales managers and salespeople often conduct a(n) ______________ analysis.

account

Some organizations link the qualifying process with the need discovery step in the __________ process.

consultative sales

According to one sales expert, Gerhard Gschwandtner, publisher of Selling Power, the salesperson's job is ______________.

not to make sales, but create customers

Identifying and developing customers is an important aspect of _____________.

the customer strategy

Several of the most common causes of customer attrition include the following: ___________________.

the purchase was a one-time need, customer moves or is acquired, and a loyal buyer goes to new company or leaves