Test #3
What does it mean to have a strategic alliance?
Typically involves two big companies that make the decision to work together Example: Apple and Honda (have apple car play in their cars)
How can you use your online portfolio?
Way to sell yourself from your resume.
One of the biggest disadvantages of direct marketing:
Yields a lower rate of return than most other methods.
What should your LinkedIn headline contain?
Your Value Proposition
Three types of buying situations in B2B:
1) New Task Buy: new type of buy for the company 2) Straight Re-buy Situation: buy the exact same thing from the same company... literally the same product you bought over and over again 3) Modified Re-Buy: You make certain changes to the thing you are buying over and over again
Organizations:
1) Organizations contain government bodies 2) Government is a huge consumer 3) Non-profit groups like the American Red Cross and Salvation Army are also big organizations that perform business to business activities 4) If you are a prospective vendor and you want to work with the US government, there is a process that you have to apply to be a provider to those services
What percentage of adults are on Twitter?
24%
What percentage of women look at price tags when they shop?
86%
If you plan on gating content for your social selling strategy what are you giving up?
Making money on gating that content.
Subject Matter Expert
A person that is considered a specialist or authority in a particular topic or industry. While people may be subject matter experts inside their company, they are willing to share their expertise without selling a specific product or service.
What is a lead?
A potential buyer for a product or service that has not yet been qualified
Action Plan:
A specific plan of approach to each customer
What is the point of a transition zone?
Allows customers to get their bearings and gets them to choose a shopping path.
Value Proposition
An innovation, service, or feature intended to make a company or product attractive to customers.
What is meant by the term "give give give and then ask" in terms of social selling?
Being willing to share valuable content before you list a listing or product information.
Referrals:
Best method of prospecting
Inert Set
Brands you are indifferent towards.
Evoked Set
Brands you are thinking about when you contemplate a purchase.
B2B
Business to Business - A buyer for B2B business makes their decision for companies that serve many consumers
What's useful about Twitter?
Can search trending topics, post pics, build lists of prospects and can organize them.
Direct Marketing
Communication in the form of mail or email that is sent directly to a lead
If a business to business customer is contemplating a new task buy the salesperson should be using this sales technique:
Consultative: this requires consultative selling makes sure the customer is making the best possible decision
Drawback to Social Selling
Conversations do not have the benefit of voice inflection (sometimes this can mean you really don't know the emotional aspect of what someone is communicating)
When someone's prospects are all purchasing managers at companies that have more than 100 employees, what should you do?
Create a buyer persona.
Buyer Persona:
Create a financial character of your ideal buyer within the target market.
Peak-End Effects
Customers evaluate their experience based on two events—the peak, or the most important part of the experience, and the end, how the experience ends.
What is the best qualifying question to ask when you are prospecting?
Does your prospect have a need?
Pre-Approach
Doing your homework being part of the sales process
Largest Professional Social Network
What step is most important in B2B buying process?
Evaluating proposals: where a salesperson may need to overcome objections or the reasons why the customer may not want to choose you as the company as a choice
FAB's:
Features, Advantages, and Benefits - It's a way of thinking like your customers. - Process of having a feature, advantage, and benefit because customers want to know what a product will do for them not just what it's made of
Self-Actualization Needs are:
Focus on learning new skills and taking on new challenges
RFP
Formal request from possible suppliers to provide or create a specific product or service
What does a buyer persona do?
Help provide a deeper more personal view of the target market
What should you include in your newsletter?
Helpful content for customers and prospective customers.
Professional Website Advice:
IT SHOULD BE PROFESSIONAL!
Which of the following is true about traditional and social selling?
In both of them the focus is building long-term relationships.
Foundation of the Selling Process:
Involves prospecting and qualifying
LinkedIn social selling index:
It includes the relevance of your profile, curated post, use of search, and also includes whether your content gets comments or likes.
Applied Questions:
Objections - opportunities to further understand and respond to the customer's needs When people object you should see it as a true opportunity
Portfolios
Online: should include all the elements that are included in your offline portfolio More tangible (offline)
Gated Content
Part of a social selling strategy. It identifies prospective customers that want to view your content so you can reach out to those customers.
Don't Post and Ghost
Post as if you are having a conversation in the physical world, and stay engaged in your online conversation.
What is a trial closed often used to determine and gauge?
Prospect's Interest
Gating Content
Require specific information before you allow someone to see something on your website (maybe give email, number or address)
B2C (Business to Customer) Buying is:
Simple
Which of the following is an important element in social selling?
Social Listening
Hedonic Needs
Subjective aspects of a product or service Example: leather seats, heated steering wheel, sunroof, heated seats
Sales Approach
Talks about what this guy did "this describes which step on the selling process"
What does it mean to ghost someone?
Term for being engaged in a conversation (or job interview process) and suddenly drop out of it.
What do you need to realize once you close the sale?
That it's just the beginning of the relationship
Prospecting and Qualifying is what?
The foundation of a successful selling process.
Transition Zone
The space beyond the entrance and before you head on your path
Utilitarian Needs
They're objective tangible attributes of a product or a service Example: safety ratings, maintenance costs
What is the concept of social proof for your LinkedIn profile?
Tied more to recommendations.
Straight Re-Buys
often price that gets the customer's attention... but it's the lack of customer service that will make the customer switch (Pick the word service for the test)
Maslow's Hierarchy of Needs
physiological, safety, love/belonging, esteem, self-actualization