MKTG 320 EXAM 2

Objectives of prospecting: Gather information and qualify

will be your primary objective if prospect has not been qualified

verbal tools

word pictures, stories, comparisons, analogies, humor

3 Core Laws of Prospecting: The Law of Replacement

you have to replace the good, the bad, and the ugly. Prospecting is a process where you take a lead and qualify to determine if the lead is a qualified prospect. In your funnel, you want to replace leads that are not qualified and prospects that turn into customers. See the example below:Becky has 30 prospects in her pipeline Her closing percentage is 10% She closes 1 deal. How many prospects remain in her pipe? (20)

FEBA

-Mention the feature -provide evidence it exist -explain the benefit -ask if the buyer agrees with the value of the feature and benefit

selling to groups

-arrive before the buying group, establish eye contact, be diplomatic, address the entire group

developing rapport

-have to identify the prospect's communication style and make necessary adjustments -Customers are more receptive to people with whom they have something in common -Be careful with small talk -Take a look at this person's office, what might you bring up to build rapport?

5 Levers of Familiarity

1. Each time you call, email, drop off a business card, you create familiarity. The more you prospect, the more familiar you become to your prospect base 2. Referrals and Introductions - most powerful and direct path to familiarity - secret to generating referrals is - give legendary customer service and ask 3. Networking - take opportunities to network in community or territory - ask your clients and prospects what events they attend and then GO! 4. Company and brand familiarity - brand building and marketing is so important - may have to contribute if you are working for a smaller or start-up company 5. Personal branding - the stronger your personal brand is, the easier it will be to get people to trust you, be active in your industry community, contribute to LinkedIn discussions

Making a good impression

Be on time: if you are going to be late, call ahead and confirm Be well groomed Enter confidently by using good posture, lengthy stride, a lively pace, and some of the first words should be "Thanks for seeing me today" - and don't forget to smile Remember names and how to pronounce them need to have a good handshake Selecting a seat - if sitting around a conference table, try to sit in the middle so you can talk to everyone read prospects nonverbal cues develop rapport

Using situation questions effectively

Be sure each question you ask has a clear purpose Ask questions that are related to problems you believe a potential buyer may have that your product or service can resolve How do you prepare appropriate situation questions? a. List some potential problems your product or service can resolve b. Determine what factual information you will needs before you can effectively investigate those problems The right situation question can lead smoothly and naturally into discussion about the potential problem You have to ask several situation questions before you have enough background to investigate a problem area

The Right Time

Best time for a sales call will vary by customer and type of selling If the prospect is bringing multiple competitors in, you want to go last, first is the next resort, and try to avoid going in the middle

Product opening

Carrying a tablet PC into an office] Ms. Hemming, you spend a lot of time on the road as an investigative lawyer. Let me show you how this little handheld item can transform your car (or any place you go) into an efficient, effective office

CHARACTERISTICS OF A GOOD PROSPECT

Does the lead have a want or need I can satisfy? Is there a needs gap, I can fill? Does the lead have the ability to pay? Only want prospects that can afford your products. Does the lead have the authority to buy? Can the lead be approached favorably? Is the lead eligible to buy? Can the lead buy at least the minimum order amount? Are they in your territory? ***If the answer to one of these questions is NO, then move on to the next account. A bad prospect rarely turns into a good customer!!***

Email prospecting:Your e-mail must get delivered

Don't send bulk e-mail Avoid attaching images Avoid hyperlinks Avoid attachments Skip spammy words and phrases: all caps in a subject line, adding lots of exclamation points, using words like free or special buy now can light up spam filters Don't send to many people in the same company at one time Don't send too many e-mails to the same person Scrub bounces

So what do you say when you get someone (lead) on the phone?

Emotional value: you connect directly with them at the emotional level (you can relate to painful emotions like stress or worry and offer the peace of mind or hope) - Insight value: you are able to offer information that will give them power or leverage - prospects want to maintain a competitive edge - Tangible value: contacts in technical and data-centric roles will value data and case studies The most effective way to craft the right message is to put yourself in your prospect's shoes - consider what might be important to them

Email prospecting:Your e-mail must get opened

Familiarity gets your e-mail opened Subject line must scream "Open Me": 3 most common subject line mistakes They're too long They include questions They're impersonal or boring No One-Size-Fits-All Solution

setting up appointment

Focus of receptivity - this is the person that will listen to you and give you information (might not be the decision maker or even an influencer) - Focus of dissatisfaction - the person who is most likely to perceive problems and dissatisfaction - Focus of power - person who can approve, prevent, and/or influence action

Problem questions

Help you sell because: - People only buy if they have needs - Needs almost always start with a problem or dissatisfaction with the current situation - The clearer and more explicit the need, the more likely the buyer is to buy Purpose of problem questions: - Revel the buyer's implied needs - Clarify the buyer's difficulties and dissatisfactions - Gain shared understanding of the buyer's problems Have to uncover problem you can solve, so that you have something useful to offer the customer Problem questions provide the raw material you need to be able to build the rest of the sale

how to write an email

Hook - get their attention with a compelling subject line and opening sentence/statement Relate - demonstrate that you get them and their problem. Show empathy and authenticity Bridge - connect the dots between their problems and how you can help them. Explain the WIIFM Ask: be clear and straightforward about the action you want them to take and make it easy for them do so

Compliment opening

I was calling on one of your customers, Jackson Street Books, last week, and the owner couldn't say enough good things about your service. It sure says a lot about your operation to have a customer just start praising you out of the blue

ICE MODEL

ICE model (Identify, Clarify, Explain) puts these 3 functions together to enable you to plan different levels of need-payoff questions Identify explicit needs: one function is to uncover whether or not an explicit need exists (most common function of need-payoff questions) - Clarify explicit needs: these need-payoff questions get the client to explain the importance of the need in detail by asking things like (see examples on screen). If it is a need you can solve, this kind of question gets the buyer to tell you the benefits. - Extend explicit needs: invites the buyer to specify additional payoffs by asking (see examples on screen). Their responses can your solution offer extra value to the buyer

The law of familiarity

More familiar a prospect is with you, your brand, your company the more likely they will accept and return phone calls, answer emails, be willing to meet, etc When prospects don't know you it's harder to get in the door - sometimes your prospecting activity objective will just be to increase familiarity

Benefit opening

Mr. Penney, I would like to tell you about a color copier that can reduce your copying costs by 15%

Referral opening

Mr. Schaumberg, I appreciate your seeing me today. I'm here at the suggestion of Ms. Fleming of Acumen Works. She thought you would be interested in our product line.

Question opening

Ms. Borgelt, what is your reaction to the brochure I sent you about our new telemarketing service?

Introduction opening

Ms. Thompson, thank you for seeing me today. My name is Emily Tanner, and I'm with Stubbs Barbecue

handling objections

Note that the goal is not to make a presentation on the phone or try to sell the product. The goal is just to secure an appointment. Successful salespeople will anticipate objections and know how they want to respond.

Need-Payoff Questions

Once you help your prospect uncover his specific needs, you can help him to discover a way out by asking how his problem could be resolved

Setting Multiple Objectives

Primary call objective - the most important goal you hope to achieve Secondary call objective - any additional goals for the call Minimum call objective - the minimum you hope to achieve Optimistic call objective - best case scenario, usually related to the long-term objectives for the account

need pay off

Purpose of Need-payoff is to move the buyer's away from problems & focus on solution's value

Implication Questions

Questions that ask about the consequences, effects, or implications of the buyer's situation Help you sell by building the seriousness of the buyer's problem so that it becomes large enough to justify action-Could an increase in the value of the components result in a greater risk of theft? How might that affect your insurance costs?

Situation Questions

Questions that uncover facts and background about the buyer's business and situation Ask them to help establish a context for uncovering buyer problems Provide: neutral factual information that can help you understand the customer's situation and can be a starting place for deciding with potential problems and dissatisfactions to explore Do your homework before - don't ask questions that the information is available elsewhere

Prospecting Methods

Sources and methods for prospecting will vary depending on what type of selling situation. ---Note that the best prospecting methods in a given situation are not those that supply the largest number of leads. The best are those that supply the largest number of eventual sales and profits.

telephone prospecting

Telephone is the most powerful sales prospecting tool 1.Identify yourself 2.Tell them why you're calling 3.Bridge - give them a because 4.Ask for what you want and shut up

halo effect

The first few words a salesperson says can set the tone for the entire call

Precall Info & Sources of Info

The more information a salesperson has about a prospect the more likely they are to meet the prospect's needs and develop a long-term relationship -Gathering all the information listed for every prospect is initially impossible - you have to balance information gathering to know what info is possible and profitable. Information gathering can become a crutch for call reluctance if you don't recognize when to stop gathering and make the call (analysis paralysis).

Criteria for Effective Objectives

The most important step in planning is setting objectives for your call. Specific - state precisely what the salesperson hopes to accomplish, what the objective targets are, and any other details (i.e. suggested order quantity, suggested dates for future meeting, etc). Realistic - must plan objectives for a call that can be accomplished within the time allocated for that sales call. Challenging but reachable goals lead to better performance Measurable - have to objectively be able to evaluate each sales call at its conclusion and determine whether the objectives were met (why you should write them down beforehand) - To help ensure that obj are measurable is to set objectives that require a buyer's response (e.g. buyer agrees to follow up appointment)

implication questions

The point of Implication Questions is to extend & develop the perception of the consequences

Why Plan the Sales Call?

Time is valuable - want to make sure you have a clear plan for the call so that you are more likely to obtain commitment and win the buyer's respect and confidence Planning help salespeople meet call objectives efficiently and effectively - want to be strategic with your time as well

when to ask implication questions

Want to ask after problem questions and before you begin to introduce a solution, discuss your product, etc. Tempting to introduce a solution right when you've uncovered a problem...DON'T DO IT Use implication questions to build a bridge to your solution first. Asking these types of questions will develop and extend the importance of the problem so that when you do propose the solution, your buyer's interest will be high

The Right Place

Where do you meet? Want to pick an environment that is conducive to doing business (avoid distractions)

explicit need

a clear statement of a buyer's want, desire, or intention to act

Prospect

a good candidate for buying what you are selling

implied need

a statement of a buyer's problem, dissatisfaction, or difficulty with the current situation

feature

facts, data, or information about a product or service

visual tools

graphics, charts, models, samples, gifts, catalogs, brochures

Objectives of prospecting: Close a sale

if you are selling transactional, low-risk, or low-cost products this might be your primary objective (you will qualify and close in the same interaction)

3 Core Laws of Prospecting: The Universal Law of Need:

if your pipeline is empty, you will be faced with the universal law of need - it governs desperation. It states that the more you need something, the less likely you will get it. To quote the Big Lebowski, "Desperation is a stinky cologne" - have to continuously be prospecting (even in times of feast in order to prepare for famine)

Email prospecting: Your e-mail must convert

it must generate a response that leads to your desired outcome: an appointment, qualifying information, an introduction to a decision maker, a forward to other influencers - has to compel the reader to take some kind of action

Objectives of prospecting: Set an appointment

one of the most valuable activities in the whole sales process - to count as an appointment, the date and time has to be a confirmed meeting on both of your calendars -having an appointment means that you have some commitment with your prospect (key to building relationships)

advantage

show how features can be used to help the customer

benefit

show how products meet explicit needs expressed by the customer -more memorable

Lead

starting point of prospecting, a person or organization that may have the characteristics of a true prospect (have to qualify the lead)

supporting product claims

statistics, testimonials, case histories

Objectives of prospecting:Build familiarity

the more familiar a prospect is the more likely they are to accept/return calls, reply to emails, engage in person - it might take multiple touches over a long period of time to get a potential buyer to engage

Prospecting

the process of locating potential customers for your product or service -It is the most important activity that salespeople do -you must continuously find new customers in order to continuously hit your sales targets

SPIN

there are four components of a sales call: opening, investigating, demonstrating capability, and obtaining commitment. SPIN gets its name from the four kinds of questions that take place during the investigation stage: Situation, Problem, Implication, and Need-payoff.

3 Core Laws of Prospecting:The 30 Day Rule

whatever prospecting you do in a 30-day period will pay off for the next 90 days...miss a day of prospecting and it will tend to bite you sometime in the next 90 days; put off a week and you'll feel it in your commission, miss an entire month and you'll wake up 90 days later desperate and empty.