Chapter 09 Video Lecture Notes

Referrals gives you a tremendous head start on making the deal

- a referral is a prospect that has been recommended by a current customer or by someone who is familiar with the product - when you build value into your sales process, you increase the odds that the customer will give you a referral

Managing the Account Base

- account analysis enables salespeople to estimate the sales potential for each prospect

Customer Relationship Management (CRM) technology that helps you keep up with your customers and maintain relationships

- collecting and organizing account information - managing accounts - when all the potential sales are in CRM we can MANAGE the business

Continuation of BDR position

- maintain and manage the SFDC database, including comprehensive data entry, precede follow-up planning, lead and opportunity tracking, pipeline reporting, etc. - collaborate with marketing, support, sales management, product management, and account management to maintain an effective level of prospecting activity and pipeline growth Required Skills/Experience: - degree required - strong communication skills; ability to establish rapport with customers quickly - experience meeting/exceeding prospecting goals and account development metrics - Microsoft office and customer relationship management (CRM) skills

The responsibilities of a salesperson

- retain customers - grow customers - gain new customers IN THAT EXACT ORDER

Prospecting Requires Planning

3 things to improve the quality of the prospecting effort: 1) increase the number of people or accounts who board the Ferris Wheel 2) improve the quality of the prospects who board the Ferris Wheel (quickly determine who all is qualified amongst the prospects on the Ferris Wheel) 3) shorten the sales cycle by quickly determining which of the new prospects are qualified prospects (GET M.A.D.)

Buyers nowadays now

70% of what they want to buy

Importance of Prospecting

Every salesperson must cope with customer attrition due to: - one-time need or an extended time between purchases - movement outside of territory - customer business failure or merger - loyal buyers or purchasing agents changed positions - sales are lost to the competition

Prospecting and Account Development - An Introduction EXXON and Microsoft have ht money to buy your product, but that doesn't mean they will want to allocate or part with their money to buy your product

Identifying and developing potential customers - prospecting in B2c - business development in B2B Who is the SALES prospect? - an individual or business that meets the qualification criteria established by you or your company - The ICP (ideal customer profile is different for each company) - M.A.D (money authority desire, is the individual you are speaking with has the money to pay or authority to lend use of that service)

Another scoring model that helps qualify prospects?

LEAD SCORING MODEL it helps save time

Ferris Wheel Model

On the left you have some "incoming" prospects Sometimes we lose customers like the right on the ferris wheel it like an actual ferris wheel, new people come and old people leave

Qualifying Prospects and Accounts

Qualifying is the process of identifying prospects who appear to have a need for your product and should be contacted every salesperson needs to establish QUALIFYING CRITERIA and this process involved finding answers to several basic questions does the prospect or account... - M : have the financial resources to buy my product? - A : have the authority to buy my product? - D : have the willingness to buy my product

Business Development Representative (BDR) Position Description usually the first position you get handed as a sales major very lucrative and high demand position (112,000 indeed jobs today) you talk and work with customers a lot

The Business Development Representative (BDR) engages with accounts, targeting key and influential contacts. The BDR will be responsible for qualifying opportunities and staging initial sales meetings for the field sales organization Primary Responsibilities: - drive sales opportunities by staging introductory sales meetings, product demonstrations, and on-site meetings for the field sales organization - work an assigned enterprise account list; proactively identify revenue-generating customers via e-mail campaigns and outbound phone calls - perform pre-call planning including, but. Not limited to researching accounts, identifying key influencers and decision-makers, formulating initial sales plan of action, etc.

What is a salesperson's main purpose?

The main purpose of a salesperson is not to make sales but to create customers. (Gerhard Gschwendtner)

6 Sales Funnel Stages

This is NOT: Awareness Interest Consideration This is urgent, fun, intense, and rewarding: Intent Evaluation Purchase

What is a salesperson's most important asset?

asset: something you have a limited amount of, and you use it to produce effective results TIME is your most important ASSET How does a salesperson waste most of his/her most important asset: by talking to people who aren't going to buy from them or aren't qualified for them You need to become good at QUALIFYING your prospects, and marking down reasons to buy

Account Development and Prospecting Plans MUST be assessed often

prospecting and account development plans must be monitored continuously some prospecting techniques that worked well in the past may become ineffective because of changing market conditions - how many emails do you delete w/o reading - how many phone calls do you ignore new prospecting techniques include attending an association meeting or speaking at a meeting

Sources of Prospects and Accounts

referrals prospecting with social media directories trade publications trade shows and special events digital sales and e-mail direct-response advertising online ads website computerized databases cold calling networking educational seminars prospecting by non-sales employees

Prospecting with Social Media Use Social Media to help prospects FIND YOU

social media provide an excellent opportunity for finding prospects and reaching out to them examples of social media tools: - linekdin - twitter - followerwonk - tweetdeck - hootsuite - sproutsocial

Lead Generation

the result of a direct marketing offer designed to generate interest in a product or service and a request for additional information