The Lifeblood of Selling Chapter 6 Prospecting ~ The Lifeblood of Selling

Learning Objectives After studying the chapter, you should be able to Define the sales process List its 10 steps in correct sequence Describe the prospecting methods Ask for a referral anywhere during the referring cycle Qualify a prospect

6 Agenda Chapter The Sales Process Has 10 Steps Steps Before the Sales Presentation Prospecting—The Lifeblood of Selling Where to Find Prospects Planning a Prospecting Strategy Prospecting Methods Prospecting Guidelines The Prospect Pool

6 Agenda Chapter The Referral Cycle Call Reluctance Costs You Money! Obtaining the Sales Interview Wireless E-mail

The Sales Process Has 10 Steps Prospecting Determine the Objectives Preapproach Meet objections Approach Trial close Presentation Close Trial close Follow-up

Exhibit 6-1: The Selling Process Has 10 Important Steps

Exhibit 6-2: Before the Sales Presentation

Steps Before the Sales Presentation Prospecting appointment planning Rule of thumb 20% presentation 40% preparation 40 % follow-up

Prospecting—The Lifeblood of Selling Prospect--qualified person Prospecting--identifies potential customer Lead--only know name Qualified prospect is MAD Money to buy? Authority to buy? Desire to buy?

Where to Find Prospects Sources may be varied or few Persons selling different services and goods might not use the same sources

Planning a Prospecting Strategy Requires a strategy A skill that can be constantly improved

Exhibit 6-4: Prospecting Methods that Work!

Prospecting Methods E-prospecting on the Web Cold canvassing Individuals Organizations Cold canvassing Endless chain—customer referral Orphaned customers Sales lead clubs

Prospecting Methods cont… Prospect lists Become an expert—get published Public exhibitions and demonstrations Center of influence Direct mail Telephone and telemarketing Observation Networking

Exhibit 6-5: The Processing System Within a Telemarketing Center

Exhibit 6-6: Reports From a Telemarketing Center to Other Marketing Groups Within the Firm

Prospecting Guidelines Three criteria Customize High potential customers Call back Referrals used in most prospecting methods – reputed to be the most effective

The Prospect Pool Prospect pool Leads Referrals Orphans Your customers

Exhibit 6-7: Components of the Prospect Pool

The Referral Cycle Obtaining referrals is a continuous process without beginning or end Referral cycle The parallel referral sale

The Referral Cycle cont… The secret is to ask correctly during referral cycle The preapproach contact phase The presentation Product delivery contact phase Service and follow-up contact phase Customer service Don’t mistreat the referral Tracking referrals

Exhibit 6-8: The Referral Cycle: When to Ask for Referrals

Obtaining the Sales Interview Key factor in selling process is obtaining a sales interview The benefits of appointment making Telephone appointment Personally making the appointment Believe in yourself Develop friends in the prospect’s firm Call at the right time on the right person Do not waste time waiting

Summary of Major Selling Issues The sales process involves a series of actions beginning with prospecting for customers Find prospects to contact Obtain appointments Plan the entire sales presentation

Summary of Major Selling Issues cont… Popular prospecting methods Cold canvas Referrals Endless chain methods Public exhibitions and demonstrations Locating centers of influence Direct mailouts Telephone and observation Salesperson must develop ways of getting to see the prospect

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