Chapter 5: Strategic Prospecting and Preparing for Sales Dialogue – Flashcards

Its important because: -market changes could cause customers to buy less -customers could go out of business or be acquired by other firms -business could be lost to competitors It is challenging because: -fear of rejection -buyers may have never heard of the sales persons firm before -they don't have all the time to spend with new suppliers -shielded by gatekeepers trained to limit access -they are not relying on salespersons to provide to provide information early in their buying process

A process designed to identify, qualify, and prioritize sales opportunities, whether they represent potential new customers or opportunities to generate additional business from existing customers

1) Generating Sales Leads -Qualifying sales leads 2) Determining Sales Prospects 3) Prioritizing Sales Prospects 4) Preparing for Sales Dialogue 5) Remaining stages in the trust-based sales process

a representation of the trust based sales process and strategic sales prospecting process in the form of a funnel

1) Cold Canvassing-(cold calling, referrals, and introductions) 2) Networking - (centers of influence, noncompeting salespeople, electronic networking) 3) Company Sources - (company records, advertising inquiries, telephone inquiries, trade shows, seminars) 4) Commercial sources - (directories and lead management services)

1) setting specific goals for the number of prospects to be identified 2) a regular schedule for prospecting activities 3) a tracking system to keep records of prospecting activities 4) an evaluation system to assess prospecting progress 5) positive and confident attitude

1) Gather information about the prospect that will be used to help formulate the sales presentation 2) Find out buyers needs, buyers motives, details about the buyers situation should be determined 3) The more a salesperson knows about the buyer, the better chance he or she will have to meet the buyers needs and eventually earn the commitment

Organizations or individuals who might possibly purchase the product or service a salesperson offers

a individual or organization that has a need for the product or service, has the budget or financial resources to purchase the product or service, and has the authority to make the purchase decision