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    Personal Selling

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    qtcquetta
    The Personal Selling Process is a continuous, interacting, and overlapping cycle of seven stages. The benefits of prospecting include: 1. Generates a continuous flow of sales 2. Offsets the loss of customers 3. Helps create a more productive selling environment for you. Salespeople must qualify a lead in terms of 4 basic criteria that can be remembered by the acronym NAME.

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    Personal Selling

    Uploaded by

    qtcquetta
    297 views23 pages
    The Personal Selling Process is a continuous, interacting, and overlapping cycle of seven stages. The benefits of prospecting include: 1. Generates a continuous flow of sales 2. Offsets the loss of customers 3. Helps create a more productive selling environment for you. Salespeople must qualify a lead in terms of 4 basic criteria that can be remembered by the acronym NAME.

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    The Personal Selling Process is a continuous, interacting, and overlapping cycle of seven stages. The benefits of prospecting include: 1. Generates a continuous flow of sales 2. Offsets the loss of customers 3. Helps create a more productive selling environment for you. Salespeople must qualify a lead in terms of 4 basic criteria that can be remembered by the acronym NAME.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    297 views23 pages

    Personal Selling

    Uploaded by

    qtcquetta
    The Personal Selling Process is a continuous, interacting, and overlapping cycle of seven stages. The benefits of prospecting include: 1. Generates a continuous flow of sales 2. Offsets the loss of customers 3. Helps create a more productive selling environment for you. Salespeople must qualify a lead in terms of 4 basic criteria that can be remembered by the acronym NAME.

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    of 23

    Prospecting For And Qualifying Prospects: Filling The Salesperson's "Pot Of Gold"

    Stages In the Personal Selling Process


    The professional selling process is a continuous, interacting, and overlapping cycle of seven stages
    Stages in the Selling Process 1. Prospecting and qualifying prospects 2. Planning the sales call (the preapproach)

    3. Approaching the prospect


    4. Making the sales presentation and demonstration 5. Negotiating prospect resistance and objections 6. Confirming and closing the sale

    7. Following up and servicing the account


    Copyright Houghton Mifflin Company. All rights reserved. 32

    Figure 3.1: The Personal Selling Process (PSP)

    Copyright Houghton Mifflin Company. All rights reserved.

    33

    Prospecting and Qualifying Prospects


    The first stage of the selling process gives the PSP wheel its initial push

    Copyright Houghton Mifflin Company. All rights reserved.

    34

    The Importance of Prospecting


    Prospecting is necessary for several reasons
    customers switch to other suppliers customers move out of your territory customers go out of business customers die customers' businesses are taken over by other companies customers have only a one-time need for the product relationships with some customers deteriorate and they stop buying from you your buying contacts are promoted, demoted, transferred, fired, retired, or resign you need to increase total sales

    Copyright Houghton Mifflin Company. All rights reserved.

    35

    Benefits of Prospecting
    The benefits of prospecting include:
    1. Generates a continuous flow of sales 2. Offsets the loss of customers 3. Helps create a more productive selling environment for you (i.e., the likelihood of your making a sale increases because you are dealing with a qualified-legitimate-customer) 4. Provides a more enjoyable selling situation (i.e., your qualified prospects have a need for the product; therefore, you wont need to use highpressure selling)

    Copyright Houghton Mifflin Company. All rights reserved.

    36

    Qualifying: How a Lead Becomes a Prospect


    A lead points to a potential buyer. Salespeople must qualify a lead in terms of 4 basic criteria that can be remembered by the acronym NAME, as follows:
    1. Need or want 2. Authority to buy

    3. Money or ability to buy


    4. Eligibility to buy

    Two other qualifying criteria are:


    1. the accessibility of the individual 2. the potential profitability of the prospect over the long run

    Copyright Houghton Mifflin Company. All rights reserved.

    37

    Sources of Leads

    Two basic ways to search for leads to qualify as prospects


    1. random searching 2. selective searching

    Copyright Houghton Mifflin Company. All rights reserved.

    38

    Copyright Houghton Mifflin Company. All rights reserved.

    39

    Copyright Houghton Mifflin Company. All rights reserved.

    310

    Random-Lead Searching
    Generating leads by randomly calling on businesses (sometimes called "blind" searching) include:
    1. Door-to-Door Canvassing and Cold Calls
    2. Territory Blitz of Organizations 3. Advertising

    4. Electronic mail and Web sites

    Copyright Houghton Mifflin Company. All rights reserved.

    311

    Selective-Lead Searching: Direct Sources


    Systematic strategies to generate leads from predetermined target markets and controlled largely by the field salespeople themselves include:
    Friends, neighbors, and acquaintance Personal observation Spotters Endless chain Centers of influence Internet (e-mails)

    Copyright Houghton Mifflin Company. All rights reserved.

    312

    Selective-Lead Searching: Direct Sources (contd)


    Former prospects and customers
    Junior salespeople and sales associates Professional sales organizations

    Company records
    Mailing Lists and Directories Newsletters

    Surveys

    Copyright Houghton Mifflin Company. All rights reserved.

    313

    Selective-Lead Searching: Indirect Sources


    General announcements or calls to potential markets, hoping that prospects will come forward and identify themselves, include:
    1. Direct mail
    When preparing a direct-mail piece, salespeople ought to follow these guidelines:
    Address your letter to an individual Use an attractive format Keep it simple Stress benefits Provide proof Ask for action Follow up your mailing Keep records of mailing results

    Copyright Houghton Mifflin Company. All rights reserved.

    314

    Selective-Lead Searching: Indirect Sources (contd)


    2. Trade shows, fairs, and exhibits
    3. Professional seminars, workshops, and videoconferences

    4. Contests
    5. Free gifts 6. Unsolicited inquiries 7. Telemarketing for Proposals

    Copyright Houghton Mifflin Company. All rights reserved.

    315

    The Prospecting Plan


    To maximize prospecting activities, salespeople must develop and execute a comprehensive prospecting plan, which has several steps:
    1. Set objectives for prospecting 2. Allocate time for prospecting 3. Become familiar with prospecting techniques 4. Choose one or more prospecting techniques

    5. Systematize the prospecting plan


    6. Evaluate the results (use Prospecting Methods Evaluation Form)

    Copyright Houghton Mifflin Company. All rights reserved.

    316

    Figure 3.2: Prospecting Methods Evaluation Form

    Copyright Houghton Mifflin Company. All rights reserved.

    317

    Prospects: The Salesperson's Pot of Gold


    Prospects provide every selling organization with the promise of future business When salespeople aren't having sales success, a long list of prospects can keep them motivated to make the next sales call and continue looking for that "pot of gold" at the end of the faint rainbow peeking through an otherwise cloudy day

    Copyright Houghton Mifflin Company. All rights reserved.

    318

    Key Terms
    Personal Selling Process (PSP)
    The seven-stage process of professional personal selling, from prospecting and qualifying prospects to following up and servicing customers.

    Lead
    Anythinga name, address, or telephone numberthat points to a potential buyer.

    Prospect
    A lead that has been qualified as a definite potential buyer.

    NAME
    An abbreviation for the process of qualifying a lead in terms of need for the product, authority to buy, money to be able to buy, and overall eligibility to buy.
    Copyright Houghton Mifflin Company. All rights reserved. 319

    Key Terms (contd)


    Random-Lead Searching
    Generation of leads by randomly calling on organizations. Sometimes called "blind" searching.

    Selective-Lead Searching
    Application of systematic strategies to generate leads from predetermined target markets.

    Door-to-Door Canvassing
    Knocking on doors in a commercial area without an appointment to locate prospects.

    Cold Calling
    Approaching or calling a business without an appointment for the purpose of prospecting or selling.

    Copyright Houghton Mifflin Company. All rights reserved.

    320

    Key Terms (contd)


    Territory Blitz
    An intensified version of door-to-door canvassing in which several salespeople join efforts to call on every organization in a given territory or area.

    Spotters
    People who work in jobs where they meet other people and who can help salespeople obtain business leads. Also called "bird dogs."

    Endless Chain
    A classic method of prospecting in which the salesperson simply asks recently satisfied customers for prospect referrals.

    Copyright Houghton Mifflin Company. All rights reserved.

    321

    Key Terms (contd)

    Centers of Influence
    Individuals or groups of people whose opinions, professional activities, and lifestyles are respected among people in the salesperson's target markets.

    Marketing Information System (MIS)


    Any systematized, continuous process of gathering, sorting, analyzing, evaluating, and distributing market information. Can be helpful to salespeople in obtaining leads and prospects.

    Copyright Houghton Mifflin Company. All rights reserved.

    322

    Case 3-2. When Cold Calling Turns Cold


    1. What are some underlying reasons why Securevest salespeople are having increasingly difficulty selling to new accounts? 2. What does the situation facing Securevest salespeople seem to tell you about cold-call prospecting? 3. What alternate prospecting techniques should Securevest salespeople consider? Why?

    4. If you were a Securevest salesperson, what action would you now take in your territory?

    Copyright Houghton Mifflin Company. All rights reserved.

    323

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