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23 chapter 9 student

  1. 1. Professional Selling: MKT 3580 Chapter 9: Building a Customer Base
  2. 2. Learning Objectives  How to develop a prospect base  Criteria for qualifying prospects  Managing prospects
  3. 3. Some Quick Definitions  Prospecting = Identifying potential customers  Prospect = Potential customer that meets the qualification criteria established by your company  Prospect base = Made up of current customers and potential customers
  4. 4. Importance of Prospecting: Attrition  What are some sources?  Customer may have a one-time need  Customer may move outside salesperson’s territory  Firm may go out of business or merge  Sales may be lost to the competition  Companies may lose of customer base annually
  5. 5. Girard’s Ferris Wheel
  6. 6. Prospecting is necessary to…  Increase number of people who board the Ferris wheel  Improve  Shorten the quality of prospects sales cycle by determining which prospects are “qualified”
  7. 7. Sources of Prospects  Referrals & Centers of influence  Websites  Computerized databases  Directories   Trade publications Cold calling   Trade shows & events Networking   Telemarketing/email Educational seminars   Direct-response advertising & sales letters Non-sales employees
  8. 8. Referrals  Prospect recommended by current satisfied customer or one familiar with product  ask At close of presentation, who else could benefit from product  Centers of influence: person who does not make decision but has influence on those that do  Opinion leaders  market mavens
  9. 9. Computer Databases = Your firm’s existing databases   = Lists available from variety of sources  Purchasing  databases can be costly Not all databases are equal, some have greater pull
  10. 10. Cold Calling without referrals  New salespeople rely on this method to build prospect base  Must be strategically planned  Prelude  Way to in-person appointment to introduce yourself and company to prospect
  11. 11. Networking  Making [& profiting from] personal connections  Networking  Meet guidelines as many people as you can  Tell them what you do  Do not do business while networking  Offer business card  Edit contacts/conduct follow-ups
  12. 12. Three Types of Networking within your social circle s
  13. 13. Qualifying Prospects  Does the prospect my product?  Does the prospect have the to buy my product?  Does the prospect have the to buy my product?  Does the prospect have the to buy my product?
  14. 14. Managing the Prospect Base  While accumulating data is nice,   Not just who bought what, when, how much, etc.  Sales firms need to know about the prospect’s  Industry, competitors, marketplace, goals So what do you do with all this info? Have to organize it to get any value from it
  15. 15. Collecting & Organizing Prospect Info  How many prospects do you want?  How do you keep everyone happy?  Customer  Popular Relationship Management (CRM) CRM systems:  Salesforce.com  Oracle  NetSuite  Microsoft
  16. 16. Portfolio Model for Classifying Prospects
  17. 17. The Sales Process/Funnel Model • Cold Call 1000 people • 100 actually listen • 25 of those like what you say • 10 of those become customers

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