Sources of Prospects and Accounts
by Barry L. Reece, Michael Ahearne, Gerald L. Manning
Selling Today: Partnering to Create Value, 14/e
- Selling Today Partnering to Create Value
- Selling Today Partnering to Create Value
- Brief Contents
- Contents
- Preface
- About the Authors (in alphabetical order)
- Selling Today Partnering to Create Value
- Part 1 Developing a Personal Selling Philosophy
- 1 Relationship Selling Opportunities in the Information Economy
- Learning Objectives
- Personal Selling Today—A Definition and a philosophy
- Emergence of Relationship Selling in the Information Economy
- Considerations for a future in Personal selling
- Employment Settings in Selling today
- Selling Skills—One of the “Master Skills for Success” in the Information Age
- Learning to Sell
- Chapter Learning Activities
- Reviewing Key Concepts
- Define personal selling and describe the three prescriptions of a personal selling philosophy
- Describe the emergence of relationship selling in the age of information
- Discuss the rewarding aspects of a career in selling today
- Discuss the different employment settings in selling today
- Explain how personal selling skills have become one of the master skills needed for success in the information age and how personal selling skills contribute to the work performed by knowledge workers
- Identify the four major sources of sales training
- Reviewing Key Concepts
- Key Terms
- Review Questions
- Application Exercises
- Role-Play Exercise
- 2 Evolution of Selling Models That Complement the Marketing Concept
- Learning Objectives
- Marketing Concept Requires New Selling Models
- Evolution of Consultative Selling
- Evolution of Strategic Selling
- Evolution of Partnering
- Value Creation—The New Selling Imperative
- Chapter Learning Activities
- Reviewing Key Concepts
- Discuss the evolution of personal selling models as an extension of the marketing concept
- Describe the evolution of consultative selling from the marketing era to the present
- Define strategic selling and name the four broad strategic areas in the Strategic/Consultative–Selling Model
- Describe the evolution of partnering and the nature of strategic account management
- Explain how value-added selling strategies enhance personal selling
- Reviewing Key Concepts
- Key Terms
- Review Questions
- Application Exercises
- Role-Play Exercise
- 1 Relationship Selling Opportunities in the Information Economy
- Part 2 Developing a Relationship Strategy
- 3 Ethics: The Foundation for Partnering Relationships That Create Value
- Learning Objectives
- Developing a Relationship Strategy for Partnering Style Selling
- Issues Challenging the Ethics of Salespeople
- Factors Influencing Ethical Decision Making of Salespeople
- Influences in a Global Economy
- Influence of Senior Management
- Influence of Company Policies and Practices
- Influence of the Sales Manager
- Influence of the Salesperson’s Personal Values
- Influence of Laws, Contracts, and Agreements
- Building Trust with the Transactional, Consultative and Strategic Alliance Buyer
- Making Ethical Decisions That Build Selling Relationships
- Developing a Personal Code of Ethics That Adds Value
- Chapter Learning Activities
- Reviewing Key Concepts
- Explain the importance of developing a relationship strategy
- Describe issues that challenge the ethical decision making of salespeople
- Describe the factors that influence the ethical conduct of sales personnel
- Describe how ethical decisions influence the building of partnering relationships in selling
- Discuss guidelines for developing a personal code of ethics that creates value
- Reviewing Key Concepts
- Key Terms
- Ethics Application Exercises
- Role-Play Exercise
- 4 Creating Value with a Relationship Strategy
- Learning Objectives
- Relationships Add Value
- Thought Processes That Enhance Your Selling Relationship Strategy
- Verbal and Nonverbal Strategies That Add Value to Your Selling Relationships
- Conversational Strategies That Enhance Relationships
- Self-Improvement Strategies That Add Value
- Chapter Learning Activities
- Reviewing Key Concepts
- Explain how partnering relationships add value
- Discuss how thought processes can enhance your relationship strategy
- Identify and describe the major nonverbal factors that shape our sales image
- Describe conversational strategies that help us establish relationships
- Explain how to establish a self-improvement plan based on personal development strategies
- Reviewing Key Concepts
- Key Terms
- 5 Communication Styles: A Key to Adaptive Selling TodayCommunication Styles: A Key to Adaptive Selling Today
- Learning Objectives
- Communication Styles—An Introduction to Adaptive Selling
- Communication Style Model
- Four Styles of Communication
- Minimizing Communication Style Bias
- Building Strong Relationships Through Style Flexing
- Chapter Learning Activities
- Reviewing Key Concepts
- Discuss how communication style influences the relationship process in sales
- Identify the two major dimensions of the communication style model
- Explain the four communications styles in the communication style model
- Learn how to identify your preferred communication style and that of your customer
- Learn to adapt interpersonal versatility and build strong selling relationships with style flexing
- Reviewing Key Concepts
- Key Terms
- 3 Ethics: The Foundation for Partnering Relationships That Create Value
- Part 3 Developing a Product Strategy
- 6 Creating Product Solutions
- Learning Objectives
- Developing Product Solutions That Add Value
- Becoming a Product Expert
- Become a Company Expert
- Become the Industry Expert—Know Your Competition
- Sources of Product, Company and Industry Information
- Web-Based Sources, Catalogs, and Marketing-Related Sales Support Information
- Engage in Plant Tours
- Build Strong Relationships with Internal Sales and Sales Support Team Members
- Today’s Wired Customers Have a Lot of Product, Competitive, and Industry Knowledge
- Researching and Using Products
- Reading and Studying Publications
- Word of Caution
- Creating Value with a Feature–Benefit Strategy
- Chapter Learning Activities
- Reviewing Key Concepts
- Explain the importance of developing product solutions that add value
- Describe the importance of becoming an expert regarding product knowledge
- Describe the importance of becoming an expert regarding company knowledge
- Describe how expert knowledge of competition and industry trends improves personal selling
- List major sources of product, competitor and industry information
- Explain how to add value with a feature–benefit strategy
- Key Terms
- Review Questions
- Application Exercises
- Role-Play Exercise
- Reviewing Key Concepts
- 7 Product-Selling Strategies That Add Value
- Learning Objectives
- Product Positioning—In a Competitive Marketplace
- The Three-Dimensional (3-D) Product Solutions Selling Model
- Product-Positioning Strategies to Sell New (vs. Mature), and Low-Priced (vs. Value-Added) Products
- Selling Products with a Price Strategy
- Selling Your Product with the Value-Added Product-Selling Model
- Chapter Learning Activities
- Key Terms
- Review Questions
- Application Exercises
- Role-Play Exercise
- 6 Creating Product Solutions
- Part 4 Developing A Customer Strategy
- 8 The Buying Process and Buyer Behavior
- Learning Objectives
- Developing a Customer Strategy
- Consumer Versus Business Buyers
- Achieving Alignment with the Customer’s Buying Process
- Understanding Buyer Behavior
- Chapter Learning Activities
- Reviewing Key Concepts
- Discuss the meaning of a customer strategy
- Explain the difference between consumer and business buyers
- Understand the importance of alignment between the selling process and the customer’s buying process
- Understand the buying process of the transactional, consultative, and strategic alliance buyer
- Discuss the various influences that shape customer-buying decisions
- Reviewing Key Concepts
- Key Terms
- 9 Developing and Qualifying Prospects and Accounts
- Learning Objectives
- Prospecting and Account Development Requires Planning
- Sources of Prospects and Accounts
- Referrals
- Centers of Influence, Friends, and Family Members
- Directories
- Trade Publications
- Trade Shows and Special Events
- Telemarketing and E-Mail
- Direct-Response Advertising and Sales Letters
- Website
- Computerized Database
- Cold Calling
- Networking
- Educational Seminars
- Prospecting and Account Development by Nonsales Employees
- Combination Approaches
- Qualifying Prospects and Accounts
- Collecting and Organizing Account and Prospect Information
- Managing the Account and Prospect Base
- Chapter Learning Activities
- Reviewing Key Concepts
- Discuss the importance of developing a prospect or account
- Identify and assess important sources of prospects and accounts
- Describe criteria for qualifying prospects and accounts
- Explain common methods of collecting and organizing prospect and account information
- Describe the steps in managing the prospect or account list
- Reviewing Key Concepts
- Key Terms
- Review Questions
- Application Exercises
- Role-Play Exercise
- 8 The Buying Process and Buyer Behavior
- Part 5 Developing A Presentation Strategy
- 10 Approaching the Customer with Adaptive Selling
- Learning Objectives
- Developing The Presentation Strategy
- Planning The Preapproach
- Team Selling Presentation Strategies
- Adaptive Selling: Builds on Four Strategic Areas of Personal Selling
- Developing the Six-Step Presentation Plan
- The Approach
- Converting the Prospect’s Attention and Arousing Interest
- Chapter Learning Activities
- Reviewing Key Concepts
- Describe the three prescriptions that are included in the presentation strategy
- Discuss the two-part preapproach process
- Describe team presentation strategies
- Explain how adaptive selling builds on four broad strategic areas of personal selling
- Describe the six main parts of the presentation plan
- Explain how to effectively approach the customer
- Describe seven ways to convert the prospect’s attention and arouse interest
- Reviewing Key Concepts
- Key Terms
- Review Questions
- Application Exercises
- Role-Play Exercise
- 11 Determining Customer Needs with a Consultative Questioning Strategy
- Learning Objectives
- The Consultative Sales Process Adds Value
- The Four-Part Need-Satisfaction Model
- Creating Value with Need Discovery
- Need Discovery—Listening and Acknowledging the Customer’s Response
- Selecting Solutions that Create Value
- Planning and Execution—Final Thoughts
- Chapter Learning Activities
- Key Terms
- Review Questions
- Role-Play Application Exercises for “Questioning” Video Series
- 12 Creating Value with the Consultative Presentation
- Learning Objectives
- Need Satisfaction—Selecting a Consultative Presentation Strategy
- Guidelines for Creating a Presentation That Adds Value
- Adapt the Presentation to Meet Unique Needs of the Customer
- Cover One Idea at a Time and Use an Appropriate Amount of Detail
- Use Proof Devices to Demonstrate Buyer Benefits
- Appeal to as Many Senses as Appropriate
- Balance Telling, Showing, and Involvement
- Develop Creative Presentations
- Consider the Use of Humor—in Moderation
- Choose the Right Setting
- Document the Value Proposition
- Quantify the Solution
- Check Sales Tools
- Summarize Major Points
- Guidelines for a Persuasive Presentation Strategy That Adds Value
- Place Special Emphasis on the Relationship
- Target Emotional Links and Use a Persuasive Vocabulary
- Sell Specific Benefits and Obtain Customer Reactions
- Use of Showmanship
- Minimize the Negative Impact of Change
- Place the Strongest Appeal at the Beginning or End
- Use the Power of Association with Metaphors, Stories, and Testimonials
- Guidelines for a Group Sales Presentation
- Selling Tools for Effective Demonstrations
- Product and Plant Tours
- Models
- Photos, Illustrations, and Brochures
- Portfolios
- Reprints
- Catalogs
- Graphs, Charts, and Test Results
- Bound Paper Presentations
- Tablets, Laptop Computers and Demonstration Software
- Rehearse the Presentation
- Plan for the Dynamic Nature of the Consultative Sales Presentation
- Chapter Learning Activities
- Reviewing Key Concepts
- List and describe three types of need-satisfaction presentation strategies
- Present guidelines for creating consultative presentations that add value
- Describe the elements of a persuasive presentation strategy
- Describe elements of an effective group presentation
- Develop selling tools that add value to your sales demonstrations
- Reviewing Key Concepts
- Key Terms
- Review Questions
- Application Exercises
- Role-Play Exercise
- 13 Negotiating Buyer Concerns
- Learning Objectives
- Formal Integrative Negotiation—Part of the Win-Win Relationship Strategy
- Common Types of Buyer Concerns
- Specific Methods of Negotiating Buyer Concerns
- Creating Value During Formal Negotiations
- Working with Buyers Trained in Formal Negotiation
- Chapter Learning Activities
- Key Terms
- Review Questions
- “Negotiations: Solving the Tough Problems” Video Application Exercises
- Role-Play Exercise
- 14 Adapting the Close and Confirming the Partnership
- Learning Objectives
- Adapting the Close—an Attitude that Adds Value
- Guidelines for Closing the Sale
- Recognize Closing Clues
- Specific Methods for Closing the Sale
- Confirming the Partnership When the Buyer Says Yes
- Chapter Learning Activities
- Key Terms
- Review Questions
- Application Exercises
- Role-Play Exercise
- 15 Servicing the Sale and Building the Partnership
- Learning Objectives
- Building Long-Term Partnerships with Customer Service
- Current Developments in Customer Service
- Customer Service Methods that Strengthen the Partnership
- Adding Value with Expansion Selling
- Partnering with an Unhappy Customer
- Chapter Learning Activities
- Key Terms
- Review Questions
- Application Exercises
- Role-Play Exercise
- 10 Approaching the Customer with Adaptive Selling
- Part 6 Management of Self and Others
- 16 Opportunity Management: The Key to Greater Sales Productivity
- 17 Management of the Sales Force
- Learning Objectives
- Applying Leadership Skills to Sales Management
- Recruitment and Selection of Salespeople
- Orientation and Training
- Sales Force Motivation
- Compensation Plans
- Assessing Sales Force Productivity
- Chapter Learning Activities
- Reviewing Key Concepts
- Describe how leadership skills can be applied to sales management
- List and discuss the qualities of an effective sales manager
- Discuss recruitment and selection of salespeople
- Describe effective orientation and training practices
- Explain effective sales force motivation practices
- Develop an understanding of selected compensation plans
- List and discuss criteria for evaluating sales performance
- Reviewing Key Concepts
- Key Terms
- Review Questions
- Application Exercises
- Role-Play Exercise
- Appendix 1 Reality Selling Today Role Plays and Video Scenarios
- Appendix 2
- Selling Today Appendix 3
- Endnotes
- Glossary
- Name Index
- Subject Index
Sources of Prospects and Accounts
9.2 Identify and assess important sources of prospects and accounts
Every salesperson and company must develop a prospecting and account development system suited to a particular selling situation. Some of the many sources of prospects follow, and each should be carefully examined:
Referrals
Prospecting with social media
Centers of influence, friends, and family members
Directories
Trade publications
Trade shows and special events
Telemarketing and e-mail
Direct-response advertising and sales letters
Website
Computerized database
Cold calling
Networking
Educational seminars
Prospecting by nonsales employees
Referrals
The use of referrals as an account development approach has been used successfully in a wide range of selling situations. In most cases, referral leads result in higher close rates, larger sales, and shorter sales cycles. A referral is a prospect that has been recommended by a current customer or by someone who is familiar with the product. Satisfied customers, business acquaintances, and even prospects who do not buy often can recommend the names of persons who might benefit from purchasing the product.
Your request for referrals is more likely to receive a positive response if made after you have built a strong trusting relationship. In most cases referral leads result in higher close rates, larger sales, and shorter sales cycles.
Source: suhendri/Shutterstock
When you build value into your sales process, you increase the odds that the customer will give you a referral. Steve Lewis, managing partner of New England Financial, says, “Our attitude is that we can’t ask for referrals until clients have perceived value in the process.”8
Endless Chain Referrals
The endless chain approach to obtaining referrals is easy to use because it fits naturally into most sales presentations. A salesperson selling long-term healthcare insurance might say, “Miss Remano, whom do you know who might be interested in our insurance plan?” This open-ended question gives the person the freedom to recommend several prospects and is less likely to be answered with a no response. Be sure to use your reference’s name when you contact the new prospect—“Mary Remano suggested that I call you….”
Referral Letters and Cards
The referral letter method is a variation of the endless chain technique. In addition to requesting the names of prospects, the salesperson asks the customer to prepare a note or letter of introduction that can be delivered to the potential customer. The correspondence is an actual testimonial prepared by a satisfied customer. Some companies use a referral card to introduce the salesperson. The preprinted card features a place for your customer to sign the new prospect’s name and his own name, and can be used as part of the sales presentation.
Within the field of personal selling, there is no complete agreement regarding the timing of the referral request. Some sales training programs encourage salespeople to request the referral immediately after closing the sale. Others point out that if you are working with a new customer, it takes time to earn the customer’s trust. The customer may feel there is a risk involved in giving you referrals. Once you have built a strong, trusting relationship with the customer, referral requests are more likely to receive a positive response.9
Referral Organizations
Some salespeople have found that membership in a referral organization is an effective way to obtain good leads. BNI (Business Network International) is one of the largest business networking organizations with more than 3,600 chapters worldwide (www.bni.com). BNI offers members the opportunity to share ideas, contacts, and referrals.10 In addition, some local organizations such as breakfast clubs offer referrals as a member benefit.
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