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8/29/2012

Prospecting
• Prospecting can be defined as the planning work, which is essential in eliminating calls on non-buyers.
– Arranging for travel and call schedules to reduce time spent on travelling – Prior appointments to avoid prolonged waiting – Not wasting time trying to sell to people who cannot buy or not likely to do so.
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Selling Process

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Steps in Prospecting

• Formulating prospect definitions
– Prospective customers are those
• • • • who have willingness, the financial capacity the authority to buy and they must be available to the salesperson.

1. Formulating Prospect Definitions 2. Searching out potential accounts 3. Qualifying prospects and determining probable requirements 4. Relating company products to each prospect’s requirements
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• Searching out potential accounts
– After defining prospect, salesperson combs different sources for the names of probable prospects or suspects, as they are called.

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• Qualifying prospects and probable requirements

determining

Overcoming Sales Resistance / Objection
• While sales presentation, prospects may resist by pointing out real or imagined obstacles, by voicing objections, sincere or insincere • Obstacles to Sales
– Obstacles can be defined as real or apparent reasons that the prospect has for not buying. – For example: temporary shortage of cash. Explain a method for financing the product
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– After the information is gathered on each tentative prospect (suspect), estimate on the probable requirements of each for the types of products sold by the company, is made

• Relating company products prospect’s requirements

to

each

– Plan the strategy for approaching each prospect. – Each prospect’s probable needs are identified with the help of information gathered about the prospects. – Select the most appropriate product for a particular product.

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Mayank Bhatia 11 Mayank Bhatia 12 2 . – Ask question (about delivery time. Mayank Bhatia 9 Mayank Bhatia 10 • Some of the trial close examples are: – To what extent this product meets with your needs? – Which of these benefits are important to you? – Out of the three models that are here. high price. 4. anxiety or resistance to spend money. payment terms etc) – Becomes friendly. Mayank Bhatia 7 Mayank Bhatia 8 Methods for handling and overcoming objections 1. Some of these buying signals are: – Examines the product. • If the prospect responds favorably to the trial close question. • It is used after the sales presentation. presence for established brands. • Two types of objections or resistances happen: Psychological (or hidden) Logical (practical or real) • Objections should be welcomed because they show that the prospect has some interest. • Are tangible such as quicker delivery schedules. product quality. prospective buyers give indications about their readiness to buy. 3. •Include predetermined ideas or beliefs. • Trial close does not ask the decision of the prospect to buy. of the prospect. or before closing the sale. price. • It checks the attitude. Ask question Turn on objection into benefit Deny objections tactfully Third-party certificate compensation Trial close/closing the sale • Trial close is one of the selling techniques. I think you like this model. after an objection is answered. then the salesperson should know that it is time to close the sale. – Asks another person’s opinion. Am I right? • Most of the time. 5. or asks the opinion.8/29/2012 • Sales objections – Objections divert the salesperson’s presentation from its main course – Objections require a satisfactory answer or it may block the sale. or product availability. 2. dislike of making decisions.

Explain advantage. I lose – Both of us lose Mayank Bhatia 18 3 . – Assumptive close: • Used when salesperson has earned the customer trust to such an extent that the salesperson prepares the order and hands it over to the customer for his signature. delivery. Mayank Bhatia 17 Preparing for negotiation with customers • • • • Planning Building relationships Purpose Styles of negotiation – I win. – When there is a zone of agreement between the two parties and the final price is to be decided through bargaining. successful salespeople follow-up for a number of related tasks: • • • • • Check customer order Plan follow-up visit at the time of delivery Account penetration Relationship marketing Negotiation Buyer is hostile Buyer is a friend Buyer is unable to make a decision Buyer is selfish or greedy Buyer has certain opinion in advance Buyer is an expert with a large ego ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ Mayank Bhatia 15 Mayank Bhatia 16 • When to negotiate? – The buyer puts certain conditions for buying to the seller. advantages and benefits) statements and SELL sequence (Show feature. Let customer talk) and then make a proposal. Lead to benefit.8/29/2012 Closing techniques • Some of the closing techniques are: – Alternative-choice close: • Giving choice between two or more items to the prospect. • Special offer close • Probability close • Negotiation close Mayank Bhatia 14 Closing Techniques and Sales Situations Sales Situations Closing Techniques T-account/modified Taccount Summary of benefits • Follow-up and Service: Alternative choice Minor points Assumptive Special-offer Negotiation Probability – Once the sale is over. quality and payment terms. you lose – Both of us win – You win. – When the product or service to be exchanged is customized to the requirement of the buyer and may take a long-time to execute the order. • Summary-of-benefits close: – Summarize the benefits by using FAB (feature. such as price. – Minor points close: • Prospect make decision on a product’s minor points. Mayank Bhatia 13 • T-account (or modified T-account) or balance sheet close. – When the agreement between the buyer and the seller will have to take place on several factors.