METHODS TO IDENTIFY PROSPECTS(SLIDE 9)

Present Customers:
Existing customers are the best source of prospecting. Present
customers can be a good source of information about the names and
whereabouts of their acquaintances, relatives, neighbourhoods, etc.,
who can be capable prospects. 
Former Customers:
The database of a company can provide sufficient information about
the whereabouts of their former customers. They can be traced,
approached, and reasoned for their departure. Their current need
levels for the same or new products can also be studied and they can
finally be brought back to the company as present customers.
Centre of Influence Approach:
This method is based on obtaining the names and identities of
prospects from people who are well-known in a society or hold
responsible positions in organizations, civic or local administration
or have high social recognitions due to extraordinary
accomplishments. They are known as centre of influence and their
recommendations can help salespeople to get acquainted with
unknown potential custom
Personal Contact Method:
By interacting with friends, relatives, neighbours or acquaintances
in seminars, conferences, social programmes, travelling, etc., a
salesperson may develop plenty of opportunities to identify
prospects.
Endless Chain Method:
A satisfied customer is requested to provide names of friends,
business associates or any known acquaintances who may be
potential customers. This procedure of generating a number of
customers from them is repeated several times. So, this method
implies a continuous cultivation of referral sources.
Direct Mail & Cold calling
salespeople can personally contact prospective buyers. They can
also send letters along with product or service leaflets or booklets to
the prospective buyers. Salespeople can call strangers in
anticipation of getting a prospective customer, introduce
themselves, and gather information about the presence of need for
their product. Making cold calls is encouraged among salespeople
when they find time between their scheduled appointments.
Exhibitions and Trade Shows:
A company can use exhibitions and trade shows as media to
generate connections with prospective customers. A salesperson can
distribute literature, pamphlets, free samples or exhibits to draw the
attention of the prospects and approach them with their sales offer.

(SLIDE 11)
(i) To provide additional information
Prospecting provides salesman only the names and addresses of prospects.
But this information may not be sufficient to convert a prospect into
customer. The salesman, at pre-approach stage, requires some further
information about the prospect- his likes and dislikes, habits, types,
economic status, behavior, nature, etc. As a result, it becomes easier for
him to deal with the real potential buyers.

(ii) To select the best approach to meet the prospects

All prospects are not equal in all respects. That is, all prospects can not be
approached in one and same manner. Their nature are different and hence
need different treatment by salesman. Some are easy to meet; while others
are quite difficult to contact. Direct approach is suitable to some prospects,
while some others prefer indirect treatment. In the light of these
differences, the pre-approach aims at selecting the best approach to meet
his prospects. As a result, chances of returning empty handed are very less.

(iii)To obtain information for planned presentation

Effective sales depend upon effective presentation and demonstration.
Intelligent pre-approach is the pillar of successful presentation. A good
pre-approach furnishes a salesman a clear idea into the buying motives of
the prospects. As a result, he (salesman) approaches the right motive of the
buyer to seek right action. The sales talk is fabricated to suit the individual
tastes. Thus, pre-approach helps the salesman to make best presentation
and proper demonstration of the product.

(iv) To avoid serious mistakes

By pre-approach, a salesman knows before hand about the likes, dislikes,
taste and temperaments of the prospects. For instance, some prospects may
not like smoking during sales- interview. This advance knowledge of
prospects helps the salesman to avoid any serious mistakes during sales
talk. If he finds any fault with his pre-approach, he corrects it immediately
to win the hearts of prospects.

(v) To meet the prospects with confidence and enthusiasm

A salesman, who presents his sales-talk without knowing prospect’s nature
and the situation, may commit more mistakes out of fear and uncertainty.
But a salesman armed with all possible information of customers’ wants
and desires to plan his sales campaign intelligently. Thus person-approach
makes a salesman more confident. It develops self-confidence and
enthusiasm to convert a prospect into a customer.

(vi) To save time and energy

Time and energy is valuable for all, but these are more valuable for a
salesman. In the absence of pre-approach a salesman may have to meet
both prospects and suspects, fake buyers and genuine buyers, china-eggs
and cold-turkeys. By doing so, he consumes more of his energy and times
unnecessary. However, due to pre-approach, the salesman approaches only
selected prospects who are most likely to buy. To put it literally, instead of
showering upon the cultivated plants for best results.

(vii) To be successful in the sales-interview

Pre-approach also helps the salesman to come out successfully in the
interview with the prospect. As we have stated earlier buying is a mental
process, therefore the mind of a customer moves in a definite direction
from attention-interest –conviction-action- during the process of selling.
Any disturbance in this path distracts a customer and he (customer) finds
difficulty in arriving at a conclusion. If the salesman preplans his
approach, he will definitely help the customers in his buying decision and
will be successful in the sales-interview.

(SLIDE 13)

1. Premium sales approach

Everyone appreciates a free gift. Your prospective customers are no

different. 

With the premium sales approach, sales professionals offer their

prospects a giveaway or promotional item in an effort to build
excitement about their product or brand. A key advantage of this
selling approach is its ability to attract otherwise hesitant customers.

This free gift (or premium) can be as simple as a gift card. Other
times, it can be an item with some connection to the product or
service you sell for a living (e.g., if you’re in car sales, the premium
you offer could be a year of free gas fill-ups or a set of snow tires.)

Once their attention is captured with a premium, your prospects will

be more motivated to listen to your sales presentation or return
your phone calls. Remember, this approach is only meant to initiate
contact and shouldn’t become an aspect of every sales pitch.
2. Product sales approach

Making an important buying decision can be exciting. It can also be

intimidating. This is particularly true when you’re considering the
purchase of a new product or service, 

Selling something new or unproven (at least in the eyes of your

prospect) takes more time and attention. Potential customers
conduct research and compare competitors. A recent Harvard
Business Review survey of 500 B2B salespeople across a wide variety
of industries—from technology to financial services to industrial
products—revealed:

 Salespeople selling new products spend 32% more face-

to-face time with customers.
 Objections occur later in the process for new innovations
than for established products.

With the product sales approach, you provide prospects with a

sample (or free trial) to evaluate what you have to offer. It’s a great
way to show value and establish credibility.

This sales approach can also take the form of a product

demonstration. For hands-on or visual learners, this is especially
helpful as it allows them to see your product in action.

3. Network sales approach

Whether it’s B2B or B2C sales, building a list of prospects and

developing relationships with them are crucial to the process. This is
where you may have a hidden advantage.

Using the network sales approach lets you strategically rely on your
own list of personal and professional connections. Whatever the
size, your network of family, friends, and past coworkers can provide
the foundation you need to uncover qualified leads and generate
solid referrals.
Social media networks offer a natural environment to build your
prospect list. Research shows 69% of U.S. adults use Facebook and
typically have a network of 338 friends. 27% of LinkedIn users have
between 500 and 999 1st-level professional connections.  

Sales is about building trust. Networking is sales with people who

already trust you.

4. Prescriptive sales approach

Giving prospective customers all the information and options they

need to arrive at the right decision sounds like a good thing. After
all, being flexible to the direction (or whims) of your customers
should make the buying process easier and ultimately increase
sales. This impulse to quickly respond and offer endless support is
seen in more common sales tactics, such as:

 Ensuring customers have every case study, testimonial,

and brochure
 Adjusting your offer to meet the ever-changing demands
of the customer
 Providing customers with more time to consider all
possible alternatives

(SLIDE 15)

A Stellar Cover Slide

Your cover slide should reflect your company stance and industry. Your
audience needs to "get it" instantly.

A Value Proposition

What do you do? Summarize the value of your promise to deliver to

prospects, and explain why they should buy from you. To help hone your
value proposition, try using the "VP" formula:

[Company name] helps [target audience] with [services] so you can

[benefits].

A Powerful Story

The most successful presentations are 65% stories. Present your story and
your team to humanize your company and increase likeability.

Make sure you include the reason why your company and product came to
be. Tell your audience what motivates your team to wake up and work
every day.

Enticing solutions

First, focus on your client's problem. Here's how Airbnb did it:

Airbnb's first pitch extract: "Price is an important concern for customers

booking travel online. Hotels leave you disconnected from the city and its
culture. No easy way exists to book a room with a local or become a host."
 Problems - Price, convenience, access
 Aspirations - Have choice, unique experience, make money renting your
place
Then, break down your value propositions into solutions tied to the benefits
your clients want. Examples of benefits are, "Make more money and grow
your business," "Look good and impress," and "Save time and money."

How to list your solutions:

1. Don't give too many choices

2. Communicate results customers will get

 3. Make it easy and quick to understand

4. Give examples that demonstrate your product's value.

Proofs
The proofs you'll provide have to answer this question: "How do I believe
you?" You should also:
 Add testimonials - They highlight what clients love about doing business
with you. Use real client's pictures to enhance credibility impact.
 Share research data - Use expert quotes and findings that tie to the benefits
of the product you're offering.
 Compare your products vs. competitors - Show your audience how you're
better.
 Provide extra benefits - Offer a money-back guarantee, free trial, or free
shipment to show and earn confidence.
A Clear Call-to-Action
A call to action is a simple command directing customers to take action
(buy, start a free trial, sign up for our mailing list). To make your call-to-
action even more enticing, include these sensory words to enhance your
pitch.

(Slide 17)

METHODS FOR HANDLING OBJECTIONS

Direct Denial or Contradiction Method:
As the name implies, this method consists in telling the customer
directly that he is wrong. Generally this is not a tactful one and
should be avoided because it is likely to offend most prospect and
particularly those who are extremely sensitive and fond of their own
opinion.

For example, if the customer asks a direct question as to whether

the material shown is likely to fade, it can be denied directly by
stating that the material would not fade and that it has been proved
by tests that the colour is a fast one.

Indirect Denial Method :

This method is the one most widely used by salesmen because it is
the least likely to give offence to the prospect. It suits more
situations and more types of prospect than any of the other
methods, as people generally do not like to be contradicted. Just
like the boxer who rolls with the opponent’s blow to lessen its
impact the salesman must give ground slightly before delivering his
denial or contradiction.

Reverse Position Method :

Sometimes the salesman may find it more effective to ask the
prospect to explain in greater detail his particular objection instead
of answering it himself.

The objects of using this method is that very often the customer
whilst explaining his objection would explain it away and realise its
flimsiness. For example, if the prospect were to say “I don’t think
this material would wash well”, the salesman may reverse the
position saying:
“You seem to know so much about wash ability and I am really
interested to know more on this subject. Would you please give me
reasons in detail as to why you are of this opinion?”

Reverse English or Boomerang Method

This method is also termed the Boomerang Method because it

consists in throwing back to the prospect his objection in the form
of a reason why he should buy the article.

Thus the objection is converted into a reason in favour of the

purchase. This method is also known as the Translation Method
because it translates the objection into a reason in favour of the
purchase.

Superior Point or Compensation Method:

This method is similar to the indirect method explained above
except that here the salesman admits the validity of the objectify but
offsets the objection by a superior point of greater advantage. Thus,
in this method, he, points out an advantage which is supposed to
compensate for the objection.

Question or Interrogation Method:

This method consists in asking the customer a question or questions
tactfully so that the objections may be answered away by the
prospect himself. 

Pass-up Method:
Some salesman tries to pass off most objections. Although this is
objectionable as previously mentioned, if the prospect has made a
flimsy objection this method can be justifiably used.

The pass-up Method should be avoided except where the objection

is too trivial to deserve an answer because this method does not
really answer the objection.

(SLIDE 19)
TRIAL CLOSE 
 
1.11          DEFINED:  A minor closing attempt made at an opportune
time during the sales presentation to encourage the customer to
reveal readiness or unwillingness to buy. 
 
1.12          WHEN USED:  Most appropriate after obtaining sufficient
agreements to buy AND getting “buying signals.”
 
1.13          EXAMPLE:  After matching need with feature/benefit and
confirmation, “Do you think your attendees will be happy with
these junior suites?”  “Would you like to formalize these
arrangements?”
 SUMMARY-OF-THE BENEFITS CLOSE

 
2.11          DEFINED:  A reemphasis of the benefits that will help bring
about a favorable decision. Summarizes the most important
buyer benefits that will produce a favorable decision.
 
2.12          WHEN USED:  The salesperson has overcome all objections
and there are no more.  Logical conclusion to the presentation.
 
2.13          EXAMPLE:  “We can get the ball rolling by signing this
letter of agreement.”  A “DIRECT-APPEAL” CLOSE IS
USED HERE.
ASSUMPTION CLOSE
 
2.21          DEFINED:  An assumption that the prospect is going to buy.
An assumption that the prospect has already bought the
product.
 
 2.22          WHEN USED:  It comes near the end of the planned
presentation after a genuine need has been identified,
solutions/benefits have been presented, and objections have
been handled satisfactorily.
 
2.23          EXAMPLE:  Ask one or more questions regarding a minor
point or begin writing up the order.  “Shall I indicate “master
billing” on the letter of agreement?”
 SPECIAL-CONCESSION CLOSE

 
2.31          DEFINED:  Offers the buyer something extra for acting
immediately.
 
2.32          WHEN USED:  Use carefully because some buyers are
skeptical of concessions.  Use to “push-on-over” the prospect
that seems to be on the edge of a decision.
 
2.33          EXAMPLE:  Special price reduction, a more liberal credit
plan, or an added feature that was not anticipated by the
prospect.  “As an added bonus, we can host (comp) your
group’s reception party on the night of arrival.”
 
 SINGLE-PROBLEM CLOSE

 
2.41          DEFINED:  A single objection that stands in the way of a
close.  You have already eliminated all objections but this one.
 
2.42          WHEN USED:  It will generally surface on a “Trial Close.”
Handle immediately when recognized.
 
2.43          EXAMPLE:  “Mr. Prospect, it seems that you like all of the
benefits that we have discussed except this one.  Is that
right?  If I could take care of this, would you sign the letter of
agreement?”
LIMITED-CHOICE CLOSE
 
2.51          DEFINED:  A choice provided to the prospect as a way of
“Qualifying” the prospect.
 
2.52          WHEN USED:  After prospect seems unable to decide but
you know that benefits have been “sold.”  How to do: 
 
(a)    Allow prospect to examine several different “choice
packages” and try to assess his/her degree of interest.
 (b)   Cease showing new choices when it appears that the
prospect has been given ample selection.
(c)    Remove product that the prospect does not seem genuinely
interested in.
(d)   Concentrate on products the prospect seems to be
definitely interested in.
 
 
2.53          EXAMPLE:  “It appears that these two choices are your
primary interest.  Is that right?  The pluses and minuses of each
are these: Which one would you like?”
DIRECT-APPEAL CLOSE
 
2.61          DEFINED:  Asking for the order in a straightforward
manner.
 
2.62          WHEN USED:  After all benefits have been presented and
agreed to.  Don’t use too early.
 
2.63          EXAMPLE:  “Can we formalize our agreement with your
signature on this letter of agreement?”  Can I send you the
letter of agreement?”