GROUP 5

KNOWING THE
PROSPECT
CHAPTER 5
"If you are not taking care of your customer,
your competitor will"

Learning Objectives
TO UNDERSTAND THE IMPORTANCE OF
KNOWING THE PROSPECT

TO IDENTIFY INFLUENCES THAT FORCES

CUSTOMERS TO BUY A PRODUCT: AND

TO DETERMINE THE DIFFERENT TYPES OF

PORSPECT AND HOW TO HANDLE THEM
WHAT IS PROPECT?

A prospect is a potential customer who has been

qualified as fitting certain criteria outlined by a
company based on its business offerings. Determining
if a contact is a sales prospect is the first step in the
selling process.
What is the importance of the
Prospect?
Prospecting presents a salesperson with the opportunity to understand
whether a customer is qualified for their service or product. Qualifying
potential prospects will create a more efficient selling system and ultimately
improve your sales process as a whole.
 Basic Needs
Customers buy things to fulfill the basic needs such as
foods, clothes and shelter

Convenience

Why Prospects Buy?

If there is a urgent need, a prospect will take the
easiest or fastest way to get it.

Replacement
Sometimes customers buy just to replace old things.
The forces that influence
why prospect buys include: Scarcity
A perceived need that something may run out in the
future.
 Prestige or aspirational purchase
Something that is purchased for personal development

Emotional emptiness

Why Prospects Buy? Sometimes you buy to replace things you'll never have

Lower prices
Something you earlier is a want is now at a lower price
The forces that influence
why prospect buys include: Great value
When the value exceeds the price of a product or a service
 Name recognition
When purchasing a product category you're unfamiliar with,
branding plays a big role.

Fad or innovation

Why Prospects Buy? Everybody wants the latest and greatest product, say a pair
of shoes, a mobile phone or a car

Compulsory purchase
The forces that influence Some external force, like school books, uniforms, or
something your teacher asked you to do, make it mandatory.
why prospect buys include:
Ego
Sometimes you make a purchase to attract someone or to
have something bigger and better than others.
 Niche identity
Something that helps bond you to a cultural, religious, or
community affiliation.

Peer pressure
Something is purchased because your friends want you to.

Why Prospects Buy? The "Girl Scout Cookie effect."

People feel better about themselves by feeling as though
they're giving to others; and especially when they're promised
something in return.
The forces that influence
why prospect buys include: Reciprocity or guilt
This happens when somebody, usually an acquaintance, or
someone rarely gift-worthy buys you a gift or does something
extremely nice and or unnecessary.
 Event
When the social decorum of an event (dictates buying something for
another).

Empathy
Sometimes people buy from other people because they listened and
cared about them even if they had the lesser value substitute.
Addiction
Why Prospects Buy? This is outside the range of the normal human operating system, but it
certainly exists and accounts for more sales than any of us can
measure.
Fear
The forces that influence
Guns, oversized vehicle, and even basic stuff as a tire pressure gauge-
why prospect buys include: these things are bought out of fear.
Indulgence
Who doesn't deserve a bit of luxury now and then? So long as you can
afford it, sometimes there's no better justification for that hour-long
massage, that half of mango flavour ice cream.
THEORIES OF MOTIVATION
RATIONAL BUYING MOTIVES

EMOTIONAL BUYING MOTIVES

a. Play and relaxation - Parks and playgrounds offer facilities for this.

b. Imitation or emulation - Individuals like to purchase products of those celebrities who they idolize.

c. Acquisitiveness - This refers to an urge of possessiveness.

d. Health and fitness - Health motive is a powerful urge nowadays that people want to get fitter and healthier.

e. Curiosity -Young individuals tend to go and travel to extract new thrills.

THEORIES OF MOTIVATION
PROBLEM-SOLVING APPROACH
SELF-CONCEPT THEORY
Different selves that determine buying:

a. Real self - This is what you think you really are.

b. Ideal self - This is how you would like to think of yourself.

c. Real other - This is how you perceived other people really see you, what they think of you and your personality.

d. Ideal other - This is how you want other people to think of you. A man may want others to think that he is a good

businessman; he will invest in several financial institution.

 TYPES OF PROSPECTS
The Bargain-Hunter
Doesn't matter if calm and quiet, or confident and loud: this customers always want to
bargain.
The Intelligent Type
The intelligent types are confident. They will walk directly towards you, giving you a firm
handshake.
The Annoyed Type
Every once in a while, you have to deal with customers who complain about almost
everything.
The Suspicious Type
Suspicious customers will not hide their mistrust of products and advertising. They're one
thing above all: critical.
 TYPES OF PROSPECTS
The Argumentative Type
This type of customer can be very pushy and confrontational.
The Open-minded Type
These customers are reserved and act shy They will say "yes" quickly.
The Indecisive Type
These are the customers who aren't really sure about what they want. They short,
indecisive answers, saying things like "maybe" or the dreaded "I don't know."
GROUP 5

THANK YOU!