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ChapterChapter77

Questionsanswered

What isA prospect?

Sourcesof leads

NAICS

Conflictingadvice

Terminology

Some questions answered inSome questions answered inChapter 7Chapter 7

Why is prospecting important for effective selling?

Are all sales leads good prospects? What are the characteristics of a qualified prospect?

How can prospects be identified?

How can the organization’s promotional program be used in prospecting?

How can an effective lead qualification and management system aid a salesperson?

How can a salespersonovercome a reluctance to prospect?

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ChapterChapter77

Questionsanswered

What isA prospect?

Sourcesof leads

NAICS

Conflictingadvice

Terminology

Am I a prospect?Am I a prospect?

Do I have a want or a need that the purchase of the salesperson's product can satisfy?Do I have the ability to pay?Do I have the authorityto buy?Can I be approachedfavorably?

You need to answer 5 questions:

Am I eligible to buy?

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ChapterChapter77

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What isA prospect?

Sourcesof leads

NAICS

Conflictingadvice

Terminology

Steps in the selling processSteps in the selling process

Prospecting

Collecting precall information

Making the approach

Discovering needs

Making the presentation

Responding to objections

Obtaining commitment

Follow up

.............................Lead

..............Prospect

......Customer

Exhibit 7.1

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ChapterChapter77

Questionsanswered

What isA prospect?

Sourcesof leads

NAICS

Conflictingadvice

Terminology

Sources of leads: endless-chainSources of leads: endless-chain

Exhibit 7.3

Wayne O’Sullivan

Contractor

Elizabeth Shick

Banker

Steve Jones

Barnett Bank

Linda Clinton

Lawyer

Mary Swain

Administrator

Ronald Deck

Accountant

Linda Strand

Contractor

David Craig

Engineer

Frank Hartjen

Lawyer

Jim Smith

County Schools

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ChapterChapter77

Questionsanswered

What isA prospect?

Sourcesof leads

NAICS

Conflictingadvice

Terminology

Sources of leads: center-of-influenceSources of leads: center-of-influence

Information flowsInfluence flows

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ChapterChapter77

Questionsanswered

What isA prospect?

Sourcesof leads

NAICS

Conflictingadvice

Terminology

Sources of leadsSources of leads

1. Lists and directories

2. Center-of-influence

3. Cold calls

4. Letters

5. Promotional activities

Assume you are prospecting for a job when you graduate. Which of these

methods would be most useful?

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ChapterChapter77

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What isA prospect?

Sourcesof leads

NAICS

Conflictingadvice

Terminology

Sources of leadsSources of leads

Additional sources of leads:

1. Satisfied “customers”

2. Endless chain

3. Networking

4. Internet

5. Shows (job fairs)

6. Spotters (employment agencies)

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ChapterChapter77

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What isA prospect?

Sourcesof leads

NAICS

Conflictingadvice

Terminology

Prospect listsProspect lists

Assume you belong to a social organization on campus that needs to recruit new members.How would you develop a prospect list?

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ChapterChapter77

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What isA prospect?

Sourcesof leads

NAICS

Conflictingadvice

Terminology

North America Industry Classification North America Industry Classification System (NAICS)System (NAICS)

NAICS provides common industry definitions for Canada, Mexico, and the U.S. which facilitate the measurement of economic activity in the three member countries of NAFTA.

NAICS is replacing the Standard Industrial Classification System, a system which had been in place for more than 50 years.

NAICS is consistent with the International Standard Industrial Classification of All Economic Activities, published by the United Nations, to facilitate measurement of global economic activity.

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What isA prospect?

Sourcesof leads

NAICS

Conflictingadvice

Terminology

North America Industry Classification North America Industry Classification System (NAICS)System (NAICS)

Broadcasting andtelecommunications

Radio and televisionbroadcasting

Wire telecommunications

carriers

Paging

Cable networks andprogram distribution

Telecommunications

Wireless telecommunication

carriers, except satellite paging

Telecommunications

resellers

Satellite telecommunications

Other telecommunications

Cellular and other wireless

telecommunication

2 DigitIndustry Subsector

3 DigitIndustry Group

4 DigitIndustry

5 Digit U.S.National Industry

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ChapterChapter77

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What isA prospect?

Sourcesof leads

NAICS

Conflictingadvice

Terminology

Using NAICSUsing NAICS

Assume you are about to graduate from college.How would you use the NAICS system to help you locate prospective employers?

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What isA prospect?

Sourcesof leads

NAICS

Conflictingadvice

Terminology

Resolving conflicting adviceResolving conflicting advice

Assume your company sends you, via email, the names and addresses of leads who registered with your firm’s web site that day. All of the leads sent are in your territory and your firm expects you to quickly follow-up with these leads.

However, your sales manager suggests that such leads are a waste of time. S/he instructs you to make cold calls instead, saying “Cold calling got me where I am today. It will for you too!”

What would you say in response?

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ChapterChapter77

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What isA prospect?

Sourcesof leads

NAICS

Conflictingadvice

Terminology

Any questions about the terminology?Any questions about the terminology?

Banner advertisingBird dogBlitzBounce-back cardBuying communityCenter-of-influence methodCold callCold canvass methodDatabasesData miningEndless-chain methode-sellingExclusive sales territoriesHouse accountsInbound telemarketingLeadLead management systemLead qualification system

NetworkingNorth America Industry Classification System (NAICS)Outbound telemarketingPostcard packPrequalificationProspectProspectingQualifying a leadReferred leadSearch enginesSelling deeperspamSpotterStandard Industrial Classification (SIC)Systems integratorTelemarketing

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ChapterChapter77

Questionsanswered

What isA prospect?

Sourcesof leads

NAICS

Conflictingadvice

Terminology