SELL Study Set 5

Business

Quiz 5 :

Strategic Prospecting and Preparing for Sales Dialog

Quiz 5 :

Strategic Prospecting and Preparing for Sales Dialog

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HOW TO PROSPECT FOR NEW CUSTOMERS Background Pete Tsuleff has been interested in the food and beverage industry since he was a little boy. His father owned a restaurant/tavern. Tsuleff spent his evenings, weekends, and summers working in the restaurant. At age 21, he began to work as a bartender. He had firsthand experience ordering food, hiring, firing, and running the entire operation by the time he was 25. At age 30, he bought his father out. During the next 10 years, he opened another restaurant/bar and two liquor stores. Tsuleff's first love was experimenting with new recipes. He had a chili that won competitions in his hometown. He made a spaghetti sauce that was world class. His garlic bread and garlic cheese bread were legendary. Tsuleff decided to get out of the tavern and liquor business, and he opened a line of spaghetti shops. Sales over the first five years were outstanding, and he opened a new store every six months. Tsuleff continued to experiment with recipes and developed a line of barbecue sauces. He believes that he is the first to dual franchise spaghetti and barbecue in the same building. Current Situation Tsuleff is convinced that a good market exists (e.g., groceries, restaurants, gas stations) for his garlic bread and spaghetti and barbecue sauces. He has seen his sales grow by 18 percent per year over the past five years, and the trend is expected to continue for at least the next three years. One of his first problems is to obtain a list of prospects. How can Tsuleff qualify the leads he receives? What qualifying factors will be most important?
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In order to quality the leads into business prospects for the future, T should have some benchmarks to ensure successful conversion of the leads into sales. Also, having good criteria for qualifying the leads ensures better satisfaction for the potential customer as well as the seller. As it leads to sustainable business relationships, it is better for the long term planning of the business and its growth.
The following criteria can be used by the restaurateur in this scenario.
• Paying capacity: The paying capacity of the potential customer should be in accordance with the seller's expectations. In this case, the restaurateur, who is looking out for possible retailers, should ensure that the lead has the business and paying capacity to match restaurateur's expectations.
• Growth history: The growth history and trend of a business would ensure to the restaurateur that the deal would be sustainable and mutually beneficial. Also, associating with a retailer has a mutual effect on the reputation of the brand and the seller. Thus, restaurateur should ensure that the association would be beneficial for the brand name.
• Long term vision: The long term vision of the business gives an insight into their operations and professionalism. This information is necessary for the franchisor to associate with the retailers.
• Quality and market share: The market share and quality that the retailer/franchisee has in the market gives an assurance to the franchisor about the equitability of their association.

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HOW TO PROSPECT FOR NEW CUSTOMERS Background Pete Tsuleff has been interested in the food and beverage industry since he was a little boy. His father owned a restaurant/tavern. Tsuleff spent his evenings, weekends, and summers working in the restaurant. At age 21, he began to work as a bartender. He had firsthand experience ordering food, hiring, firing, and running the entire operation by the time he was 25. At age 30, he bought his father out. During the next 10 years, he opened another restaurant/bar and two liquor stores. Tsuleff's first love was experimenting with new recipes. He had a chili that won competitions in his hometown. He made a spaghetti sauce that was world class. His garlic bread and garlic cheese bread were legendary. Tsuleff decided to get out of the tavern and liquor business, and he opened a line of spaghetti shops. Sales over the first five years were outstanding, and he opened a new store every six months. Tsuleff continued to experiment with recipes and developed a line of barbecue sauces. He believes that he is the first to dual franchise spaghetti and barbecue in the same building. Current Situation Tsuleff is convinced that a good market exists (e.g., groceries, restaurants, gas stations) for his garlic bread and spaghetti and barbecue sauces. He has seen his sales grow by 18 percent per year over the past five years, and the trend is expected to continue for at least the next three years. One of his first problems is to obtain a list of prospects. How can Tsuleff organize his prospecting activities?
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The prospecting activities are the steps that lead to selection of the best alternatives available for the business. Having a robust prospecting policy would help the business as it would enable the restaurateur select the best among the available alternatives.
The various methods that can be used by the restaurateur are mentioned below.
• Referrals : Through referrals, the restaurateur would solicit the help of their known aides to find suggest suitable businesses to partner with. Through this, the restaurateur would be easily able to find able business partners at a very nominal cost.
• Centers of influence : Using this approach, the restaurateur would search the forums wherein prospective business opportunities are available.
• Advertising : Advertising has a very wide reach at a cost higher than the previously mentioned methods. However, the benefits in advertising are that it offers a plethora of available prospects for the business.
• Enquirers : The enquirers about the prospecting business opportunities should be contacted as they have an interest in associating with the restaurateur.
• Directories : Business directories offer a lot of information and data about the various businesses that can associate with the restaurateur.

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HOW TO PROSPECT FOR NEW CUSTOMERS Background Pete Tsuleff has been interested in the food and beverage industry since he was a little boy. His father owned a restaurant/tavern. Tsuleff spent his evenings, weekends, and summers working in the restaurant. At age 21, he began to work as a bartender. He had firsthand experience ordering food, hiring, firing, and running the entire operation by the time he was 25. At age 30, he bought his father out. During the next 10 years, he opened another restaurant/bar and two liquor stores. Tsuleff's first love was experimenting with new recipes. He had a chili that won competitions in his hometown. He made a spaghetti sauce that was world class. His garlic bread and garlic cheese bread were legendary. Tsuleff decided to get out of the tavern and liquor business, and he opened a line of spaghetti shops. Sales over the first five years were outstanding, and he opened a new store every six months. Tsuleff continued to experiment with recipes and developed a line of barbecue sauces. He believes that he is the first to dual franchise spaghetti and barbecue in the same building. Current Situation Tsuleff is convinced that a good market exists (e.g., groceries, restaurants, gas stations) for his garlic bread and spaghetti and barbecue sauces. He has seen his sales grow by 18 percent per year over the past five years, and the trend is expected to continue for at least the next three years. One of his first problems is to obtain a list of prospects. What precall information does Tsuleff need? How will he collect this information?
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The pre-call information needed by the restaurateur in this scenario is mentioned below.
• Information about the prospect : The basic information about the prospect is important for the restaurateur as it would enable him/her to see the feasibility of carrying business. This information involves the business model, profitability, net worth etc. of the prospects' business.
• Information about the sales process : The sales process and the information about it should be clear to the restaurateur as it would enable him/her to make realistic claims and promises. Not having the knowledge about the same would make the prospect deem the marketer unprofessional.
• Information about the pricing trends : It is of utmost importance in making a good deal.
• Information about competitors : The various benchmarks of pricing and sales processes in the industry form an important aspect of the pre-call information. If the marketer is not updated with this information, the deal offered by him/her would be deemed unprofessional by the prospect.

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HOW TO PROSPECT FOR NEW CUSTOMERS Background Pete Tsuleff has been interested in the food and beverage industry since he was a little boy. His father owned a restaurant/tavern. Tsuleff spent his evenings, weekends, and summers working in the restaurant. At age 21, he began to work as a bartender. He had firsthand experience ordering food, hiring, firing, and running the entire operation by the time he was 25. At age 30, he bought his father out. During the next 10 years, he opened another restaurant/bar and two liquor stores. Tsuleff's first love was experimenting with new recipes. He had a chili that won competitions in his hometown. He made a spaghetti sauce that was world class. His garlic bread and garlic cheese bread were legendary. Tsuleff decided to get out of the tavern and liquor business, and he opened a line of spaghetti shops. Sales over the first five years were outstanding, and he opened a new store every six months. Tsuleff continued to experiment with recipes and developed a line of barbecue sauces. He believes that he is the first to dual franchise spaghetti and barbecue in the same building. Current Situation Tsuleff is convinced that a good market exists (e.g., groceries, restaurants, gas stations) for his garlic bread and spaghetti and barbecue sauces. He has seen his sales grow by 18 percent per year over the past five years, and the trend is expected to continue for at least the next three years. One of his first problems is to obtain a list of prospects. What prospecting methods should Tsuleff use?
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HOW TO PROSPECT FOR NEW CUSTOMERS Background Pete Tsuleff has been interested in the food and beverage industry since he was a little boy. His father owned a restaurant/tavern. Tsuleff spent his evenings, weekends, and summers working in the restaurant. At age 21, he began to work as a bartender. He had firsthand experience ordering food, hiring, firing, and running the entire operation by the time he was 25. At age 30, he bought his father out. During the next 10 years, he opened another restaurant/bar and two liquor stores. Tsuleff's first love was experimenting with new recipes. He had a chili that won competitions in his hometown. He made a spaghetti sauce that was world class. His garlic bread and garlic cheese bread were legendary. Tsuleff decided to get out of the tavern and liquor business, and he opened a line of spaghetti shops. Sales over the first five years were outstanding, and he opened a new store every six months. Tsuleff continued to experiment with recipes and developed a line of barbecue sauces. He believes that he is the first to dual franchise spaghetti and barbecue in the same building. Current Situation Tsuleff is convinced that a good market exists (e.g., groceries, restaurants, gas stations) for his garlic bread and spaghetti and barbecue sauces. He has seen his sales grow by 18 percent per year over the past five years, and the trend is expected to continue for at least the next three years. One of his first problems is to obtain a list of prospects. How should he keep records of his prospects?
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