2 (A) the number of calls equals $200,000/($500*0.20*0.25) or 8000
calls per year. 21 days*12 months = 252 days per year. Therefore,
about 32 calls must be made per day. Given that 20% result in
appointments, there will be 6.4 appointments per day on average. At a
closure rate of 25%, and assuming there are five working days each
week, this amounts to 8 deals per week and about 34 deals per 21
working day month.
2 (B) this is a peer-to-peer selling environment because the executive
(the doctor) is the gatekeeper who ultimately determines what is
purchased. Furthermore, the doctor is educated and can understand
scientific and pricing information. This presents the salesperson
with an opportunity to persuade the doctor to prescribe the medication
with a detailed presentation explaining the benefits of his
medication.
2 (C) several tactics are available. One is to provide a service to
the physicians, such as dropping of free samples at their offices, and
taking the opportunity to chat them up and/or schedule an appointment
with them in person. Another is to offer to take them out for a meal
(physicians have to eat some time). A third is to arrange for
physicians to meet you at a gas station and fill up their car while
giving them a sales presentation.
2 (D) other possibilities include setting up rewards programs that the
physician will want to learn about, thereby providing a selling
opportunity as well. Offering seminars in attractive locations free
of charge to the physician can gain their attention. Sending them to
conferences where your product is discussed is another method.
Selling to their patients through advertising in the media and
brochures in the doctor's waiting room can also influence physician's
prescribing decisions.
3 (A) the problem is that the sales decision is being made entirely
based on price. The salesperson needs to identify other areas where
he can be competitive to offset his higher price. Better service,
reduced delivery times, more flexibility in ordering requirements, or
undertaking a joint development project with the customer could all be
ways to change the discussion from being purely based on price.
Repairing the relationship with his contact is essential. Offering to
take the contact out for a meal to show there are no hard feelings
could be a good first step.
3 (B) the problem is that the salesperson is unable to establish a
good connection with people he is being referred to that generates a
sale. There are several ways to improve the likelihood of
establishing a connection that can result in a sale. Having the
person who is making the referral make the initial contact with the
referral to introduce the salesperson is ideal. Learning as much
about the relationship between the person who is making the referral
and the referral, along with what problems the referral has that the
salesperson could solve, can be extremely beneficial in determining
the quality of the referral and the approach the salesperson should
take to quickly gain the interest of the referral.
4 (A) "New Sales Competencies" Falcon Performance Group, Inc.
http://www.falconperformance.com/article-2.html (the material not in
quotation marks is my own work). You can obtain further information
about the new sales competencies from the link.
"Engaging in Self-Appraisal and Continuous Learning."
Identifying how your sales skills are helping and hurting you is
important to improving your technique. Learning new skills and
approaches can be very valuable, particularly if technology plays a
role in your sales methodology. Understanding your product
completely, and keeping up with changes to it, inspires customer
confidence.
"Listening Beyond Product Need."
Helping customers figure out what they need to solve their problems,
including aspects beyond those addressed specifically by your product,
gives customers confidence that you understand their business and can
be a suitable partner. Being able to propose a complete solution
instead of being limited to only areas addressed by your product can
also be a strong competitive advantage.
"Orchestrating Internal Resources."
Making it easy for the customer to get questions answered and work
with your company during the sales cycle is critical to preventing
customer confusion and frustration. Customers prefer to give business
to companies they are comfortable with. A confusing sales process can
create doubt that derails the sale regardless of the product's
strength.
"Aligning Customer/ Supplier Strategic Objectives."
Helping customers, even if it does not directly relate to the sale of
a product, can build goodwill that makes you the preferred supplier
when the time comes to purchase something. Demonstrating skills can
also build confidence in your organization's ability to deliver.
"Establishing a Vision of a Committed Customer/Supplier Relationship."
Getting customers to share information makes it easier for you to
understand their problems and tailor your sales presentation to their
expectations. Being able to provide detailed information about how
your product will benefit them is far more compelling than
generalizations resulting from a lack of information.
"Understanding the Financial Impact of Decisions."
Ultimately, firms make decisions to purchase based on their financial
impact. Being able to articulate the financial benefits of purchasing
from you, along with understanding how customer-specific requests
impact your company's financial position, allow you to demonstrate
maximum flexibility without compromising your profitability.
Furthermore, requests that turn out to be financially infeasible can
be discussed objectively instead of vaguely, which can encourage
customers to understand your inability to grant them.
"Consultative Problem Solving requires anticipating possible problems
and proposing innovative solutions."
Taking a broad approach to the problem and formulating a complete
solution, even if it draws upon skills and products from other
companies, demonstrates a deep understanding of the problem that
inspires confidence.
Sincerely,
Wonko |
