T343 1st Edition Lecture 6 Outline of Current Lecture I Steps to Solution Selling II The Money Engine III Prospecting Goals IV Methods of Prospecting Current Lecture I Steps to Solution Selling a Prospecting b Identifying Problems i Finding features that your media outlet has that can help solve the problems that the prospect has c Generating Proposals i Match the problems with the features that your outlet has ii Put the benefits into a proposal iii Proposals written documents that you present verbally in media sales situation in person d Presenting Solutions e Negotiating and Closing i Know when it s time to stop talking and close the deal f Servicing These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute i Need to check back with customer and partner to make sure that problems are getting solved II The Money Engine a Also known as the sales funnel money funnel prospect funnel b You have more prospects than pending accounts more pending accounts than active accounts and very few that you will be able to renew c Prospects i Keep this fuel tank full ii You need to make sure that you are always searching for prospects and looking for new opportunities d Pending i In the market like your medium ii They are in the market and they don t have a perceptual shield against certain mediums iii They are in the market for advertising e Active i Generating revenue ii They are active clients they are generating revenue for the station and you are receiving a commission from their business iii You were able to close the deal f Renewals i Always sell for the second order not the first ii Renewals shifted from customers to ongoing customers III Prospecting Goals a Number of contacts per week month i Develop a personal awareness of this ratio ii This is a goal you will make with your general sales manager iii How many prospects are you going to contact and how are you going to contact them iv You usually meet with your general sales manager on a weekly basis to be held accountable for your goal b Number of appointments i Become aware of contact appointment ratio ii Set a goal for the number of appointments you want to reach iii Slowly get better with practice c Number of bona fide prospects i Usually you need to make a presentation ii Your first list of prospects is usually given to you d Number of pending accounts i Closing ratio pending active ii Set benchmarks e Number of active accounts i Use the number of active accounts as benchmarks ii Later after more experience your benchmarks will be more revenue based IV Methods of Prospecting a Advertisers in other Media i Always keep your eyes peeled for who does not have a media solution b By season i Contact 3 6 months prior ii Start early for future prospects getting customers will take time c Category d Geographically e Other stations in your medium f Inactive accounts g Current customers i Current customers can be renewed ii Current customers than refer you to other customers