Tel T343 1nd Edition Exam 1 Study Guide Lectures 1 9 Lecture 1 January 15 What is a station sales structure There are 6 components General Manager Responsible for making sure station cluster revenue goals are met National Sales Manager Reports to General Manager Local Sales Manager Reports to National Sales Manager Responsible for inventory rates client list leadership and knowledge Also will set goals Account Executive Responsible for certain client account Reports to local sales manager Co op Sales Specialty kind of sales may require special knowledge base o Example If Marsh creates an ad for them selves and on that advertisement they feature Campbell soup Campbell soup may pay for the cost of that advertisement Beneficial to 2 companies Telemarketing Sales Lecture 2 January 22 Who does an account executive interact most with Account executives interact most with prospects customers and partners What are prospects Prospects are people who have marketing problems your media outlet can solve but who have never bought advertising from your outlet Who are customers Customers are people you have built relations with already Who are partners Partners are people you have persuaded more than once that your media outlet meets their marketing needs Most income comes from partners What are the 5 P s of Marketing Product Place Price Promotion Post purchase service Which of the P s of Marketing do you not have control over Price Place Product Lecture 3 January 27 What are the 5 Ethical Responsibilities To the consumer To your own conscience To the sales customer To the company To the community Lecture 4 January 29 What is the AESKOPP system AESKOPP is a generalization and simplification of some underlying universal sales principles and provides a framework for coaching planning and evaluating sales thinking and action What does AESKOPP stand for Attitude Emotional Intelligence Skills and Knowledge Opportunities Preparation and Persistence Lecture 5 February 3 What is the importance of visualization Visualization allows you to gain confidence and practice by simply imagining a successful sales taking place You can also visualize obstacles that may occur in order to practice how to overcome those obstacles Michael Phelps and others can attest to the benefits of visualization in their life success Lecture 6 February 5 What are the steps to solution selling Prospecting Identifying problems Generating proposals Presenting solutions Negotiating closing Servicing What is the money engine The money engine is also known as the sales funnel or money funnel You have more prospects than pending accounts more pending accounts than active accounts and very few that you will be able to renew Prospects o Keep this fuel tank full o You need to make sure that you are always searching for prospects and looking for new opportunities Pending o In the market and they don t have a perceptual shield against certain mediums o They are in the market for advertising Active o Generative revenue you were able to close the deal Renewals o Shifted from customers to ongoing customers What are some methods for prospecting Look for o Advertisers in other media o By season contact 3 6 months prior o Category o Geographically o Other stations in your medium o Inactive accounts o Current customers can be renewed Lecture 7 February 10 Who would be responsible for interacting with clients such as Ford Coke and Revlon National sales manager Who reports to the local sales manager Account executives Who usually has years of recent experience as an account executive Local sales manager Who is responsible for making sure station revenue goals are met General manager Lecture 8 February 12 How can you define a target audience Demographically and psychographically Those whose needs your station can meet but who have never bought advertising on it are known as Prospects The person in a station responsible for scheduling your client s ads is who The traffic manager Potential clients don t invest in features of your station they invest in The benefits Lecture 9 February 17 What is the difference between good and bad listening Good listening o Don t talk o Understand o When you allow someone to explain something it helps them understand their own beliefs o What you know is nothing the important thing to do is find out what is important tot hem Bad listening o Don t block your ability to perceive needs by stereotypes first impressions or becoming distracted emotional What is a Qualifying interview Where you first begin building relationships with clients Does the prospect have enough money to pay for advertising Can your outlet be a good fit for their needs What is a Discovery meeting This comes after a qualifying interview This is where you find out what the prospect needs Do research on their business to prepare for this What is the 80 20 rule 80 percent of your business will come from about 20 percent of your list That s why creating value is important