Question 1

Describe each of the four stages of the prospecting funnel.

Accepted Answer

The first Stage entails selecting from the global marketplace a target market or list of possible customers, called suspects or suspect accounts. To determine suspects, we must define and employ various qualifying criteria, such as size, credit worthiness, sales potential, location, and more, depending on the business you are in.
Stage two involves verifying the customer's need or interest in your product/service, thus converting some of these suspects into genuine prospects.
Stage three requires using various consultative selling techniques, skills, and tools to convert the prospect ac-counts into hot ones that are ready to start doing business with you and your organization.
The fourth and final Stage involves moving the hot ones through further selling efforts toward making a favour-able buying decision so that they become new customers.

Question 2

List the 9 Tips for Building Loyalty - and Commissions described by sales expert Colleen Francis.

Accepted Answer

Be nice and say thank you!
Make it easy to be a customer
Reward loyalty
Make it about them
Ask them what they want
Ask them how you can help
Get "buy" with a little help from their friends
Get your customers involved
Ensure everyone in your company is involved

Question 3

Customer service is important, but not significant enough to differentiate you from your competitor.

Accepted Answer

A) True 
 B)False  False

Question 4

If a prospective client will not make a decision on the spot, claiming that they need to get approval from others, it is best to:

Accepted Answer

A)  Push harder until you secure the sale. 
B)  Offer more incentives, such as a discount or other form of financial benefits to secure the immediate transaction. 
C)  Accept their response, but stay in touch and follow up with them. 
D)  Go directly to the person from whom they need approval and secure the sale. 
A)  Push harder until you secure the sale. 
B)  Offer more incentives, such as a discount or other form of financial benefits to secure the immediate transaction. 
C)  Accept their response, but stay in touch and follow up with them. 
D)  Go directly to the person from whom they need approval and secure the sale.

Question 5

If it takes longer than a couple of weeks for the decision to be made it is safe to assume the client is not interested.

Accepted Answer

A) True 
 B)False

Question 6

How does sales expert Colleen Francis suggest you reward loyalty?

Accepted Answer

Don't make the mistake of rewarding only

Question 7

How frequently is it advised that you follow up with each of your customers?

Accepted Answer

A)  Daily 
B)  Weekly 
C)  Twice per year 
D)  At a minimum of every 30 days 
A)  Daily 
B)  Weekly 
C)  Twice per year 
D)  At a minimum of every 30 days

Question 8

Those accounts that have a verified need in your products and/or services are called:

Accepted Answer

A)  Subject accounts 
B)  Verified accounts 
C)  Concrete accounts 
D)  Prospect accounts 
A)  Subject accounts 
B)  Verified accounts 
C)  Concrete accounts 
D)  Prospect accounts

Question 9

Most people are commitment-phobic. They are not going to make a decision until they are presented with options.

Accepted Answer

A) True 
 B)False

Question 10

You have a meeting and sales presentation planned with an important prospective client. Where is the ideal place to position yourself in the room? Why?

Accepted Answer

When entering the meeting, introduce you

Question 11

A customer relationship management database (or CRM) is absolutely vital to keep track of every conversation and every commitment you make to pursue next steps in sales.

Accepted Answer

A) True 
 B)False

Question 12

Why is it important that start-up salespeople have good listening skills?

Accepted Answer

The products sold by startups are create

Question 13

All of the following are listed in the Canadian Professional Sales Association's "9 Account Management Mistakes", except:

Accepted Answer

A)  The buyer feels sold 
B)  Not enough follow-up 
C)  The customer feels misunderstood 
D)  Letting competitors outdo you 
A)  The buyer feels sold 
B)  Not enough follow-up 
C)  The customer feels misunderstood 
D)  Letting competitors outdo you

Question 14

If, during a sales presentation, you do not know the answer to a question, it is okay to tell them this and promise to get back to them with the information.

Accepted Answer

A) True 
 B)False

Question 15

If a prospect is already working with a supplier and don't want to make a change, this can be difficult to overcome. One thing you might do is offer a free trial for them to evaluate your product.

Accepted Answer

A) True 
 B)False

Question 16

When preparing a sales presentation, it is important to do all of the following, except:

Accepted Answer

A)  Write down your objectives 
B)  Develop a schedule for completion of your presentation 
C)  Find out as much information as you can about the person who will be making the business decision 
D)  Arm yourself with information that will discredit the competition and begin your presentation with those facts 
A)  Write down your objectives 
B)  Develop a schedule for completion of your presentation 
C)  Find out as much information as you can about the person who will be making the business decision 
D)  Arm yourself with information that will discredit the competition and begin your presentation with those facts

Question 17

When presenting your product/service to a potential client, you should do all the talking, take control of the meeting, and answer questions only at the end, once your presentation is complete.

Accepted Answer

A) True 
 B)False

Question 18

How should you deal with a prospective client for whom pricing is an issue?

Accepted Answer

A)  Deal with this by offering the client a lower price immediately. 
B)  Deal with this by degrading the competitor's offering. 
C)  Deal with this by asking the client if the offering was identical to yours and offer to go over their proposal with them to ensure they are comparing apples to apples. 
D)  Deal with this by offering enhanced services and extending warranties beyond what the competitor is offering. 
A)  Deal with this by offering the client a lower price immediately. 
B)  Deal with this by degrading the competitor's offering. 
C)  Deal with this by asking the client if the offering was identical to yours and offer to go over their proposal with them to ensure they are comparing apples to apples. 
D)  Deal with this by offering enhanced services and extending warranties beyond what the competitor is offering.

Question 19

___% of your company's future revenue will come from ____% of your existing customers.

Accepted Answer

A)  90; 10 
B)  80; 20 
C)  70; 30 
D)  60; 40 
A)  90; 10 
B)  80; 20 
C)  70; 30 
D)  60; 40

Question 20

At the top level of the prospecting funnel are the:

Accepted Answer

A)  Prospects 
B)  Suspects 
C)  Concepts 
D)  Subjects 
A)  Prospects 
B)  Suspects 
C)  Concepts 
D)  Subjects

Describe each of the four stages of the prospecting funnel.

List the 9 Tips for Building Loyalty - and Commissions described by sales expert Colleen Francis.

Customer service is important, but not significant enough to differentiate you from your competitor.

If a prospective client will not make a decision on the spot, claiming that they need to get approval from others, it is best to:

If it takes longer than a couple of weeks for the decision to be made it is safe to assume the client is not interested.

How does sales expert Colleen Francis suggest you reward loyalty?

How frequently is it advised that you follow up with each of your customers?

Those accounts that have a verified need in your products and/or services are called:

Most people are commitment-phobic. They are not going to make a decision until they are presented with options.

You have a meeting and sales presentation planned with an important prospective client. Where is the ideal place to position yourself in the room? Why?

A customer relationship management database (or CRM) is absolutely vital to keep track of every conversation and every commitment you make to pursue next steps in sales.

Why is it important that start-up salespeople have good listening skills?

All of the following are listed in the Canadian Professional Sales Association's "9 Account Management Mistakes", except:

If, during a sales presentation, you do not know the answer to a question, it is okay to tell them this and promise to get back to them with the information.

If a prospect is already working with a supplier and don't want to make a change, this can be difficult to overcome. One thing you might do is offer a free trial for them to evaluate your product.

When preparing a sales presentation, it is important to do all of the following, except:

When presenting your product/service to a potential client, you should do all the talking, take control of the meeting, and answer questions only at the end, once your presentation is complete.

How should you deal with a prospective client for whom pricing is an issue?

_% of your company's future revenue will come from __% of your existing customers.

At the top level of the prospecting funnel are the:

Assessing Your Potential for an Entrepreneurial Career

Exploring Business Ideas and Opportunities

Market Feasibility Study

Cost and Profitability Assessment

Business Plans

Legal Considerations

Financing Your Business and Accounting Practices

Marketing

Buying a Business

Buying a Franchise

Filters

Exam 9: Sales

Describe each of the four stages of the prospecting funnel.

List the 9 Tips for Building Loyalty - and Commissions described by sales expert Colleen Francis.

Customer service is important, but not significant enough to differentiate you from your competitor.

If a prospective client will not make a decision on the spot, claiming that they need to get approval from others, it is best to:

If it takes longer than a couple of weeks for the decision to be made it is safe to assume the client is not interested.

How does sales expert Colleen Francis suggest you reward loyalty?

How frequently is it advised that you follow up with each of your customers?

Those accounts that have a verified need in your products and/or services are called:

Most people are commitment-phobic. They are not going to make a decision until they are presented with options.

You have a meeting and sales presentation planned with an important prospective client. Where is the ideal place to position yourself in the room? Why?

A customer relationship management database (or CRM) is absolutely vital to keep track of every conversation and every commitment you make to pursue next steps in sales.

Why is it important that start-up salespeople have good listening skills?

All of the following are listed in the Canadian Professional Sales Association's "9 Account Management Mistakes", except:

If, during a sales presentation, you do not know the answer to a question, it is okay to tell them this and promise to get back to them with the information.

If a prospect is already working with a supplier and don't want to make a change, this can be difficult to overcome. One thing you might do is offer a free trial for them to evaluate your product.

When preparing a sales presentation, it is important to do all of the following, except:

When presenting your product/service to a potential client, you should do all the talking, take control of the meeting, and answer questions only at the end, once your presentation is complete.

How should you deal with a prospective client for whom pricing is an issue?

___% of your company's future revenue will come from ____% of your existing customers.

At the top level of the prospecting funnel are the:

Assessing Your Potential for an Entrepreneurial Career

Exploring Business Ideas and Opportunities

Market Feasibility Study

Cost and Profitability Assessment

Business Plans

Legal Considerations

Financing Your Business and Accounting Practices

Marketing

Buying a Business

Buying a Franchise

Filters

_% of your company's future revenue will come from __% of your existing customers.