Progressive Prospecting - Module 2 Quiz

Explanation
Studies estimate that most sales are made after 5 sales contacts. This suggests that it typically takes multiple interactions with a potential customer before they are ready to make a purchase. Building a relationship and establishing trust through repeated contact is crucial in the sales process. By the fifth contact, the salesperson has likely had enough opportunities to understand the customer's needs, address any concerns, and provide the necessary information to close the sale.

Explanation
The correct answer is strategic prospecting, planning and needs analysis, strategy and solutions, presentation and close. This answer accurately describes the stages of the sales funnel. Strategic prospecting involves identifying potential customers, planning and needs analysis involves understanding their needs, strategy and solutions involves developing a sales strategy, presentation involves presenting the product or service, and close involves finalizing the sale. The other option, cold calling, ad schedules, processing ads and credits, does not accurately describe the stages of the sales funnel.

Explanation
A hot prospect refers to a potential customer who not only has a need for the product or service being offered but also possesses the financial capability to make the purchase. In other words, they have both the desire and the means to buy. This ensures that the prospect is more likely to convert into an actual customer, making them a valuable lead for the business.

Explanation
The strategic prospecting process refers to a methodical and structured approach to understanding the most effective ways to concentrate sales efforts. It involves determining the right target market, identifying the ideal timing for reaching out to prospects, and developing strategies for effective selling. By following this disciplined process, sales professionals can optimize their efforts and increase their chances of success. Therefore, the statement that the strategic prospecting process is a disciplined and systematic approach to knowing where, when, and how to focus one's selling efforts is true.

Explanation
The statement suggests that a significant majority of sales, specifically 80%, occur between the 5th and 12th contact. This implies that building a strong relationship with potential customers and maintaining consistent communication is crucial in order to increase the chances of making a sale. By reaching out multiple times, businesses can establish trust, address any concerns or objections, and ultimately close the deal.