Identify who makes the purchasing decisions

Assignment Help Business Management

Reference no: EM133651051

Problem

I. Identify and Research Prospects

Start by choosing a product or service from a company that you're familiar with.

Conduct research to identify at least three potential prospects for this product/service within a given market. To identify prospects, think about the demographics, industries, or types of companies that might benefit from the product or service you've chosen. Use online resources like industry reports, company websites, LinkedIn, and news articles to gather information.

Make a short profile for each prospect, explaining why you've chosen them. Your profile should include details like the prospect's industry, size, location, and any needs or challenges they might have that your product/service could address.

II. Use the BANT (Budget, Authority, Need, Timeline) framework to further qualify your prospects and understand their needs.

The BANT framework is a way to understand whether a prospect is a good fit for your product/service.

1. Budget: Determine if the prospect has the financial resources to afford your product/service. You might look at the company's size, industry standards, or public financial information to make this assumption.

2. Authority: Identify who makes the purchasing decisions. In a B2B context, this might be a procurement officer, a department head, or an executive.

3. Need: This should be a problem or goal that your product/service can address. You should have identified some needs when you profiled your prospect, but now you'll want to get more specific.

4. Timeline: Figure out when the prospect would need your product/service. Is there an urgent problem that needs solving, or is this a long-term goal?

Document your assumptions and the information you find for each element of BANT for all three prospects. For more guidance on how to organize your findings, reference What is BANT and how can it streamline lead generation?

III. Make a Sales Pitch

Make a sales presentation, with sections tailored for each prospect. Your presentation should be customer-centric, focusing on the needs of the customer and how your product/service can meet those needs. Your presentation can be in the form of a written script

IV. Self-Assessment

Reflect on the skills and strategies you used during this assignment. Identify areas where you excel and areas where you can make strategic improvements.

Reference no: EM133651051

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