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Problem

On the basis of return on investment, why do financial relationship marketing programs (for example, discounts) often fail to pay off?

Step-by-step solution

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Step 1/2

Salesperson is an individual who activates a sales account for the business. Sales account is defined as the customer buying the product or service at the point of contact with salesperson.

Step 2/2

As the salesperson calls a customer in the business market, she or he should be aware of certain players and elements in the market. It includes buying center, purchasing requirements, and the competition. The following information should be collected while planning a call for sales accounts.

• Competition: The sales personnel should identify the possible competition in the business market. The customer need can be met with his product or any products that its rivals offer. Thus, what products are readily available in the market and what value they offer to the customer needs to be known. In addition, a differentiating strategy needs to be developed at the same time.

• Purchasing requirements: The customer may have various requirements to meet with products. Thus, salesperson should understand all requirements that a potential customer might have during the purchase time. It may be price, quality, quantity, or some specific ingredient or attributes. These attributes need to be correlated with the product that they have to offer them.

• Buying center: A buyer center is a decision-making unit that includes certain individuals. These individuals play different roles in purchase decision-making. A buying center includes users, influencers, buyers, deciders, and gatekeepers. The salesperson should understand who is the prospect he or she is about to call. This helps to use the correct persuading message and content during the call. The content the user requires is different from that of an influencer requires. Understanding who he or she is in the content will help to draft a sale pitch appropriately.