The Selling Process & Prospecting: Steps, Prospecting Methods & Buyer Behavior

TAKEAWAYS:

• The selling process is a 7-step cycle (prospecting → pre-approach → approach → presentation → handling objections → closing → follow-up) that adapts to buyer psychology.
• Prospecting identifies qualified leads using methods like referrals, cold calling, and digital tools (e.g., LinkedIn Sales Navigator).
• Individual buyers (e.g., eSewa users) make emotional, convenience-driven decisions, while organizational buyers (e.g., NTC procurement teams) follow structured RFP processes.
• Objections are opportunities to clarify needs—NEPSE traders reject initial pitches but buy after understanding risk mitigation.
• Pricing knowledge (e.g., Daraz’s dynamic discounts) is critical to justify value and close sales.
• Sales automation tools (e.g., HubSpot CRM) streamline prospecting but require human judgment for relationship-building.

1. The Selling Process: A 7-Step Framework

The selling process is a structured, repeatable cycle that transforms a stranger into a loyal customer. Unlike traditional marketing (which pushes messages), selling is dialogue-driven—it responds to buyer needs in real time. Below is the step-by-step process, visualized as a cycle:

Key Definitions

• Prospect: A potential buyer who meets qualifying criteria (e.g., budget, authority, need).
• Lead: A raw contact (e.g., a website visitor) who may or may not be a prospect.
• Qualifying: Filtering leads using BANT criteria (Budget, Authority, Need, Timeline).

How It Works: A Worked Example

Scenario: Selling a solar home system to a rural household in Nepal.

1. Prospecting: Identify families with electricity bills > Rs. 5,000/month (high need) via NTC’s consumer database.
2. Pre-Approach: Research their energy usage (e.g., 3 hours/day TV + fridge) to tailor the pitch.
3. Approach: Visit with a local distributor (trusted referral) to build rapport.
4. Presentation: Show a cost-benefit analysis (savings vs. upfront cost) using a real calculator (see below).
5. Objection Handling: "It’s too expensive!" → "With NMB Bank’s 0% EMI, your monthly payment is just Rs. 1,200—less than your current bill."
6. Closing: "Shall we install it next week?" (assumptive close).
7. Follow-Up: Call after 1 month to check satisfaction and offer maintenance.

2. Prospecting: Finding the Right Buyers

Prospecting is the first step—without qualified leads, no sale happens. Methods vary by industry:

Qualifying Prospects: The BANT Framework

Not all leads are equal. Use BANT to prioritize:

• Budget: Can they afford it? (e.g., A Pathao driver may not buy a Tesla but could upgrade to a Toyota Innova).
• Authority: Who makes the decision? (e.g., NTC’s procurement officer, not the janitor).
• Need: Do they have a problem your product solves? (e.g., banks need fraud detection after Khalti hacks).
• Timeline: When do they need it? (e.g., monsoon season = high demand for waterproofing products).

3. Individual vs. Organizational Buyers: Who Decides?

Buyers act differently based on psychology and processes. Compare:

Real-World Example: NEPSE vs. Daraz

• NEPSE Traders (individuals):
  • Objection: "Stocks are risky!"
  • Response: "With our risk-assessment tool, you can start with Rs. 10,000 and see 8% returns—like Merchant Bank’s past clients."
• NTC (organizational buyer):
  • Process: Publishes a Request for Proposal (RFP) for solar panels.
  • Sales Strategy: Submit a technical + financial bid with third-party certifications.

4. Handling Objections: Turning "No" into "Yes"

Objections are not rejections—they’re signals about unmet needs. Common objections and professional responses:

The "Feel-Felt-Found" Technique

For emotional objections:

1. Feel: "I understand how you feel—switching providers can be stressful."
2. Felt: "Other clients felt the same, but after trying us, they found..."
3. Found: "...our 24/7 customer support reduced their complaints by 60%."

5. Closing the Sale: Techniques That Work

Closing is not pushy—it’s guiding the buyer to a "yes." Common methods:

Pro Tip: Silence is powerful. After presenting, pause and let the buyer respond.

6. Follow-Up: The Secret to Repeat Sales

80% of sales require 5+ follow-ups (but most salespeople give up after 1). Why?

• Buyers need time to research, consult colleagues, or get approval.
• Relationships build trust (e.g., Ncell’s loyal customers after years of service).

Follow-Up Plan for a Bank Loan Officer:

1. Day 1: Send a thank-you email with loan details.
2. Day 7: Call to check if they have questions.
3. Day 14: Share a testimonial from a similar client.
4. Day 30: Offer a limited-time interest rate (e.g., 8% instead of 9%).

In the Real World

1. eSewa’s Lead Generation:

   • Idea Used: Digital prospecting + referrals.
   • How: eSewa’s "Invite & Earn" program rewards users for referring friends, turning individual buyers into prospect sources. Their CRM tracks which services (electricity, insurance) users engage with most to personalize upsells.

2. Daraz’s Customer Segmentation:

   • Idea Used: Organizational buyer behavior (B2B) vs. individual (B2C).
   • How: Daraz’s wholesale platform targets retailers (organizational buyers) with bulk discounts, while its app uses social proof (e.g., "500+ people bought this in the last hour") for individual shoppers.

3. NEPSE’s Research Reports:

   • Idea Used: Handling objections with data.
   • How: When traders hesitate due to market volatility, NEPSE’s analyst team provides risk-rated stock picks (e.g., "These 5 stocks have 12% growth potential with low beta"), turning "I don’t know" into "Let’s invest."

Exam Tip

1. Case Studies Are Key:
   • Past Exam Pattern: 20–25% of questions are case-based (e.g., "How would you prospect for a furniture company in Nepal?").
   • Your Strategy:
     • Identify the buyer type (individual/organizational).
     • Map their objections to your closing techniques.
     • Use real numbers (e.g., "With a 10% discount, the payback period is 18 months").

2. Memorize the 7-Step Process:

   • Examiners love bullet-point answers. Structure your response like this:

     "The selling process consists of prospecting (identifying leads), pre-approach (research), approach (first contact), presentation (value demo), objection handling (addressing concerns), closing (securing commitment), and follow-up (ensuring satisfaction)."

3. Prospecting Methods = Easy Marks:

   • List 3–4 methods with one Nepal example each. Example:

     "Cold calling (e.g., calling Ncell retailers to pitch new plans), referrals (eSewa’s user referrals), and database mining (CIA Factbook for exporters)."

4. Avoid Vague Answers:

   • ❌ "Pricing is important."
   • ✅ "Pricing knowledge is critical because Daraz’s dynamic discounts (e.g., 20% off at 3 PM) leverage psychological pricing to increase cart value by 15% during peak hours."

Final Visual Summary:

mindmap
  root((Selling Process))
    Prospecting
      Methods: Cold Calling, Referrals, Digital Tools
      Example: eSewa’s Invite & Earn
    7-Step Cycle
      Step 1: Prospecting
      Step 2: Pre-Approach (Research)
      Step 3: Approach (First Contact)
      Step 4: Presentation (Value Demo)
      Step 5: Objection Handling (Feel-Felt-Found)
      Step 6: Closing (Assumptive Close)
      Step 7: Follow-Up (Relationship Building)
    Buyer Types
      Individual: Emotional, Impulse
      Organizational: Rational, RFPs
    Real-World Tie
      NEPSE: Data-driven objections
      Daraz: B2B vs. B2C strategies