Assignment on Understanding Customer Value
Q8. What is a Qualified Lead? What is a Budget, Authority, Need, and Time (BANT) approach to
qualifying a lead?
A potential consumer or customer is referred to as a qualified lead if they have been evaluated and
found to meet specific requirements, indicating a higher possibility that they will become a paying
client. The goal of recruiting leads is to concentrate marketing and sales campaigns on customers or
clients who are most inclined to take advantage of and buy the provided goods and services.
The BANT technique is a framework for lead qualification that aids sales teams in deciding whether
or not a lead is worthwhile of further investigation. Cost, Authority, Demand, and Time, or BANT,
stands for the four main factors that should be considered while determining the calibre of a lead:
1. Budget: This element determines whether or not the lead has the money to pay for the good
or service. It's critical to check that the the lead's budget and the price of the suggested
solution are compatible. The lead might not be an appropriate candidate at that time if they
lack the necessary budget.
2. Authority: This factor establishes if the lead has the authority necessary to make a
transaction within their company. Prolonged periods of selling and probable difficulties
closing the contract could result from the lead's lack of confidence.
3. Need: Determining whether a lead actually has an issue or need that the good or service can
satisfy requires determining the lead's need. It's doubtful that a prospect will turn into a
customer if there is no obvious need for the assistance.
4. Time: This aspect evaluates how soon the lead plans to make a purchase. Knowing if the
lead is proactively trying to make the choice soon to determine whether it's a longer-term
consideration is crucial. Since they are more probable to turn into customers quickly, timesensitive leads are frequently given preference.
Q12. Describe the following selling approaches (a) Consultative Selling approach (b) Need
Satisfaction approach (c) Problem-solving approach (d) Stimulus-Response approach.
The description for four selling approaches are:a. Consultative selling approach: This customer-focused strategy places a major emphasis on
getting to know potential customers and understanding their individual wants and concerns.
Salespeople that employ this strategy serve as consultants, proactively listening to the
concerns of the consumer, posing probing questions to elucidate underlying problems, and
providing customised solutions rather than just presenting a product or service. The
objective is to establish an association with the client by offering them insightful
information and suggestions that are tailored to their individual needs. A more cooperative
and trust-based connection between the salesman and the consumer is frequently the
outcome of this strategy.
b. Need Satisfaction Approach: The focus of this strategy is on determining and meeting the
needs and desires of the client. When employing this strategy, salespeople concentrate on
comprehending the needs of the client before portraying what they're selling as a response to
those needs. Asking inquiries to identify problem spots, delivering advantages and
capabilities that target those difficulties, and showcasing how the remedy will provide value
for the customer are all steps in the process. The secret is to clearly demonstrate the value
proposition by matching the qualities of the product with the demands of the consumer.
c. Problem-Solving method: Consultative selling and the problem-solving method are closely
related. It entails determining and addressing certain difficulties or issues that the client is
dealing with. When employing this strategy, salespeople consult with the client to analyse
the challenges they are facing before putting up a solution that satisfies those issues. The
capacity to portray the product / service as the best solution for the customer's particular
problem is necessary for this strategy, as is a thorough understanding of the client's
company, industry, and pain domains.
d. Stimulus-Response Approach: This marketing strategy is more conventional and
transactional in nature. It relies on well produced advertisements or sales pitches to elicit
precise responses from prospective clients. When employing this strategy, salespeople
frequently rely on persuasion tactics and carefully practised scripts to win over customers.
This strategy is more concerned with employing persuasive techniques to elicit the desired
response than it is with comprehending the specific demands of the consumer. While it may
be useful in some circumstances, it might not promote as much relationship development
and trust as other strategies as consultative selling or solving issues
Q13. Describe the following Customer Relationship Strategies (a) Collaborative (b) Partnership (c)
Solution-selling (d) Transactional.
The Descriptions are:a. Collaborative Customer Relationship strategy: This method places an emphasis on a closeknit collaboration between the seller and the client. In this strategy, both parties collaborate
to accomplish shared aims and objectives. Open communication, information sharing, and
cooperative problem-solving are all components of collaboration. Both the seller and the
consumer see one another as partners who actively participate in conversations to find ways
to further innovation, growth, and improvement. By ensuring that both parties are invested
in the relationship's long-term success, this tactic promotes confidence and dedication.
b. Partnership Customer Relationship Strategy: By forging a strong and strategic relationship
between the seller and the customer, the partnership strategy goes beyond collaboration. It
calls for a high degree of integration, the use of common resources, and a concentration on
attaining shared goals. Long-term agreements and several transactions are frequently a part
of partnerships. To maximise value, both parties make an investment in learning about one
another's firms and aligning their strategies. The partnership approach is based on an
obligation to shared success, shared principles, and trust.
c. Solution-Selling Customer Relationship Strategy: Identifying the unique demands,
difficulties, and aspirations of the customer is at the heart of the solution-selling approach,
which is followed by the provision of specialised solutions. By delivering comprehensive
answers that go above the product itself, sellers who use this method present themselves as
issue solvers. The emphasis is on showcasing how the good or service directly helps the
consumer solve their problems or achieve their goals. This tactic calls for an in-depth
knowledge of the client's industry and the capacity to effectively convey to the client the
value that the solution brings.
d. Transactional Customer Relationship Strategy: Customer relationship strategy that focuses
on particular sales transactions and takes a more direct, short-term approach is known as a
"transactional" strategy. The main objective is to close the sale swiftly and efficiently,
frequently with little or no attention paid to developing lasting relationships. The seller
might place a higher priority on selling a particular good or service than addressing the
customer's more general wants. While this tactic may work for some items or market niches,
it may not ultimately result in a loyal client base or a high proportion of return business.