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Topic 8: Sales and Customer Acquisition (Sales Process (Prospecting…
Topic 8: Sales and Customer Acquisition
Marketing
Required to convert prospective customer into actual customer
Sales Process
Prospecting
Identifying Potential Customer
Qualifying
Contacting
Ensuring that the customer knows about the product
Presenting
Overcoming Objection
Address any questions
Closing Sales
Relationship Management
Challenges for Startup in Marketing and Sales
Ability to address customers' concern
No or less use case to convince customer
Need first brandname customer
Deep Understanding of Customer
Consumer Behavior
Cultural
Social
People tend to be influence by other people in their network (e.g. to purchase recommended by their friends
Vitality and Network
Personal
Psychological
Persona
Represent a segment of the customers
Use together to help startup remove bias and focus on customer's needs
Scenerios
Under certain condtions which the users will use the product
Increasing Customer Base using AARRR
Acquisition
Activation
Convert to sign-ups and use the service
Retention
Referral
Perks to refer to friends to use the service
Revenue
Through transactions
Developing Channels
(For Distribution)
How does your service/product reach the consumer
External
Internal
Ensure that there are no clash when selecting the partner
Customer Loyalty and Retention
Purpose
Reduce Churns
Increase purchase
20% of top users spend 80% of profit
Aid in referral
Measures
Net Promoter Score
Customer Loyalty Profile