Sales Prospecting and Discovery
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Questions and Answers

What is the first step to determine if there is a good fit for a prospective merchant?

  • Researching the prospective merchant (correct)
  • Meeting the merchant in person
  • Reviewing customer feedback about Shopify
  • Analyzing sales patterns in the market

    • Which of the following is NOT a reason to understand a prospective merchant's revenue?

  • It determines their customer service level (correct)
  • It indicates potential growth opportunities
  • It assists in placing them in the right band
  • It helps avoid over or under quoting later

    • Which market segment typically includes larger businesses?

  • Large Accounts (correct)
  • Small Accounts
  • Micro Accounts
  • Mid-Market

    • What is the primary goal during the early discovery process with a prospect?

    <p>To identify pain points and opportunities (C)</p> Signup and view all the answers

    Which indicator suggests a strong prospect for Shopify?

    <p>Experiencing barriers to growth (B)</p> Signup and view all the answers

    Why is it important to dig into a merchant's specific business needs during discovery?

    <p>To understand their workflows and gather examples (B)</p> Signup and view all the answers

    Which option does NOT help gauge the probability of a merchant adopting Shopify?

    <p>Analyzing competitive pricing (C)</p> Signup and view all the answers

    What is the most effective approach when pitching Shopify to a prospect?

    <p>Ask questions to understand the prospect's challenges and priorities. (C)</p> Signup and view all the answers

    During the discovery process, what type of questions should be prioritized?

    <p>Questions based on the specific context of the prospect's business. (A)</p> Signup and view all the answers

    How can a good discovery process benefit the sales process?

    <p>By confirming merchant fit and aiding product positioning (B)</p> Signup and view all the answers

    What should be avoided when discussing competitors with a prospective merchant?

    <p>Disparaging other solutions to make Shopify look better. (A)</p> Signup and view all the answers

    Which strategy can enhance credibility during discussions with prospects?

    <p>Using stats and metrics during the conversation. (C)</p> Signup and view all the answers

    What is a key characteristic of Shopify's competitive strategy?

    <p>Highlighting how Shopify resolves specific pain points. (B)</p> Signup and view all the answers

    In the context of competitor analysis, what should sales representatives focus on?

    <p>Understanding the competitive landscape and its tradeoffs. (A)</p> Signup and view all the answers

    What is a potential objection that may arise in conversations with prospects?

    <p>They are satisfied with their current solution. (D)</p> Signup and view all the answers

    What is the role of asking questions during the discovery phase?

    <p>To collect detailed insights into the prospect's business needs. (B)</p> Signup and view all the answers

    Flashcards

    Merchant Fit

    Assessing if a potential customer's business is a good match for a product or service, like Shopify.

    Merchant Research

    Gathering information about a merchant before a sale to better understand their business and needs.

    Market Segments

    Categorizing merchants based on size for sales and support purposes.

    Mid-Market Merchants

    Businesses of a moderate size, falling between small and large.

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    Large Accounts

    Large businesses requiring specialized support and solutions.

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    Enterprise Merchants

    Very large businesses with substantial operations and complex needs.

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    Discovery Process

    A process to understand the prospective merchant's needs, pain points, and goals.

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    Growth Indicators

    Signs that a business is developing or facing obstacles to enhance growth.

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    Shopify discovery questions

    Questions to understand a prospect's needs and challenges related to e-commerce solutions.

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    Market fit questions

    Questions to determine if a solution like Shopify will address a prospect's specific needs, and its role in their current and future plans.

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    Customer acquisition questions

    Questions about a prospect's current customer acquisition strategies and their effectiveness.

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    Checkout process questions

    Questions focusing on the prospect's current checkout process, its effectiveness, or ways to improve it.

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    Shopify's competition

    Other e-commerce solution providers in the market.

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    Competitor analysis

    Evaluating competitors' strengths to inform strategies and decisions.

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    Value proposition (Shopify)

    Features and benefits Shopify offers that help merchants differentiate themselves from competitors.

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    Common objections

    Expected concerns or hesitations prospects may raise regarding switching to or using Shopify.

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    Study Notes

    Determining Merchant Fit

    • Shopify offers a lot, but determining a good fit requires research.
    • Research the prospective merchant thoroughly, using publicly available information (website, social media, news, third-party tools).
    • Learn about the merchant's product, brand, and revenue.
    • Assess the merchant's likelihood of adopting Shopify by evaluating their financials to determine the appropriate sales band (avoid over/under quoting).

    Indicators of Good Merchant Fit

    • Goals: Assess executive alignment on revenue or growth goals.
    • Executive Alignment: Ensure relevant decision-makers are involved in meetings and have access to the account.
    • Evaluation Process: Is there a defined evaluation process for merchant requirements and competitor analysis?
    • Resources: Determine who will be migrating or building (in-house or a partner?).
    • Opportunity for Unified Commerce: Does the merchant require a mix of B2B, B2C, and/or retail solutions?

    Sales Market Segments

    • Merchants are segmented based on size (Mid-Market).
    • Common business priorities and challenges may differ based on segment size, but some priorities remain constant throughout a merchant's business growth.

    Varying Account Sizes

    • $2-25M in Online Revenue: Evaluation timeline of 3-6 months

    • Focus on increasing revenue, reducing costs, and expanding internationally, considering rising customer acquisition costs and return on ad spend (ROAS).

    • $25-125M in Online Revenue: Evaluation timeline of 3-6 months. Focus on increasing revenue, reducing costs, expanding internationally, and utilizing unified commerce opportunities (B2B, B2C, retail).

    • Over $125M in Online Revenue: Evaluation timeline of 6-9 months (potentially faster with Shopify). Focus on increasing revenue, reducing costs, expanding internationally, leveraging unified commerce opportunities, improving capabilities and growth.

    Discovery Process

    • Conduct early merchant discovery to identify pain points, uncover opportunities, and get a clear picture of the prospective merchant's challenges and priorities.
    • Research the prospective merchant before the initial conversation to set the stage for effective communication.
    • Transition from vague general discussions to specific business needs and workflows. Use case studies to gain insight.

    Key Questions for Discovery

    • How quickly is the business growing?
    • What digital tools are currently used to improve business performance?
    • Can the business accurately scale with its current infrastructure?

    Customer Acquisition

    • How are new customers being targeted?
    • Which channels are being employed?

    Checkout

    • How is the current checkout process driving conversions?

    Automation

    • How much of the workflow depends on repetitive or manual tasks?

    Unified Commerce

    • Which channels are currently being utilized?
    • How is inventory managed across different channels?

    Retail

    • Strategies for driving in-store customers online.
    • Strategies for providing consistent customer experiences in-store and online.

    Competition

    Consider competition to understand Shopify's positioning and value.

    Common Merchant Objections

    • Mid-Market: "Is it worth it?" Concerns about migration costs and bandwidth, SEO, loss of existing infrastructure.

    • Large Account: "Can you handle us?" Concerns about timing and replatforming, concerns about complexity of the platform.

    • Enterprise: "Can you meet our needs?" Concerns about risk aversion, platform misconceptions, internal politics.

    • Objectives surfaced in discovery conversations can be used to inform and tailor the pitch.

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    Related Documents

    Shopify Merchant Fit, Determining, and Sales Segments

    Description

    This quiz focuses on the critical aspects of determining a good merchant fit for Shopify. It covers the research methods needed, indicators of a suitable merchant, and the evaluation process involving executive alignment and resources. Test your understanding of how to assess merchants effectively.

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