Podcast
Questions and Answers
What is the primary purpose of the 'Acquire' step in analytic dashboard development?
What is the primary purpose of the 'Acquire' step in analytic dashboard development?
Which principle of persuasion emphasizes the importance of shared identity among individuals?
Which principle of persuasion emphasizes the importance of shared identity among individuals?
In the context of inspiring action, which technique suggests looking at others' behaviors to guide your own?
In the context of inspiring action, which technique suggests looking at others' behaviors to guide your own?
What does the 'Tidy' phase in analytic dashboard development focus on?
What does the 'Tidy' phase in analytic dashboard development focus on?
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What is a critical element to ensure when giving in the principle of reciprocity?
What is a critical element to ensure when giving in the principle of reciprocity?
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What defines a qualified lead in the demand generation process?
What defines a qualified lead in the demand generation process?
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What type of lead is defined as a lead that has expressed some interest but is not yet fully qualified?
What type of lead is defined as a lead that has expressed some interest but is not yet fully qualified?
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Which of the following best describes the concept of lead generation?
Which of the following best describes the concept of lead generation?
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Which channel is NOT identified as having high lead generation ROI?
Which channel is NOT identified as having high lead generation ROI?
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What is emphasized as crucial for generating leads in inbound marketing?
What is emphasized as crucial for generating leads in inbound marketing?
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What does the North Star metric framework indicate in a business context?
What does the North Star metric framework indicate in a business context?
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Which of the following strategies is used to build relationships with potential customers?
Which of the following strategies is used to build relationships with potential customers?
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What does the process of filling the top of the marketing funnel involve?
What does the process of filling the top of the marketing funnel involve?
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What aspect of inbound marketing distinguishes it from outbound marketing?
What aspect of inbound marketing distinguishes it from outbound marketing?
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What is one essential factor for managing the customer journey in B2B marketing?
What is one essential factor for managing the customer journey in B2B marketing?
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What should lead generation strategies adapt to effectively engage customers?
What should lead generation strategies adapt to effectively engage customers?
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What is the main purpose of the 'Buyer’s Funnel' in sales?
What is the main purpose of the 'Buyer’s Funnel' in sales?
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Which of the following best describes 'Off-the-shelf software'?
Which of the following best describes 'Off-the-shelf software'?
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What is an 'Opportunity' in the context of Salesforce objects?
What is an 'Opportunity' in the context of Salesforce objects?
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What does the term 'Closed Won' refer to?
What does the term 'Closed Won' refer to?
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Which of the following is NOT typically a cost associated with off-the-shelf software?
Which of the following is NOT typically a cost associated with off-the-shelf software?
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In the context of lead management, what does 'Working - Contacted' signify?
In the context of lead management, what does 'Working - Contacted' signify?
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Which is a step in the 'Off-the-Shelf Pipeline Management' process?
Which is a step in the 'Off-the-Shelf Pipeline Management' process?
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What is one of the main reasons companies clean inactive accounts?
What is one of the main reasons companies clean inactive accounts?
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At what stage in the B2B sales process is the budget typically set?
At what stage in the B2B sales process is the budget typically set?
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What is one disadvantage of entering the sales process too early?
What is one disadvantage of entering the sales process too early?
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Which stage typically involves the RFI in the sales process?
Which stage typically involves the RFI in the sales process?
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What does an accurate sales forecast provide?
What does an accurate sales forecast provide?
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What is the potential risk of customizing probabilities of closing based on the sales process?
What is the potential risk of customizing probabilities of closing based on the sales process?
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How does understanding a customer's buying process benefit salespeople?
How does understanding a customer's buying process benefit salespeople?
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What stage follows the 'Discover' phase in the sales process?
What stage follows the 'Discover' phase in the sales process?
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Study Notes
Analytic Dashboard Development
- Deduce: Formulate concrete analytical questions from user questions (user question to analytical question)
- Acquire: Get best data available (analytical questions to raw data)
- Tidy: Clean dataset (raw to tidy data)
- Augment: Add value, categorize and transform (tidy to enhanced data)
Science of Persuasion
- Reciprocity: People are obliged to give back what they receive. Key: be the first to give, make sure it's personalized and unexpected.
- Scarcity: People want more of what they can have less of. Key: Point out not just benefits but unique propositions
- Authority: Credible, knowledgeable experts.
- Unity: Shared identity, members feel "at one" with others. Key: Family-related language, co-creation
Consistency
- People prefer to say yes to those they like. Key: Look for areas of similarity and genuine compliments
Liking
- Look at actions and behaviors of others to determine your own. Key: Point out what others are already doing
Social Proof
- Ask for small initial commitments that can be made. Key: Get it in writing
Marketing - Activities to promote and sell
- Misleading product claims: Falsely claimed products to be made in one location, advertised false discounts, and made baseless claims of being a "top brand".
- Consequences of Misleading Product Claims: Negative brand reputation, multiple complaints, and regulatory investigations.
Demand Generation Process: Leading to Sales
- Segment: Obtain contact information.
- Engage: Define communication strategies to engage contacts.
- Qualify leads: Identify leads with genuine interest in the product or service.
- Hand off opportunities: Pass qualified leads to the sales team.
Lead Generation: Focus on Valuable Prospects
- Driving quality leads into the pipeline and managing company growth through inbound marketing.
- Reaching potential customers before they make a purchase decision.
- Understanding different types of leads: Qualified, Unqualified, Warm, Working, and Nurturing.
- Targeting relevant channels for high-quality inbound and outbound leads.
- Utilizing the North Star Metric framework to track key indicators of business growth.
Salesforce Objects: Understanding Customer Journey
- Contact: Represents an individual person.
- Account: Represents a business.
- Lead: A potential customer who is in the early stages of the sales funnel.
- Opportunity: Represents a specific sales opportunity.
- Order: Indicates a completed purchase.
Off-the-Shelf Lead Management
- Workflow states: Open-Not Contacted > Working - Contacted > Closed - Not Converted > Converted.
- Lead management involves converting open leads to contacted leads.
Off-the-Shelf Pipeline Management
- Stage progression: Prospecting > Qualify & Identify opportunities > Discover > Develop > Prove > Agree > Close.
- Closing stages: Closed Won or Closed Lost.
B2B Enterprise Solution Sales Process
- Salespeople can enter the sales process at any stage (RFI, RFP, needs analysis).
- Entering early can be costly and uncertain.
- Understanding customer's buying process allows salespeople to tailor their approach.
- Budgeting and go-live dates are typically set in the initiative stage.
- Forecasting: Projecting deal closure across the business.
- Significant of accurate forecasting: Provides projections to the market about business revenue.
Sales Process Stages and Probabilities
- Stages: Prospecting > Qualify & Identify opportunities > Discover > Develop > Prove > Agree > Close.
- Probabilities: Represent the likelihood of closing a deal at each stage.
Importance of Accurate Forecasting
- Provides a projection of business revenue.
- Helps make informed decisions about resource allocation and market strategy.
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Description
Explore the principles of the science of persuasion and the steps involved in analytic dashboard development. This quiz covers fundamental concepts like reciprocity, scarcity, authority, and unity while also detailing the process from deducing analytical questions to acquiring and tidying data. Test your understanding of these essential topics!
