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Searching the market for potential people and customers o Most important activity of sales person o No salesperson can ignore leads, always need to gain new contacts |
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8 steps of the buying process |
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1. Prospecting 2. Collecting pre-call information 3. Making the approach 4. Discovering needs 5. Making the presentation 6. Responding to objections 7. Obtaining Commitment 8. Follow-up |
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Someone you might potentially do business with but have not contacted yet |
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a lead whose potential has been evaluated and deemed worthy of pursing, has an interest in the product, is eligible to purchase it |
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Someone who is an actual purchaser of your product, made a sale |
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High account opportunity/ strong competitive strength |
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o Most effective o Opportunity: Account offers good opportunity, high potential and sales organization has differential advantage in serving it o Strategy: Commit high level of sales resources to take advantage of the opportunity |
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Low account potential/Strong Competitive strength |
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o Opportunity: account offers stable opportunity since sales organization has differential advantage in serving o Strategy: Allocate MODERATE level of sales resources to maintain current advantage |
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High account potential/Weak competitive advantage |
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o Opportunity: Account may represent good opportunity, sales organization needs to overcome its competitive disadvantage and strengthen its position to capitalize on opportunity o Strategy: Either direct a high level of resources to improve position and to take advantage of the opportunity/shift resources to other accounts |
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Low account potential/Weak competitive strategy |
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o Worst case scenario o Opportunity: Account offers little opportunity, small potential and the sales organization is at a competitive advantage o Strategy: Devote minimal level of resources to the account or consider abandoning |
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Why do we make sales calls? |
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- Buyer’s and Seller’s time is valuable - Make it worth the time and effort - Planning must fit into the salesperson’s goal for the account, some require more planning than others |
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What is the criteria for effective sales call objectives? |
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- Set objectives/questions that require a response from the buyer - SMART (specific, measurable, achievable, realistic, time-based) |
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1. Primary 2. Optimistic 3. Minimum 4. Secondary |
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The actual goal the salesperson hopes to achieve |
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Most optimistic/best outcome the salesperson thinks could occur |
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Minimum a salesperson hopes to achieve |
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the remaining objectives after the primary objective |
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Know the right person, time, and place for a sales call |
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- Focus on the person who will be most receptive, have the power and focus of the dissatisfaction - Know the right time and meeting place (Quiet, focused) |
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What are the 4 essential elements of a sales call? |
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- Making a good impression - Identifying or reiterating the needs of a company (ADJUST) - Offering the solution the buyer needs - Add credibility and trust |
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What is the 15-minute rule? |
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- If you/the buyer will be 15 minutes late reschedule - If your presentation will go over time, re-schedule to continue |
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6 types of presentation openings |
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1. Introduction 2. Referral 3. Benefit 4. Product 5. Compliment 6. Question |
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Simply introduce yourself |
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Tell about someone who referred you to the buyer |
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Start by telling the benefits of the product |
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Demonstrate a product feature and benefit as soon as you walk up to the prospect |
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Start by complimenting the buyer/buyers firm |
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Selling is a close, harmonious relationship founded on mutual trust o Goal of every salesperson, small talk, scan the office |
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Most Powerful question in Marketing? |
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Digging for the root cause/Need behind it |
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Need (need computers) → Need behind the need (to improve our performance) → Need behind the need (Our competition is gaining on us, need to be more responsive than them) |
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4 Categories of questions in SPIN Sequence |
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1. Situation 2. Problem 3. Implication 4. Need pay off |
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- General data-gathering questions - Many situation-type questions can be answered through precall information gathering and planning |
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Questions about specific difficulties, problems, or dissatisfactions |
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- Help the prospect recognize the true ramifications of the problem - Motivate the prospect to search for a solution to the problem - Problem centered |
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- Questions about the usefulness of solving a problem - Solution centered |
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Quality or characteristic of the product or service |
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The way in which a specific feature will help a particular buyer |
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Used only to directly benefit an individual |
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Directly effects co=workers and company |
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Characteristics of a strong presentation |
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- Keeps buyers attention - Improves the buyers understanding - Helps buyer remember what was said - Offers proof of the salespersons assertion - Creates a sense of value |
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Know how we learn and remember |
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- We retain 20% of what we hear - We retain 50% of what we hear and see |
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Statements written by satisfied users of a product or service |
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Number 1 fear of the average person? |
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Definition
Public Speaking o Visualize audience as friends, reduce stress, practice |
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- Establish product value before discussing the price - Sell value/quality not the price o Discuss intangible features - Show the customer the value and quality - Value shouldn’t exceed the cost! |
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How do successful salespeople handle objections? |
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- Anticipate for objections o Prepare helpful response - Forestall known concerns o Raise objections before the buyer has time to raise them - Relax and listen, evaluate objections, always tell the truth |
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6 methods to deal with objection |
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Definition
1. direct denial 2. indirect denial 3. compensation method 4. referral method 5. revisit method 6. acknowledge method |
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- The salesperson makes a relatively strong statement using factual information to indicate the error the prospect has made - Appropriate only when the objection is blatantly inaccurate - Should never be used if the prospect is merely stating an opinion |
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- The salesperson denies the objection but attempts to soften the response - The salesperson must recognize the position of the customer who makes the objection and then continue by introducing substantial evidence |
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- Buyers may object because the salesperson’s product is less than perfect - The salesperson should acknowledge the validity of the objection and then proceed to show any compensating advantages - Also use when the prospect tries to put off closing the sale |
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- Salesperson turns the objection into a reason for buying (boomerang method) - Works with most personality types |
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- Buyer voices opinions or concerns to vent frustration - Salesperson listens, acknowledges, pauses, then moves on - Should not be used if the objection is factually false |
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How to handle a price objection |
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- Use up-to-date information - Establish the value o Establish product value before discussing price o Sell value and quality rather than price o Intangible features - Use communication tools effectively o Show customers quality and value |
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How to successfully obtain commitment |
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- Part of the process o Salespeople actually gain commitment repeatedly o Important in moving the account through the relationship process - The importance of securing commitment o o Customer realization of benefits o Financial rewards for the salesperson/Companh |
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o Believe they are the best judge of a customers needs o Minimize participation by customer o Overwhelm customer, respond to objectives without understanding |
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o Accepts customers definition of needs and permits the customer all control o Assumes customer will buy when ready |
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o Probe for need-related info that customers may not volunteer o Encourage 2 way communication o Respond to objections, leading to somewhat automatic close |
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6 effective methods for closing a sale |
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1. Direct Request 2. Benefit Summary 3. Balance sheet method 4. Probing method 5. Alternative choice 6. Other method |
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Reminds the buyers of the agreed-on benefits of the propsals |
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o Initially uses another method o Uses a series of probing questions o Consider cultural differences |
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