Marketing - Professional Selling

what is the relevant story close?

Success story commitment: selling technique in which a salesperson relates how one of his or her customers had a problem similar to the prospect's and solved it by using the salesperson's product This is a powerful closing technique because we make all of our decisions with the right brain. And the right brain is stimulated by stories and pictures. Whenever you can create a picture, as in the power of suggestion close, or when you can use visual sales aids, or whenever you can tell a story about your product or service, you can stimulate the prospect to buy.

S - Situation Questions

- investigation section -deal with the straightforward facts about the buyers existing situation and prove a starting place for understanding your buyers needs -example: if you are selling software to track customers histroy CRM software: - how do you currently manage your customers contact details? - how do you keeo track of whats happening in your sales pipeline?

P-Problem Questions

-Asking problem questions helps customers understand their needs and ultimately it paves the way for you to propose a solution that seems beneficial to your customer -example: CRM software -was the amount of training you needed to get up and running with your crm software ever a problem? - do you find its expensive adding new users to your CRM?

what are reasons prospects say no

-The prospect wants to avoid the sales interview. -The salesperson has failed to prospect and qualify properly. -Objecting is a matter of custom. -The prospect resists change. -The prospect fails to recognize a need. -Prospect lacks information.

I- implication questions

-implication questions uncover the effects or consequences of a prospects problem -make the customer eager for a solution to the problem theyve just identified -examples - if leads dont get inputted onto your CRM syystem, what the impact on your sales outlook? -if traning on your CRM is costly and time-consuming, what does that mean for new reps when they start?

N - need pay-off

-uncover his needs, then help him discover a way out by asking how his problem could be resolved -by asking the right need-payoff questions, he will tell you how your solutions can help him the buyer specifies the benefits themselves -example: -why is being abe to have a big piccture overvieew of your sales pipeline imprtant to you? -if you could cut the amount of time spent training new stafff on your CRM, what impact would that have?

What presentation approaches are there?

1. Antecedote 2. comparison 3. Analogy

what are some techniques to earn commitment?

1. Direct commitment: selling technique in which the salesperson asks the customer directly to buy. 2. Alternative/legitimate choice: selling technique in which the salesperson asks the prospect to select from two or more choices during a sales presentation. 3.Summary commitment: selling technique in which the salesperson summarizes all the major benefits the buyer has confirmed over the course of the sales calls. 4.T-account or balance sheet commitment: selling technique in which a salesperson asks the prospect to brainstorm reasons of why to buy and why not to buy. 5. Hot Button Close: based on the fact that 80 % of the buying decision is determined by 20 % of the product. It is up to you to find the hot button, the key benefit of your offering that is what the prospect wants more than anything else.

what are reasons for using sales aids?

1. capture prospective buyers attention 2. increases the buyers participation and involvement 3. add clarity and enhance the prospects understandign 4.enhance the professional image of the salesperson and selling organization 5. provide supportive evidence

Characteristics of effective sales dialogues

1. planned and practised by salespeople 2. encourage buyer feedback 3. focus on creating value for the buyer 4. present value in an interesting and understandable 5. engage and involve the buyer 6. support customer value through objective claims

what is the LAARC method for handling buyer resistance

1.Listen -Salespeople should listen to what their buyers are saying. 2. Acknowledge -Should acknowledge they've received the message and that they appreciate/understand their concern. 3.Assess -Ask assessment questions to gain better understanding of buyers. Clarify exactly what the issues really is Respond - based on his/her understanding of what and why the buyer is resisting, the salesperson can respond based on what is most appropriate for the situation. 4.Confirm -After responding, salesperson should ask confirmatory questions to make sure the buyer's concerns have been met.

what are some techniques to avoid during close

1.Standing-room only close: technique in which the salesperson puts a time limit on the client in an attempt to hurry the decision to close. 2.Assumptive close: technique in which the salesperson assumes that an agreement has been reached and places the order form in front of the buyer and hands him or her a pen. 3. Fear or emotional close: technique in which the salesperson tells a story of something bad happening if the purchase is not made. 4. Continuous yes Close: technique that uses the principle that saying yes gets to be a habit; the salesperson asks a number of questions formulated so that the prospect answers yes. 5.Minor-point close: closing technique in which the salesperson seeks agreement on relatively minor issues associated with the full order.

what is SPIN questioning

A questioning system that sequences four types of questions designed to uncover a buyer's current situation and inherent problems, enhance the buyer's understanding of the consequences and implications of those problems, and lead to the proposed solution.

describe step 3

Establish and Implement Selling Task and Activity Plans (e.g., sales goals, expense budgets, number of new accounts, and so forth) Yearly plan (sales goals and expensed budgets) Quarterly Plan Monthly Plan Weekly Plan

Example of selling the facetime feature on Apple

Feature: You can Facetime with other Apple users Benefit: you can save money, no paying for calls, you can see the person Make your point with an example or ancedote: i can keep in touch with friends in the USA, talk to them face to face Make you point with a comparison: the quality of picture is better....

4 Types of Sales Goals

Personal Goals: A salesperson's individual desired accomplishment, such as achieving a desired annual income over a specific period of time. Example: earn $70,000 Territory Goals: a salesperson's desire of selling a certain amount of product within an area or territory in order to achieve personal goals. example: terrioty sales goal @11% commission on sales $636,364 Account Goals: a salesperson's desire of selling a certain amount of product to one customer or account in order to achieve territory and personal goals. example: each account generating $22,430 Sales Call Goals: A salesperson's desire of selling a certain amount of product per each sales call in order to achieve account, territory, and personal goals.each account called on 2X a month generating $1,396

what is step 5

Plan for periodic checkpoints. Compare projected performance level to actual performance level. Evaluate performance and make adjustments as necessary.

Describe step 1

Properly developed goals share three key characteristics: 1. Realistic, yet challenging - Goals should be realistic and reachable. When set beyond what is possible, goals cease to motivate and often become a disincentive to performance. At the same time, goals should be challenging. If goals are continually set at a level that is too easy to reach, performance tends to regress 2. Specific and quantifiable - Without specificity, goals become ambiguous and have no clear meaning 3. Time Specific - Associating time lines with goals establishes a deadline for planning purposes and provides motivation by instilling a sense of urgency for taking action.

what are product or service objections

Resistance to a product/service in which a buyer does not like the way the product/service looks or feels

what does SPIN questioning stand for?

S - situation P- problem I - implications N - need pay-off

how to work with sales aids

S - state the selling point and introduce the sales aids P- present the sales aid E- explain the sales aid S - Summarize

what are the 5 sequential stages of self-leadership?

Step 1: Setting goals and objections Step 2: territry aalysis and account classification Step 3: development and implementation of strategies and plans Step 4: tapping technology and automation Step 5: assesment and evaluation

what is the power of suggestion close?

T-account or balance sheet commitment: selling technique in which a salesperson asks the prospect to brainstorm reasons of why to buy and why not to buy. Hot Button Close: based on the fact that 80 % of the buying decision is determined by 20 % of the product. It is up to you to find the hot button, the key benefit of your offering that is what the prospect wants more than anything else.

Describe step 2

Territory analysis and classification of accounts is all about finding the customers and prospects who are most likely to buy. Who are prospective buyers? Where are they located? What and why do they buy? Who has the authority to buy, who influences the buying decision?

what is the invitational close?

The invitational close is used when you simply invite the prospect to make a buying decision. One of the most Popular invitational close is, "Why don't you give it a try?"

what is self-leadership?

The process of doing the right things and doing them well. It includes the strategic application of effort that is honed and aligned with one's goals.

what is step 4

Tools that streamline the selling process, generate improved selling opportunities, facilitate cross-functional teaming and intra-organizational communication, and enhance communication and follow-up with customers.

what is a proof device?

a device such as a statement, report, testimonial, customer data, or photograph that is used to enhance the salesperson's credibility during a sales presentation it builds confidence in solution

What is a persuasive presentation?

a sales strategy that influences the prospect's beliefs, attitudes, or behaviour and encourages buyer action once a need has been identified

What is an analogy approach?

a special and useful form of comparison that explains one thing in terms of another. You can explain something that is somewhat complex against something the buyer understands ex. Developing a customized customer service training program is like family vacation planning. Everyone in the family will be more excited about the trip if they have some input as to what you see and where you go. Shall we involve your reps in the process?

What is a comparison approach?

a statement that points out and illustrates the similarities between two key points. ex.We will incorporate your reps throughout the design of the new training program. Our competition in contrast, develops their program with the feedback from the management team. Which option makes more sense to you?

What is an antecdote

a type of example that is provided in the form of a story describing a specific incidence or occurrence ex. Customers of ABC Company were very dissatisfied with the firm's service reps. We reviewed their customer's complaints, met with the reps, and created a specific training program to address the main problems. After doing this, customer complaints decreased by 75%

how to respond to time objections

be sensitive to prospects timing issues(avoid being perceived as pushy); where appropiate and accurate, present meaningful reasons to move forward in the sales process

what is a canned (memorized) presentation

built around a standard set of steps, ignores the unique needs of each customer, and is presented in the form of a repetitive speech given to all customers interested in a particular item. it is likely to be dismissed by customer

what are no need objections

buyer has recently purchased or does not see a need for the product category "I am not interested at this time."

what are company or source objections

buyer is not familiar with the products company or is happy with their current supplier

what are time objections

buyer puts off the decision until a later date

how do you create customer value?

communicate to the buyer how the buyers needs will be met as a result of the purchase and how the product features translates into benefits for the buyer

benefits of persuasion over logic

conviction (emotion) is more vital to persuasion than position (logic). It triggers an emotional response over an intellectual one and it emphasizes benefits over features

What is an informative presentation?

emphasizes factual information, which is often taken from technical reports, company-prepared sales literature, or written testimonials from people who have used the product

how to respond to company or source objections

evaluate validity of concern; offfer eidence (preferable third-party) to counter or alleviate concern;highlight competitive strengths without making disparaging remarks about competitors

difference between features . advantages, and benefits

feature - a quality or characteristc of a paroduct or service that is designed to provide value to a buyer Advantage- this is what your feature does Benefit - this is what it means to the customer

how to respond to product or service objections

improve fact-finding during early stages of the sales cycle; to offset percieved downsides, make sure to present and emphasies features and benefits that add value and are important to the prospect

What are the 3 types of presentation strategies?

informative, persuasive, or reminder

How to properly handle a persuasive presentation

must have a transition stage where dialogue shifts from an intellectual emphasis to n emotional appeal, requires a high level of training and experience. if handled improperly, can trigger fear or distrust

what are price objections

price is too high for the buyer

how to respond to price objections

recongize prixe objections are common and often an attempt to get a lower price; present evidence showing how the value exceeds the perceived cost; find ways to build-in additional alue

how to respond to no need objections

stimulate need awareness through effective questioning (e.g. SPIN, ADAPT) and presetation of key features and benefits that make peak the prospects interest. "We're doing great in X area." If you hear this objection, do a little more qualification. What are your prospect's goals? How much progress has been made? "We don't have that business pain." This objection is often raised as a brush-off, or because prospects haven't realized they're experiencing a certain problem yet. And while ultimately you might discover they really don't need your product, don't take this objection at face value. "X problem isn't important right now." Sometimes, a simple "Oh?" will be enough for your prospect to start talking. Listen closely for real reasons the need has low priority versus platitudes. Keep in mind that excuses can be a sign that your prospect understands they have a problem and is trying to rationalize their inaction. Capitalize on this and instill a sense of urgency.

what is a reminder presentation

strategy that assumes the prospect has already been involved in an informative or persuasive presentation and understands at least the basic product features and buyer benefits it is used on repeat customers

what is building goodwill?

the process of converting new customers into lifetime customers by continually adding value to the product/service through appropriate follow-up. Can be by handling complaints in a timely and thoughtful manner, processing requests for rush deliveries willingly and assuring the customer that the salesperson will do ever everything possible to make that request, and always fix problems.