MRKT 357 Exam 3

What is a brand?

"A brand is a promise or an expectation; the power or identity of that brand is the ability to fulfill or exceed fulfillment of that promise." Often confused with: -logo -company name -value of the company (goodwill) -popularity -public opinion Class examples: McDonalds, Harley Davidson, Fed Ex, Disney, Taco Lu

Customer Service rules/myths

- Is the customer always right? No - Customer service is just common sense - Unhappy customers leave. Happy customers stay

6 Components to a World Class Sales Pitch

- The warmer: build credibility and show your prospect you understand their challenges - The Reframe: connect those challenges to a bigger problem/opportunity they hadn't previously considered - rational drowning: show prospects the numbers behind why they should think differently - emotional impact: emotional connection between the pain they are feeling and the pain you're telling in your story - a new way: show them the new way to think - your solution: demonstrate your solution and how it fixes their problems in the best way possible

Sales people with strong brands:

- build a solid reputation which aids in growing business - allows the sales person to piggy back on their product brand - aid a sales person to transition easier to a new job - build a solid circle of business relationships - stick out and succeed in a highly competitive marketplace

Fundamental Principles

- challengers are made, not born - it's the combo of skills that matter (not just 1 skill) - challenging is about organizational capability, not just the representative's skills - building the challenger sales force is a journey; it's not easily done and it's an ongoing process

Ethics

- decisions and actions we choose on a day to day basis while applying those morals and values Ethics is: - how we behave and the standards we establish for ourselves - about how we treat each other - how we structure organizations to behave and how that behavior is then driven - how we structure the laws which influence our society and systems

branding yourself: overall tips/takeaways

- define yourself - sharpen your narrative - network - identify trends (new or old) - practice and refine

Norms

- established set of standards we derive from value systems - formal: laws, regulations, etc - informal: honesty, integrity, achievement, working hard, etc - changes on a dime - ex. paint, decorations

The Challenger Sales Process

- focused on "teaching" the customer - idea is to break down customer's preconceived notions of his/her business - once the preconceived notions are broken down, the Challenger Sale focused on re-teaching the customer - the idea is to take control and teach

Values

- fundamental beliefs that shape our overall internal view - compassion, altruism, fairness, etc. - ex. house foundation (doesn't change)

Qualities of World Class Customer Service Organizations

- know your metrics - be transparent - honor your employees' personalities - invest heavily in training - encourage "team" mentality - don't leave recognition up to managers - hire people who are passionate about solving problems - hire people with the "make it happen" spirit - create your own leaders - trust and empower your employees

6 Significant Traits of a Challenger Rep

- offers a unique perspective to the customer - has strong 2-way communication skills (listening) - knows the individual customer's value drivers - can identify economic drivers of a customer's business - is comfortable discussing money - can pressure a customer

Ethics is not:

- the law itself or other regulations - religious views - conscience - it's not about "doing what everyone else does" - what "can be done" (via technology or advancements in other tools)

Why's customer service critical?

- the world has shifted from "sellers marketplace" to a "buyers marketplace" - supply is up, demand is down - increases value placed on quality service - customers are more sophisticated and demanding - increasing power shift in the customer's favor - technological advancements in a variety of areas

Morals

- values we attribute to a system of beliefs - largely from upbringing, peer groups, religious organizations, family, etc. - ex. adding a bedroom to your house

How to manage ethics:

1) rely on employees values ("everyone is ethical" expect that behavior) 2) ethics as compliance (establish "standards of minimum behavior" + usually based on the law + most popular method, lots of downsides tho) 3) Ethics exhortation (train employees on ethics and how to think ethically) 4) Manage corporate set of values ("define corporate values (aspirations) and ethical standards (minimums)" + educate, model and reward the action of those values)

Steps to establishing your brand (salary.com)

1. identify your value proposition 2. find out how others see you 3. identify your goals 4. identify your target audience 5. reorganize your priorities 6. pay attention to the details 7. update your resume 8. become a social networker 9. build your own website 10. blog 11. publish 12. go offline 13. tend to your marketing network 14. review your brand frequently

5 sales rep types:

1. the hard worker - doesn't give up easy, self-motivated, interested in feedback, focused on personal development 2. the long wolf - follows own instincts, self-assured, deliver results but difficult to manage, not interested in personal development or coaching 3. the relationship builder - classic consultative sales rep, builds advocates internally, creates relationships with prospects, long-term view of sales process 4. the problem solver - highly detail oriented, reliable, responds to stakeholders, ensures all problems are solved, very focused on "fixing" things, key strategy when selling 5. the challenger - different view of the world, loves to debate, loves to push the customer change their POV, strong understanding of customer's business

Why build your personal brand?

A strong brand: -helps build sales/revenue -helps marketing/advertising efforts -speaks volumes about value proposition -helps weather bad economic times -allows companies to build extensions to their business -creates the ability to "franchise"

Customer Service:

Definition - the assistance and advice provided by a company to those people who buy or use its products or services Important insight: 1. customer service is not just making a customer happy 2. it includes both "assistance" and "advice" 3. exists before, during, and after the sale

Sales Force Implications

Focus and efforts have to be increased regarding: - timeliness of response - accuracy of response - anticipation of needs - attention to customer satisfaction - building stronger relationships - scope of sales person expertise - partnership attitude as opposed to "closing" - consultative approach - technological expertise - sales force empowerment

Branding yourself:

Pick your tools: - social media - involvement - how you dress/present yourself - become an expert in your field - establish ways to connect w customers - professionalism - association with people

Why's customer service critical? cont.

both customers and their vendors have increased their focus on: - IT systems to satisfy customer's expectations (customers want info and support faster and thru a wider variety of channels) - Connectivity of disparate systems into one cohesive and congruent interface (quantity, accuracy, timeliness of info available, all systems working together seamlessly, simplicity, unified)

key terms:

commercial teaching - sales approach where the rep teaches the prospect to think about commercial needs resonance - an informal measure of how strongly a sales pitch or story maps to what a customer cares about

10 lessons to building your personal brand (entrepreneur magazine)

lesson 1 - you're already doing it lesson 2 - define your brand lesson 3 - leverage who you are lesson 4 - be authentic lesson 5 - you must buy into your own brand lesson 6 - find a memorable "visual" hook lesson 7 simplify lesson 8 - look inside to grow on the outside lesson 9 - engage customers to build confidence in your brand lesson 10 - grow smart