MKT 340 Chs. (3 and 20)

Role Playing

A good technique for practicing the sales presentation prior to meeting with a customer, the salesperson acts out a simulated buying situation while a colleague or manager acts as the buyer

Code Calls

A method of prospecting in which salespeople telephone or go to see potential customers without appointments

Telemarketing

A method of prospecting in which salespeople telephone potential customers

bonus

A payment made at management's discretion when the salesperson attains certain goals; usually given only periodically, such as at the end of the year.

In-app Purchases

A purchase made on a freemium app that enables the user to enhance the app or game

Hits

A request for a file made by web browsers and search engines. Hits are commonly misinterpreted as a metric for website success, however the number of hits typically is much larger than the number of people visiting a website.

Order Taker

A salesperson whose primary responsibility is to process routine orders or reorders or rebuys for products

Sentiment Analysis

A technique that allows marketers to analyze data from social media sites to collect consumer comments about companies and their products

Corporate blog

A website created by a company and often used to educate customers

Freemium Apps

Apps that are free to download, but include in-app purchases

paid apps with in-app purchases

Apps that require the consumer to pay initially to download the app and then offer the ability to buy additional functionality.

Step 1: Generate and Qualify Leads (Sales Process)

Generate a list of potential customers and assess their potential

Keyword Analysis

An evaluation of what keywords people use to search on the internet for their products and services ROI=incremental profit increase / investment on site improvement

Ad-supported Apps

Apps that are free to download, but place ads on the screen when using the program to generate revenue

Paid Apps

Apps that charge the customer an upfront price to download the app, but offer full functionality once downloaded

Socializing (Mobile App Usage)

Because apps enable people to stay connected with friends both near and far, specialized entrants are growing to meet people's needs to socialize.

Tangibles

Because tangibles reflect the physical characteristics of the seller's business, such as a website, marketing communications, and delivery materials, their influence is subtler than that of the other four service quality dimensions. That doesn't mean it is any less important.

Experience the Product or service

Being able to experience a product or service before buying it has expanded the market significantly

4. Develop the Budget

Budgets demand nearly constant review. Facebook allows advertisers to set a daily budget: once their costs reach a certain level, the ad disappears for the rest of the day

Educate the customer

By engaging in appropriate education, marketers are expanding the overlap of the benefits that they provide with the benefit that customers require. develop competitive advantage

Preparation (Mobile App Usage)

Calendars, flight trackers, and trip planning apps help consumers meet the need to prepare

Selling teams

Combinations of sales specialists whose primary duties are order getting, order taking, or sales support but who work together to service important accounts

Listen (Social Media Engagement Process)

Companies can learn a lot about their customers by listening to (and monitoring) what they say on their social networks, blogs, review sites, and so on.

Analyze (The Social Media Engagement Process)

Companies that help facilitate listening also provide analytical tools to assess what customers are saying about the firm and its competitors -amount of traffic -who those visitors are, what they are doing, and what engages and excites them -analyze data that come from other sites

Salary

Compensation in the form of a fixed sum of money paid at regular intervals

Commission

Compensation or financial incentive for salespeople based on a fixed percentage of their sales

Assurance

Customers must be assured through adequate guarantees that their purchase will perform as expected

Showrooming

Customers visit a store to touch, feel, and even discuss a product's features with a sales associate, and then purchase it online from another retailer at a lower price

4E Framework for Social Media

-Excite customers with relevant offers -Educate them about the offering -Help them Experience products, whether directly or indirectly -Give them an opportunity to Engage with their social network

Personal or Professional Selling

-Many people love the lifestyle -Variety in the job often attracts people to sales -lucrative -visible to management

Salesperson Duties

-Order getter -order taker -sales support personnel -

Step 5: Follow-Up

-Reliability: -Responsiveness -Assurance -Empathy -Tangibles

The Value added by Personal Selling

-Salespeople provide information and advice -salespeople save time and simplify buying -salespeople build relationships

Step 3: Sales Presentation and Overcoming Reservations

-The Presentation -Handling reservations

3. Develop the Campaign: Experiment and Engage

Develop communication, including the copy and images. There should be a call to action that is clear and compelling -Images and messages need to be updated almost constantly

Thought-Sharing Sites

Different types of blogs: corporate, professional, personal, and micro. In terms of the 4E framework, blogs are particularly effective at EDUCATING and ENGAGING users, and in many cases enhance their experience with the products and services being discussed

Microblogs

Differs from a traditional blog in size. Consists of short sentences, short videos, or individual images. Twitter is an example of a microblog -EDUCATE and ENGAGE

Sales Support Personnel

Employees who enhance and help with a firm's overall selling effort, such as buy responding to the customer's technical questions or facilitating repairs

Do (Social Media Engagement Process)

Even the greatest analysis has little use if firms fail to implement what they have learned from analyzing their social and mobile media activity

Step 2: Preapproach and the Use of CRM Systems

In the personal selling process, occurs prior to meeting the customer for the first time and extends the qualification of leads procedure; in this step, the salesperson conducts additional research and develops plans for meeting with the customer

Social Media Engagement Process

Listen, Analyze, Do

Inbound Marketing

Marketing activities that draw the attention of customers through blogs, Twitter, LinkedIn, and other online sources, rather than using more traditional activities that require having to go out to get customers' attention, such as making a sales call.

Excite customers with relevant offers

Must be relevant to its targeted customer. Relevancy can be achieved by providing insights and information obtained from customer relationship management and/or loyalty programs. To obtain these insights and information, the firm might use online analytic tools

Step 4: Closing the Sale

Obtaining a commitment from the customer to make a purchase

Express Themselves (Mobile App Usage)

People have diverse interests and tastes and thus a need for apps that allow them to express themselves.

Accomplish (Mobile App Usage)

People seek to manage their finances, improve their health, or become more productive through apps

Conversion Rates

Percentage of consumers who buy a product after viewing it

Personal Traits for Salespeople

Personality Optimism Resilience Self-motivation Empathy

Online Shopping (Mobile App Usage)

Shoppers want to shop anytime they choose (showrooming)

Click Paths

Shows how users proceed through the information on a website-not unlike how grocery stores try to track the way shoppers move through their aisles

Social Network Sites

Social network sites are an excellent way for marketers to create excitement, the first of the 4Es. People can interact with friends or business acquaintances. Research indicates they are widely used-between one and four hours every day

Types of Social Media

Social networking Media-sharing sites Thought-sharing sites

Media-Sharing Sites

The World Wide Web has the ability to connect people more easily and in more ways than ever before possible. Rely on the capability to enable users to share content they have generated (youtube, flickr) In terms of the 4E framework, companies use such sites to highlight how consumers can EXPERIENCE their goods and services as well as encourage consumers to ENGAGE with the firm, its other social media outlets, and consumers

1. Identify Strategy and Goals

The firm has to determine exactly what it hopes to promote and achieve through its campaign. Does it want to increase awareness of the product? is it hoping more potential customers might visit and "like" its Facebook page?

2. Identify Target Audience

The marketer's aim is to find an audience big enough that they reach all those who might adopt their product, but not so big that they end up trying to appeal to someone way outside their target market

"Me Time" (Mobile App Usage)

The most popular need is all about entertainment and relaxation-that is, "me time". People spend nearly half their time on their smartphones seeking fun, whether by playing candy crush or watching netflix

Personal Blogs

Website written by a person who receives no products or remuneration for his or her efforts

Discovery (Mobile App Usage)

When people seek information, due to their need to discover, they now to turn to weather and news apps.

Engage the Customer

With engagement comes action, the potential for a relationship, and possibly even loyalty and commitment.

The Connected Effect

With regard to the Wheel of Social Media Engagement, the connected effect is the outcome of social media that satisfies humans' innate need to connect with other people -Some connections involve existing friends and colleagues; others refer to acquaintances who might have been connected in an offline world or with firms, brands, or new outlets that were not available before social media created the link

The Dynamic Effect

With regard to the Wheel of Social Media Engagement, the dynamic effect describes the way in which information is exchanged to network participants through back-and-forth communications in an active and effective manner. it also expands the impact of the network effect by examining how people flow in and out of networked communities as their interests change -very efficient way to et information or resolve disputes, and can provide the firm with insights into how to best provide a product or service in the future. -Customers can communicate their level of satisfaction with an issue and suggest further actions to be taken.

The Information Effect

With regard to the Wheel of Social Media Engagement, the information effect is the outcome of social media in which relevant information is spread by firms or individuals to other members of its social network

The Network Effect

With regard to the Wheel of Social Media Engagement, the network effect is the outcome of social media engagement in which every time a firm or person posts information, it is transferred to the poster's vast connections across social media, causing the information to spread instantaneously -One way companies can extend their network effects is by paying celebrities or pseudo-celebrities with large followings, hiring them to write posts about or upload pictures with their products

The Timeliness Effect

With regard to the Wheel of Social Media Engagement, the timeliness effect of social media engagement is concerned with the firm being able to engage with the firm being able to engage with the customer at the right place/time-their ability to do so 24/7 from any location -to be effective, firms must, in fact, respond quickly, or the timeliness effect benefit diminishes

Leads

a list of potential customers

Relationship Selling

a sales philosophy and process that emphasizes a commitment to maintaining the relationship over the long term and investing in opportunities that are mutually beneficial to all parties

Order Getter

a salesperson whose primary responsibilities are identifying potential customers and engaging those customers in discussions to attempt to make a sale

Independent agents

salespeople who sell a manufacturer's products on an extended contract basis but are not employees of the manufacturer -useful for smaller firms or firms expanding into new markets, because such companies can achieve instant and extensive sales coverage without having to pay full-time personnel

Seven Primary Motivations for Mobile App Usage

self expression discovery preparation accomplishing shopping "me time" socializing

Page Views

the number of times an internet page gets viewed by any visitor

social media

the online and mobile technologies that distribute content to facilitate interpersonal interactions

Bounce Rate

the percentage of times a visitor leaves the website almost immediately, such as after viewing only one page

Qualify

the process of assessing the potential of sales leads

Professional Blog

website written by a person who reviews and gives recommendations on products and services

The Personal Selling Process

1. Generate and qualify leads 2. Preapproach 3. Sales presentation and overcoming reservations 4. Closing the sale 5. Follow-up

How to Do a Social Media Marketing Campaign

1. Identify strategy and goals 2. Target audience 3. Campaign: experiment and engage 4. Budget 5. Monitor and change

sales contest

a short term incentive designed to elicit a specific response from the sales force

Blog

an online diary with periodic posts

Trade shows

major events attended by buyers who choose to be exposed to products and services offered by potential suppliers in an industry

5. Monitor and Change

Review the success of the campaign and make changes as necessary

Company Sales Force

The people who are employees of the selling company and are engaged in the selling process

Sales Management

The planning, direction, and control of personal selling activities, including recruiting, selecting, training, motivating, compensating, and evaluating, as they apply to the sales force

Responsiveness

The salesperson and support group must be ready to deal quickly with any issue, question, or problem that may arise

Empathy

The salesperson and support group must have a good understanding of the problems and issues faced by their customers. Otherwise, they cannot give them what they want

Reliabiity

The salesperson and the supporting organization must deliver the right product or service on time

Personal Selling

The two-way flow of communication between a buyer and a seller that is designed to influence the buyer's purchase decision -face to face -video teleconferencing -on the telephone -over the internet