MKT 361 Exam 2

Methods of Prospecting

"I have found success using the following methods of prospecting: referrals from satisfied clients and business partners, networking, and cross-selling to current clients. Referrals are by far the most important source of prospects"

These three groups: - Focus of receptivity - Focus of dissatisfaction - Focus of power collectively called

"mobilizers," will question, be skeptical, yet help the firm move in the right direction when convinced

Screens or barriers

(busy executives usually have one or more subordinates) - Subordinates who plan and schedule interviews for executives - Make seeing the boss difficult for salespeople - They take on the role of gatekeepers for buying center.

Discovering the root Cause of the Need:

(buyer starts here) Need - we need to equip our sales force with laptop computers ---> Need behind the need - we need to improve our sales performance ---> need behind the need (buyer ends here) - our competition is gaining on us, we need to be more responsive than they are - Occasionally a salesperson makes the mistake of starting with product information rather than with a discussion of the prospect's needs. The experienced salesperson, however, attempts to uncover the prospect's needs and problems at the start of the relationship. In reality, discovering needs is still a part of qualifying the prospect. - There is an underlying reason for every customer need, and the salesperson must continue probing until he or she uncovers the root problem or need. This process could be called "discovering the root cause of the need" - most of the important communication principles regarding how to effectively ask questions of the prospect and be a better listener. - Remember to speak naturally while asking questions. You don't want to sound like a computer asking a set of rote questions. Nor do you want to appear to be following a strict word-for-word outline that you learned in your sales training classes.

Making an Appointment

- After gathering precall information and setting objectives, the salesperson's next step is generally to make an appointment. - Many sales managers insist that their salespeople make appointments before calling on prospects or customers. - Appointments dignify the salesperson and help get the sales process off to a good start by putting the salesperson and the prospect on the same level—equal participants in a legitimate needs solution process. - Appointments also increase the chances of seeing the right person and having uninterrupted time with the prospect. - Experienced sales representatives use different contact methods for different customers. - It's also important to point out that attitude (and the salesperson's mood) can have a tremendous impact on success in making appointments. - This section describes how to see the right person at the right time and the right place, how to interact with gatekeepers, and how to gain an appointment.

Criteria for Effective Objectives: SMART

- All objectives should be specific, measurable, achievable, and realistic, time based. - A call objective that meets only one or two of these criteria will be an ineffective guide for the salesperson. We now examine each criterion in more detail.

Situation questions

- Answered through recall information gathering and planning - which are general data gathering questions about background and current facts. - The goal of these questions is to better understand the prospect's current situation. Because these questions are broad, successful salespeople learn to limit them; prospects quickly become bored or impatient if they hear too many of them. - Inexperienced and unsuccessful salespeople tend to ask too many situation questions. - In fact, many situation-type questions should be answered through precall information gathering and planning.

For effective demonstrations:

- Be prepared and secure a proper place for the demonstration (free of distractions/ you have everything you need) - Check the equipment before beginning the presentation (have necessary backup parts) - Get the prospect involved in a meaningful way - Relate product features to the buyer's unique needs - Make it an integral part of the overall presentation (not a separate, unrelated activity) - Keep the demonstration simple, concise, and clear

Using Media to Display Visuals

- Chose media appropriate for the situation (3D interactive viewing, use of Flash..) - Portfolio - Video - Laptops, iPad, and other portable devices

Resources within company:

- Company records - CRM database - Sales portals - Selling center

Developing Rapport - Do not engage in the following:

- Controversial topics like politics and religion - Trying to gain sympathy - Complaining about others - Gossiping about competitors - Avoid using trite phrases - The best line of defense when something goes wrong is to maintain the proper perspective and a sense of humor. It's not the first thing you have done wrong and won't be your last.

What information would share with the CEO, e.g.?

- Customer Value proposition (CVP): a written statement that clearly how purchasing your product can help solve the customer's perceived business issue(BI). - BI includes: • Increase revenue, market share, and shareholder value • Increase efficiency and productivity • Manage costs • Control quality and reliability - Often a vary important consideration is the success of the individual who is your contract within the customer's firm.

The telephone is most often used to make an initial appointment.

- Do not try to make a sale when calling to make appointment - Anticipate objections and decide how to respond - Salespeople can save many hours by phoning, or having others phone for them, to make appointments.

Request for proposal (RFP, RFB or RFQ)

- Document issued by a prospective buyer asking for a proposal - Contains customer's specifications for the desired product, including delivery schedules - Used when the customer has a firm idea of the product needed - Salesperson can help the customer identify needs and specify product characteristics

Components of inventory management system

- Efficient consumer response (ECR) - Quick response (QR) - Automatic replenishment (AR) - Just-in-time (JIT) - Reduce average inventory and transportation expenses - Make products available when end users want them - Electronic data interchange (EDI)

Waiting for the prospect

- Every salesperson must expect to spend a certain portion of each working day waiting for sales interviews. - Be on time or call if you're going to be late - Make good use of your waiting time: by working on reports, studying new product information, checking email and text, planning next calls, and obtaining additional information. - 15 minute rule: seller's time is also important. If the wait will be excessive or having another appointment, it may be advisable to explain... (Exceptions are necessary, of course, depending on the importance of the customer, the reason the customer is running late, and the distance the salesperson has traveled. In all cases salespeople should keep the sales call in perspective, realizing that their time is also valuable.) - Be polite and tactful when asking to reschedule (Usually the secretary either will try to get the salesperson in to see the prospect more quickly or will arrange for a later appointment.)

Respond to buyer's unique social style:

- Expressives - Analyticals - Amiables - Drivers A seller should not grab a method because it sounds trendy or because it worked in a previous sales call or because it is highly entertaining. Rather, a seller should strategically select methods and media that will helpfully address the needs of the buyer.

Managing first impression

- First two or three minutes can be important. - Making a favorable first impression usually results in a prospect who is willing to listen. A negative first impression, on the other hand, sets up a barrier that may never be hurdled. - They may know their customer's needs and their own product but overlook seemingly insignificant things that can create negative impressions. - And don't forget that according to generation gap experts, it is often quite difficult for a Generation X (born 1965-1978) salesperson to relate to a baby-boom (born 1946-1964) buyer and even harder to relate to a traditionalist (born 1922-1946) buyer. - So what should a seller do to create a good first impression? You should be well groomed and enter confidently (but not arrogantly) by using erect posture, lengthy stride, and a lively pace, and among the first words out of your mouth should be something like, "Thanks for seeing me." And don't forget to smile. Watch what happens when you look at someone and smile. In 99 out of 100 cases, you will receive a smile in return. - adapt - even to bad moods - be humble not cocky - remember names and be able to pronounce them - this shows respect

Identifying the Right Person

- Focus of receptivity - Focus of dissatisfaction - Focus of power • No single person has the sole authority to buy a product...

Need payoff questions

- Focused on solution (in contrast to implication questions, which are problem centered) - When salespeople ask questions about the usefulness of solving a problem - If the prospect responds negatively to a need payoff question, the salesperson has not identified a problem serious enough for the prospect to take action. In that case, the salesperson should probe further by asking additional problem questions, implication questions, and then a new need payoff question.

other ways to make good impressions

- Getting the customer's attention - Developing rapport - Maintaining proper perspective and a sense of humor, when things go wrong

Visual Tools

- Graphics and Charts (If possible, use graphics (like diagrams, pie charts, and bar charts) instead of tables. Tables are often needed if actual raw numbers are important; graphics are better for displaying trends and relationships. Use current, accurate information, don't use more than five or six words per column) - Models, Samples, and Gifts (may be a good answer to the problem of getting and keeping buyer interest. keep interest after call) - Catalogs and Brochures (leave them with the buyer as a reminder of the issues covered) - Photos, Illustrations, Ads, and Maps (Detailed maps can be easily developed, for example, to show how a magazine's circulation matches the needs of potential advertisers)

Implication questions

- Implication questions cannot be asked until some problem area has been identified (through problem questions). - Help the prospect recognize the true ramifications of the problem - Motivate the prospect to search for a solution to the problem - Multiattribute model - weigh various attributes in terms of importance

FAB (Features, advantages, benefits)

- Instead of mentioning features and benefits, requiring salespeople to discuss features, advantages, and benefits - Advantage: Points out why a feature would be important

Setting Objectives for Several Calls

- Keep good records - Make necessary adjustments in long-term call objectives - Prepare for the next sales call - Know whom to call on in upcoming meetings - Customer value proposition

Payback Period

- Length of time it takes for the investment cash outflow to be returned in the form of cash inflows or savings - Calculated by adding up estimated future cash inflows and dividing them into the investment cost - When expressed in years: - Payback period = Investment/ Savings (or profits) per year

Establish the value - Two step approach

- Look at the objection from the customer's viewpoint, asking questions to clarify - Sell value and quality rather than price: many customers will pay more for higher quality when the quality benefits and features are pointed out to them

Plan to:

- Make a good impression and build credibility - Uncover the customer's needs - Answer anticipated questions and concerns

Net Present Value

- Money loses value over time (a dollar today is worth more than a dollar next week) - Discounting the cash flows - Firms calculate the value of future cash inflows in today's dollars - Net value today of future cash inflows minus the investment - Assesses the validity of an opportunity • Net present value (NPV)= Future cash inflows discounted into today's dollars - Investment

Optimistic call objective

- Most optimistic outcome the salesperson thinks could occur - Relate to what the salesperson hopes to accomplish over the long term.

Return on Investment (ROI)

- Net profits (or savings) expected from a given investment - Expressed as a percentage of the investment • ROI = Net profits (or savings)/Investments - To ensure accuracy, collect data about costs and savings that the buyer can expect - Many firms set a minimum ROI for any new products, services, or cost-saving programs. - Salespeople need to discover the firm's minimum ROI or ROI expectations and then show that the proposal's ROI meets or exceeds those requirements.

Power point presentations

- Not merely progress from one slide to the next - Use visuals that encourage two-way conversation

Based on perceptions of how the salesperson's product or service can add value What are things that buyers look for to increase value?

- On-time delivery - Quality of products (exactly to specifications) - Competitive pricing - Proper packaging/paperwork - Technical support/service - Quality of sales calls - Level of technological innovation - Good emergency response

Return on Space

- One of the key investment that resellers make is in space-retail store space and warehouse space. - Retailers use to assess as investment is sales per square foot or sales per shelf foot - In a grocery store or dept. store, shelf or display space is a finite asset that is used to allocated to them

Helps the buyer remember what was said

- People immediately forget 50 % of what they hear; after 48 hours they have forgotten 75 % of the msg. - Skillful and well timed presentation is likely to be remembered - This is unfortunate because securing an order often requires multiple visits, and in many situations the prospect must relay to other people information learned in a sales call. In these circumstances it becomes more critical for the seller to help the buyer remember what was said. - Vividly communicated features create such a strong impression that the buyer remembers the seller's claims and is more likely to tell others about them.

Multiple call objectives

- Primary call objective - Minimum call objective - Optimistic call objective - Secondary call objectives

Developing a Strategy

- Prioritize buyer needs (sort out the needs of the buyer) - Discuss features that address buyer needs • Feature dumping

Internet

- Prospect company's own Web page - Social media - Business information providers : zoominfo.com; insideview.com; pipl.com

Feature

- Quality or characteristic of the product or service - Every product has many features designed to help potential customers

Open questions

- Require the prospect to go beyond a simple yes or no response • Encourage the prospect to open up and share a useful information - Open questions help paint the broad strokes of the situation - After a few closed questions, the salesperson moves to a series of open questions. At some point he or she may revert back to closed questions.

Closed questions

- Require yes, no, or short fill-in-the-blank type response • Help in identifying problems and attitudes - After a few closed questions, the salesperson moves to a series of open questions. - Summarize the prospect's needs - closed questions help zero in on specific problems and attitudes. - closed questions are best at first.

SPIN Technique - Method of discovering needs with help of:

- Situation questions - Problem questions - Implication questions - Need payoff questions

Prospect's/Customer's Organization - suppliers & buying situations

- Suppliers • Amount purchased in the product category. • Sole supplier or multiple suppliers. Why? • Reason for buying from present suppliers. • Level of satisfaction with suppliers. • Reasons for any dissatisfaction with suppliers or products currently purchased. - Current Buying Situation • Type of buying process (new task, straight rebuy, or modified rebuy). • Strengths and weaknesses of potential competitors.

Examples of Call Objectives - Related to the process leading up to the sale

- To have the prospect agree to a demonstration of the product - To schedule a meeting to further discuss the proposal - To do a complete survey of the buyer's requirements - To inform the buyer of the innovative changes incorporated into the product - To convince the buyer to endorse the product to the buying committee - To instill confidence and trust in the product/proposal - To initiate the paperwork to be considered as a future vendor

Examples of Call Objectives - Related to consummating the sale

- To obtain an order from the prospect - To schedule a co-op advertising/marketing program - To make the prospect agree to a trial run of the product/service - To convince the retailer to display our promotional offer

Writing guidelines

- Use polished writing skills and skip buzzwords - Focus on actual results that the prospect can gain from going with your proposal

Common ways to quantify a solution

- Value propositions - Cost-benefit analysis - Return on investment - Payback period - Net present value - Opportunity cost * Key is to offer information that will help buyers evaluate your offering based on their metrics.

Customer Value Proposition

- Way in which a given product will meet the prospect's needs - Identifies how the offerings is different from that of competitors, especially the next-best alternative - Remember what it contains is tailored to the individual prospect. (1) What is important (understand customer's business model)? (2) How does our solution create value? (3)How can we demonstrate our capability? - Should have following features • One or more key features of the product/service complete with external proof • Benefits, both economical and emotional • Positioning of your company as the prospect's long-term partner • Offering yourself a s personal problem solver - Should have solid, clear information is critical. Brainstorming/ talking to your customers. -> how your solution is going to solve their problems!

Specific

- What the salesperson hopes to accomplish - What the objective targets are - Any other details (suggested order quantity, for future meeting)

Specific advice about setting multiple call objectives: The primary objective of the first session is to have another chance to visit.

- What this allows you to do is have your standards relatively low because you are trying to build a long-term relationship. You should be very sensitive to an opportunity to establish a second visit. - What you want to do is identify aspects of the business conversation that require follow-up and make note of them. . - The key is not the first visit . . . it is the second, the third, the twenty-second visit.

Problem questions

- When salespeople ask about specific difficulties, problems, or dissatisfactions the prospect has, they are asking problem questions. - The goal is to discover a problem. - can be asked through questions - If a seller can't discover a problem using problem questions, then she might need to ask additional situation questions first to uncover more issues that might lead to better problem questions.

Presenting the proposal

- When the proposal is going to be sent to the home office, it is wise to secure the support of the local decision maker. - Convince the prospect about the need for the product - Compare the product and terms of sale with those of competitors

Verbal Tools

- Word Pictures and Stories (Use the "hook" of the story to tie back directly into your presentation.) - Be accurate and vivid with the words you choose. - Choose stories that fit your own style. Don't try to be someone you're not. - humor (Don't oversell the joke, Don't apologize before telling a joke, Make sure your punch line is clear, Enjoy yourself by smiling and animating your voice and nonverbals) - Beware of overdoing humor or using off-the-wall or offensive humor

Handouts

- Written documents provided to help buyers remember what was said - Increase buyer retention of information, especially over longer periods, when prepared well - Contain the conclusion of the presentation - What things go into a handout? - A common practice is to make a printed copy of the presentation visuals and give that to the buyers at the conclusion of the presentation.

Four A's of selling process

- acknowledge - acquire - advise - assure

Achievable

- challenging but reachable - lead to better performance - cultural influences are considered (e.g., extremely conservative corporate culture)

Characteristics of a Strong Presentation

- communication tools - Keeps the buyer's attention - Improves the buyer's understanding

useful when the buyer raises a valid point or offers an opinion use:

- compensation - referral - revisit - acknowledge - postpone

Appeals to the buyer's senses

- e.g., orthopedic surgeons - want to touch, feel and use them to see if they are good / national retailer buyer - a bag of darts and a map marked with the chain's hundreds of stores.. - Some products can be sold most successfully by getting the prospect into the showroom for a hands-on product demonstration. Showrooms can be quite elaborate and effective

Measurable

- goals can be objectively evaluated (should be written down: "getting acquainted"???? - where, how, when...) - set objectives that require a buyer's response (e.g., follow up appointments with buyer): lay out a series of objectives for subsequent calls

Identifying the prospects social style and status

- just because of where someone works doesn't mean anything about them - example walmart - The salesperson should read the prospect's nonverbal cues to determine the right time to be seated. And note that many calls will not involve sitting down at all, such as talking to a store manager in a grocery store aisle, conversing with a supervisor in a warehouse, or asking questions of a surgeon in a post-op ward.

FEBA (Features, evidence, benefits, agreement)

- mention the feature - provide evidence that the feature actually exists - explain the benefit - Ask if buyer agrees with the value and benefit of the feature

Which call objective is rare to achieve?

- rarely achieved, an optimistic call objective (the most optimistic outcome the salesperson thinks could occur) is also set. - The optimistic call objective will probably relate to what the salesperson hopes to accomplish for the account over the long term

Benefit

-The way in which a specific feature will help a particular buyer and is tied directly to the buying motives of the prospect - "What's in it for me?" - Customer benefit proposition

Only ____ of leads become customers

0.015%

5 Questions - To help qualify leads and pinpoint the good prospects:

1. Does a want or need exist? 2. Does the lead have the ability to pay? 3. Does the lead have the authority to pay? 4. Can the lead be approached favorably? 5. Is the lead eligible to buy?

Five focus on strengthening a presentation

1. Know your audience 2. Audience participation- the most common mistake I see is salespeople who talk far more than their prospect or customer. Remember, nearly all people like to talk and share their opinions. Collaboration through the customer's or prospect's participation creates a sense of ownership on their side that can allow for dramatic advancement of the sales process. 3. Feature/function/benefit - If you are selling to the most desirable level, you must explain your product or service in a way that communicates what something is, what it does, and what the end result or positive outcome is. 4. Tell them what you will tell them, tell them, and tell them what you told them - remember, although you may know every minute detail of the concepts you are describing, some of the people you will be presenting to will be hearing it for the first time. 5. Customization-if I have learned anything in terms of successful sales presentation, it is the power of customization.

ROI - If a new product costs $4,000 but saves the firm $5,000, the ROI is

125 percent (%) - $5,000(net profits or saving) /$4,000 (investment) =1.25

Payback Period - Suppose a new machine costs $865,000 but will save the firm $120,000 per year in labor costs. They payback period is

7.2 years. Investment/Savings - $865,000/$120,000 per year= 7.2 years

Selling center

A sales team that interacts with a prospect - consists of all the people in the selling organization who participate in a selling opportunity. Members of the team may be able to provide or help you secure needed information.

Customer value proposition

A written statement of how purchasing the proposed product can solve customer's business issue (bi). - the CVP focuses on what an individual manager needs to address and resolve to be able to better contribute to overall company objectives

Characteristics of a good prospect - Favorable approachability

Accessibility of leads (president of an international bank, a major executive a large manufacturing company...not be accessible to a young college graduate)

time based

Achieved within a set frame of time

Compensation method

Acknowledging objections' validity and then showing any compensating advantages -"I agree that our quality is not as high as that of some of our competitors. However, it was designed that way for consumers who are looking for a lower-priced alternative, perhaps just to use in a weekend cottage. So you see, our somewhat lower quality is actually offset by our much lower price"

Primary call objective

Actual goal a salesperson hopes to achieve

advise

Advising comes next, during which the seller narrows the possible choices to specific options, sells benefits of those options (not just features), watches for buying signals, and asks for the order.

Relax and listen, do not interrupt.

Allow the prospect to state a position completely. - when responding to an objection, listen first and then answer the objection. Allow the prospect to state a position completely.

Multiple-sense appeals

Appealing to more than one sense (hearing, sight, taste, smell and touch) - Increases understanding dramatically - retain 20% of what we hear. - retain 50% of what we see and hear.

Better Business Bureau (BBB)

BBB helps people find and recommend businesses, brands, and charities they can trust

Credibility

Being believable and reliable

Superior benefit method

Benefit of one attribute overcomes concern about a less important attribute (using the multi-attribute model: low score on one attribute can be compensated for a high score on another attribute) - superior benefit method - Most appropriate for analyticals, who are accustomed to conducting trade-off analysis.

Small talk

Breaks the ice for the actual presentation - Current news, hobbies, mutual friends: • Customers are more receptive to salespeople with whom they can identify and have something in common (e.g, office scanning) • Consider cultural and personality differences (Amiable, Expressives vs. Analyticals and Drivers) • Share goals or agenda

The Problem/Solution Model

Business model (needs) 1. __ 2.___ 3.__ 4.___ 5.___ "the big wow" <----> features/benefits 1.__ 2.___ 3.__ 4.___ 5.___ ---> create an urgency to buy now!! ---> increase profits and sales! Buyers typically consider two or more competitive products when making a purchase decision. Thus, salespeople need to know more than just the benefits their products provide. They need to know how the benefits of their products are superior or inferior to the benefits of competitive products. Of course, as you explain the benefits of your service, you must make sure the prospect is looking for those benefits.

Company records

CRM database

Inventory turnover

Calculated as: - Annual sales/Average retail price of inventory on hand - Measures how fast a product sells relative to how much inventory has to be carried - How efficiently a reseller manages its inventory (inventory represents investment). If the reseller is able to reduce this inventory level, it can invest this saving in stores or warehouses or in the stock market.

Blitz

Call all prospective businesses in a given geographical territory on a specified day (e.g., four-block area) - Your staff goes out to local business and hands out a flyer, something of value ...

Document cameras or visual presenters

Capable of displaying any three-dimensional object without the use of a transparency

Influential adversaries

Carry great influence but are opposed to us

Probing method

Clarify prospect's concerns and ensures that sales people understand the objection = "your product is not too good" - exacting what service you referring to? Can you explain what you mean?

Analyticals

Clean and simple, a list of references, and lots of details

Collateral

Collection of documents that are designed to generate sales

Portfolio

Collection of visual aids - broad spectrum of visual aids the salesperson can find quickly should the need arise (placed in a binder or on a computer - maintaining eye contact!!!)

setting up an initial appointment

Common when products, services, or concepts are unfamiliar to the buyer - prospect may object to setting the appointment times or dates that salespeople request to introduce the product.

Comparative cost-benefit analysis

Comparing the present situation's costs with the value of the proposed solution or the seller's product with a competitor's product

Electronic data interchange (EDI)

Computer-to-computer transmission of data from a reseller such as Walmart, to vendors (Proctor and Gamble) and back Resellers and vendors have ECR or QR relationships use EDI to transmit purchase orders and shipping info

Excuses

Concerns expressed by the buyer that mask the buyer's true objections-> salesperson determines the validity of reasons offer for objection by observation, questioning, and knowledge.

Keeps the buyer's attention

Consider the social style of the prospect and adapt the use of communication aids accordingly (e.g., an amiable listen more attentively to a long presentation than a driver would)

Databases:

Contain information about: • Prospects • Customers - Pioneer: largest producers of seed corn, has a dynamic database of 600,000 farm operators in U.S. and Canada

Insight selling

Corporate Executive Board takes an entirely different approach to prospecting and qualifying leads, Evaluating prospects who do not necessarily have a clear understanding of what they need but make quick decisions (able to act quickly when a compelling case is made to them)

Drivers

Crisp professional visuals with bold lettering to highlight important points

qualify the lead

Determine whether a lead is in fact a prospect

Feature dumping

Discussing features that is of no use to the customer (products have many, many features..) rather than overload the customer with all the great features

Blunders occur when the salesperson

Does not understand the question Answers the wrong question Fails to fully answer the objection

Friendly silent questioning stare

Encourage buyers to elaborate or explain fully what their concerns are (nonverbal probing)

assure

Finally, the seller assures the buyer after the sale by enhancing satisfaction with the buying decision and giving proper follow-up and referrals.

acknowledge

First the seller acknowledges the buyer by greeting/welcoming/honoring and building trust.

A successful salesperson thinks ahead to the meeting that will occur and plans accordingly.

For example, salespeople should plan how they intend to make a good first impression and build credibility during the call.

Sources of Information

Gathering all the information is impossible. The goal is to gather what is both possible and profitable. • Analysis paralysis • If you've got 70% of the information - then, act! • Resources within company: - Company records - CRM database - Sales portals - Selling center Note: Salespeople need to check the quality of any data gathered rather than assuming they are good. Not overload.

Planning Process

Gathering information about the prospect and firm ----> selling objectives for the call -----> making an appointment

prospect

Good candidate for making a sale; if the salesperson determines that the lead is a good candidate for making a sale, that person or organization is no longer considered a lead and instead is called a prospect.

Okay, you're going to interview with GE (so GE is your lead for a job). Tell me the source you would use for each piece of information needed. "

Good sources might include the professor, the placement office, fellow students, former students who have interviewed with the firm, published sources, current GE salespeople, secretaries, etc.

Selective perception

Hearing what one wants to hear -> once salespeople stop actively listening, they miss many things the buyer is trying to communicate

Buyer's perspective

Helps gain buyer's respect and confidence

Seller's perspective

Helps meet call objectives efficiently

Regardless of the type of goal you are referring to, the old adage is true

If you don't know where you're going, you may wind up somewhere else.

Credibility statements:

Includes features of the salesperson, organization and other related and useful information -> help the buyer realize you are capable of meeting her needs (by testimonials and test results)

Extranets

Internet sites that are customized for specific target markets Build relationships with current customers, but some companies use to generate leads (e.g., Turner set up extranet is accessible only to media buyers)

Major sale

Involves a long selling cycle, a large customer commitment, an ongoing relationship, and large risks for the prospect - can occur anywhere but often involve large or national accounts.

Balanced presentation

Is honest and shows all sides of the situation (how about the product make it less than perfect or may speak positively about some exclusive feature of a competitor's product?)

House accounts

Large customers that are handled exclusively by corporate executives

Simple cost-benefit analysis

Lists the costs to the buyer and the savings the buyer can expect from the investment - Realistic, and meaningful information needed to calculate savings must be supplied by the buyer

Customer benefit proposition

Manner in which a salesperson shows how a product addresses the buyer's specific needs

Halo effect

Manner in which you do something changes a person's perceptions of other things you do (if the salesperson perceived by the prospect as effective at the beginning of the call, ...)

Webcasting or virtual sales calls

Meetings are broadcast over the Internet One key is to carefully plan all technical elements of the presentation and to rehearse them as much as possible.

Videoconferencing

Meetings in which people are not physically present in one location but connected via voice and video - is growing in usage. : due to downsizing and remote location...etc.

Opening

Method of getting the prospect's attention and interest quickly and making a smooth transition into the next part of the presentation

Minimum call objective

Minimum a salesperson hopes to achieve, in the event that the call does not go exactly as planned

Offers proof of the salesperson's assertions

Most communication tools have proof to back up a salesperson's claim (e.g., liquid is nontoxic - the claim is more convincing if the salesperson drinks some of the liquid in front of the prospect)

Profit margin

Net profit the reseller makes, expressed as a percentage of sales

acquire

Next the seller acquires information via needs analysis and a summary of that analysis outlining the agreement between buyer and seller about the current situation and the desired solution.

Will this approach defeat the seller's chances of a sale?

No. In fact,it may increase the chances of building long-term commitment and rapport. Salespeople can keep customers happy and dedicated by helping them form correct, realistic expectations about a product or service.

sales funnel

Note: many leads do not become prospects

Responding to objections is a vital part of a salesperson's responsibility.

Objections may be offered at any time during the relationship between buyer and salesperson.

The presentation

Objections show the prospect's interest=> they can actually be desirable. Compared to a prospect who just says, "no thanks" and never raise concerns...vs. buyers voice their concerns.. - buyers can offer objections during the beginning of the presentation. - They may not like or believe the salesperson's attention-getting opening statement. - They may not wish to engage in small talk or may not agree with statements made by the seller attempting to build rapport

Executive Summary

One-or two-page summary that provides: - Total cost minus the total savings - Brief description of the problem to be solved - Brief description of the proposed solution

Sales portals

Online databases that include many sources of information in one place (account data, competitor intelligence, and news about the company, and the economy)

Secondary call objectives

Other objectives apart from the primary call objective

Exclusive sales territories

Particular salesperson can sell only to certain prospects (e.g. doctors in only a three-county area)

Merchandise markets

Places where suppliers have sales offices and buyers from resellers visit to purchase merchandise - Sellers are manufacturer or distributor, sell only to resellers. Timely follow-up of leads is critical if sales are to follow a show. - Buyers visit many vendors during markets, selecting the products they will carry for the next season.

Forestall

Prevent by doing something ahead of time. It is even more important in written proposals. - salesperson may have products with limited features, may have to quote a price that seems high, may be unable to offer cash discounts, may have no service representatives in the immediate area.

Lead qualification system

Process for qualifying leads

Value Analysis: Quantifying the Solution

Process of showing the prospect that the cost of the proposal is offset by added value (high-risk situations and moderate-risk situations, quantifying the solution becomes increasingly important).

Impression management

Process where salespeople can manage the buyer's impression of them - to be well prepared

Creates a sense of value

Product handling suggests its value (a delicate piece of china will be perceived as more valuable if the salesperson uses appropriate words, props, and care in handling it)

Third-party testimony method

Proof of the salesperson's assertion in the form of a testimonial letter (name and the phone number of it) - Appropriate for expressives and amiables.

After the sale

Require careful response to develop long-term relationships and partnerships with buyers

LAARC method:

Responding to objections by: - Listening - Acknowledging - Assessing - Validity of the objection - Responding - Confirming - That the objection has been answered

Secretary - What do you want to talk about?

Response - It's difficult to explain over the telephone. I can demonstrate it to you in person

Secretary - Can't you mail the information to me?

Response - Our systems are tailored to meet the needs of each customer, so a personal visit would be most effective

Secretary - We had that product once and didn't like it

Response - Probe for the specific reason of dissatisfaction and have a reply, but don't go too far. The objective is to get an appointment, not sell the product

Secretary - I take care of that particular task

Response - That's fine, but I would like to speak to the manager about the total service

Secretary - We already have that product

Response - That's fine. I want to talk to the manager about some new features designed for companies like yours

Secretary - You'd just be wasting your time. I'm not interested

Response - The general objection is hiding a specific objection. Probe for the specific objection

Secretary - I'm sorry, but the manager is busy now

Response - What I have to say will take only a few minutes. Should I call back later, or could you set up an appointment?

The salesperson can use any of several methods to gain the prospect's attention.

Salespeople should adopt the opening that is most effective for the prospect's personality style.

Seeding

Sending customers important and useful information

Trade shows

Short, temporary exhibitions of products by manufacturers and resellers (CES)

Written Proposals

Some proposals are simple adaptations of brochures developed by a corporate marketing department. But in industries that sell customized products or require competitive bidding (as many state and local governments do), a written proposal may be necessary for the buyer to organize and compare various offerings. - Request for Proposal - Executive summary - Describe the current situation in relation to the proposed solution and a budget

Traditional secondary sources

Standard&Poor, hoovers and moody's • they publish a number of informative documents in print and online that are available in many public libraries. • These sources can help answer questions about brand names, key contacts, historical information, the current situation and outlook for the firm and the industry, location of plants and distribution centers, market shares, and so on.

Testimonials

Statements written by satisfied users of a product or service - Effectiveness based on skillful usage - Carefully match satisfied user and prospect: well respected by his or her peers, center of influence (selling to CPA, president of the state's CPA association) - Before using a testimonial, the salesperson needs to check and frequently reaffirm that he or she is still a happy, satisfied customer. Visual Tools

Expressives

Strong, intense colors and lots of photos, cartoons, fancy fonts, and positive images

Behaviors Of Successful Salespeople

Successful salespeople anticipate objections and forestall known concerns, listen without interrupting - Forestall known concerns - Relax and listen, do not interrupt. - Evaluate objections or excuses - Tell the truth

Telemarketing

Systematic and continuous program of communicating with customers and prospects via telephone

Trial close

Taking the pulse of the situation during the presentation

Outbound telemarketing

Telephones are used to generate and then qualify leads (initiated by the salesperson, by inside sales representatives or by third-party vendors)

Test results

Tests on the product or service, conducted by the seller's firm or some third-party organization (e.g. Consumer Reports or Underwriters Laboratories) help strengthen the presentation Visual Tools

Net Present Value - Let's assume that a $50 million investment will provide annual cash inflows over the next five years of $15 million per year. The cash inflows are discounted (at the firm's cost of capital), and the result is that they are actually worth $59 million in today's dollars.

The NPV is thus $9 million (Net present value (NPV)= Future cash inflows discounted into today's dollars - Investment = $59 million - $50 million.

Often the difference between making and not making a sale depends on the amount of homework the salesperson does before making a call.

The more information the salesperson has about the prospect, the higher the probability of meeting the prospect's needs and developing a long-term relationship.

Benefits of Multiple Call Objectives - To aid in planning the call, some trainers suggest that the salesperson further prioritize these primary objectives into two groups:

The most important primary objective is called the primary call objective, whereas the remaining ones become secondary call objectives. • So, in this example, if selling the product is the most important thing to accomplish in the next meeting, the objectives will be as follows: - Primary call objective Sell one unit. - Secondary call objectives Be introduced to one other member of the buying center. Have the prospect agree to send along a packet of information to an executive.

The key is that the gathering should be fun and sociable and a way for a salesperson to gather leads.

The name of a lead provided by either a customer or a prospect, known as a referred lead, is generally considered the most successful type of lead.

Focus of dissatisfaction

The person who is most likely to perceive problems and dissatisfactions

Focus of power

The person who is most likely to perceive problems. - the person who can approve, prevent, and/or influence action. Getting to the focus of power too quickly can lead to disaster because the seller has not yet built a relationship and does not really know the buyer's needs.

Focus of receptivity

The person who will listen receptively and give the seller needed valuable information this person will talk to the salesperson and provide information.

When moving into a discussion of the proposed solution or alternatives, the salesperson translates features into benefits for the buyer.

The salesperson also makes any necessary adjustments in the presentation based on feedback provided by the buyer's nonverbal cues and by verbal probing.

A close, harmonious relationship will enhance the whole selling process.

The salesperson can build credibility by adhering to stated appointment lengths, backing up statements with proof, offering a balanced presentation, and establishing his or her credentials.

When setting multiple call objectives...

The salesperson should obviously consider whom to call on upcoming meeting.

Successful salespeople know that advance planning of the sales call is essential to achieve in selling.

The salesperson should remember that the buyer's time is valuable.

When selling to groups, the salesperson must gather information about the needs and concerns of each individual who will attend.

The seller should also uncover the ego involvement and issue involvement of each group member. It is important to develop objectives not only for the meeting but also for what the seller hopes to accomplish with each prospect present at the meeting.

Salespeople need to gather as much information about the prospect as possible before the first call.

They need information about both the individual prospect and the prospect's organization.

Information about the prospect's or customer's company obviously helps the salesperson understand the customer's environment.

This type of information lets the salesperson identify problem areas more quickly and respond accordingly.

Practice

Time spent depends on the amount of time the seller can allocate for it and the goals of the presentation - that for very important presentations, the seller spend 30 minutes preparing and practicing for each minute of presentation time.

Trade fairs

Trade shows in Europe

Electronic whiteboards

Used when working with customers who prefer to brainstorm an issue or problem - SMART boards or digital easels - great at encouraging a group to interact with a pt

Making an Appointment - The right time

Varies according to customer and type of selling

Long-term customer potential (developing a partnering relationship with a lead)

What is the climate at the organization - is it looking to develop partnering relationships with suppliers? Do any of our competitors already have a partnering?

Characteristics of a good prospect - Timing of the purchase

When does the prospect's contract with our competitor expire? Is a purchase decision really pending?

Amiables

With people and a relatively slow-moving presentation

New task

a buyer purchases a product or service for the first time

Modified rebuy

a buyer wants to modify product specifications, price, terms or suppliers

Which salespeople would prospecting be most important? a. A real estate salesperson specializing in residential property. b. An electric transformer salesperson working full time for Georgia Power and Gas. c. A pharmaceutical sales rep selling heart medications. d. A Goodmorning cereal salesperson whose territory is Denver.

a. A real estate salesperson specializing in residential property.

Choose the TRUE statement about testimonials. a. Testimonials should be used if they help to address a buyer's needs or concerns. b. To be valid, testimonials must be sworn before a notary in public. c. Progressive sales organizations rarely use testimonials. d. The most effective testimonials are generic, which makes them usable with more types of customers.

a. Testimonials should be used if they help to address a buyer's needs or concerns.

Most frequently mentioned obstacle

about 20% of buyers are thought to buy purely on the basis of price. Only 3% of its orders are sold at list price; the rest are price discounted.

selling deeper

additional sales to satisfied customers who provide leads (sales to existing customers often result in more profits than do sales to new customers)

Strategizing

also includes considering such elements as how many people will attend the presentation, which stage of the buying process they are in, what information they need, what type of situation this is (new task, modified rebuy, straight rebuy)

Systems integrators

an individual or business that builds computing systems for clients by combining hardware and software products from multiple vendors. Examples: Fujitsu, HP, Cisco, Unisys, IBM, Oracle. Have the authority to buy products and services on behalf of the delegating firm (due to downsizing, some firms are delegating their buying tasks to outside vendors)

In industrial sales situations the centers of influence

are frequently people in important departments not directly involved in the purchase decision, such as quality control, equipment maintenance, and receiving. The salesperson keeps in close touch with these people over an extended period, solicits their help in a straightforward manner, and keeps them informed about sales that result from their aid.

endless chain

attempt to secure at least one additional lead from each person he or she interviews

Choose the FALSE statement about sales call objectives. a. An objective should be established for every sales call. b. The primary objective of every sales call is to make a sale. c. Sales call objectives should be measurable. d. Sales call objectives should be aimed at customer action.

b. The primary objective of every sales call is to make a sale.

A salesperson for refrigerant leak monitors began her presentation to the Kroger buying agent as follows: "Our system will prevent your employees from being exposed to dangerous CFC emissions." At that point in her sales presentation, she was describing a(n): a. attributes b. benefits c. needs d. features

b. benefits

The first paragraph of a sales letter should: a. explain why the reader should buy a product. b. grab the reader's attention. c. point out a deadline for action. d. all of the above.

b. grab the reader's attention.

Straight rebuy

buyer routinely reorders something without any modification

seller should paraphrase the _____, write it down, gather the______ and _______ and _____ as promised.

buyer's question; information; follow up quickly and exactly

Go "under the screen"

by trying to make contact with the prospect before or after the screen gets to work (or while the screen is talking a coffee break). It can easily backfire - great customer dissatisfaction

Which of the following is the most important characteristic of successful sales representatives? a. Opening each sales call with a product demonstration b. Handling positive reviews from customers c. Being able to discover client needs d. Using closing techniques effectively

c. Being able to discover client needs

Choose the TRUE statement about prospecting. a. The value of all qualified leads is identical. b. It is unethical to use friends or relatives as sources for leads. c. Not all leads will qualify to be prospects. d. Personal observation cannot be used to find qualified leads.

c. Not all leads will qualify to be prospects.

By developing a series of specific objectives for future calls, the salesperson can develop a _______. This approach is especially important in a partnering relationship.

comprehensive strategy for the prospect or customer.

It helps sales people increase their _________ and reduce their stress

confidence

Realistic (time based)

considers factors like cultural differences

Salespeople need to make every possible effort to

create a good impression during a sales call. The first few minutes with the prospect are important, and care should be taken to make an effective entrance by giving a good first impression, expressing confidence while standing and shaking hands, and selecting an appropriate seat.

Salesperson must be perceived as having

credibility.

center of influence

cultivating well-known, influential people in the territory who are willing to supply lead information

Satisfied customers

current and previous customers are contacted for additional business and leads. some trainers argue that successful salespeople should be getting about 75 percent of their new business through referrals from customers, and firms are now encouraged to calculate customer referral value, which is the monetary value of the these referrals as well as the costs to get and maintain the referrals.

Which one is NOT the essential elements of a sales call? a. Building credibility and trust b. identifying or reiterating a prospect's needs c. Making a good impression d. Calculating the profit margin in advance

d. Calculating the profit margin in advance

Vivian is calling on Mercy Cabinetworks. Her goal is to close a deal for customized profile Sander valued at $4,500. She'd be willing to accept if Mercy purchase one of her firm's ready-made sanders, which cost about $3000. Vivian wants to convince the owner of Mercy to use the sander and to provide her company with a testimonial that would help her approach other local wood workers. For Vivian, the sale of the less expensive ready-made profit sander is her ______. a. Optimistic Call Objectives b. Primary Call Objectives c. Sales Quota d. Minimum Call Objectives

d. Minimum Call Objectives

If the salesperson does not know the basics about a prospects company, then the: a. prospect will not meet the salesperson at all. b. salesperson should make "getting the deal" the formal objective of the first sales call c. salesperson may being to experience a phenomenon called anaylsis paralysis. d. prospect may justifiably refuse to take the deal forward.

d. prospect may justifiably refuse to take the deal forward.

Salesgenie.com

delivered as printed mailing labels or secured directly from the web

Prospecting sources and methods vary for

different types of selling.

SAVO (www.savogroup.com)

digital collateral management system - easily call up photos, videos, PPT, web pages, legal documents that has been digitally entered into the system

when the prospect makes an untrue statement use:

direct denial indirect denial

Don't lower the price as a first response

don't forget for mutually beneficial long-term relationship

in a modified rebuy situation, it would not be necessary to

educate the prospect about general features common to the product class as a whole.

Salespeople sometimes gather leads at referral events, which are

gatherings designed to allow current customers to introduce prospects to the salesperson.

referral events

gatherings designed to allow current customers to introduce prospects to the salesperson (is free for clients who bring one or more prospects)

At some point, the time and effort put into collecting information become

greater than the benefits obtained.

IBM

has set up Web sites that allow their sales reps to create blogs with feeds tied directly to LinkedIn and Twitter. IBM reps also use Twitter to provide customers information about events and news.

Proper planning

helps them meet their call objectives efficiently and effectively. They then have more time to make additional calls, conduct research on customers, fill out company reports, and complete other necessary tasks. The result is better territory management.

Prospect

if you don't know the basics, many prospects will justifiably refuse to deal with you

what are critical for successful sales to occur?

knowledge, adaptability, and trust are critical for successful sales to occur.

referred lead

lead provided by either a customer or a prospect (most successful type of lead)

Now that you know how to start the sale, discover needs, relate features to specific benefits for the buyer, and build credibility, it is time to

look more closely at how to communicate your ideas more effectively.

promoters

loyal customers who keep buying and urge their friends and associates to do the same

Essential elements of the sales call is

making a good impression ---> identifying or reiterating needs (adjusting - assessing the buyer's reactions and making adjustments) ---> offering the solution to the buyer's needs ---> credibility and trust

Sales positions such as salesperson, stockbroker, financial advisor, or real estate sales representatives

may require 100 contacts to get 10 prospects who will listen to presentations, out of which one person will buy.

customer referral value

monetary value of the referrals and the costs to get and maintain the referrals (if you have sold to a bank already, you have a better understanding of bans' needs)

Use up-to-date information

most current pricing information about their product and use it on intranet sites for salespeople. Sellers should have correct pricing facts

Benefits of Multiple Call Objectives - they help take away the salesperson's fear of failure because

most salespeople can achieve at least their stated minimum objective.

A rep can constantly search

newspapers, blogs, and social media postings for material that may be useful for a prospect. - The buyer views the seller as someone trying to be truly helpful and as someone who really understands the buyer's business.

Anticipate objections

objections will be made to almost everything. How companies help salespeople? Draw up lists of common objections and helpful answers and become familiar with these lists. Role plays

Example of the best time to call - There is little agreement on the subject of the best time for a sales interview

obviously the most opportune time to call will vary by customer and type of selling. - The salesperson who calls on wholesale grocers, for example, may find from experience that the best times to call are from 9 a.m. to 11 a.m. and from 1:30 p.m. to 3:30 p.m.

Clearly delineate the time she or he thinks the call will take and then stop when the time is up ->

one successful salesperson likes to ask for half an hour and take only 25 minutes.

Before beginning any discussion of product information, the salesperson can establish the prospect's needs by using

open and closed questions. The SPIN technique is very effective for discovering needs in a major sale. In subsequent calls the salesperson should reiterate the prospect's needs.

For salespeople to find information about me as a buyer, I would recommend they look at ____________. Also, salespeople can visit _____________________ that may be beneficial when calling on me. It is very easy to tell when a salesperson has been on our Web site, researched our Facebook page, and know who exactly our target demographic is. As a buyer, _______________.

our Web site and my social media sites, whether that be LinkedIn to find my professional past or Facebook to see some things that interest me other than work. some of our brick-and-mortar locations and ask around to figure out things it can be very frustrating when a salesperson comes to me pitching a product that is nowhere near our target demographic.

spotters

paying someone for lead information

Attempting to obtain commitment

prepare supporting documentation. Skill is important at this stage. Need to further develop their skills, supporting documents

Offer concrete evidence to back up verbal statements:

prepared to offer proof of the assertion.

Salespeople have learned the importance of setting multiple objectives for a sales call. Not only do they set a _________ before each sales call; they also set a _______ because they realize the call may not go exactly as planned (the prospect may be called away or the salesperson may not have all the necessary facts). On the other hand, the call may go better than the salesperson originally thought it would.

primary call objective (the actual goal they hope to achieve); minimum call objective (the minimum they hope to achieve)

Some current customers could be called

promoters or evangelists. These are your most loyal customers who not only keep buying from you but also urge their friends and associate to do the same.

Noncompeting salespeople

prospect's own salespeople because they empathize

Clearly a salesperson who has been calling regularly on a prospect or customer may not need to collect a lot of additional information;

records and notes from prior calls may be adequate to prepare for the sales call.

Update the information about the account on a regular basis:

records and notes from prior calls may be adequate to prepare for the sales call.

Developing a clear plan ______ time for both salespeople and customers.

save

Satisfied customers not only provide leads but also are usually prospects for additional sales. This situation is sometimes referred to as

selling deeper to a current customer. Salespeople should never overlook this profitable opportunity. Sales to existing customers often result in more profits than do sales to new customers.

Video

showing the production process at the manufacturing plant, how others use a product or service (don't show more than four minutes of a video at one time)

negative referral

tells others about how poorly you or your product performed (every effort should be made to ensure that the customer is satisfied)

an appointment has been made, sufficient information about the prospect and his or her organization has been gathered, and

the salesperson has developed strong objectives for the call.

Push

the seller can use social media tactics, such as live question-and-answer sessions on the seller's Facebook page, using LinkedIn to gather prospect names

Work "through the screen"

the seller has to convince the gatekeeper that a meeting with the boss is in the boss's best interests

Pull

the use of seller blogs, wikis, video blogs (called vlogs), microblogs like Twitter, and so on.

A salesperson should work with specific types of individuals because

they are better at generating consensus in the buying firm: "go-getter", "teachers", and "skeptics"

Benefits of Multiple Call Objectives - multiple objectives tend to be self-correcting. Salespeople who always reach their optimum objective realize ______. On the other hand, if they rarely meet even their minimum objective, they probably are setting ____.

they are probably setting their sights too low.; their goals too high.

Salespeople must strike a proper balance between

time spent in acquiring information and time spent making calls.

Limitations

times—salespeople need to respect the customers' privacy concerns and the do-not-call rules Motorola combines outbound and inbound telemarketing.

Using websites, e-mail, listservs, bulletin boards, forums, roundtables, and newsgroups

to secure leads (e.g., John Deere - international leads) and to connect to individuals and companies that may be interested in their products or services

Secretaries and receptionists

treat them with genuine respect. Accustomed to having salespeople pry for all sorts of info. Prioritize your questions and provide justification for asking them. Above all, treat secretaries and receptionists with genuine respect

Tell the truth

truthfulness is an absolute necessity for dignity, confidence, and relationship development. To avoid lie? Gaining knowledge about products and competitors.

cold calling

trying to generate leads by calling on totally unfamiliar organizations

Inbound telemarketing

uses a telephone number that leads and customers can call for additional information (toll-free numbers) - answered by several types of people.

other sources

using noncompeting salespeople, people in his or her own firm, friends, and so on to secure information

social media

using online tools like LinkedIn, Facebook, and twitter to prospect for new customers and maintain contact with existing customers

networking

using personal relationships with those who are connected and cooperative to secure leads

telemarketing

using phone and/or telemarketing staff to generate leads

lists and directories

using secondary data sources, which can be free or fee-based

webinars and seminars

using seminars and online webinars to generate leads

databases and data mining

using sophisticated data anaylsis software and the company's databases to generate leads

shows, fairs, and merchandise markets

using trade shows, conventions, fairs, and merchandise markets for lead generation

ads, direct mail, catalogs, and publicity

using use these forms of promotional activities to generate leads

other internet users

using websites, e-mail, bulletin boards, forums, roundtables, and newsgroups to secure leads

Buyers want _____ objections to be treated seriously. Real objections are ______ to the prospect regardless of how irrational they may appear to the salesperson. Buyers will be much more honest the more they trust the salesperson,_________ and ______.

valid; logical; the better the rapport; the stronger the partnering relationship

Communication tools

visual aids, samples, testimonials, demonstrations, and the use of humor are important ingredients in most sales calls. Use of such tools focuses the buyer's attention, improves the buyer's understanding, helps the buyer remember what the salesperson said, offers concrete proof of the salesperson's statements, and creates a sense of value.

Salespeople's job is to discover

what customers value and then find ways to improve customer value relative to their own products or services.

Go "over the screen"

while talking to the screen, the seller drops names of people higher up in the company. The screen may allow the seller in to see the boss right away

Having a clear plan for the call, the salesperson more likely will not only obtain commitment but also

win the buyer's respect and confidence.

sales letters

writing personal letters to potential leads

Finished files are the result of

years of scientific study combined with the experience of years. -The point is that once salespeople stop actively listening, they miss many things the buyer is trying to communicate.

Promotional item with the mailer

• A bank targeted certified public accountants (CPAs)for one mailer. Mailers to arrive on April 16 which included in a party kit to celebrate the end of tax season. Followed up and 21% of new customers • OfficeMax sent top executives at a large bank a metal suitcase - MP3 player includes videos.. • Sprint sent top decision makers a personal meeting invitation housed in a special box. Those who agreed to meeting would receive professional baseball jerseys

Characteristics of a good prospect - Existence of want or need

• Ability to pay • Authority to buy

Lead Management System

• Analyzing relative value of each lead - evaluate the profitability of sales resulting from various lead-generating activities instead of just counting the number of names a particular method yields (valuation of the prospects expected customer lifetime value or return on investment). - most efficient use of time and energy (use of technology)

Data mining

• Artificial intelligence and statistical tools • Discovers insights hidden in the volumes of data in their databases - iMarket software to target its sales calls to the best prospect. It identifies prospects most likely to buy something and then matches

Characteristics of a good prospect - Ability to pay

• Availability of resources to pay • E.g. A client with annual profits of $100,000 and cash resources of $75,000 -> $30,000 to $50,000 annual rental bracket Vs. $100,000 annual rent - Financial status and credit rating of a lead - Local credit agencies, consumer credit agencies

Building Credibility During the Call

• Avoid making statements that do not have the ring of truth • Make a balanced presentation that shows all sides of the situation - Balanced presentation: Is honest and shows all sides of the situation (how about the product make it less than perfect or may speak positively about some exclusive feature of a competitor's product?) • Recognize cultural differences (specific subcultures and avoiding biased or racist language) • Demonstrate product expertise

Postpone method

• Buyer raises an objection which salesperson would prefer to answer later - Seek permission to answer the question after the presentation - Useful when a price objection occurs early in the presentation - Salespeople lose more by making the buyer wait ~ Better to answer questions when buyer strongly requests it - This method cane be used for almost any type of objection: postponing discussion about guarantees, delivery schedules, implementation time frame and certain unique product features until late in the PT is often preferable. - "That's an interesting point. Before discussing it fully, I would like to cover just two things that I think will help you better understand the product from a different perspective. OK?"

Pre-qualification

• Can be purchased or created - To help salespeople use their time wisely - To increase the number of leads that sellers actually follow up with (telemarketers to prequalify leads)

Making adjustments

• Changing direction (e.g., the prospect simply doesn't believe the seller has the product knowledge-> establish credibility in the eyes of the prospect) • Collecting additional information • Developing a new sales strategy (benefits of the lowest-cost motor, motor's operating costs -> operating efficiency rather than initial price) • Altering the style of presentation

Rapport

• Close, harmonious relationship founded on mutual trust - Should be a salesperson's primary goal - Part of this process involves identifying the prospect's social style and making necessary adjustments • Small talk Ultimately the goal of every salesperson should be to establish rapport with each customer.

Objections

• Concern or a question raised by the buyer • Salespeople should keep in mind that the goal with regard to objections is the same as with every part of the sales call to sell real value to the buyer • Proper attitude can be shown by: - Answering sincerely - Refraining from arguing or contradicting - Welcoming objections (even inviting) - Note: Objections should be expected and never taken personally - Salespeople must assume the attitude of: • Helper • Counselor • Advisor - Help identify: • Sales opportunities (at least one level of interest) • Feedback about what is really on the prospect's mind

Center-of-influence method

• Cultivating a relationship with well-known, influential people in the territory to get the names of leads - not directly involved in the purchase decision (such as quality control...) - tend to be those who enjoy being very socially involved in their community.

Prospect's/Customer's Organization - Depends on organization's buying situations

• Demographics - Type of organization - Size and number of locations - Products and services offered - Financial position and its future - Overall culture of the organization (risk averse, highest ethical standards, forward thinking..) - E.g., modified rebuy situation...? • Customers - Types (consumers, retailers, wholesalers). - Benefits they seek from the prospect's products and services.

Characteristics of a good prospect - Eligibility to buy

• Determining factors - Volume (salesperson who works for a firm that requires a large minimum order), exclusively wholesalers.. - Geographic location ~ Exclusive sales territories: Particular salesperson can sell only to certain prospects (e.g. doctors in only a three-county area) ~ House accounts: Large customers that are handled exclusively by corporate executives

Develop not only objectives for the meeting but also objectives for what the seller hopes to accomplish with each prospect present at the meeting.

• Develop objectives and plan • Learn the names of group members and use them when appropriate • Listen carefully and observe all nonverbal cues

Conclusions about SPIN

• Encourages the prospect to define the need • Prospect views the salesperson more as a consultant trying to help than as someone pushing a product • For best outcomes, practice each component and plan implication and need payoff questions before each sales call • Works well for buyers have a real problem

Making an Appointment - The right place

• Environment conducive to doing business (buyer purchase on the basis of the entertainment, chances have to keep it up or lose) • Videoconferencing - Webcasting or virtual sales calls

Here are a few quick yet astonishing facts about social media:

• Facebook has more weekly traffic than Google. • If Facebook were a country, it would be the third largest in the world. • The Ford Explorer launch on Facebook generated more traffic than a Super Bowl ad. • Ninety percent of consumers trust peer recommendations, and social media is key in this. Only 14 percent of consumers trust advertisements. • There are close to a billion active monthly users of Facebook. • There are more than 465 million Twitter accounts with million more being added each day and 175 million tweets being tweeted daily. • LinkedIn has two new members joining every second. • There are over 57 million LinkedIn users in the United States alone. • When used correctly, social media has the potential to be an integral part of an organizations prospecting strategies.

Ads and Direct Mail

• Firms have developed sophisticated systems to generate inquiries from leads by using advertising and direct mail. - Anthem sent mailers to health benefit consultants and brokers who help companies choose health insurance. Nearly a third of recipients visited the Anthem website, and 74% became leads for salespeople.

To maximize the usefulness of satisfied customers, salespeople should follow several logical steps.

• First they should make a list of potential references (customers who might provide leads) from among their most satisfied customers. - This task will be much easier if the salespeople have maintained an accurate and detailed database of customers. • Next salespeople should decide what they would like each customer to do (such as have the customer write a personal letter or e-mail message of introduction to a specific prospect, see whether the customer would be willing to take phone inquiries, have the customer directly contact prospects, or have the customer provide a generic letter of reference or write a recommendation for you on LinkedIn). • Finally salespeople should ask the customer for the names of leads and for the specific type of help she or he can provide.

Cold canvass method

• Generating leads for new business by calling on totally unfamiliar organizations - Cold call - a personal visit, not a telemarketing call - Salespeople rate cold call as the job they like least. Ameriprise banned calling for its salespeople. It forced the reps to use instead of relying on cold calls. Firms requires it, especially downtimes.

endless-chain method

• Getting one additional lead from each person interviewed - Works best when the source is a satisfied customer and partner

Use of social networking for salespeople

• Go to the prospect's Web site. Read blogs posted there and register yourself to receive any type of material the prospect might occasionally send out. • Go to LinkedIn and search for the company and the person you want to call on. • Try to get connected to the individual through a connection you already have. Once you are connected, review the prospect's LinkedIn page carefully. Look for things you have in common. See what organizations and groups your prospect belongs to or follows. Follow the same procedure for other social networking sites, and make sure you tailor messages to fit the mission and tone of each specific networking site. • Follow the prospect (both the company and the individual you will be calling on) on Twitter. Sometimes a prospect won't have a Twitter account showing on the company Web site, so you will need to do a company search on Twitter to find the prospect (search.twitter.com). Also, see whom your prospect is following on Twitter. • Search for special interest groups that your prospect belongs to on Twitter, and read those tweets. • Search for the prospect and the company on other networking sites like YouTube and SlideShare. • If your company has just launched a new product or service, ask users what they think about it via Twitter. Or ask any question. Twitter is great for getting opinions from people. • Upload your contacts from your e-mail program (like Microsoft Outlook and Gmail) to LinkedIn and Facebook to search for more connections. • Look at your friends' lists of friends. Invite them to link to you or ask your friend to initiate this linking. • Start a group page for your product in Facebook. • Use Search to find groups and fan pages that might be related to your business. • Create a blog that includes your opinions, educates prospects, provides news, and encourages reactions and postings from prospects. Carefully establish a personal brand identity for yourself in all social media venues. • Follow competitors' social media postings to gather competitor intelligence. • Monitor your social media sites for comments/postings by competitors and unsatisfied customers. • Use the TweetDeck feature to be alerted whenever a key word (like your company name or your product) has appeared in any tweet. Use other social media monitoring tools, like HootSuite, to pick up when someone needs help or is dissatisfied.

Related to needs

• I do not need the product or service: problem solved w/ _____question - The problem could have been prevented with better implication and need payoff questions. • I've never done it that way before: tend to resist to change.

Related to the product

• I don't like the product or service features: do not satisfy the buyer • I don't understand: never be verbalized, seller must observe buyer's nonverbal cues • I need more information: wish to fortify themselves with logical reasons/ trying to decide between two competitive products or buying and not buying.

Related to the source

• I don't like your company: need to be satisfied with with the selling company's financial standing, personnel, and business policies. • I don't like you: Turnover (TO)- different salesperson

Related to the price

• I have no money: ability to pay • The value does not exceed the cost: object until they are sure that the value of the product being acquired more than offsets the sacrifice.

Related to Time

• I'm just not interested today: cold calling or trying to make an appointment • I need time to think about it: postponing an action is an effective to say no. from which type of social style??

Overcoming a reluctance to prospect

• Identify and evaluate excuses not to call (most excuses really aren't valid) • Engage in sales training and role-playing activities • Prospecting contacts to be made with a supporting partner or sales manager (you won't feel so alone) • Set specific goals for prospecting activities, considering their economic value. ("to do" lists). Realize the economic value of most prospecting activities. • Stop negative self-evaluation • Call on prospects to solve their needs • Control your perceptions of what prospects might say (you don't know what their reactions will be until you meet with the prospects) • Learn and apply relaxation and stress-reducing techniques • Consider prospecting successes

Objections When Selling to a Group

• If one person offers an objection, get an idea of whether other buyers share the concern • Throw the concern back to the group • Any response should be directed to all buyers, not just the one who asked the question - "Does anyone else have the same problem in your department?" • Make sure that all buyers are satisfied with the answer before moving on.

Results of the effectiveness of using social networking

• In only six weeks Web site traffic grew by 41 percent and phone inquiries doubled, increasing sales and profits tremendously. • IBM has set up Web sites that allow their sales reps to create blogs with feeds tied directly to LinkedIn and Twitter. IBM reps also use Twitter to provide customers information about events and news.

Business Issue (BI) includes:

• Increase revenue, market share, and shareholder value • Increase efficiency and productivity • Manage costs • Control quality and reliability

Spotters

• Individuals provide leads for the salesperson - Called bird dogs - Charge fee: simply for the name of the lead, pays only if the lead ends up buying.. - Find out when someone is ready to make a purchase decision - More recent development is the use of outside paid consultants to locate and qualify leads. Small firms attempting to secure business.. • Small firms attempting to secure business with large organizations are most likely to use this approach.

Precall Info

• Information about prospects increases the probability • Be aware of the costs involved in collecting information (cost and effort > benefits obtained?) • Update the information about the account on a regular basis: records and notes from prior calls may be adequate to prepare for the sales call. • Note: don't assume that your knowledge about the account is automatically up to date. Don't expect this info gathering to be quick, easy or cheap.

Types of Sources of Information

• Internet • Secretaries and receptionists • Noncompeting salespeople • Traditional secondary sources • Prospect

When selling complicated technical products and services

• Keep it simple • Be honest and straightforward • Never use a word unless you know the exact definition

Characteristics of a Good Prospect

• Lead (suspect) • qualify the lead • prospect • sales funnel

Dealing with Tough Customers

• Maintain a positive attitude • If appropriate, point out the prospect's rudeness • Buyer's culture dictates their response to a seller (German prospect who raises a price objection in a strong tone of voice) - Some of toughest customers are often passive ones, the quite ones who don't object, don't questions, and don't buy. -> what should a seller do? Be open, direct, and honest. Stop talking and ask question. Get the buyer involved.

Information about prospects increases the probability of:

• Meeting their needs • Developing a long-term relationship • The more information has, the higher the chance of the meeting..

Discover the following for each prospect group member

• Member status within the group • Authority • Perceptions about the urgency of the problem • Receptivity to ideas • Knowledge of the subject matter • Likely resistance and ways to handle it

Price Objection

• Most frequently mentioned obstacle: about 20% of buyers are thought to buy purely on the basis of price. Only 3% of its orders are sold at list price; the rest are price discounted. • Don't lower the price as a first response: don't forget for mutually beneficial long-term relationship • Use up-to-date information: most current pricing information about their product and use it on intranet sites for salespeople. Sellers should have correct pricing facts • Establish the value - Two step approach - Look at the objection from the customer's viewpoint, asking questions to clarify - Sell value and quality rather than price: many customers will pay more for higher quality when the quality benefits and features are pointed out to them

Setting Call Objectives

• Most important step in planning • Review what has been learned from precall information gathering • Understand the relationship to be established with the prospect - the seller must keep in mind the relationship the firm wishes to have with the prospect. Not all prospects will or should become strategic partners with the seller's firm • Consider - Firm's goals - Sales team's goals - Salesperson's goals

Analysis paralysis

• Occurs if all time is spent: - Analyzing situations - Finding information instead of making sales calls.

Webinars

• Online seminars • Key considerations for planning - Appeal to a specialized market - Invite good prospects - Subject should have strong interest - Go high-quality - Be involved before, during, and after

Prospect's/Customer's Organization - People involved in the purchase decision

• People involved in the purchase decision - How they fit into the organizational structure - Their roles in this decision - Who is most influential - Influential adversaries • Current problems faced by the organization • Stage in the buying cycle

Prospect/Customer as an Individual - Personal Information and Attitude

• Personal information - Name - Including pronunciation - Family status - Education and aspirations - Interests and disinterests - Social style (driver? Or other category?) • Attitude toward salespeople, your company and your product

Other sources of leads

• Personal observation • Nonsales employees within the salesperson's firm can also provide leads • Government agencies (www.fbo.gov) • Clubs • Other salespeople • Trade associations • Volunteer activities

Product Demonstrations

• Plan for dead time - Time in which the machine is processing on its own • Find out whether the prospect has already seen a competitor's product demonstration (if so, strategically include a demo of features the buyer liked about the competitor's product, what the competitor's one will not do) • Find out whether any buyers present has used your product before (if they view your product favorably) • Probe during and after the demonstration (make sure buyers understand the features and see how the product can help them)

Prospect's/Customer's Organization - Policies and procedures

• Policies and procedures concerning: - Salespeople - Sales visits - Purchasing and contracts It's your first week on the job as a new salesperson. Your sales manager tells you to collect a lot of information about the prospects you call on, including their preferred political party and their children's names. What would be your reaction to her request? If you didn't want to ask these personal questions, how would you approach the situation with your manager?

Lead (suspect)

• Potential prospect that may or may not have what it takes to be a true prospect • Some salespeople mistakenly consider every lead a prospect without first taking the time to see whether these people really provide an opportunity to make a sale.

Prospecting

• Process of locating potential customers for a product or service • Finding new customers to replace those who: - Switch to competitors - Go bankrupt - Move out of the territory - Merge with noncustomers - Decide to do without a product or service - Even in existing accounts because of downsizing, job changes, or retirements of buyers.

Prospect's/Customer's Organization - Benefits they seek from the prospect's products and services

• Prospect's competitors - Who they are - How they differ in their business approaches - Prospect's strategic position in the industry • Historical buying patterns - Amount purchased in the product category - Sole supplier or multiple suppliers. Why? - Reason for buying from present suppliers. - Level of satisfaction with suppliers. - Reasons for any dissatisfaction with suppliers or products currently purchased.

Becoming recognized experts in their own field resulting in prospects seeking information from them:

• Public speaking on topics related to their expertise • Speeches at industry conventions • Luncheons and dinners hosted by prospects and industry representatives • Demonstrate their expertise in writing. Writing journal articles.. Etc..? • Note: one study found that technical buyers often read white papers before making decisions.

Approach for using social media, should involve either a push or a pull strategy

• Push: the seller can use social media tactics, such as live question-and-answer sessions on the seller's Facebook page, using LinkedIn to gather prospect names • Pull (customers toward us): the use of seller blogs, wikis, video blogs (called vlogs), microblogs like Twitter, and so on.

practical suggestions for networking

• Regularly call prospects and attend social events (call at least two people per day) • Mingle at events and learn about prospect's business and nonbusiness interests (acting like a host instead of like a guest) • Spend most of your initial conversation with a new contact talking about his business, not yours. • Follow up with new contacts on a regular basis (notes of congratulations...) and thank people for providing leads (regardless the leads buy from you) • Send networking contact lead information and circulate business cards (don't make your contact feel like only thing you care about is leads for yourself) • Make free use of your business cards (will encourage the person to keep it and even share with others) • Monitor networking and join Business Network International (over 3,600 chapters) • Prepare to introduce yourself in social settings ("elevator speech") • REMEMBER!!! Goal of networking events is to prospect. Don't start trying to sell the lead at the event.

Five major types of objections

• Related to needs • Related to the product • Related to the source • Related to the price • Related to Time

Referral method

• Relating how others found initial opinions to be unfounded after they tried the product (how others held similar views before trying it) - Known as feel-felt-found method (I can see how you feel.. Others feel the same way - "I can certainly understand how you feel. Mortimer Jiggs felt the same way before he bought the product. But after using it, he found that the quality was actually equal to that of other products"

Prospect/Customer as an Individual - Relationships and Evaluation of products or services

• Relationships - Formal reporting relationships - Important reference groups and group norms - Bonds that the prospect has already formed with other salespeople • Evaluation of products or services - Product attributes that are important - Product evaluation process

Opportunity Cost

• Return on investment earned from a different use of the same investment capital • Successful salespeople: - Identify other realistic investment opportunities - Help the prospect compare the returns of the various options - Never forget that prospects have a multitude of ways to invest their money

SPIN Technique

• SPIN excels at helping prospects test their current opinions or perception of situation. • Works for salespeople involved in: - Major sale • SPIN actually helps the prospect identify unrecognized problem areas. Often, when a salesperson simply asks an open question, such as, "What problems are you having?" the prospect replies, "None!" • The prospect isn't lying; he or she may not realize that a problem exists. SPIN excels at helping prospects test their current opinions or perceptions of the situation. • Also, SPIN questions may be asked over the course of several sales calls, especially for large or important buyers.

When do Buyers Raise Objections?

• Salespeople can expect to hear objections at any time during the buyer - seller relationships. • setting up an initial appointment • The presentation • Attempting to obtain commitment • After the sale

Indirect denial

• Salesperson denies the objection but attempts to soften the response - Salesperson must recognize the position of the customer who makes the objection (respect the prospect's view) - Then continue by introducing substantial evidence - Beginning statement should always be true - Assure prospect that the question is a good one (and is important one) - This approach avoids a direct contradiction and confrontation. It never be used if the prospect has raised a valid point or is merely expressing an opinion. - "I can certainly see why you would be concerned about quality. Actually, though, our product quality has been rated as the highest in the industry for the last three years"

Acknowledge method

• Salesperson lets the buyer talk, acknowledges it and moves on to another topic after a pause - Known as the pass-up method - Should not be used if the objection is factually false and if the salesperson, through probing, could help clarify the buyer's thinking on the topic. - To be used sparingly - Experience is the key to making such a determination - "I understand your concern. You know, one of the things I always look for is how a product's quality stacks up against its cost. [Pause] Now, we were talking about . . ."

Direct denial

• Salesperson makes a relatively strong statement to indicate the error the prospect has made - No one likes to be told that s/he is wrong, so direct denial must be used with caution. - Appropriate only when the objection is: ~Blatantly inaccurate ~Potentially devastating to the presentation - Should never be used if the prospect is merely stating an opinion or if the objection is true - "I'm not sure where you heard that, but it simply is not true. Maybe you're confusing us with another firm" - direct denial must be used with caution. - "That simply is not true. Our product has been rated as the highest in the industry for the last three years"

Revisit method

• Salesperson turns the objection into a reason for buying - Knows as boomerang method. It requires care. Used in many situations - Saves the buyer substantial amounts of time or money (Benefit of investing these resources) - Works with most personality types, especially drivers may require the revisit method more often. - "The fact that the quality is lower than in other products is probably the very reason you should buy it. You said that some of your customers are looking for a low-priced product to buy for their grandchildren. This product fills that need"

Characteristics of a good prospect - Authority to buy

• Saves the salesperson time and effort • Results in a higher percentage of closed sales • Systems integrators

Lists and Directories

• Secondary data sources, which can be free or fee-based • Uniform classification for all countries in North America, when researching using secondary sources - Standard industrial classification (SIC) code: industrial trade directories - North America industry classification system (NAICS) • Following can be purchased: - Prospecting directories - Lead-generating publications - Mailing lists - Salesgenie.com : delivered as printed mailing labels or secured directly from the web - Keep in mind that lists may not be current and may contain inaccurate information - International selling situations

Buying community

• Small, informal group of people in similar positions who communicate regularly - particular decision maker in that community, would share the results of any sales call with the other members of the community. Call on that account had the power of seven calls

Customer's attention

• Social media tools can be used to generate interest • Make effective use of time: - The first few words the salesperson says often set the tone of the entire sales call -Halo effect - Opening • we assume that the salesperson has chosen a customized presentation. - There are many ways to open a presentation. An opening is a method designed to get the prospect's attention and interest quickly and to make a smooth transition into the next part of the presentation (which is usually to more fully discover the prospect's needs). Because each prospect and sales situation is unique, salespeople should be adaptable and be able to use any or a combination of openings. Again, keep in mind that openings are generally less important with partnering customers whom the salesperson has already met.

Social Media

• Technological component of the communication and relationship building functions of a business - Leverages the network of customers and prospects to promote value co-creation

Sales strategists have identified several ways to interact with a screen:

• The salesperson can work "through the screen." The seller has to convince the gatekeeper that a meeting with the boss is in the boss's best interests. • The salesperson can go "over the screen." While talking to the screen, the seller drops names of people higher up in the organization. The screen may allow the seller in to see the boss right away for fear of getting into trouble. • The salesperson can go "under the screen" by trying to make contact with the prospect before or after the screen gets to work (or while the screen is taking a coffee break). This is a strategy that can easily backfire.

Firms are devising many ways to keep the field sales force well informed. Some are using sales portals:

• This information can include items like account data, competitor intelligence, and news about the company, the industry, and the economy. • All the salesperson has to do is use a single log-on to access all this information. • For example, Delta Airlines salespeople can log into their company's portal and quickly and easily access key insights about their business customers.

Other Sources of Information

• Trade show • Directories • Current customers: center of influence • Outside consultant: international selling • U.S. government's export portal • U.S. Commercial Service market research library

buyer-seller interactions

• Unless you can get the buyer actively involved in the communication process and doing more than just passively hearing you talk, the buyer's attention will probably turn to other topics. • The buyer's personality can also affect his or her attention span. - For example, one would expect an amiable to listen more attentively to a long presentation than, say, a driver would. Thus an effective salesperson should consider the social style of the prospect and adapt the use of communication aids accordingly.

With this frame of mind, salesperson will always try to do a better and more effective job of meeting their customers' needs.

• Use imagination and creativity to make a vivid impression on a customer • Make presentation different and stronger • Strategically select methods and media that addresses the needs of the buyer • A seller should not grab a method because it sounds trendy or because it worked in a previous sales call or because it is highly entertaining. Rather, a seller should strategically select methods and media that will helpfully address the needs of the buyer.

Digital collateral management systems or sales asset management systems

• Used to archive, catalog, and retrieve digital media and text (e.g., brochures, sales flyers and fact sheets, and short success stories) - Collateral - Simplify the collection - Make it possible for salespeople to easily secure and adapt these selling tools for specific situations - SAVO (www.savogroup.com) digital collateral management system - easily call up photos, videos, PPT, web pages, legal documents that has been digitally entered into the system

Assessing Reactions

• Using nonverbal cues • Verbal probing - Trial close: Taking the pulse of the situation during the presentation - The use of such probing questions help achieve several things. - Allows the salesperson to stop talking and encourages two-way conversation (favorable - less adjustment) - Lets the salesperson see whether the buyer is listening and understanding what is being said - Indicates whether the prospect is interested or not - E.g. "How does this sound to you?", "Can you see how these features help solve the problem you have?", " Have I clearly explained our program to you? • selective perception • making adjustments

networking

• Utilization of personal relationships by connected and cooperating individuals for the purpose of achieving goals • Establishing connections to other people and then using those networks to: - Generate leads - Gather information - Generate sales • Networking is crucial in many selling situations. Trying to sell in China, learn "Guanxi" The mystery of China's 'guanxi'

Other Objections

• We have no room for your line • There is no demand for your product • I've heard from my friends that your insurance company isn't the best one to use • I need a kickback to make it worth my time • We can do business if I can see you socially • It's a lot of hassle in paperwork and time to switch suppliers

Reasons for reluctance

• Worrying about worst-case scenarios • Spending too much time preparing • Being overly concerned with looking successful • Being fearful (of making PT, appearing too pushy, using the phone for prospecting..) • Feeling intimidated by people with prestige or power or feeling guilt at having a career in selling • Having a compulsive need to argue, make excuses, or blame others

Cold Call

• a personal visit, not a telemarketing call • Cold calling can waste a salesperson's time because many companies have neither a need for the product nor the ability to pay for it. • This fact stresses the importance of qualifying the lead quickly in a cold call so as not to waste time. • Also, today cold calling is considered rude by many purchasing agents and other professionals.

Writing a sales letter

• consider the objective of any written communication • opening paragraph must grab the reader's attention • considers why the reader would and would not want to take the desired action - best presented benefits are tailored to the specific individual • increase credibility - reference to satisfied customers, research data.... • seek commitment - easy to accomplish, fully explain why it should be done now, and end with a positive picture • use post script • check grammar and spellings