MKTG 335 Final Exam review

Driver

"Thanks for meeting with me today, I think you will find our products to be successful - in fact, our customers have seen a cost savings of 20% and I think you could see that savings as well. Our conversation should only take 30 minutes"

analytical

"What if I told you there was a way to accomplish your goals in half the time, would that be interesting to you?"

Amiable

"Your friend Jane mentioned we should get together. Jane has been a long time customer of ours and she thinks I can help you as well, that's why I'm here today."

Negotiation

-analysis stage -planning stage -discussion

CRC Method

1.Clarify 1."If I'm hearing you correctly, you're concerned about the product pricing of $3,000?" 2."Tell me more about what concerns you about ___ product feature/benefit." 2.Respond 1."I want to remind you that you will be making an additional $100,000 of revenue." 2."I understand how you feelabout the high price, a few of our other customers feltthe same way, however, we've foundthat after the product is up and running our customers are quite satisfied... here's a testimonial." 3.Confirm 1."Do you have any further questions about the price? 2."Did I sufficiently answer your question about that specific feature?"

First 5 minutes of the Sales Call

1.Make a professional impression 2.Create interest in the customer 3.Be prepared to present an agenda

When will you get an objection?

1.Making an Appointment 2.Start of Meeting 3.Presentation 4.Close

Planning for Objections

1.Price Objection 2.Need Objection 3.Product Objection 4.Time Objection 5.Source Objection

What % of buyers have already done research before they talk to a sales person?

60%

Expressive

"I heard your company is doing quite well over the last year and in particular due to your great leadership and I wanted to come by today to see how I can you further your success."

trial close

A Trial Close is not a normal 'closing technique' but a test to determine whether the person is ready to close. Use it after a presentation or after you have made a strong selling point. Use it when you have answered objections. ØThe trial close asks for an opinion, not a decision to buy ØIt gives feedback ØThe trial close is one of the best communication techniques in the sales presentation

Sales Presentation Problem # 12

Failed Negotiation due to Lack of Preparation

Interview & Career Tips #

Have the ability to discuss your 'benefits' to a recruiter via stories

sales presentation problem 7

Price Selling over Value Selling

Professional Selling MAJOR GOAL

Problem Solving

4 P's of Marketing

Product, Price, Place, Promotion

remember you are here to

educate

FAB

features, advantages, benefits

Your perfect career=

know yourself+ understand others+ build effective relationships

sales presentation problem 8

not trial closing

buyers buy to

solve problems

Sales Presentation Problem # 13

using the wrong words

sales presentation problem 6

product selling vs solution selling •connect the needs to benefits

the black box

sales presentation (stimulus) --> buyers hidden mental process (black box)--> sale/no sale (response)

Sales Presentation Problem # 3

Not Setting an Agenda & Having a Strong Opening

Sales Presentation Problem # 10

Not Sufficiently Answering the Buyer Objection or Concern

Some Tips:

-"Comfort kills careers, revenue, interviews, & growth" -When speaking - plant your feet for a paragraph --Make movement match meaning --My audience is more forgiving than I am -Give yourself permission to be less than perfect but not less than professional -Expand gestures as audience expands --Numbers, directions, comparisons, & action verbs -You are the message, power point supports the message -We much be better extemporaneously Pauses --You catch up with you --The Audience catches up with you --Transition --Impact -Process takes pressure off the sales person -Catch, Coach, Correct

Closing Methods

-Direct Commitment •"Will you buy?" -Alternative Choice •"Are you interested in the two or three year partnership?" -Summary Commitment •"We've talked about x,y,z, and how they would all benefit your company, will you buy?" -Standing-Room-Only •"Act now to lock in pricing." -Assumptive •"Once I get your signature we will schedule training and have our people start setting up. Then I want to schedule a follow-up check-in in 6 months to see how things are going." -Fear or Emotion •"Are you prepared for a $100k lawsuit or your best sales person to take his book of business to another company?" -Continuous Yes •"You liked benefit X, right? You liked benefit Y, right?"

Different Types of Sales Presentations

-Scripted/Structured -Rebuy -Unscripted/customized

Buyers...

1) Rarely acknowledge issues 2) Don't realize something is wrong 3) Think they have the ideal situation 4) And it takes input from multiple people

Building the sales presentation

1. Planning & Preparation 2. Introduction & Rapport 3. Set the Agenda/Length of Meeting 4.Understand Customer Needs by Asking Questions & GOALS 5. Value Proposition & Transition into Presentation 6. Understand the Presentation Format/Outline you will use 7.Understanding the value & benefits of your product 8. Listening Attentively 9. Empathize 10.Respond to Buyers Positive & Negative Answers 11. close with purpose

Professional Selling Skills- 2 Components

1. Relationship Building Skills 2. Value Driving Skills

Customer Value Proposition:

A statement of how the sales offering will add value to the prospect's business by meeting a need or providing an opportunity. •**** The value proposition gives the buyera reason to keep listening or to want to meet with you again**** Like a cliffhanger at the end of a tv show which keeps you coming back each week... why would the buyer want to meet with you next week and not shop around at a competitor?

Professional Selling

An important part of marketing that relies heavily on interpersonal interactions between buyers and sellers to initiate, develop, and enhance customer relationships.

When hitting road bumps:

Askquestions Empathize Seek consensus Maintain a positive attitude Be Patient

A good closer:

Asks for the order and then remains QUIET

value=

BENEFIT- COST •Focus on the BENEFITS not COST. 70% of reps focus on cost and not the benefits.

GOALS

G - what do they do today? How dothey do business? O - What are the current problems? What do the obstacles cost? A - Where would they like to be in the future? L - Helps the customer see things in a new light or think in a new way S - Transition from needs to product presentation, acknowledge and summarize Also - put in a value proposition in the summary

Obstacles, Opportunities, and Outlays Questions

How large and important is the customers pain? What are the problems, issues in your day to day? What are the costs of the issues? What is the economic and emotional value?

Emotional buying motive

Includes motives such as security, status, and need to be liked; sometimes difficult for salespeople to uncover these motives.

Story tips:

Keep it simple... no one likes someone who rambles Keep it relevant - if the buyer doesn't have a smart phone and you tell him the benefits of smart phones it won't work Keep it concise Use pauses Use emphasis

Sales Presentation Problem # 4

Not Asking Enough Questions

sales presentation problem 9

Not Matching Features/Benefits to Buyer Needs

Sales Presentation Problem # 5

Not ACTIVELY Listening

Sales Presentation Problem # 11

Overselling & Not Paying Attention to Buying Signals

Rapport Building

Start with why

Consultative selling

The process of helping customers reach their strategic goals by using the products,services, and expertise of the selling organization.

rational buying motive

Typically relate to the economics of the situation,including cost, profitability,quality, services offered, andthe total value of the seller'soffering as perceived by thecustomer.

ØSummary & Solution

§"To restate, it is your goal to 1) Increase sales by 10%, 2) Increase efficiency in operations, and 3) Comply with legal regulations, correct?" §YES! §"And which one is the most important to you?" §INCREASING SALES! §"Ok - great, well if I told you that our services would be able to increase your sales by 25% while maintaining efficiency and legal regulations, is that something you would be interested in?" §OR §"Ok - great, well we have technology that helps to increase our partners sales by 25% while increasing their efficiency in operations and maintaining the necessary legal regulations." •At this point we want to add a value proposition ofour product/good/service. We also call this a trial close

Analysis Stage

§Diagnose the situation §Gather information on your client and your offering §Research the facts and relevant details about the customer

planning stage

§Focus on customer needs and interests §Understand the value of your product §Determine your goals and financial objections

discussion

§Have a collaborative approach §Ensure you understandthe buyers side §Present the options developed §Provide options §Take a step back and review if problems arise

Unscripted/Customized Approach

Ø"Ok - great, well if I told you that our services would be able to increase your sales by 25% while maintaining efficiency and legal regulations, is that something you would be interested in?"

T.Audience.L.E.- TALE

ØAudience §Same car, different target audiences •Great financing vs. performance vs. safety ratings •Talking points can vary across different people

T.A.L.Experiment.- TALE

ØExperiment §Practice, practice, practice

The more technical the product/service the more credibility you will need

ØExpert ØCelebrity ØUser

G.O.A.L.S

ØGeneral condition §"Tell me about some of the issues you and your company are trying to solve" §"Can you help me understand the situation?" ØObstacles, opportunities, outlays §"What obstacles could you face as we work to develop a solution?" §"What does success look like/what has been done previously?" ØAccomplishments §"If you are able to find a solution, what will that mean for you?" (Personalize the impact) ØLeverage §Watch the Quantify the Problem Video ØSummary & solution §Value Proposition: "If I could show you a way we could fix ___ while increasing your bottom line by ___ would you be interested in hearing more?"

T.A.Layout.E.- TALE

ØLayout §Build a Blueprint §Day in the life of your product §Emotions

Understanding the VAREITY of sales careers

ØLong sales cycle vs. short ØConsultative selling vs. transactional selling ØCommission vs. Bonus ØInside vs. Outside selling ØHunter vs. Farmer ØCold calling vs. Warm calling ØValue selling vs. Price selling ØIntrovert vs. Extrovert

CPG 4 P's Example

ØProduct §"You mentioned you are interested in increasing sales - and that we can help you do that with XYZ product. This is exactly how much money this product will make you and how that will happen." §If there's time and the buyer is interested, you can go into features ØPrice §"In order to make ___ profit we will need to price the product at ____. How does that sound? Does that margin work?" ØPromotion §"Obviously you know how to run your store, are there certain promotions that you've seen that work well?" •(This empowers the buyer. After which you can influence your ideas) ØPlacement §Same thing as promotion

Words to AVOID

ØSell §"I'm here to sell you..." •Instead, say "I'd like to discuss an opportunity" or "I'd like to share with you..." ØContract §"We have a three-year contract" •Instead, say "We have a three-year partnership" ØPrice §"Our set price is ____ " •Instead, say "Our terms are __ "

Talking Points. A.L.E- TALE

ØTalking Points §What is the exact thing you're trying to convey to the customer? •Why is it important to fix the problem? •What will life be like if the customer does or does not address the problem •don't 100% agree with the TALE method... I think it's too complex. Firstyou should understand what TALE is then you can go and build your presentation. What will your talking points be? Three key benefits, or the 4 P's of marketing?

What does Closing mean to YOU?

ØWhat does closing mean to you? §Signed Contract §Another Meeting §Product Demo §Brochure or Case Study ØDon't look at a "No-Buy" as a failure! §Know that you cannot always sell to everyone §Don't take the buyer's answer personally §Be courteous and cheerful §Leave the door open ØWhat are three things you can ask for §Good §Better §Best

Presenting your Product with Credibility

ØWhitepaper ØTestimonial ØCase Studies ØHandouts

When using a Sales Aid

• state selling point and introduce the sales aid •present the sales aid •explain the sales aid •summarize

buyers style

•Amiable •Expressive •Analytical •Driver

Irritation vs. Agitation

•Irritation is challenging people to do something that we want them to do •Agitation is challenging them to do something that they want to do. •Irritation does not work •It means trying to elicit from people what their goals are for themselves and having the flexibility to frame what we do in that context.

Rapport Building- 2 types of trust

•Personal Trust •Professional Trust

Important in Sales Call

•appropriate dress •handshake •body language •sales presentation location

buying motives

•rational •emotional

benefits

•savings •save your time •reduce stress