MKTG 340 Test #2

Describe feel, felt, found

"I understand how you feel..." "I've had a number of customers very similar to you who also felt the same way." "What they found was..."

How can role projection be used in sales?

-By telling someone they have a positive characteristic (giving them a role) -By reinforcing any positive behavior

Define curiosity and how you can use it to get/keep someone's attention?

-Curiosity is a motivation to answer questions and close patterns -Highlight some specific knowledge that they're missing

How can social proof be used in sales?

-Customer testimonials -Tell a story about someone just like your customer (similarity) that purchased your product and really loved

What are four different closing techniques and give an example of each.

-Direct close: "Do you want to go ahead and get that right now?" -Alternate choice: "Do you want leather or cloth interior?" -Assumptive: "I just need you to sign this agreement." -Invitation close: "If you like what I've shown you why don't you give it a try?

Explain what the "Rokia" study demonstrates and the take away for sales.

-Emotions often persuade more powerfully than statistics -Humanize rather than talk about statistics -Focus on how people feel

How can this be used in sales?

-Get the prospect to agree to successively larger requests -Show how your product or solution is consistent with what they're already doing (but better)

How do two-sided arguments work to increase persuasion? What is one important thing to remember when using a two-sided argument?

-Increases perceptions of trust -Negative attributes must be related to something positive

What are some other advantages to asking questions?

-Maintain conversational control -Makes the customer feel important and avoids over talking -Increases cognitive elaboration -Trial closes/check for acceptance -Helps crystallize the other person thinking and make the idea become there's

Define loss aversion. How can loss aversion be used in sales?

-People's tendency to prefer avoiding losses to acquiring equivalent gains -Let the customer know what they stand to lose if they don't purchase your product

How can framing be used in sales?

-Selling a product vs Helping the customer -Find individual motivators and frame the conversation in terms of what motivates the customer -Negative frame yields risk seeking/ Positive (gain) frame yields risk aversion

Explain the importance of being simple, succinct, and concrete.

-Simple: Curse of knowledge -Succinct: Everyone's favorite topic of conversation is themselves -Concrete: Things which are concrete are better remembered

How can perceptual contrast can be used in sales?

-Suggest two choices. One which you believe is the best option for the customer and a second to provide a comparison. -Do NOT select your top two solutions

Define surprise and how you can use it to get/keep someone's attention?

-Surprise is a non-valence, short-lived and highly arousing emotion -What is the most unexpected or surprising claim you can substantiate about your product or service

Explain what the cable TV study demonstrates and the take away for sales.

-Talk in terms of your customers interests -Use "you" frequently -Promise reasonable benefits that your customer can easily imagine themselves enjoying

Why is understanding the new task buying procedure for organizations important ?

-Where the organization is in the buying procedure points to how they can be influenced -The sooner the sales rep becomes involved the greater the chance to influence the buying process

According to The Challenger Sale what are the characteristic of a Challenger sales rep?

-always has a different view of the world -understands the customers business -loves to debate -pushes the customer

According to The Challenger Sale what are the characteristics of solution selling?

-supplier viewed as a trusted adviser - boardroom level engagement with customer -provision of strategic insight regarding the customers business

How can fluency be used in sales?

1. Ask the customer to generate as many reasons in favor of your rivals offerings as possible 2. Stress how easy your product or service is to use and how easy it is to purchase

After you've conducted a thorough needs analysis how many solutions should you offer to your customer?

1. Part of the point of the needs analysis is to be able to offer one solution to the customer which meets their needs.

According to The Challenger Sale, in order to develop a commercial teaching sales approach you should start with what?

1. Warmer- building credibility by reading there mind, demonstrating empathy.

What are the 3 rules of improvise and what are the takeaways for sales?

1. hear offers: leave own perspective to inhabit perspective of another. we begin hearing things we may have missed, if we listen we can see that way may look like an objection is actually and offer. 2. say "yes and: it turns it into positivity, and gives you a list of options. 3. make you partner look good:today buyers can go anywhere, they have the ability to tell the world if you made them look bad or good.

What are the three parts of the buy class framework?

1.Straight rebuy 2.Modified rebuy 3.New task rebuy

If you lose the customers attention you should:

1.Use the customer's name and ask a question 2.Ask about the customer's favorite topic 3.Go to where the customers focus is before attempting to reengage

What is a need?

A gap between "what is" and "what should be"

What is an objection?

A valid, existing reason for not taking the products or proposition

What is closing?

Achieving a sale either by obtaining a signature on a contract or an exchange of the goods or services for money or its equivalent

Name two "listening strategies" which communicate you are paying attention

Active listening Parroting

Why do objections occur?

Almost always a result of insufficient needs, insufficient benefits and/or cost. Gone through the sales process to quickly

You can also think of the needs analysis as...

Asking questions to understand the customer

Implications are often related to?

B.O.T.C.H: Bottlenecks, other people affected, time lost/wasted, costs, hassles

What is the SAFE BOLD framework for a teaching pitch?

BOLD- big, outperform, leading-edge, difficult to implement SAFE- small, easily achievable, "follower" ideas, easy to implement being bold gives you an advantage and to be seen as different to customer

Between features, advantages, and benefits which is most effective?

Benefits

Which is most effective in sales?

Both open and closed equally effective

What are two strategies to decrease perceived cost?

Break the price down into smaller chunks Compare it to something

What are some words you should avoid in sales?

Buy Free Sign Contract Monthly payment Objection Pitch Deal Cheaper

Why is it important to understand how organizations make decisions?

By understanding the decision process influence can be applied more effectively

What are two important steps before asking for the sale?

Check key concerns are covered Summarize the benefits

What is the difference between open and closed questions?

Close ended questions can be answered yes no open-ended questions cannot

How should you handle skepticism and misunderstandings?

Complement Offer relevant proof

How should you handle drawbacks?

Complement Refocus Outweigh

Explain the importance of each step in the CPR formula

Complement: Reduces defensiveness Probe: Determine the real reason Resolve: Offer relevant information

What is authority?

People follow the lead of credible knowledgeable experts

What are situation questions?

Data gathering questions about facts and background.

What is effective in large sales?

Explicit needs

What are some body language cues which can communicate attention?

Eye contact, open body language, body angle.

What does FFBQ stand for?

Feature, function (advantage), benefit, question

What is the difference between features, advantages and benefits?

Features: A basic fact about a product or service Advantage: How your product or service could help the customer Benefits: How your product or service meets an explicit need expressed by the customer.

Explain why FFBQ is effective

Gives a benefit statement to a need and checks for acceptance

How can reciprocity be used in sales?

Going out of your way to assist the customer

What is fluency?

Good things are easy to do

What is the definition of framing?

How communicators adjust or arrange words, phrases, images and presentation style for a set purpose.

How do you convert implied needs to explicit needs

Implication questions

What is the definition of consistency (foot in the door technique)?

People have a near obsessive desire to be consistent with what they have already done

Name five different organizational decision-making roles

Initiator, gatekeeper, influencer, buyer, and user

What are three types of needs and definition?

Latent: A need that the customer is unaware of Implied: Statements by the customer concerning problems or areas of dissatisfaction Explicit: Specific customer statements of wants or desires

How can this be used in sales?

Limited time offer Limited supply Other interested parties

How do stories work?

Mental simulation

What is a two-sided argument?

Mention both the pros and cons of a particular position

According to your instructor when should you use open and close any questions?

Move from open to close ended questions as the sale progresses

Are number of situation questions correlated with call success?

No Do your homework and ask the minimum

Is closing part of the large sales methodology? Why or why not?

No. It reduces trust.

What is reciprocity?

Obligation to give when you receive

What are six different types of questions?

Open versus closed Situation (S) Problem (P) Implication (I) Needs pay off (N) Product Preference

Words you should use in sales

Own No cost Authorize/okay Paperwork/agreement Monthly amount Concern Presentation Special offer Less-expensive

What is the best way to overcome objections?

Preemptively Complement, Probe, Resolve (CPR) or Feel, Felt, Found (FFF)

How do you uncover implied needs?

Problem questions

According to Neil Rackham what is the most persuasive type of verbal behavior?

Questioning

What are needs pay off questions?

Questions that get the customer to tell you the benefits your solution can offer.

What are problem questions?

Questions which explore problems, difficulties and areas of dissatisfaction.

What are two advantages of needs pay off questions?

Reduces objections Rehearses for further internal selling

Why are benefits more effective than advantages in large sales?

Rehearses the customer for further internal selling

What does SPIN stand for?

Situation, problem, implication, and needs pay off questions

What are some ways to increase a sense of urgency?

Stock Deals or sales

Are number of implication questions correlated with call success?

Strongly linked to success in larger sales

Are number of needs pay off questions correlated with call success?

Strongly linked to success in larger sales

What are implication questions?

Take a customer's problems and explore its effects or consequences.

What should you do if the customer asks about price up front?

Tell them you can give you a price however it's hard to be accurate without knowing what it is they want

What is role projection?

Telling someone that they have certain positive characteristics

Why is important to understand level of associate involvement?

The amount of time you should be spending trying to influence associates rather than management

At what point in the sales process should you talk about price?

The end

What is perceptual contrast?

The evaluation of any object is always based on a comparison

In which part of the small/inside sales process is product knowledge most important?

The needs analysis

What is the needs analysis?

The process of identifying and evaluating needs

According to Daniel Pink the purpose of a pitch is to:

To distill one's point to its persuasive essence.

What is social proof?

We view behaviors as more correct in any given situation to the degree that we see others performing them

Why is understanding who is the fulfilling these roles important for sales?

Who you should be influencing and at what time in the buying process

Why should you avoid these words?

Words affect how we think and feel

Is uncovering implied needs effective in small sales? What about large sales?

Yes for small sales. No for large sales.

Are the number of problem questions correlated with call success?

Yes in small sales Slightly in large sales

According to The Challenger Sale which rep is the most likely to succeed in small sales?

challenger

According to The Challenger Sale what is hypothesis base selling?

challenging the status quo

what is scarcity?

insufficient of shortness of supply

Which step in Challenger Sale methodology is most similar to Daniel Pink's problem identification?

reframe

According to The Challenger Sale which is the greatest driver of customer loyalty?

sales experience

According to Daniel Pink in Chapter 9 what is the most potent and most overlooked method of moving others?

servant selling- make it personal and purposeful

In the 6 steps of the commercial teaching sales approach in which step do you mention your solution?

step 6: your solution and implementation map

According to The Challenger Sale which is the least relevant to customer loyalty?

value-to-price ratio