MARK 3337 Exam 3
What are the three types of need satisfaction presentation strategies we discussed in class? How do they differ from each other?
Informative Presentation Strategy. Persuasive Presentation Strategy. Reminder Presentation Strategy.
Survey Questions
Information and knowledge gathering. General survey questions (Situation) Specific survey questions (Problem) Not to be used for factual information. acquired from other sources prior to sales call
What are some ways to gain the attention of your prospect and arouse interest in him/her?
Agenda, Product demonstrations, Referral, Customer benefit, questions, survey, Premium
What are the six main parts of the presentation plan?
Approach, Presentation, Demonstration, Negotiation, Close, Servicing the Sale
Voicemail
Be prepared Be brief Give likely benefits Give best time to call back Slowly repeat your phone number State any referrals
What are the main goals of the approach? That is, what would result from a successful approach to the customer?
Build Rapport, Capture attention, Transition to need discovery
What are some major customer service methods that strengthen the partnership?
Diligence Information Communication Inducements Empathy Sportsmanship Computer-based Systems
Pre-planned questions
Discovering buyer motives Strategically prepare tentative questions Prepare open and closed questions
What are the three prescriptions included in developing a presentation strategy?
Establishing objectives. Developing pre-sale presentation plan to meet objectives. Renewing commitment to outstanding customer service.
What needs to be done during the negotiation to remain focused on win-win outcomes?
Focus on integrative negotiations. Joint problem solving. Trust and rapport. Win-win relationship strategy. Trust and rapport must be maintained through process. Goal = maintain long-term relationship.
What role do different types of questions play in the sales process?
General and specific survey questions Probing Confirmation Need-satisfaction
How do group presentations need to be prepared for in order to make them effective?
Identify who will attend. Check out the meeting room in advance. Be sure your presentation is clear. Anticipate questions and be prepared.
What are the benefits of the consultative sales process?
Increased customer satisfaction. Reduces the gap between expectations and delivery Customers willing to pay more for the right solution More sales closed Few order cancellations and fewer returns Increased repeat business and referrals
List some methods of transitioning the presentation from social contact to business contact.
Know the customers interest, use open ended questions, Keep the focus on the customer
What buying anxieties do customers experience that serve as barriers to closing the sale?
Loss of options Fear of making a mistake Social or peer pressures Fear, regret
What are some best practices for selecting solutions when working with a customer?
Match specific benefits with buying motives. Product configuration. Make appropriate recommendations.
Meaningful subject line Tell reader what you want Encourage a response Put important information up front Use grammar and spell-check Use "signature"file
What factors need to be accounted for in team presentations?
Must satisfy concerns for each participant The individual concerns The collective concerns • Determine The role of each decision maker Their amount of influence • Do not ignore anyone • Discover any silent team members People not at the meeting but weigh in on the decision
What is the process for using questions to uncover customer needs?
Need discovery Ask appropriate questions Listen and acknowledge customer response Establish buying motive
Describe the four-part need-satisfaction model.
Need discovery, Selections of the solutions, Need satisfaction through informing, persuading, and/or reminding. Servicing the Sale.
What are common types of buyer concerns to be prepared for when negotiating?
Need, Time, Price, Source.
How can a presentation be made more persuasive?
Place emphasis on relationship. Target emotional links. Use persuasive vocabulary. Sell specific benefits. Obtain customer reactions. Minimize the negative impact of change. Place strongest appeal at beginning or end. Use power of association.
What are the ways of overcoming these objections?
Prove your product is a good investment. Referrals, Trial orders. Consider probing questions to determine negative feelings. Value is more important than price to most buyers.
Probing Questions
Reveal customer's pain. Uncover prospect's buying problem and circumstances. Used frequently in large, complex sales. Help salesperson and customer gain understanding of why a problem is important.
Confirmation Questions
Reveal mutual understanding. Buying conditions: Qualifications that must be available or fulfilled before sale can be closed. Help.
What is SPIN selling?
Situation Analysis Problem Identification Implications Needs-Payoff
What are some effective ways to approach the customer?
Telephone, Voicemail, E-mail, Social Contact, Business Contact
Telephone Contact
To set first appointment. Practices to employ Plan in advance Identify self and firm State purpose of call State estimated length Confirm via note
How can you deal with complaints effectively?
Use opportunity to strengthen the relationship. Let customers disclose feelings It doesn't matter whether the complaint is real or not Do not alibi or scapegoat Accept responsibility Politely share your view of problem's cause Decide on action to remedy
What are some various closing clues to watch for?
Verbal clues •Questions •Recognition •Requirements Nonverbal clues •Facial expression changes •Prospect nods agreement •Leans toward you •Examines product literature intently
What is meant by the term incremental commitment? (Hint: not every sales call will end in a sale).
When working on a large , complex sale, some form of commitment should be obtained during each step in multi-call sales.
What are the two parts of the pre-approach process?
involves preparing pre-sale objectives and presentation plan
What is active listening? How can you become a more active listener?
listening and responding to another person that improves mutual understanding.
Explain how customer service can help build long-term partnerships.
• Achieving successful sales. • Responding to increased post-sale customer expectations. • High-cost of customer attrition.
What are some ways of navigating negotiations with formally trained buyers?
• Budget limitation tactic • Take-it-or-leave-it tactic • Let's-split-the-difference tactic • "If . . . .then" tactic • "Sell low now, make profits later" tactic
How can you create value during formal negotiations?
• Clarify price concerns with questions • Add value with a cluster of satisfactions • Do not make price focal point • Do not apologize for the price • Point out the relationship between price and quality • Demonstrate the difference between price and cost
What are the different means of negotiating buyer concerns and how do they work?
• Direct Denial. Refute prospect's opinion or belief Be firm, not offensive, think win-win • Indirect Denial. Acknowledge prospects as partly right • Feel-Felt-Found. "I understand how you feel" "Others have felt that way" "Until they used the product and found it quite reliable"
Up-selling
• Effort to sell better quality product • Works best when Established relationship exists—built on trust Salesperson continuously qualifies prospect • Most customers want the right purchase over the least expensive
What is the purpose of following-up with a customer after they have purchased?
• Ensuring customer satisfaction • Common Follow-up Activities Personal visit Value reinforcement Telephone call Email message Letter or card
What are the three methods of expansion selling?
• Full-line selling • Cross-selling • Up-selling
How should you prepare for negotiations?
• Gather information • Decide team versus individual negotiations • Understand value of your offering • Determine goals and financial objectives • Prepare an agenda • Review adaptive selling styles • Use the Negotiations Worksheet
Cross-selling
• Selling products not directly associated to those already sold to established customer • Additional source of business • Buyers like single-source convenience • Most effective when salesperson/customer enjoy true partnership
Full-line selling
• Suggest related products/services to customer • Done correctly, provides value-added service • Guidelines Plan during pre-approach Make recommendations after satisfying primary need Thoughtful, positive suggestions
What are the principles of negotiation as part of the win-win strategy?
• Working to reach mutually satisfactory agreement • Ability to negotiate problems or objections creates value • Going for win-win
What does it mean to close a sale? How does your attitude toward closing a sale affect your relationship with your customer?
•Changing your closing attitude adds value •Adding value throughout the presentation makes closing easier •Closing is not a strategy to win at the customer's expense •Asking for the order is less difficult you are strategically prepared for the close
What about when they say no?
•Learn to manage disappointment. •When a sale is lost. Make sure the deal is really dead Review chain of events Interview the client--obtain feedback
What should a salesperson do when a customer says yes?
•Reassure customer. •Confirm sale and partnership. •Reduce buyer's remorse—forms of regret, fear, anxiety about sale. Compliment buyer on wise decision Thank customer for order
