Sales exam

When working with buying teams, there are multiple people who have influence on the buying decision throughout your prospect's organization. The role of the guides the decision process and makes recommendations.

'Coach'

Examples of important data for a sales professional to add into a CRM system are

- Prospect's contact details, stage in the sales funnel, ARR, TCV, forecast date of when contract would be signed, etc. -A CRM should offer leading indicator information as a benefit to sales reps. -It is helpful if you have all customer 'insights' in one concise package, sorted by industry and customer type. -Plus, key outcomes and benefits customers gain from using your product. -Do not use a CRM as an excuse for more "admin time" or an excuse that you do not have time to sell!

What is the main reason sales representatives should "always be prospecting"?

-Generate new revenue -Meet sales quota -Develops the funnel of potential customers -Makes up for client losses -Positions you as a trusted advisor -Helps to focus on the right accounts

Attributes of a sucessful salesperson

1. Active listening, asking questions 2. service- oriented , helpful 3. communication skills 4. great problem solver 5. good writer 6. logical 7. organized and strategic 8.Dependable and pays attention 9. Motivated and persistent- integrity, honest, and ethical 10. takes resposnibility 11. Adapts

The verbal dimension of communication is examined in the text with an emphasis on three communication subcomponents:

1. Developing effective questioning methods for use in uncovering and diagnosing buyers' needs and expectations. 2. Using active listening skills to facilitate the interchange of ideas and information. 3. Maximizing the responsive dissemination of information to buyers in a way that fully explains and brings to life the benefits of proposed solution.

ways a sales representative can increase their Customer Facing Time.

1. In-person visits with the prospect 2. direct text messages with a prspect to coordinate a meeting 3. client meetings via video or phone 4. Direct email communication with a prospect list

According to Mark Hunter there is a five step game plan to overcoming negative sales calls.

1. Relax! Remind yourself it is only one sales call. 2. Avoid overthinking a negative call. Ask yourself, "In 30 days from now, will I remember this call?" The answer is probably 'NO' 3. Only fertilize positive seeds in your mind! 4. Create a list of positive outcomes where you have helped a customer. 5. Follow up with an existing customer.

What is PROSPECTING?

1. The first step in the sales process, which consists of identifying and contacting potential customers. 2. The opening engagement of building a trusting relationship with the potential buyer. The Sales Representative would enter the customer data into the CRM system, in order to call on them again.

According to Mark Hunter in A Mind for Sales, these data points are important to measure for a sales representative.

1. The percentage of tie spent customer facing 2.the percentage of leads that turn into customers 3. How many days it takes to turn the average lead into a customer 4. The percentahe of sales from new customers each year 5. The number of calls made to find a qualified prospect 6. The ratio between offers made and deals closed 7. The percentage of time spent on administration and general office work

If a sales representative uses a high-power pose during a presentation, it:

1. is a powerful or expansive posture that evokes confidence 2. is a more assertive feeling or behavior

Conversion Ratio

1. is the rate at which potential customers are transformed into buyers. 2. The higher the rate or percentile, the more a salesperson is able to close and the more commission dollars a salesperson will make. All this data is kept in a CRM and shown as part of your sales funnel.

According to Mark Hunter in A Mind for Sales, the more effectively we manage our time, the more success we will achieve. Therefore, it is important to continually schedule blocks of time to:

1. learn and read about your industry, the economy, and the sales process. 2.grow your network.

Attributes of a profession

1. operate from a sbstanial knowledge base 2. Make a significant contribution to society 3. Have a defined culture and organization of colleagues 4. have unquie set of professional skills 5. Autonomu of the professional to make decision 6. Amount of public trust granted in the profession

monday mission

1. start day with recapping sucesses 2. quiet prepation 3. thank others 4. workout rountine 5. tackle one thing 6. stay off socials

Unfortunately, a small minority of buyers believe a salesperson actually understands their situation and needs.why ?

13 % of buyers believe a salesperson understands their situation and needs. The salesperson must listen and understand the NEED in order to create VALUE.

The psychological attribute of a product is known as the 'delighter', and it impacts_____of the buyer's satisfaction. Whereas the functional attribute only impacts _____ of the buyer's satisfaction. Look for ways to delight your customers.

63%; 37%

According to Mark Hunter in A Mind for Sales, your network is your best investment. In the 14th Chapter he talks about the importance of your Network Triangle. The Network Triangle is made up of three categories of people. What are those categories?

A Network Triangle has three levels: 1. Your Core Group - Mastermind Group, to whom you are accountable. (Often made up of 3-4 people whom you trust.) 2. Subject-Matter Experts - you draw on for expertise. (Aim for 25 members from whom you can learn or help. These people should be authentic, integrity-centered, goal-driven.) 3. People of Influence - those you influence and those who influence you. (The average person has 250 people in their sphere of influence.)

___________ is essential for sales representatives because it helps to sense, interpret, evaluate, and respond to verbal and nonverbal messages.

Active Listening

Principal Characteristics of your buyer can impact the speed and receptivity of a decision process. If your prospect is supportive, easy going, flexible regarding time and spontaneous; they would be know as ____________________ on the Assertiveness/Responsiveness scale.

Amiable = Low Assertiveness and High Responsiveness

A salesperson is often responsible for quoting prices.why?

As a representative of the selling firm, these quotes legally bind a company.

Key to effective listening, a check list when meeting a person for the first time:

Be flexible, hold judgements until full consideration, judge content( not delivery), find areas of intrests, and listen for ideas

When a successful business-to-business sales representative prospects for new clients over a long period of time, they are aiming to:

Become a trusted advisor and build a strong referral network.

A buying team member ______ play two roles at once. Assigning buying team roles is a sales strategy that helps the sales representative understand how each buyer thinks and makes decisions. These are roles that the salesperson will identify because it helps the sales rep know how to talk with the each person on the buying team.

CAN

Sales representatives use ____________________ software as a valuable technology tool to accumulate and update prospect information and view the progress of each stage of their sales funnel.

CRM / Customer Relationship Management

Bob, your prospective client at the manufacturing plant, says to you, "We really like the our current X400 product. Why should we switch and use your product?" A salesperson must have (what quality) _________ to answer this question.

Competitive knowledge

Types of buyers include the _______________ who purchase goods and services for their individual use or consumption. They are highly influenced by peer group behavior, aesthetics, and personal taste.

Consumer Market

A productive sales approach first ______________, then illustrates how the sales organization can _______________ to the customer

Define customer needs... deliver the value

open-ended questions

Designed to allow the customer respons freely

How do you earn trust?

EXPERTISE, DEPENDABILITY, CANDOR, CUSTOMER ORIENTATION, and COMPATIBILITY/LIKABILITY.

___________ sales representatives focus on the customer rather than themselves and place the customer interests above a short term need to 'make a sale'.

Ethical

Examples of unethical sales behaviors are:

Falsifying product testimonials, Accepting facors, exaggerating benefits of the product, selling unneeded products or services, and concern for youe own intrests, instead of the customer

The ADAPT Technique of questioning is used to:

Find a prospect's needs through Assessment and Discovery questions.

According to A Mind for Sales the rule of thumb is:

For every $133,000 in annual revenue, you should have at least ONE strong relationship at the account.Build the relationships now to capitalize on opportunities to create more value and sales.

The ____________attribute of a product includes the features a customer wants or the "must haves'.

Functional

When working with buying teams there are multiple people who have influence on the buying decision throughout your prospect's organization. The ___________role controls the flow of information.

Gatekeeper

Rules for interpersonal communications, such as______________(communicating through touch, e.g. handshakes, pat on the back, etc.) have changed significantly during the COVID-19 pandemic and have therefore influenced how salespeople greet buyers.

HAPTICS

In the context of sales presentations and conversations, effective communication skills are needed in order to:

Identify buying needs and to demonstrate to buyers how a salesperson's proposed solution can satisfy those needs.

Alivia is a young college graduate who is looking for a sales job in a textile business. To better their chances of being selected by employers, they decide to enhance knowledge of the trends in the market. In this scenario, it is evident that Alivia is trying to enhance _____.

Industry knowledge

According to A Mind for Sales, it is important to build relationships to capitalize on opportunities to create more value and sales. Why?

It IS necessary to have relationships with more than one business leader at each prospective company.

Which of the following statements is true about relationship selling?

It involves a high level of problem-solving activity.

___________sales success in any industry is built on referrals, in which trust plays an important role.

Long-term

what are the four descriptive factors of the sucess wheel as describeed in chapter 2 a mind for sales

Motivation, Momentum, confidence, sucess

A _________ is an article or substance that is manufactured or refined for sale.

Product

The recent pandemic greatly impacted our understanding of___________________, the amount of space that people feel is necessary to set between themselves and others. Sales representatives must be sensitive to this when dealing face-to-face with their prospects.

Proxemics

Salespeople are responsible for both generating and qualifying leads and driving revenue. Salespeople contribute to their firms as __________-__________ as sources of market research and feedback, and as candidates for management positions.

Revenue producers

According to Mark Hunter in A Mind for Sales, sales is about delivering incremental outcomes to people who do not expect it. It is your opportunity to share the value of your product or service with your prospect.

Sales is about helping other see and achieve what they did not think was possible.

Creating solid plans are the foundation for effective prospecting, of which 'setting goals' and 'allocating time' are the first two pieces of the plan. What are the three other pieces to complete the puzzle for effective prospecting?

Staying positive, keeping records, and evaluating what is working for you.

Need satisfaction

The salesperson uses a questioning, probing tactic to uncover important vuyers needs. The sales person must uncover the needs, peresent the offering to satify the needs, and countine selling untill the prospect makes a purchase decision

Your prospect may not know or see your value, but it does not mean you cannot help them. why ?

They just have not realized it yet! Sometimes it's a matter of timing. Sales is about delivering incremental outcomes to people who do not expect it. It is your opportunity to share the value of your product or service with your prospect.

is a form of personal selling that requires that salespeople earn the confidence of their customers and that their selling strategy meets customer needs and contributes to the creation, communication, and delivery of customer value.

Trust-based relationship selling

Evaluative questions

Use open-end and closed-end question formats to: Gain confirmation, uncover attitudes, opinions, and preferences that the prospect holds.

The B-to-B or Business Market includes firms, institutions, and governments that acquire goods and services: raw material, use for day-to-day operations, for resale to the end customer. This type of market stresses _____________as a cornerstone for buying decision.

VALUE

As a salesperson, you should take the time to understand each person. There is power in personal connections. _________ other people more than yourself. __________ their goals and aspirations more than your own.

Value

Timothy works as a sales representative for Mondelez International, a leading manufacturer of chocolates and confections. Their lead competitor for confections is The Mars Company. The ____________ is the 'sweet spot' (pun intended) where Timothy can find an advantage that separates their products over that of their arch-rival.

Value Wedge

The ________ is the graphical area where your products are nearly the same as the products of your competitors

Value parity

A dichotomous question:

allows the customer to select from two or more options.

There are several types of prospecting methods, such as:

cold canvassing, networking, company sources, and commercial sources.Like cold calling , referrals, networking, social media, directories

No sales representative ever wants to lose a client, but sometimes it is inevitable. Select all the reasons a company could lose clients.

competition, changes in market conditions, changes in buying behavior, dissatisfaction with the product, or the salesperson, or the selling firm.

Salespeople will probably be asked how their product stands up again the competition. It is important to have ______________-_______________.

competitor knowledge

A ______________-_____________ salesperson covers both the pros and cons of a recommended product when making a sale to a customer.

customer-oriented

Hal is a salesperson for a technology company. Hal informs customers about new company policies that are likely to affect them despite the risk of losing them. In this scenario, Hal exhibits _____.

customer-oriented behavior

The sales _______________ is a series of conversations between buyers and sellers that take place over time in an attempt to build relationships.

dialogue

There are different types of buyers (Consumer and Business) and the buying process is ____________ for each.

different

According to Mark Hunter in Chapter 16, great salespeople

drive the sales app to do what tehy want it to do

A probing question: -

elicits more articulate and precise responses from the customer for use in needs discovery and solution identification. For example: Tell me about situations when...

Confidentiality

entrusting someone with sensitive information. At the beginning of the sales process, many times companies with have one another sign a Non-disclosure Agreement (NDA) which binds both parties to confidentiality.

We have discussed the quote, "Nearly half of all salespeople quit trying to sell to a prospect after the first call. But more than half of all sales are made after the __________ call." If this is accurate, a business-to-business sales representative should consider reengaging with a qualified prospect even if they heard 'no' the first time.

fourth

If there is ______________demand for a product because of an external force (economic, political, public health, etc.) then the amount of time it would take for a buyer to go through the sales funnel from introduction to purchase decision would shorten because they would be compelled to make faster decisions. Conversely, if there is____________ demand, it would take longer for a prospect to move through the sales funnel.

greater ; less

Mark Hunter in Chapter 6 of A Mind for Sales talks about measuring the percentage of leads that turn into customers. In the long-term this number should ___________ in order to show the effectiveness of your sales process.

increase

According to Mark Hunter in A Mind for Sales Chapter 7, Sales is about delivering______________ value to the customer when they were not expecting it and most likely did not know they needed it.

incremental

What are the possible sources for identifying a potential client. Select the correct answer(s) that apply. (Select all correct answer(s) for full points.)

information provided by salespeople, trade associations and shows, product source directories, the Internet, advertising, word of mouth, social media, CRM - Customer Relationship Management Software.

sales funnel

is a tool for tracking prospect progress from lead to sale; has a start, middle, and an end; offers a standardized way for measuring conversion ratios each step of the way; and is wider at the top and smaller at the bottom.

Proxemics

is personal space

conversion rate

is the ratio of the potential customers that your sales funnel transforms into buyers at the end of the sales process. If there is les demand for your product the conversion rate would most likely decrease.

Problem sloving

it goes beyond identifying the needs of the prospect, to developing alternative solutions for satisying those needs. It involves educating the prospect or customer

According to Mark Hunter in A Mind for Sales, a salesperson's objective is to take online connections and turn them into offline conversations because?

it is important for salespeople to have one-to-one conversations with a real person and engage the prospect. A salesperson's objective is to take online connections and turn them into offline conversations.

Eli is a sales representative for Yardbird, an outdoor furniture manufacturer. Two years ago, he had been surprised by the influence of the global pandemic and the greater demand for sales opportunities in his sales funnel. Two years later, he found that most of his prospects had already bought products from him. He told his boss, Kristina, that the amount of time for prospects to move from one stage to the next in his sales funnel was starting to ___________ (shorten or lengthen) and that his conversion rate would likely _______________ (decrease or increase).

lengthen, decrease

According to Mark Hunter in A Mind for Sales, if negotiation is inevitable remember to:

maintain your integrity, ask better questions, and quantify the value of your offering.

During a sales presentation, good interpersonal skills are paramount to a sales representative's success, such as:

maintaining comfortable and steady eye contact with the prospect or even the "eye" of the video recording device, asking thorough questions, engaging in active listening, using an articulate voice and clear projection.

what does Mark hunter encourages sales reps to focus on ?

making a difference to customers and helping achieve important goals

When having an initial dialogue with the prospect, the sales representative should gather a few vital pieces of information to enter into the CRM system, such as the buyer's..

name, title, contact information

Select all key sources a successful sales representative would use to aid with their prospecting process.

online searches, networking, referrals, industry conferences, trade and business press, annual reports, professional organizations, social media, and a prospect's website.

A sales representative's _________ for the product and eagerness to connect the value with the prospect's need can have a significant impact on the prospect's buying decision, according to A Mind for Sales.

passion

SVP( sales value proposition)

powerful messaging tool for communicating the unique value of the solution you are selling

Salespeople are increasingly responsible for improving profitability, not only by producing sales revenues but also by improving the _____________of their actions.

productivity

a ________________ is a person or company to whom a sales representative sells a product or service

prospect

TRUST BASED SALES COMMUNICATION

s about talking WITH rather than AT the customer. A collaborative and two-way form of communication that allows buyers and sellers to develop a better understanding of the need situation and work together to co-create the best response for resolving the customer's needs.

A ___________________ helps salespeople determine their prospective customer's strategic priorities. Meaningful conversations where the sales representative asks thoughtful questions and engages in actively listening will help the sales rep understand the buyer's needs.

sales dialogue

According to Mark Hunter in a Mind for Sales, "Sales is about helping others ________________ what they did not think was possible."

see and achieve

According to Chapter 15 in A Mind for Sales, one of the fastest ways to gain a response from a senior-level person in a company you sell to is by_____________________________ . This is called 'insight selling'.

sending them an email with a link to a newsworthy story about one of their customers.

Buyers with Low Assertiveness/Responsiveness would be ____________ to make decisions than those with High Assertiveness/Responsiveness. This type of information is helpful for forecasting when a sales deal may close.

slower

sales is not a ________activity, rather it is a team sport. We do better when we are aligned with others, and it is why our network is such a valuable asset.

solo

The Return On Investment ( ROI) is

the benefit (or return) of an investment, divided by the cost of the investment.

Customer Facing Time

time a salesperson spends in conversation with a customer or prospect, whether in-person, on the telephone, via email, vis social media, via text, or any other valuable method of personal engagement.

According to Mark Hunter, as described in Chapter 11 in A Mind for Sales, a sales representative's greatest assets are your:

time, money, and network

According to Mark Hunter in A Mind for Sales Chapter 8, the level of _________ between both parties will determine the level of negotiation needed to make the sale.

trust

The more a salesperson knows, the easier it is to build _________ and gain the confidence of the buyer. Buyers have certain expectations of the salesperson and the knowledge that he or she brings to the table.

trust

When a sales representative has an initial dialogue with the prospect, is it important to gather as much information as possible about the selling situation. This type of information will help the rep qualify the prospect and forecast the timing of their movement through the sales funnel. Such information to gather about the selling situation is:

type of purchase, motivation for buying, current supplier, buying center members and roles, buying process, available budget, and competitors involved.

What does SPIN stands for?

understanding the SITUATION and PROBLEM of your current prospect. Also, asking the IMPLICATION or 'so what' is the impact of the problem and the NEED-PAYOFF if they were to buy your solution.

SELL Chapter 5 discusses the reality of rejection during a sales process. What are the specific ways the SELL textbook offers for dealing with rejection in a positive manner

•Don't take it personally.. • Expect it. Rejection happens. • Be professional. • Ask why. • Send a last-minute proposal. • Talk with your sales manager and teammates. • Treat it as a necessary step. • Be persistent. • Stick to your routine. Continue to prospect. • Focus on the positives. • Never give up!