Term
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Definition
Searching the market for potential people and customers
o Most important activity of sales person
o No salesperson can ignore leads, always need to gain new contacts |
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Term
| 8 steps of the buying process |
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Definition
1. Prospecting
2. Collecting pre-call information
3. Making the approach
4. Discovering needs
5. Making the presentation
6. Responding to objections
7. Obtaining Commitment
8. Follow-up |
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Term
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Definition
| Someone you might potentially do business with but have not contacted yet |
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Term
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Definition
| a lead whose potential has been evaluated and deemed worthy of pursing, has an interest in the product, is eligible to purchase it |
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Term
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Definition
| Someone who is an actual purchaser of your product, made a sale |
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Term
| High account opportunity/ strong competitive strength |
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Definition
o Most effective
o Opportunity: Account offers good opportunity, high potential and sales organization has differential advantage in serving it
o Strategy: Commit high level of sales resources to take advantage of the opportunity |
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Term
| Low account potential/Strong Competitive strength |
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Definition
o Opportunity: account offers stable opportunity since sales organization has differential advantage in serving
o Strategy: Allocate MODERATE level of sales resources to maintain current advantage |
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Term
| High account potential/Weak competitive advantage |
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Definition
o Opportunity: Account may represent good opportunity, sales organization needs to overcome its competitive disadvantage and strengthen its position to capitalize on opportunity
o Strategy: Either direct a high level of resources to improve position and to take advantage of the opportunity/shift resources to other accounts |
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Term
| Low account potential/Weak competitive strategy |
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Definition
o Worst case scenario
o Opportunity: Account offers little opportunity, small potential and the sales organization is at a competitive advantage
o Strategy: Devote minimal level of resources to the account or consider abandoning |
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Term
| Why do we make sales calls? |
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Definition
- Buyer’s and Seller’s time is valuable
- Make it worth the time and effort
- Planning must fit into the salesperson’s goal for the account, some require more planning than others |
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Term
| What is the criteria for effective sales call objectives? |
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Definition
| - Set objectives/questions that require a response from the buyer - SMART (specific, measurable, achievable, realistic, time-based) |
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Term
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Definition
1. Primary
2. Optimistic
3. Minimum
4. Secondary |
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Term
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Definition
| The actual goal the salesperson hopes to achieve |
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Term
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Definition
| Most optimistic/best outcome the salesperson thinks could occur |
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Term
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Definition
| Minimum a salesperson hopes to achieve |
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Term
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Definition
| the remaining objectives after the primary objective |
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Term
| Know the right person, time, and place for a sales call |
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Definition
- Focus on the person who will be most receptive, have the power and focus of the dissatisfaction
- Know the right time and meeting place (Quiet, focused) |
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Term
| What are the 4 essential elements of a sales call? |
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Definition
- Making a good impression
- Identifying or reiterating the needs of a company (ADJUST)
- Offering the solution the buyer needs
- Add credibility and trust |
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Term
| What is the 15-minute rule? |
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Definition
- If you/the buyer will be 15 minutes late reschedule
- If your presentation will go over time, re-schedule to continue |
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Term
| 6 types of presentation openings |
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Definition
1. Introduction
2. Referral
3. Benefit
4. Product
5. Compliment
6. Question |
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Term
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Definition
| Simply introduce yourself |
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Term
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Definition
| Tell about someone who referred you to the buyer |
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Term
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Definition
| Start by telling the benefits of the product |
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Term
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Definition
| Demonstrate a product feature and benefit as soon as you walk up to the prospect |
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Term
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Definition
| Start by complimenting the buyer/buyers firm |
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Term
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Definition
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Term
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Definition
Selling is a close, harmonious relationship founded on mutual trust
o Goal of every salesperson, small talk, scan the office |
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Term
| Most Powerful question in Marketing? |
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Definition
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Term
| Digging for the root cause/Need behind it |
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Definition
| Need (need computers) → Need behind the need (to improve our performance) → Need behind the need (Our competition is gaining on us, need to be more responsive than them) |
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Term
| 4 Categories of questions in SPIN Sequence |
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Definition
1. Situation
2. Problem
3. Implication
4. Need pay off |
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Term
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Definition
- General data-gathering questions
- Many situation-type questions can be answered through precall information gathering and planning |
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Term
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Definition
| Questions about specific difficulties, problems, or dissatisfactions |
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Term
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Definition
- Help the prospect recognize the true ramifications of the problem
- Motivate the prospect to search for a solution to the problem
- Problem centered |
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Term
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Definition
- Questions about the usefulness of solving a problem
- Solution centered |
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Term
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Definition
| Quality or characteristic of the product or service |
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Term
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Definition
| The way in which a specific feature will help a particular buyer |
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Term
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Definition
| Used only to directly benefit an individual |
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Term
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Definition
| Directly effects co=workers and company |
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Term
| Characteristics of a strong presentation |
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Definition
- Keeps buyers attention
- Improves the buyers understanding
- Helps buyer remember what was said
- Offers proof of the salespersons assertion
- Creates a sense of value |
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Term
| Know how we learn and remember |
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Definition
- We retain 20% of what we hear
- We retain 50% of what we hear and see |
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Term
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Definition
| Statements written by satisfied users of a product or service |
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Term
| Number 1 fear of the average person? |
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Definition
Public Speaking
o Visualize audience as friends, reduce stress, practice |
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Term
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Definition
- Establish product value before discussing the price
- Sell value/quality not the price
o Discuss intangible features
- Show the customer the value and quality
- Value shouldn’t exceed the cost! |
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Term
| How do successful salespeople handle objections? |
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Definition
- Anticipate for objections
o Prepare helpful response
- Forestall known concerns
o Raise objections before the buyer has time to raise them
- Relax and listen, evaluate objections, always tell the truth |
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Term
| 6 methods to deal with objection |
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Definition
1. direct denial
2. indirect denial
3. compensation method
4. referral method
5. revisit method
6. acknowledge method |
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Term
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Definition
- The salesperson makes a relatively strong statement using factual information to indicate the error the prospect has made
- Appropriate only when the objection is blatantly inaccurate
- Should never be used if the prospect is merely stating an opinion |
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Term
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Definition
- The salesperson denies the objection but attempts to soften the response
- The salesperson must recognize the position of the customer who makes the objection and then continue by introducing substantial evidence |
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Term
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Definition
- Buyers may object because the salesperson’s product is less than perfect
- The salesperson should acknowledge the validity of the objection and then proceed to show any compensating advantages
- Also use when the prospect tries to put off closing the sale |
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Term
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Definition
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Term
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Definition
- Salesperson turns the objection into a reason for buying (boomerang method)
- Works with most personality types |
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Term
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Definition
- Buyer voices opinions or concerns to vent frustration
- Salesperson listens, acknowledges, pauses, then moves on
- Should not be used if the objection is factually false |
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Term
| How to handle a price objection |
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Definition
| - Use up-to-date information - Establish the value o Establish product value before discussing price o Sell value and quality rather than price o Intangible features - Use communication tools effectively o Show customers quality and value |
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Term
| How to successfully obtain commitment |
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Definition
- Part of the process o Salespeople actually gain commitment repeatedly o Important in moving the account through the relationship process - The importance of securing commitment o o Customer realization of benefits o Financial rewards for the salesperson/Companh |
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Term
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Definition
| o Believe they are the best judge of a customers needs o Minimize participation by customer o Overwhelm customer, respond to objectives without understanding |
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Term
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Definition
| o Accepts customers definition of needs and permits the customer all control o Assumes customer will buy when ready |
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Term
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Definition
| o Probe for need-related info that customers may not volunteer o Encourage 2 way communication o Respond to objections, leading to somewhat automatic close |
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Term
| 6 effective methods for closing a sale |
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Definition
1. Direct Request
2. Benefit Summary
3. Balance sheet method
4. Probing method
5. Alternative choice
6. Other method |
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Term
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Definition
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Term
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Definition
| Reminds the buyers of the agreed-on benefits of the propsals |
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Term
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Definition
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Term
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Definition
o Initially uses another method
o Uses a series of probing questions
o Consider cultural differences |
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