Shared Flashcard Set

Details

Principles of Selling
Final
35
Business
Undergraduate 3
06/08/2009

Additional Business Flashcards

 


 

Cards

Term

Approach

 

First Impression

Definition

1) Appearance

 

2) Attitude

Term

Approach

 

Techniques (3 categories)

Definition

1) Opening with a Statement

2) Opening with a Demonstration

1 & 2 have objectives:

a. Capture Attention

b. Stimulate Interest

 

c. Provide Transition into Presentation

 

3) Opening with Questions

Term

Approach

 

Statement techniques

Definition

Introductory

*first time meeting

*basic introduction of yourself

 

Complimentary

sincerity

show knowledge of their company

 

Referral

use another's name; be careful they may not like them!

 

Premium

creativity is a must

leave/ give relevant to product as a thank you for their time

etc..

Term

Approach

 

Demonstration Techniques

Definition

Product

place product on table SILENTLY

-wait for the response

 

Showmanship

do something unusual to grab attention;

be APPROPRIATE, be careful with comedy

 

 

Term

Approach

 

Questions Techniques

Definition

Customer Benefit

ask Question implying benefits

anticipated the response when creating the CB question

Use their response throughout the presentation

 

Curiosity

DO something to spark curiosity

 

Opinion

Ask their opinion; flattering

 

Shock

design the Q to make them seriously think about the product category or relevant subject

 

Multiple Question - SPIN

 

Term
SPIN
Definition

Situation

Problem

Implication

Need-Payoff

 

Term
SPIN Steps
Definition

Step 1: Ask about general situation as it relates

 

Step 2: Ask about specific Problems or difficulties relative to situational question

 

Step 3: Ask about the implications of the problems or indirect affects

 

Step 4: Ask the Need-Payoff question

Term
Why ask questions or "probes"??
Definition

1) Obtain Information

 

2) Develop two-way communication

 

3) Increase their participation

Term
Rephrasing Questions
Definition

1) Clarify meaning

 

2) Determine needs

 

**continue probing / rephrasing until you have found true objection or problem

Term
Rules for using Questions
Definition

1) Question only when you can anticipate answer

 

2) Wait for the answer; even if it takes minutes!

 

3) Listen

 

REALLY LISTEN

 

Term
Elements to the Sales Presentation
Definition
  • Purpose
  • Three Essential Steps
  • Features, Advantages, Benefits - FAB
  • Visual Aids
  • Proof Devices
  • Demonstrations
  • Preparation & Practice
  • Handling Difficulties During Presentation
  • Sales Presentation Mix
Term

Elements to Sales Presentation

 

Purpose

Definition

1) Knowledge

 

2) Beliefs

 

3) Desire

 

4) Attitude

 

5) Conviction

Term

Elements to Sales Presentation

 

3 Essential Steps

Definition

Step 1: Fully discuss FABS

 

Step 2: Present Marketing Plan

*how they can resell

*how they can use

Step 3: Explain Business Proposition

What's in it for them?

Term

Elements of Sales Presentation

 

FABs

Definition

Product FABs

 

Marketing FABs

 

Business Prop. FABs

 

**use persuasive communication & participation techniques

Term

Elements to Sales Presentation

 

 

Sales Presentation Mix

Definition

Participation

Proof

Visual Aids

Dramatization

Demonstration

Persuasive Communication

Term

Elements to Sales Presentation

 

 

Proof Devices

Definition

"prove it"

 

Past Sales

Guarantee

Testimonials

Company Proof Results

Research

Term

Elements to Sales Presentation

 

 

Visuals

 

Definition

People retain 10% of what they hear

and

50% of what they see

Term

Handling Difficulties

in the Sales Presentation

Definition

Interruptions

1) be considerate; wait quietly & patiently

2) restate where you were/points just made

3) regain interest with demos or participation

 

Competition

1) refer only if absolutely necessary

2) move on quickly away from convo around it

3) always compare products not companies

 

 

Term

Handling Objections

 

basics

Definition

1. Plan for them

2. Anticipate & Forestall

3. Handle them as they arise

4. Be Positive

5. LISTEN - hear them out

6. Understand the objection

7. Meet it!

Term
6 categories of objections
Definition

Hidden

Timing

Need

Price

Product

Person - YOU!

Term
Techniques for addressing objections
Definition

1. Dodge

2. Pass up

3. Rephrase as questions

4. Postpone

5. Boomerang

6. Ask questions

7. Denial

8. Indirect denial

9. Compensation

10. Third party

Term
Trial close after objection
Definition

know if you have overcome objection

 

then IMMEDIATELY go to next SELL sequence

OR

CLOSE SALE!

 

ALWAYS ASK FOR THE ORDER

even if you are 100% sure you can't overcome an objection

Term

When to close

 

How to know?

Definition

Buying Signals

*they ask questions (how much...)

 

*they ask for someone's opinion

 

*they relax, become friendly

 

*they pull out a PO

 

*they carefully examine product again

Term

Essentials to Closing

(12)

Definition

1. Think success

2. Plan the sales call

3. Confirm needs in the approach

4. Great presentation

5. Use trial closes during and after presentation

6. Find the REAL objections

7. Overcome these objections

8. Use trial close after overcoming each

9. Summarize BENEFITS as related to the NEEDS

10. Use trial close after #9

11. Ask for Order

12. Leave the door open.  Be a professional

Term
Alternative Choice close
Definition

question is assuming they WANT the product

...how many?

 

Customer is Indecisive

**Forces decision

Term
Assumptive Close
Definition

Assumes the buy...

"I'll call in the order" ; want it gift wrapped?...

 

Customer is a friend

You can take care of the "small things"

Term
Compliment Close
Definition

 

when customer is expert or Egocentric

OR

hostile

 

allows them to make decision

&

positive stroking

 

Term
Summary-of-benefits Close
Definition

summarize FABs with trial close right before asking for order

 

when customer is indecisive

Forces decision

Term
Continuous Yes Close
Definition

like the summary, but get them to say yes to each summarizing point

 

when indecisive

forcing decision

OR

when hostile

giving positive strokes

Term
6 common mistakes of Closing
Definition

1. Tells not Sells

2. Overcontrols call; asks too many

close-ended Questions

3. Dont respond to needs with Benefits

4. Doesnt recognize needs; Benefits premature

5. Doesn't handle/see negative attitudes

6. Weak closing statements

 

Term

Key to Long term business relationships

 

Definition

Trust, genuine care for each other, wisdom/knowledge

 

Caring

Joy

Harmony

Patience

Kindness

Moral Ethics

Faithfulness

Fairness

Self-control

 

"Live for Others"

Term
Levels of Friendship
Definition

Level 1: Acquantances

 

Level 2: Friendship

 

Level 3: Intimate Friends

Term
Customer Satisfaction/Retention
Definition

Satisfaction leads to retention, and often very difficult to break a loyal customer

 

CRITICAL to long-term success

 

Technology (automation) for excellent service

less time on paperwork = more time with clients

Term
Follow-up
Definition

critical to satisfaction & referall

 

create goodwill

 

 

Term

account penetration

 

Definition

know buyers, personell, and their firms 

 

prospect needs with others in the company once the sale has been initiated...

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