Term
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Definition
person-to-person business activity in which a salesperson uncovers and satisfies the needs of a buyer to the mutual, long-term benefit of both parties
all about relationships |
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| Why learn about personal selling |
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Definition
principles are useful to everyone
developing mutually beneficial, long-term relationships is vital to all of us
people in business use these principles all the time |
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| Examples of everyone selling |
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Definition
Entrepreneurs- to acuire funding
Industrial relations executives- negotiating with unions
Financial planners- convincing clients that their service is of value |
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Term
| Advantages of a sales job |
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Definition
compensation potential
challenge
flexibility of time
rewards from making a tough sale
learning the business from the bottom up
opportunities for senior management positions |
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Term
| Disadvantages of sales job |
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Definition
role ambiguity-limited supervision
role conflict- potential conflict between customer and company demands
Depression from lost sales
discomfort from asking customers to buy
Negative stereotype |
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Term
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Definition
Impersonal, personal
Paid: ads/sales promotions, personal selling/emails
Unpaid: publicity, word of mouth |
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Term
| Communication methods strengths and weaknesses |
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Definition
Firms have more control when using paid
Unpaid are typically seen as more credible
Advertising, internet sites, and sales promotions give companies control over content and timing
personal selling more flexible
personal selling most costly (400 per contact) |
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Term
| For many companies personal selling is... |
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Definition
| the primary method of promotion |
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Term
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Definition
client relationship manager
account team manager
vendor and channel manager
information provider to their firm |
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Definition
trade salespeople
new business selling
technical salespeople
missionary salespeople
manufacturers' agent (or reps) |
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Definition
| sell to firms that resell the products rather than using them within the firm (sell to the trade) |
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Definition
the salesperson responsible for finding new customers
can be though os as a hunter vs. salesperson who cultivates existing customers is farmer |
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Definition
technical background which allows them to provide support in later stafes of selling process
come in only after another salesperson has established contact with potential customer |
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Definition
"sell" the product but firms buy from distributors or other manufacturers
frequently call on people who influence buying decision but do not actually place the order |
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| Manufacturers' agents (Reps) |
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Definition
independent businesspeople who are paid a commission by a manufacturer for all products/services sold
Agents never own the products
Simply perform the selling activities then transmit orders to manufacturers |
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Term
| Sales people spend ___% of time on-site contacts |
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Definition
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| To be successful in selling a salesperson has to be, type A, life of party, overly agressive |
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Definition
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Definition
| lacks empathy, pushy, assumes they know customer needs |
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Definition
| responds to objectives in a positive way, shows empathy, asks good questions& provides information, Does NOT give up on 1st or 2nd no |
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Definition
| not confident, lets customer take control, gives in to objections too soon |
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Term
| The personal selling process |
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Definition
| prospect-> pre-approach planning ->Approaching the prospect->The sales presentation->handling objections-> closing the sale |
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| Characteristics of cultivating selling |
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Definition
need for good listening skills
ask the right questions
Creativity and analytic-thinking are necessary
focus on problem-solving, rather than deal-making". |
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Term
| The power of 1 more person |
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Definition
| anyone has 10 close business associates who also have 10 close business associates (110 more people) |
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| Outcomes of good networking |
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Definition
more business contacts
more sales
more business education
more community involvement
more friends |
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Term
| when going to a networking event you should always |
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Definition
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Term
| Fundamentals of networking |
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Definition
pre-plan the event
show up early
don't spend too much time with people you already know
walk the crowd at least twice
target your prospects
have your elevator pitch ready
be positive
say a person's name twice
eat early
stay until end
stand at entrance at beginning and end
don't sell product yet
never forget business cards |
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Term
| guidelines for joining an organization |
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Definition
go where prospects are
commit to becoming involves
be consistent
give first, don't push
not every networking contact needs to be a sale
get to be known as a leader |
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Term
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Definition
take action every day
call at least 2 people a day
go to at least 1 networking event per week
make your customers your friends |
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Term
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Definition
| reading your audience to be an effective communicator |
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Definition
standard memorized presentation
ensures salespeople will provide complete and accurate information
limited effectiveness |
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Definition
outlined presentation
standard into
standard answers to common objections
standard method for getting the customer to place an order
effective because well organized |
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Definition
written and/or oral, based on detailed analysis of customer's needs
allows salesperson to demonstrate empathy
provides greatest opportunity to adapt to customer needs |
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Definition
Salespeople should alter content and form of their sales presentation so customers will be able to absorb info easily
Forces salesperson to practice the marketing concept
Empathizes the importance of satisfying customer needs
Being adaptable increases buyers trust and commitment and results in higher sales performance |
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Term
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Definition
popular training program that companies use to help salespeople adapt their communication styles
Adjust behavior to mirror customer's social style |
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Definition
based on how emotional people tend to get in social situations
readily express
concern with others
informal and casual in social situations |
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Definition
x axis assertiveness low to high
y axis high to low responsiveness
top left-analytical
Top right- drivers
bottom left- amiables
bottom right- analyticals |
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Definition
swift, efficient decision makers
focus on the present and appear to habe little concern with past of future |
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Definition
Focus on the future, directing their time and effort towards achieving their vision
Have little concern for practical details in present situations |
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Definition
| Achieve their objectives by working with people, developing an atmosphere of mutual respect |
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Definition
like facts, principles, and logic
Suspicious of power and personal relationships |
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Term
| Identifying Customer's social styles |
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Definition
Concentrate on the customer's behavior and disregard how you feel about the behavior
Avoid assuming that specific jobs or functions are associated with a social style
Test your assessments |
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Definition
| technical background, achievements on the wall, conservative, likes solitary activities |
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Definition
| technical background, achievements on the wall, no posters or slogans on office walls, calendar promptly displayed, furniture paced so that contact with people is across desk, conservative dress, likes group activities |
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Definition
| Liberal arts background, Office has friendly open atmosphere, pictures of family displayed, desk placed for open contact with people, casual or flamboyant dress, solitary activities |
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Definition
| liberal arts background, motivational slogans on wall, friendly open atmosphere, cluttered unorganized desk, open contact with people, casual or flamboyant dress, likes group activities |
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Definition
the life blood of company growth
often least favorite activity- rejection
talking to the right company and right people
requires disciple and work to be done right |
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Definition
| becomes prospect when you discover needs |
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Term
| A portfolio approach to prospecting |
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Definition
c prospects- name, address, phone #, possible contact
b prospects- possible need, shows interest, multiple meetings
A prospect- decision-maker known, clear need for your product, short buying horizon, can afford you |
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Term
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Definition
sales rep attempt to get at least one additional lead from each person they interview
works best when the source is a satisfied customer and partner |
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Term
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Definition
satisfied customers
endless chain method
social media
shows, fairs, and merchandise markets
webinars and seminars- Group prospecting
Lists and directories
cold calling and spotters |
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Term
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Definition
paying someone for lead information
aka bird dogs |
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Term
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Definition
| should not be primary way to get prospects |
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Term
| overcoming a reluctance to prospect |
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Definition
identify and evaluate excises not to call
engage in sales training and role playing activities
set specific goals for all of your prospecting activity
realize the economic value of most prospect |
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Term
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Definition
partnering
strategic alliance
relational transacting
co-opetition (between competitors) |
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Term
| Characteristics of relational transacting |
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Definition
joint long-term planning
sharing of info
co-investment in non-recoverable assets
trust
high level of interdependency
common goals/shared values |
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Term
| Why has relationalism developed |
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Definition
firms returning to their core competencies
increased inter-firm dependency
increased global opportunities and uncertainties
consumer demand for higher quality products |
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Term
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Definition
the goby fish and shrimp
one digs hole other stands guard |
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Term
| selling to a current customer vs. new one |
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Definition
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Term
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Definition
| the customer who is completely satisfied and keeps coming back |
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Term
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Definition
| a loyalist who tells others about you |
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Term
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Definition
| a former-customer who had a bad experience and goes out of their way to tell others |
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Term
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Definition
| act and appear satisfied but are always looking for the next best deal |
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Term
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Definition
| may appear loyal by purchasing but is only buying because of lack of choice |
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Term
| Satisfaction vs. delightment |
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Definition
satisfaction- things as expected, needs met adequately, loyalty based on routine
delightment- unexpectedly positive product experience, consistency of raised level of quality, loyalty based on emotional attachment |
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Term
| reasons to push for delightment |
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Definition
increased commoditization of many products; they look the same
global market expansion
buyers becoming more knowledgeable with greater amounts of information
lowered switching costs |
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Term
| Brand Attributes: Functional vs. Psychological |
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Definition
Functional- performance, reliability, conformity to needs, durability, serviceability
Psychological- competence, accessibility, adaptability, reputation, recovery, courtesy and empathy |
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Term
| Characteristics of a strong presentation |
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Definition
keeps buyers attention
improves understanding
helps remember what was said
offers proof of the salesperson's assertions
creates a sense of value |
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Term
| strengthening presentation for buyers style |
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Definition
Expressive- intense colors, positive images
analyticals- clean simple detailed
amiables- people filled slow paced
drivers- crisp and professional |
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Term
| Strengthening presentation: consider elements like... |
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Definition
how many people will attend
which stage of the buying process they are in
what information they need
what type of situation this is |
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Term
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Definition
know the single point the visual should make
use current, accurate info
don't place too much info on visual
use bullets
don't overload buyer with numbers
clearly label with title |
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Term
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Definition
| showing the prospect that the cost of the proposal is offset by the value added |
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Term
| Customer value proposition |
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Definition
| the way in which your product will meet the prospect's needs and hoe that is different from the offerings of competitors |
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Term
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Definition
| the net profit the reseller makes, expressed as a percentage of sales |
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Definition
annual sales/ average retail price of inventory on hand
inventory management systems |
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Definition
| sales per square ft or sales per shelf ft |
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Definition
the first time salesperson makes contact
most important 30 seconds in selling
must establish rapport and gain attention |
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Definition
propose
make sure customer understands value of it
and get input and acceptance before moving on |
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Definition
| believe they are the best judge of the customer's needs |
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Definition
| accept the customer's definition of needs |
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Definition
| probe for need-related info that the customer may hae not volunteered |
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Definition
may see no need for the type of product you sell or may be satisfied with product they are using now
challenge is to help them see their situation in a new and different way |
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Definition
| "mr. smith, thank you for seeing me. i'm here at the suggestions of ms. allen of brock controls." |
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Definition
| mr. smith, i would like to tell you about a copier that can reduce your copying costs by 15% |
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Definition
| mr. smith, how would you like to have this credenza in your office |
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Definition
| mr. smith i saw in the post dispatch that your company had record profits this quarter. congrats |
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Definition
| mr. smith i saw in the post dispatch that your company had record profits this quarter. congrats |
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Definition
| mr. smith, what was your reaction to the brochure i sent you about our new services? |
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Term
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Definition
S=situation questions
P= problem questions
I=Implication questions
N= Need pay off |
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Definition
data gathering
what is your position
how many people do you employ |
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Definition
questions about specific difficulties, problems, or dissatisfactions
help you identify opportunities - areas that the salesperson can probe for further understanding
is your current machine difficult to repair
have you experienced any difficulties with the overall quality of your forklifts |
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Term
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Definition
questions asked only after dissatisfaction has been identified
designed to help the prospect think about the ramifications of problems
help buyer realize that the cost of nothing outweigh the cost of solution
what happens if you shop your customer a product that doesn't meet specs
what does that do to your price as compared to your competitiors |
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Term
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Definition
salesperson ask questions about the usefulness of solving a problem, they are asking need payoff questions
if i can show you a way to eliminate paying overtime for your operators and therefore reduce your costs, would you be interested?
if buyer responds negatively to a need payoff question the salesperson has not identified a serious need |
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Term
| why do prospects raise objections |
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Definition
don't understand what you are selling/its benefits
don't need it (or think they don't)
don't like the unknown/risk
to test you
too expensive
don't want to make decision |
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Definition
| true reason why they are showing resistance |
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Definition
| a dodge, a way of getting rid of a salesperson or hiding the true objection... i'm not interested, just send me a brochure, never heard of you, i'm busy |
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Term
| how do you determine if really invalid |
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Definition
timing-where in the selling process you are
tone- how someone says is |
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| forestalling an objection |
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Definition
salesperson raises an objection before the buyer has a chance to raise it
buyers are more willing to change thinking when they do not fell need to defend position |
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Term
| common methods for responding to objections |
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Definition
direct denial
indirect denial
compensation
feel-felt-found
boomerang
postpone |
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Definition
| that is simply not true. our product has been rated the highest in the industry for the last three years |
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| I can certainly see why you would be concerned about quality. Actually though our product has been rated as the highest in the industry got the last three years |
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| i agree that our quality is not as high as some as our competitors. however it was designed that way for customers who are looking for a lower-priced alternative. so you see, our somewhat lower quality is actually offset by out much lower price |
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| the fact that the quality is lower than in other products is probably the very reason you should buy it |
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| that's an interesting point. before discussing it fully, I would like to help cover just two things that I think will help you better understand the product from a different perspective. Okay? |
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| handling price objections |
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Definition
price/quality connection
lowest-denominator method
product as an investment (i.e. cost/benefit analysis) |
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Term
| right time to seek for commitment |
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Definition
no right time
watch for verbal indicators
watch for nonverbal indicators |
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Definition
how does this look so far
is this something that's an improvement over what you are using now
would that kind of savings mean much more you your bottom line
can you see how this could really benefit your people
do you think your customers will have a positive response to this
pretty cool huh |
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Definition
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| we've agreed that the overall cost savings our product provides is what you're looking for, correct? |
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Definition
why you should buy from me
why you shouldn't buy from me |
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Definition
mr. jenkins, it sounds as though you need to know why our price is what it is right?
as long as i'm here, what things are you considering as you think this through |
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Definition
overwhelms customer
responds to objections without attempting to understand them |
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Definition
| assumes customers will buy when ready |
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Definition
| responds to objections, leading to a somewhat automatic close |
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Definition
| oral or written statement by seller |
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Definition
| not actually stated but is still an obligation defined by law |
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Definition
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Definition
legal if both parties willing
if you do this i'm use your shipping |
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Definition
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Definition
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Definition
activity- behaviors that lead to sales
performance- outcomes of behaviors |
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Definition
| make list of activities, prioritize goals, estimate the time each will take, develop a time schedule, compare estimated time with actual time spent on the activity |
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Definition
a- really need to be accomplished
b- the activities are important in the near future
C- icing on the cake accomplishments |
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Term
| reasons people procrastinate |
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Definition
unpleasant task
task overwhelming
goals unclear
fear change
fear failure
addicted to cramming |
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Term
| reasons people don't delegate |
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Definition
loss of control
feeling they are the only one that can do the job right
feeling guilt
feeling they don't have authority
success of the person doing the work
never think of it |
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Term
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Definition
find the right person
explain the task
specify your standards
establish a reporting method
encouraging questions
conduct unscheduled status check
evaluate results
reward achievements |
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Definition
socializing too much
misplacing things
forgetting information
long-winded people |
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| time management commandments |
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Definition
det goals
prioritize
write it down
avoid procrastinating and time leaks
delegate when possible
be flexible
don't obsess |
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Definition
integrates functional specialists with customer relationship specialists
works with buying center |
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