Selling Today: Partnering to Create Value

These flashcards cover key concepts from personal selling and relationship selling in the context of the information economy.

Marketing

Bringing goods & service to the marketplace.

Market

A place where parties can gather to facilitate the change of goods & services.

Original Marketplace

Place where people would gather to create commerce.

Personal Selling

When a company representative interacts directly with a customer to present information about a product or service.

Relationship Selling

An approach that emphasizes building long-term relationships with customers rather than just focusing on single transactions.

Personal-Selling Philosophy

Includes adopting the marketing concept, valuing personal selling, and becoming a problem solver/partner.

Industrial Economy 1860-1960

Major advances occur in manufacturing and transportation, strategic resources are capital and natural resources, business is defined by its products and factories, and sales success depends on meeting sales quotas.

Information Economy

An economic stage where the creation, distribution, and manipulation of information is key to productivity and competitiveness.

Information Economy 1960-2020

Major advances occur in info tech, strategic resource is info, business is defined by customer relationships, sales success depends on adding value.

Customer Relationship Management (CRM)

Software that records customer information necessary to understand customer needs and expectations.

Major Advances in Technology

Change the business and consumer landscape like robots, artificial intelligence, social media.

Strategic Resource

Data collection and the ability to understand the marketplace better

Business in Selling

Defined by collecting data and connecting with customer.

Sales Success

Depends on understanding assessing needs and exceeding expectations.

2020’s Customer Is Informed

Research shows that buyers are 57% through the sales process today before they ever engage with a salesperson. This is because of easy access to data and information and internet, social media, and reviews platforms.

How Online Transformed the Marketplace

88% of US consumers engage in online research before making a purchase, 78% of salespeople using social selling tactics are outselling their peers who don’t use similar tactics, and Salespeople using digital selling tactics outsell their peers by 20%.

Transactional Selling

A sales approach focused on quick, cost-effective transactions rather than forming long-term customer relationships.

Major Developments Affecting Selling

Major advances in information technology and electronic commerce. Strategic resource is information. Business is defined by customer relationships. Sales success depends on creating and adding value.

Considerations for a Future in Personal Selling

Wide range of employment opportunities, Activities performed by salespeople, Freedom to manage one’s own time and activities, Above average income, Above average psychic income, Opportunity for advancement, Opportunities for women.

Consultative Selling

A sales strategy that focuses on providing expert advice and solving customer problems rather than merely selling products.

Titles Used in Selling Today pt 1

Account Executive (A E), Account Representative, Account Manager, Relationship Manager, District Representative, Marketing Partner, Regional Account Manager (R A M), Key Accounts Manager (K A M), Strategic Accounts Manager (S A M)

Titles Used in Selling Today pt 2

Sales Consultant, Business Development Representative (B D R), Sales Associate, Marketing Representative, Territory Manager, Channel Partner, National Accounts Manager (N A M), Global Accounts Manager (G A M), Account Development Representative (A D R).

Inside Salespeople

Those who perform selling activities at the employer’s location.

Outside Salespeople

Travel to meet prospects and customers in their places of business or residence.

Inside Salespeople & Outside Salespeople Relationship

Often work closely together to nurture clients and prospects

Careers Opportunities in the Service Channel

Hotel, Motel, and Convention Center Services, Telecommunication Services, Financial Services, Media Sales, Real Estate, Insurance, and Business Services

Careers Opportunities in Business Goods Channel

Industrial Salespeople, Sales Engineer or Applications Engineer, and Field Salespeople

Careers Opportunities in Consumer Goods Channel

Retail Selling & Direct Salespeople

Non-Sales Selling

Involves persuading, influencing, and convincing others in ways that do not involve a purchase.

Digital Selling

The use of online platforms and social media by salespeople to connect with customers and prospects.

Sales Funnel

A model that represents the stages of the sales process, helping salespeople manage and nurture leads.

Sales Training Sources

Four major sources include corporate-sponsored training, training from commercial vendors, certification programs, and college courses.

Personal-selling skills contribute in a significant way to four groups of knowledge workers:

Managerial personnel, Professionals, Entrepreneurs, and Marketing personnel.

Knowledge Workers

Individuals whose primary job involves handling or using information, and who contribute to value creation through knowledge.

Four Sources of Sales Training

Corporate sponsored training, Training provided by commercial vendors, Certification programs, and College and university courses.