Sales Flashcards

What is sales?

Selling is transforming a need of a customer into an action (of buying) via different steps.

What are the different zones of the social side of sales?

Comfort zone, Fear zone, Learning zone, Growth zone.

Hard selling

• Direct, aggressive, and high-pressure

• Creates a sense of urgency

• Does not focus on customer relationship

• Sells products of low-cost, shorter shelf-life, one-time usage product, and small businesses.

• Markets products of huge stocks and less demand.

• Uses a rational appeal

Soft selling

• Indirect, gentle, and low-pressure

• Does not urge the potential customer

• Extends a long-term relationship with the customer

• Sells products of long-term, repeated usage, and brands

• Markets products of huge demand and less supply

• Uses an emotional appeal

What does LSD stand for?

• Listen: The better you are at active listening, the more information gained. When used well you can improve sales as well as always being able to talk about something.

• Summarize: By reflecting on what is said, you can check whether you understood it properly and show you were actively listening.

• Dig: Ask open-ended question to show interest, helps avoid premature conclusions - ask why questions.

Non-verbal communication

• Eye contact

• Avoid distractions

• put passion into the conversation

• Show your admiration

• Play with your posture, appearance, touch, personal space

• SMILE

Personalities (ITEF)

• Cool Blue: Cautious, precise, deliberate. questioning, formal, stuffy, indecisive, suspicious, cold, reserved.

• Fiery Red: Competitive, Demanding, Determined, Strong-willed, purposeful, aggressive, controlling, driving, overbearing, intolerant.

• Earth Green: Caring, encouraging, sharing, patient, relaxed, docile, bland, plodding, reliant, stubborn.

• Sunshine Yellow: Sociable, dynamic, demonstrative, enthusiastic, persuasive, excitable, frantic, indiscreet, flamboyant, hasty.

Understanding the impact of why (Golden Circle)

• What: Every organization on the planet knows WHAT they do. These are products they sell or the services they offer.

• How: Some organizations know HOW they do it. These are the things that make them special or set them apart from their competition.

• Why: Very few organizations know WHY they do what they do. WHY is not about making money. That’s a result. It’s a purpose, cause or belief.

Golden Circle example - Nike

• What (Positioning): We wake the athlete in all of us

• How (Mission): Bringing innovation and inspiration to every athlete in the world.

• Why (Purpose): We believe if you have a body, you are an athlete.

The ‘AIDA’ Model

• Attention (Awareness): Creating brand awareness or affiliation with your product or service.

• Interest of the customer: Generating interest in the benefits of your product or service, and sufficient interest to encourage the buyer to start to research further.

• Desire: For your product or service through an ‘emotional connection’, showing your brand personality. Move the consumer from ‘liking’ it to ‘wanting’ it.

• Action: Move the buyer to interacting with your company and taking the next step i.e. downloading a brochure, making the phone call, joining your newsletter or engaging in live chat etc.

What is a sales funnel?

A sales funnel, also called a purchase funnel, is the visual representation of the customer journey, depicting the sales process from awareness to action.

The stages of a sales funnel:

• Aware: Search for information

• Nurturing: feed clients information to attract engagement

• Consideration: Read reviews and compare products

• Intent: Put products in cart

• Evaluation: Review shopping cart & head to check-out

• Purchase: Sales transaction is completed

What does a customer journey map show?

A customer journey map shows the story of the customer’s experience. It not only identifies key interactions that the customer has with the organization, but it also brings the user’s feelings, motivations, and questions for each of the touchpoints. Finally, a customer journey map has the objective of teaching organizations more about their customers.

What is the ‘Loyalty loop’?

The customer loyalty loop is a concept that portrays how customers decide what they wish to purchase and whether or not they wish to stick to their decision. Simply put, the loop recognizes that once a customer purchases an item, they constantly reevaluate whether buying the product was the right thing to do, should they recommend this to others, will they be purchasing the same product again?

(SMART) Goals

• Specific - make goals clear and specific

• Measurable - define measurable assets

• Attainable - Confirm your goals are attainable

• Relevant - Verify your goals are relevant

• Time-based - Set up a time-based plan.

What is a suspect?

A potential customer before having contact at all.

What is to prospect?

A potential customer after a first contact.

What is prospecting?

Contacting key employees in companies, who are not yet customers and who do not know yet and who do not know you.

Cold prospecting

• Interruptive

• Based on demographics & patterns

• Early in the process- doesn’t know you

• Seller first

Warm prospecting

• Invited

• Based on personalized research

• Later in the process - already knows you

• Buyer first

Why prospect?

• Maintaining customer base (continuity)

• Growth

• Cost per visit

• Personal appearance

• Stay creative

Work systematically

• Balance between address search and revenue

• Deploy the phone strategically

• Start with a goal

Know your prospect

• Who is your prospect

• What’s the organization/company like

• What is the prospect looking for

• Is there a history

Mediums

• Companyweb

• Trendstop

• Kruispuntbank

• Address banks for private individuals

• Newspapers and magazines

• Vacature

• Jobat

• LinkedIn

Building your database

• Determine - determine target audience

• Identify - find prospects in your market

• Select - get contact details of companies you want to visit

• Register - save contacts in database

• Qualify - supply with valuable information

• Exploit - breathe life in your database, the more you use it, the better it becomes.

Time Management & Productivity

• Visiting prospects = priority

• Convert available time into productive selling time

• Dare to say NO

• Performing indirect sales activities outside of available sales time.

• Want

  Keywords: PRIORITIES & WANTING

What is CRM?

CRM (Customer Relationship Management) is a business strategy aimed at realizing sustainable competitive advantage through value creation, in which customer insight, customer experience and customer involvement are central.

CRM contains: Address data, Products, Competition, Campaigns, Contact moments, Quotations

4 goals of sales

• Attract customers

• Retain customers

• Increase customer value

• Increase of profitability per clients

CRM & Sales

• Sales: (Past) History of client. (Future) Reminder of planned action.

• Sales manager: (Past) Analysis of past efforts of sales team. (Future) Insight on what is planned

• Central calendar system

• Central quotation management

• Central relationship file

Direct access to up-to-date data

Creation of efficient communication with relations

Mailings

• Direct sales - converting orders

• Other objectives - register for events

• Generate requests which are further process by sellers

Sales goals

Objective: To inform the customer about a benefit

• Why: To create a favorable climate for telephone follow-up

• Who: Targeted mailing, to selected addresses.

• How: In relatively small and manageable quantities. (1-20 weeks)

• The role of the seller: He is proactive.

• Response from the customer: None, the customer is actually not allowed to respond to the mailing. The initiative lies with the seller.

Making appointments vs sales

Making appointments by phone

• No visual contact with the prospect

• You don’ see his/her reaction

• Easier on the phone to say “no”

• You can’t show anything over the phone

Sales

• Personal conversation which allows you to have better contact with the prospect.

• You can read his/her body language

• You can get deeper into things

• You can support your conversation with a display folder, pc, tablet.

Closing

• Direct question: “could I visit you next Wednesday at 1:30pm?”

• Alternative question: “When would it suit you? Thursday at 11am or Friday in the afternoon?”

• Open question: “Would I be able to visit you next Wednesday at 1:30pm “No, that doesn’t fit.” “Would it be better on Thursday at 11am? “ No, neither" “When would it suit you best?”

  Reaction to the closing question can be: An affirmation, an objection, or a question.

Handling objections

• Going along with the objection (don’t refute!)

  No problem

  I understand that

  I hear what you say

• Make a bridge - universal answer

• Ask another closing question

Assertiveness

Assertiveness is the quality of being self-assured and confident without being aggressive.

Assertiveness relies on effective communication while simultaneously respecting the thoughts and wishes of others. People who are assertive clearly and respectfully communicate their wants, needs, positions, and boundaries to others.

Cialdini assertiveness

• Passive - emotionally dishonest, indirect, inhibited, self-denying, blaming, apologetic.

• Passive Aggressive - emotionally dishonest, indirect, self-denying at first, self-enhancing at expense of others later.

• Aggressive - inappropriately honest, direct, expressive, attacking, blaming, controlling, self-enhancing at expense of other later.

• Assertive - appropriately honest, direct, self-enhancing, expressive, self-confident, empathetic to emotions of all involved.

Assertive communication

Confidence - Clear - Controlled

• Think before speaking

  What is the goal?

  What are the options?

  How can I communicate in a way that’s honest and respectful?

• Communicates concerns directly to the person he or she has an issue with, rather than talking indirectly about someone behind his/her back.

• Listens actively and reflectively to others

• Offers direct eye contact

• Has strong self-awareness and a relaxed posture.

• Communicates positively and constructively, without use of judgement and labelling.

Sales Conversation - Hard skills

Hard Skills

• Analyze

• Act in the interest of the company

• Ethical behavior

• Forms and reports

• Follow instructions and procedures

• Deliver quality

• Deploy materials and means

• Commercial mind

• Focus on needs and expectations of customer

• Plan and organize

• Presentations

• Build relationships/networking

Sales Conversation - Soft skills

Soft Skills

• To pay attention and show understanding

• Make decisions

• Create and innovate

• Show ambition and drive

• Learn from new experiences

• Learn to deal with setbacks

• Deal with change

• Research

• Collaboration

• Lead

• Convince and persuade

Preparation - Prospect / Existing customer

Prospect

• Check company activity (website but also recent articles/interviews)

• Evolution of the sector

• Info about contact person (social media? / LinkedIn…)

• Similar customer? Need? What do they find valuable

Existing Customer

• History & figures

• Insight into further evolution in the sector

• Look for cross and upselling opportunities.

SCOTSMAN Anacronym

• Solution

• Competition

• Originality

• Timescale

• Size

• Money

• Authority

• Need

What is the Sales Cycle?

The sales cycle is the time which expires between the first visit to a prospect and them effectively placing the first order. From a day to several years.

Short cycle

• Cheap

• Simple

• Great availability

• Great potential

• Decision = one person

• Decision process = transparent and simple

Long cycle

• Not cheap

• Not easy

• Small number of players

• Potential customers is limited

• The decision = several people

• Decision process = opaque and complex

Structure sales conversation

• Introduction

• Questioning

  Needs analysis

• Convincing

  Demonstration

  Argumentation

• Persuading

  Dealing with objections

  Detecting buying signals

  Closing

Introduction

1. Goals

2. Mistakes opening the sales pitch

3. Ways to help start a relationship

4. The structure of the introductory phase

5. Concluding remarks

Introduction - goal

• Selling the conversation to the customer (not yet product!)

• Making yourself acceptable as a partner in the relationship

• Absorb contact resistances

• Overcome your own fear + negative attitude

Introduction - mistakes

• Thank the customer for the conversation

• Far too long an introduction

• Tell that you are coming to introduce the company (…and do that)

• Contradiction: saying that you want to ask questions but still give an explanation.

• Starting from self-interest

• Start with a hidden blame

• Assume

• Knife to the throat

Introduction - promote relationships

• Use the name of the customer

• Introduce yourself clearly

• Use your business card- alternative?

• Smile!

Introduction - structure

1. Introduce the needs assessment

   • Introduce yourself briefly

   • Say you want to ask questions

   • Close the entrance phase with a closing question

2. Open with a agenda proposal

   • Briefly introduce yourself and your company

   • Suggest three agenda items

   • Close the introductory phase with a closed closing question.

Introduction - psychology

• Give attention

• Listening credit

• Take the lead

Why do customers buy?

• Technical properties vs benefits of those properties

• Selling arguments are meaningful combinations of technical features and customer benefits.

• Motives differ from person to person

• Tools: stats and facts, comparisons, passion, …

Hit the heart and the head will follow

• We don’t sell insurances, we sell control and reassurance

• We don’t sell sweaters, we sell comfort, identity and fashion

• We don’t sell brown bread, we sell health

Argumentation - SENCAP

• Safety

• Ecology/Economy

• Novelty

• Comfort

• Appreciation

• Prestige

SENCAP - Safety

Safety - security - reliability

• Fear of the new

• Create confidence

SENCAP - Economy/Ecology

Economy - ecology - efficiency

• Added value

• ROI → return on investment

SENCAP- Novelty

Novelty

• In contradiction with security

• Need for innovation

SENCAP - Comfort

Comfort

• Easily accessible

• Looking for ways to make things easier

• Desire for well being

SENCAP - Appreciation

Appreciation

• The relationship between customer and sales

SENCAP - Prestige

Prestige - status

• Desire to show or talk about a new purchase

• Praise

Argumentation - tools

• Support with facts and figures

• Make comparisons

• Passion

• Trial close

Demonstration - how

• Virtual reality

• Skype

• Webinar

• Demo event

• Presentation folder

• Steel

• Teasers

Demonstration - tips

• Caution with packaging

• Polling for intentions

• Keeping control

• Determine evaluation criteria

• Close demonstration phase

Demonstration - mistakes

• Unwanted

• Too fast

• Too technical

• No purpose

• Focus on price only

• No closure

Dealing with Objections

• Postpone the purchase

• Customer does not agree with you

• Fear of change

• Different need

• Looking for a better deal

• Testing of the salesperson

• Get information

• Hide uncertainty

• Get more certainty

Objections or something else

• More information needed

• Misunderstanding or judgement

• Lie, excuse or false objection

• Condition

Objections - when

• Prospecting phase

• Argumentation phase

• Closing

How to handle objections

How to approach

• We have a solution for that … I understand that … I hear what you are saying …

Techniques:

• Asking questions

• How and why?

• Concretize

• Silence

• Delay

• Boomerang technique

Never argue with the customer

Ask questions to find out what the customer means exactly

Detecting buying signals

• Definition: any words, gestures or attitudes of the customer that indicate that he is willing to buy.

Verbal buying signals

• general satisfaction

• Positive feedback on partial advice

• Announcement of an action

• A choice made by the customer

Provoke Buying signals

• When can I get the specifications from you?

• What procedure should we follow when we deliver the goods?

• Who should our technician report to when we perform the treatment?

• Which solution do you prefer?

Closing

• Summarize the main needs

• Match the needs with you own services and USPs or Unique Selling Points.

• Ask if this is correct and complete

• Translate your services into customer benefits. Highlights more pros than cons.

• Ask for a response

• Give another example of customers who are satisfied.

• At the end of the conversation, you will then reap the fruits of your hard work:

• You have to be able to arouse your customer’s desire to buy and then get a clear yes to your proposal.

• You have succeeded in presenting targeted solutions that fit in nicely with the inventoried wishes and needs.

• You could explain with enthusiasm what your proposal will bring to the other.

When does closing go wrong?

• Maturity

• Must or want?

• Avoid pushiness

• Assertiveness

• Pride

• Shyness

Closing mistakes

• Sell again, overselling

• Shut down implicitly

• Don’t be silent after the closing question

• To be without obligation

• Not should but can

• Trying to increase the order from a small starting order

• Don’t visualize

• Push or beg

• Handing over the initiative

• Not responding appropriately to a buy signal

Summary

• Preparation

  • Check your sales instruments

  • Check your objective. What do you want to achieve?

• Contact tactics:

  • who do you want to talk to, why, about what …

  • Contact (The actual conversation)

  • Focus on the conversation

  • Contact itself (attitude and question)

  • Open questions, non- verbal communication, eye contact

  • Deepen

  • Go through the agenda with you client and discuss the goal.

• Analysis

  • The art of “asking good questions”

  • The art of “listening”

  • To summarize…!

• Presentation

  • Story telling

  • 93% of the communication is non-verbal!!!!

• Closure (Hardest)

  • 52% gives up on the first objection. Only 4% continues up to 4 attempts

  • Use the closing techniques