Selling Midterm

negative aspects in a career in sales

• high stress

• lonely

• need to be comfortable hearing no over and over again

Personal Selling

• Human-driven interaction between and within individuals or
  organizations

• helps bring about economic exchange

• multiple people and organizations

Customer Value Proposition (CVP)

collection of buyer specific benefits

personal value equation

benefits received - (selling price + time and effort to purchase)

go to market strategies

approaches used by salespeople to sell their products

include selling through: internet, field sales, business partners, resellers, etc

customer lifestyle value (CLV)

firms use appropriate strategies based on this value

integrated marketing communications

each communication has its own strengths and weaknesses, this allows the seller to sell the way the buyer wants to buy

responsibilities in a sales job

prospecting for new customers

making presentations

demonstrating

writing orders

increasing sales to existing customers

customer centric

makes the customer the center of everything the salesperson does

client relationship manager

offers potential solutions

expected to provide 24/7 service

works with other companies to ensure delivery, equipment, questions are handled properly

account team manager

salespeople coordinate activities within their firms to solve customer problems

supply chain logistics

management of supply chain

supply chain logistics and channel manager

Salespeople are key managers of relationships with different partners and vendors.
• Interact with partners and vendors to meet a customer’s needs.

Customer Relationship Management (CRM)

Contains information needed by the firm and extensive call information about the customer

Distribution channel

Set of people and organizations responsible for
the flow of products and services from the producer to the ultimate user

Types of business-to-business channels

Direct sales to a business customer.
Sales through distributors.

Trade salespeople

Employed by manufacturers to sell to distributors

Distributor salespeople

Sell products made by different manufacturers to businesses.

Missionary salespeople

Work for a manufacturer and promote the manufacturer’s products to other firms

Manufacturers Agents

Do not own the products they sell

field salespeople

communicate with the customer face-to-face at the customers location

inside salespeople

communicate with customers by telephone or computer at their employers location

emotional intelligence

ability to effectively understand and regulate ones own emotions and to read and respond to the emotion of others

steps in the selling process

prospecting

planning for the sales call

making the sales call

strengthening the presentation

responding to objections

obtaining commitment

building partnering relationships after the sale

standard memorized presentation

canned presentation, completely memorized

same points to all customers

limited effectiveness

outlined presentation

prearranged presentation that includes standard introduction, standard answers to objections, standard method for getting the customer to place an order

effective bc it Is well organized

steps in outlined sales presentation

reinforce past success

reiterate customers needs

introduce the new campaign

explain the campaign and coupon drops

explain case allowances

ask for end of aisle display of products

thank manager for order

customized presentation

based on detailed analysis of the customers needs

adaptive selling

changing sales behavior according to a selling situation

customized presentation

emphasize the importance of satisfying customer needs

performance feedback

focuses on a salespersons actual performance during a sales call

diagnostic feedback

provides information about what the salesperson is doing right and wrong instead of just whether he or she made a sale

Customer relationship management

stores and retrieves critical knowledge about accounts, products, and competitors

have a positive impact on being adaptive and selling

tagging

including key words with a persons name in company documents and on internal web pages

social style mix

training program used to help salespeople adapt their communication styles

David Merrill and Rodger Reid discovered

patterns of communication behaviors or social styles that people use when interacting with one another

style flexing

adjusting ones behavior to mirror or match the customers social style

assertiveness

degree to which people have opinions about issues and publicly make their positions clear to others

responsiveness

based on how emotional people tend to get in social situations

drivers

take risk

decisions based on facts

desire to get ahead

several alternatives before making decisions

expressives

focus on future

power is important

base decisions on personal opinions

act quickly

amiables

give importance to close relationships

make decisions slowly

avoid risks

change opinions reluctantly

analytical

facts and logic

suspicious of power

make decisions slowly

versatillity

increasing the productivity of a relationship by adjusting to the needs of the other party

encoding

translation of thoughts and ideas into words

decoding

interpreting the meaning of a received message

feedback

information given to a salesperson indicating how he or she is performing

listening rule

sales people should listen 80 talk 20

speaking listening differentiation

difference between the 120 to 160 words per minute rate of speech versus the 800 words permute rate of listening

changes in position may indicate that a customer

wants to end the interview

strongly agrees or disagrees with what has been said

wants to place an order

gazing to the right means

logic and fact in the presentation are considered

gazing to the left means

intense concentration based on an emotional consideration

casting eyes down

thinking

looking away for an extended period of time

wants to end meeting

signals that customers may be hiding their true feelings

contradictions

differences in two parts of a convo

nonverbal signals

Salespeople communicate with customers by using different methods that vary in:

• Interactivity of the communications.

• Ability to use verbal and nonverbal communication channels.
• Quantity of information that can be conveyed.

prospecting

process of locating potential customers for a product or service

Salespeople must find new customers to replace those who:

• Switch to competitors.
• Go bankrupt.
• Move out of the territory.
• Merge with noncustomers.
• Decide to do without a product or service.

lead

potential prospect that may have expressed an interest in a salespersons offerings

qualify the lead

process of determining whether a lead is in fact a prospect

sales funnel

leads - 1000

prospects - 200

customers - 15

characteristics of a good prospect

has ability to pay

possesses a want or a need

has authority to buy

systems integrators

have the authority to buy products and services on behalf of the delegating firm

exclusive sales territory

particular salesperson can sell only to certain prospects

house accounts

large customers that are handled exclusively by corporate executives

insight selling

evaluating prospects who do not necessarily have a clear understanding of what they need but make quick decisions

spotters

pays someone for lead information

customer referral value

monetary value os the referral and the costs to get and maintain the referral

promoters

loyal customers who urge their friends and associates to buy from the firm as well

endless chain method

attempt to get at least one additional lead from each person a sales rep interviews

center of influence method

salesperson cultivates a relationship with well known influential people in the territory to get names of leads

push tactics

live questions and answer sessions on the seller instagram page, etc

pull tactics

use of seller blogs, wikis, video blogs

extranets

internet sites that are customized for specific target markets

used to build relationships

trade shows

short, temporary exhibitions of products by manufactureers and resellers

merchandise markets

places where suppliers have sales offices and buyers from resellers visit to purchase merchandise

Individual salespeople can develop prospect lists from sources such as:

public records

chamber of commerce directories

newspapers

North America industry classification system

uniform classification for all countries in North America when researching using secondary sources

databases contain information about

leads

prospects

customers

sales analytics

use of artificial intelligence and statistical tools to discover insights hidden in the volumes of data in a companies database

blitz

large group of salespeople attempts to call on all prospective businesses in a given geographical territory on a specified day

Inside salespeople.

Firms combine efforts of inside and field salespeople to prospect effectively

Expertise

Salespeople can prospect by developing their expertise in their field.

Firms engage in lead filter and assessment, or prequalification to,,,

Help salespeople use their time wisely.
Increase the number of leads that sellers actually follow up with.

Prequalification process includes data verification, fraud screening,
and grading or scoring and prioritization of the leads.

Lead management system

Process of analyzing the relative value of each lead.

Proper planning helps the salesperson:

Obtain commitment and gain the buyer’s respect and confidence.

Meet his or her call objectives efficiently and effectively.

Information a salesperson can learn about a prospect or a customer.

Name, including pronunciation.
Education and career aspirations.
Interests and disinterests.

Social style

Demographics.

• Type of organization.
• Size and number of locations.
• Products and services offered.
• Financial position and its future.
• Overall culture of the organization

influential adversaries

carry great influence but are opposed to the salespersons products or influence

sales portal

online databases that include many sources of information in one place

selling center

a sales team that interacts with a prospect

for setting sales call objectives a salesperson should

• Review what has been learned from precall information gathering.
• Remember the relationship to be established with the prospect.
• Consider firm’s goals, sales team’s goals, and salesperson’s goals.

Primary call objective.

Actual goal that a salesperson hopes to achieve.

Minimum call objective.

The minimum that a salesperson hopes to achieve, in the event that the call does not go exactly as planned.

Secondary call objectives.

Other objectives apart from the primary call objective.

Mobilizers

Individuals who are better at generating consensus in the buying firm.

Screens

Subordinates who plan and schedule interviews for executives

Ways to interact with a screen.

Convince the gatekeeper that a meeting with the boss is in the
boss’s best interests.
Drop names of people higher up in the organization to persuade
the screen to allow a meeting with the boss right away.
Try to make contact with the prospect before or after the screen
gets to work.

Seeding

Sending customers important and useful information.

Four A’s of the Selling Process

• Acknowledge.
• Acquire.
• Advise.
• Assure

Impression management

Activities a salesperson engages in to affect and manage the buyer’s impression of them