MARKETING 257 EXAM 2 STUDY GUIDE

STANDERED MEMORIZATION (CANNED)

• use the same exact speech/script

• no flexibility

• ignores the customers questions and doesn’t respond to it.

OUTLINED (SEMI-FLEXIABLE)

• strcutured

• has a plan

• plan adjust slightly and answers questions

CUSTOMIZED

• They ask you about your problems

• They study you before the conversation

• they care about you

ADAPTIVE SELLING

• You’re watching the customer on how they act

• noticing reactions

• changing what you do in the conversation

SOCIAL STYLE

Understanding how different people like to communicate and you can adjust to them.

PERFORMANCE FEEDBACK

provides information whether the sales person has achieved their goal. They give you results.

DIAGNOSTIC FEEDBACK

provides information about what the sales person is doing right or wrong. They give you a reason what you did right or wrong.

What are Two Critical Dimensions for SOCIAL STYLE?

ASSERTIVENESS AND RESPONSIVENESS

VERSATILITY

• ability to adapt with many people

• your ability to adjust your communication style to match the other person.

PROSPECT

Locating potential customers finding new people who will from you.

• a lot of customers might go BANKRUPT or STOP buying from you

• you need new customers to replace them

• a potential customer who might buy your products and shows intrest

LEAD

SOMEONE WHO MIGHT BUY FROM YOU

SALE

CLOSING THE DEAL

ABILITY TO PAY

The prospects have enough money or resources to buy your products.

AUTHORITY TO BUY

• The person you're talking to is the decision maker

• Some people can influence the purchase decision, but only the right authority can say yes

• you need someone to approve the purchase decision

ELIGIBILITY TO BUY

THE PROSPECTS FITS YOUR SALES CRITERIA

• GEOGRAPHY

• VOLUME ( HAS ENOUGH MONEY)

• EXCLUSIVE RULES CHOOSE ACCOUNTS OR EXCLUSIVE TERRITORIES

SYSTEM INTEGRATOR

• A COMPANY TRUST SOMEONE TO BUY THINGS

• THEY COULD BE THIRD PARTY

TIMING OF PURCHASE

Are the prospects ready now, next month, or next year

LONG-TERM POTENITAL

could this product be bought repeatability or grow into a bigger account

INSIGHT SELLING

THEY MAY NOT KNOW EXACTLY WHAT THEY NEED SO YOU EDUCATE THEM AND HELP THEM DECIDE FAST

SATISFIED CUSTOMERS

COMPANY CONTACTS CURRENT AND PREVIOUS CUSTOMERS FOR BUSINESS LEAD OR ADDITIONAL CONTACTS

ENDLESS CHAIN

TO ATTEMPT SECURING ONE ADDITIONAL LEAD FROM EACH PERSON THEY INTERVIEW

• ONCE YOU INTERVIEW ANOTHER ONE YOU ASK THE SAME QUESTION

CUSTOMER REFERRAL VALUE

MONEY EARNED FROM REFERRALS minus COSTS TO GET/ MAINTAIN

• THE CUSTOMERS THAT PURCHASED FROM YOU REFERS HIS FRIENDS TO BUY FROM YOU

• PREDICTS FUTURE REVENUE

• DEPENDS HOW MUCH NEW CUSTOMERS WILL BUY

PROMOTERS

LOYAL CUSTOMERS WHO KEEPS BUYING AND REFER FRIENDS

REFERRAL EVENTS

GATHERINGS WHERE CUSTOMERS INTRODUCE PROSPECTS TO YOU

REFEREED LEAD

LEAD PROVIDED BY A CUSTOMER OR PROSPECTS

SELLING DEEPER

ADDITIONAL SALES TO LOYAL CUSTOMERS WHO PROVIDE YOU LEADS

NEGATIVE REFERRAL

CUSTOMERS TELLS OTHER HOW POORLY YOU ARE AND YOUR PRODUCTS

CENTER OF INFLUENCE

MAKING FRIENDS WITH SOMEONE EVERYONE LISTENS TO ( LIKE VERY POPULAR) THEY CAN REFER YOU TO OTHERS

• A popular real estate agent who knows lots of buyers.

• A doctor who refers patients to specific clinics.

• A business owner who knows many people in your target market.

BUYING COMMUNITY

SMALL GROUP OF PEOPLE WHO TALK TO EACH OTHER REGULARLY

• can get you leads

• You join a group of 5 local business owners.

• Every week, you meet and share:

  • “I talked to someone who might need plumbing services.”

  • “I know someone looking for a gym membership.”

• Each member helps each other generate leads.

EXTRANETS

INTERNET SITES THAT ARE CUSTOMIZED SPECIFIC TARGET MARKETS (CERTAIN GROUPS)

An extranet is like a private part of a company’s network (like the internet), but only accessible to specific people outside the company

• Suppliers

• Partners

• Customers

IT’S A SECURE ONLINE PORTAL WHERE CUSTOMERS COULD CHECK INVETORIES AND THINGS

TRADE SHOWS

A TEMPORARY EVENT WHERE COMPANIES SET UP BOOTHS TO SHOW AND PROMOTE THEIR PRODUCTS

TRADE FAIR

SAME THING AS ABOVE BUT IN EUROPE

MERCHANDISE MARKET

A PERMANENT PLACE

• Suppliers who have Business show room building

• BUYERS COME IN
  LOOK AT PRODUCTS and BUY BULKS

WEBINARS

ONLINE SEMINARS

• join online presentations where companies would demonstrate their products.

DATABASES

Where a companies track people from “MAYBE” to “BOUGHT”

• contains information about prospects, leads, and customers.

DATA MINING

USING TECHNOLOGY TO FIND USEFUL PATTERNS

• artificial intelligence and Statistical tool

• Analyze data and find what’s valuable

• DIGGING FOR GOLD

COLD CANVAS METHOD

YOU CALL BUSINESS YOU DON’T KNOW TRY TO GENERATE A LEAD.

CONTACTING STRANGERS

BLITZ

CONTACTING ALOT OF BUSINESS/PROSPECTS IN ONE AREA IN A SHORT TIME ( USALLY ONE DAY)

ONE DAY SALES ATTACK ON A SPECIFIC AREA

A car dealership sends a team to visit every business in a neighborhood to promote a new fleet.

EXCLUSIVE SALES TERRITORIES

A SALES PERSON IS ONLY ALLOWED TO SELL IN A SPECIFIC AREA OR TO SPECIFIC CUSTOMERS.

HOUSE ACCOUNTS

THESE ARE BIG IMPORTANT CUSTOMERS THAT ARE HANDLED BY TOP EXECUTIVES NOT BY REGULAR SALESPEOPLE.

1. A government agency or hospital that is a top client → assigned as a house account.

OUTBOUND TELEMARKETING

ARE USED TO GENERATE QUALIFY LEADS

• a sales person calls potential customers to see if they’re interested

INBOUND TELEMARKETING

A CUSTOMER CALL’S THE COMPANY TO LEARN ABOUT THE PRODUCTS

LEAD QUALIFICATION SYSTEM

A WAY TO DECIDE WHICH LEADS ARE WORTH YOUR TIME

PRE QUALIFICATION

CHECKING LEADS BEFORE YOU SPEND TIME WITH THEM CHECK MORE DETAILS IF THEY ARE GOING TO BUY

LEAD MANAGMENT SYSTEM

Organize all leads, track interactions, analyze which leads to focus on first, based on their pre-qualification and lead qualification status.

PLANNED SALES CALL

A PLANNED SALES CALL IS WHEN A SALES PERSON PREPARES AHEAD OF TIME BEFORE TALKING TO A POTENTIAL CUSTOMER OR SO THAT CALL IS ORGANIZED, EFFECTIVE AND MOST LIKES TO SUCCEED

INFLUENTIAL ADVERSARY

• has a lot of power and influence over the purchase decision

• does not like your product or company ideas

• has beef against you

Sales Portal

Online databases that combine multiple sources of information in one piece it’s for sales people to get information.

SALES CENTER

A TEAM WITHIN YOUR COMPANY THAT INTERACTS WITH THE SAME PROSPECT

• Includes everyone who helps make a sale happen, not just the salesperson.

ANALYSIS PARALYSIS

you gather so much information that you don’t actually make a sales call

• your thinking to much and doing too little

• You might have a lot of information but didn’t make a sale

PRIMARY CALL OBJECTIVE

ACTUAL GOAL A SALES PERSON HOPES TO ACHIEVE

MINUMUM CALL OBJECTIVE

MINIMUM A SALES PERSON HOPES TO ACHIVE IN THE EVENT THAT THE CALL DOES NOT GO EXACTLY HAS PLANNED.

EXAMPLE: if I cant sell 10 units i’ll accept 5 units.

OPTIMISTIC CALL OBJECTIVE

THE BEST CASE SCENARIO THAT THE SALES PERSON THINKS COULD HAPPEN.

• IF EVERYTHING GOES AS PLANNED I THINK I COULD SELL 15 UNITS

CUSTOMER VALUE PROPOSITION

A WRITTEN STATEMENT SHOWING THAT YOUR PRODUCTS SOLVES YOUR CLIENT PROBLEM,

FOCUS RECEPTIVITY

THIS IS THE PERSON WHO IS EASY TO TALK TO WITH AND IS FRIENDLY

• they’re friendly

• they don’t mind sharing information

• they help you understand the company

FOCUS OF DISSATISFACTION

THIS IS THE PERSON WHO IS NOT HAPPY WITH THE CURRENT SITUATION

• they complain

• they see a problem

FOCUS OF POWER

THIS IS THE PERSON WHO CAN SAY YES OR NO

• they have the power

SECONDARY CALL OBJECTIVES

other useful goals if the primary goal isn’t achieved

SCREEN OR BARRIERS

• These are employees who work under a boss (executive/manager).

• Their job is to organize the boss’s schedule.

• They decide who can meet the executive and when.

SEEDING

SENDING USEFUL INFORMATION BEFORE THE MEETING

IMPRESSION MANAGEMENT

HOW YOU MAKE THE BUYER THINK ABOUT YOU

• looks smart, sexy

HALO EFFECT

JUDGING SOMEONE BASED ON ONE IMPRESSION

FOR EXAMPLE: IF YOU ARRIVE ON TIME AND LOOK PROFESSIONAL THE CLIENT WILL THINK YOUR PRODUCTS ARE VALUABLE

OPENING

THE FIRST PART OF YOUR PRESENTATION IS MEANT TO GRAB ATTENTION & SMOOTHLY MOVE INTO YOUR MAIN MESSAGE, GRAB THEIR INTEREST RIGHT AWAY.

RAPPORT

A FRIENDLY TRUSTING RELATIONSHIP BETWEEN A SALESPERSON AND PROSPECT

SMALL TALKS

casual conversation at the start of a sales call

—> Small Talk = “Friendly chat before the pitch to make them comfortable.”

• You ask questions about how they are doing or what they had going on

OPEN QUESTIONS

IT CAN’T BE ANSWERED WITH A YES OR NO ENCOURAGE THE PROSPECT TO SHARE SOME INFO

• get them to talk more and actually learn more about their problems.

EXAMPLE: “What challenges are you currently facing with your software system?

CLOSED QUESTIONS

CAN BE ANSWERED WITH JUST A YES OR NO

EXAMPLE: ARE YOU ENJOYING THE NEW SOFTWARE?

MAJOR SALE

A BIG IMPORTANT SALE THAT TAKES TIME

• don’t sell it in one meeting.

• You meet the customer multiple times, learn about their needs, and show your solution.

• It costs a lot / big commitment

  • The customer is spending a lot of money or resources.

  • Because of that, they have to think carefully before buying.

• It involves a relationship

  • The salesperson stays in touch even after the sale.

  • They help the customer use the product, fix problems, or provide updates.

• It’s risky for the customer

  • If the product or service doesn’t work, the customer could lose a lot of money or time.

SITUATION QUESTIONS

gather basic information from the prospect

• prospects would recall information they already know and will share facts about them.

PROBLEM QUESTIONS

DISCOVER DIFFICULTIES, DISSATISFACTION OR PROBLEMS THE PROSPECTS HAS

• identify pain points your products could solve.

• think of it has your finding pain

IMPLICATION QUESTIONS

IT SHOWS THE PROSPECTS WHY THEIR PROBLEMS MATTER OR WHAT HAPPEN IF IT CONTINUES

• make the prospect feel the urgency to solve the problem

• Think of it as showing the consequences of not solving the problem.

NEED-PAY OFF QUESTIONS

YOU FOCUS ON HOW YOUR SOLUTION WILL HELP AND THE BENEFITS IT PROVIDES

• Think of it as showing the consequences of not solving the problem.

STAY CLEAR OF FEATURE DUMPING

Meaning: Don’t list all the product features that aren’t useful to the buyer.

BETTER TO REMEMBER: Don’t just show everything your product can do. Show only what matters to the buyer.

CUSTOMER BENEFIT PROPOSITION

SHOWING THE BUYER YOUR PRODUCT HELPS THEM SPECIFICALLY

• You show the buyer exactly how it solves their specific problems or meets their needs.

FEATURE DUMPING

Listing all the features of your product, whether or not they matter to the buyer.

FAB

IT’S A WAY YOU PRESENT YOUR PRODUCTS IN A WAY THAT A BUYER UNDERSTAND WHY IT MATTERS

• Feature (F): What the product has or does

• Advantage (A): Why that feature is useful in general

• Benefit (B): How it helps the specific buyer solve their problem

• EXAMPLES ____…

• Feature (F): What the product has or does

• Advantage (A): Why that feature is useful in general

• Benefit (B): How it helps the specific buyer solve their problem

FEBA

• Feature: Mention what the product has

• Evidence: Show proof that it actually works

  • Could be a demo, statistic, or example

• Benefit: Explain how it helps the buyer

• Agreement: Ask if the buyer agrees or sees the value

TRIAL CLOSE

Checking how the buyer is feeling or reacting during your presentation.

• you would just check on them ask them if they understand anything or has any concerns

• if they engage by nodding their head you know everything is going well.

SELECTIVE PERCEPTION

BUYERS HEARS ONLY WHAT FITS THEIR MIND ; IGNORE PART OF THE PRESNENTATION THAT DON”T FIT THEIR INTREST
EXAMPLE: You tell a buyer: “This software will save you 10 hours a week.”

• Buyer only hears: “I don’t need new software.” → ignores the time-saving benefit

• Even though it’s useful, their mind filters it out because it doesn’t match what they already believe.

CREDIBILITY

BEING BELIEVABLE AND RELIABLE

• the buyer must trust you and your information

• always back it up

CREDIBILITY STATEMENTS

SHOWS WHY YOU, YOUR COMPANY, OR YOUR PRODUCT IS TRUSTWORTHY

• A short explanation of why the buyer should trust you, your company, or your product

• Usually at the start of the sales call

MULTIPLE SENSE APPEAL

Using more than one sense to communicate your message

• Instead of just talking, you engage the buyer through sight, hearing, and sometimes touch or even taste/smell (if relevant).

• The goal: help the buyer understand and remember your message better

• EXAMPLES:

  1. Sight + Hearing

     • Show a chart while explaining it verbally

     • Example: “Here’s how your inventory errors dropped 50% after using our software” + show graph

  2. Touch (if possible)

     • Let the buyer handle the product

     • Example: Giving a small sample or demo device

  3. Hearing (Stories / Examples)

     • Tell a story about another client’s success while showing a slide or product

EXPRESSIVE

• Who they are: Outgoing, enthusiastic, creative

• Presentation style they like:

  • Strong, bright colors

  • Lots of photos, cartoons, and positive images

  • Fancy fonts and visual excitement

• Why: They respond to energy, fun, and visuals

ANALYTICAL

• Who they are: Logical, detail-oriented, careful

• Presentation style they like:

  • Clean, simple visuals

  • Lots of references and detailed facts

  • Step-by-step explanations

• Why: They respond to accuracy and thorough information

• IMPORTANT: Clean and simple, a list of references, and

  lots of details

AMIABLES

• Who they are: Friendly, people-focused, relationship-oriented

• Presentation style they like:

  • Focus on people

  • Slow-paced, personal, relationship-focused presentation

  • Avoid rushing them

• Why: They respond to trust and comfort

• MOST IMPORTANT: With people and a relatively slow-moving

  presentation

DRIVERS

• Who they are: Results-oriented, decisive, goal-focused

• Presentation style they like:

  • Crisp, professional visuals

  • Bold lettering to highlight important points

  • Get straight to the point

• Why: They respond to efficiency and clarity

Testimonials:

STATEMENTS FROM SATISFIED CUSTOMER

• you get good reviews from them and satisfied with your product

• BASICALLY LIKE A GOOGLE REVIEW

TEST RESULTS

PROVE THAT PRODUCT OR SERVICE WORK

Test results

• Tests on the product or service, conducted by the seller’s

firm or some third-party organization help strengthen the

presentation

Types of Test Results

1. Internal Tests (by your company)

   • Your company runs the tests to show the product works.

   • Example: “Our new printer completed 10,000 pages without any errors in our internal durability tests.”

2. Third-Party Tests (independent labs or organizations)

   • Tests done by outside organizations make it even more credible.

   • Example: “An independent lab confirmed our energy-efficient AC unit uses 20% less electricity than competitors.”

3. Comparison Tests

   • Show how your product performs better than competitors.

   • Example: “Test results show our cleaning solution removes stains 30% faster than Brand X.”

PORTFOLIO

Portfolio = A collection of visual aids or materials used in a sales presentation

• Meaning: It’s like a toolkit you bring to show the buyer your product, services, or past successes.

• Helps the buyer see and understand your points better.

Examples of a Portfolio

1. Printed materials: Brochures, charts, product photos

2. Digital slides or PDFs: PowerPoint on a laptop or tablet

3. Samples: Small products or parts you can show

4. Case studies or testimonials: Stories of satisfied customers

DIGITAL COLLATERAL MANAGEMENT SYSTEM OR SALES ASSIST SYSTEM

• These are software tools that help salespeople store, organize, and access all their sales materials in one place.

• Basically, it’s like a digital filing cabinet for your sales documents, videos, and presentations.

COLLATERAL

Materials that help you sell

• Meaning: Any document, video, or tool you use in a sales presentation to support your message and convince the buyer.

• Think of it as your “evidence” or “backup” that shows your product works.

• GENERATES SELLS

DOCUMENT CAMERAS OR VISUAL PRESENTERS