Marketing: Selling Unit Test

MARKETING

marketing concept

To maximize profit, customer satisfaction should be the #1 priority.

How are complementary products related to cross-selling?

Products that go well together, i.e. that complement each other (e.g. hamburger & french fries), are often offered as a companion purchase when the customer has agreed to buy one of the two. This strategy is known as "cross-selling".

Daniel Pink's New A-B-C's of Selling:

Attunement, Buoyancy, Clarity

Attunement

Means understanding the other person's perspective. The better you can, the more success you'll have at persuading them.

Buoyancy

Given that failure is inevitable, don't take it personally. Practice interpreting failure as just a part of the scenery on the road to success.

Clarity

The more effective you are at bringing clarity to others, the more successful you will be.

6 Shortcuts in Persuasion Science

CARL CS

First C in CARL CS (Persuasion science)

Consensus - we tend to "follow the herd" (aka 'herd mentality').

A in CARL CS (Persuasion science)

Authority - we are likely to be influenced by those we see as experts.

R in CARL CS (Persuasion science)

Reciprocity - you give first to get later.

L in CARL CS (Persuasion science)

Liking - "anything for a friend", human nature tends to like those who compliment us, cooperate with us, & who are similar to us.

Second C in CARL CS (Persuasion science)

Consistency - we tend to repeat our past actions ("creatures of habit").

S in CARL CS (Persuasion science)

Scarcity - the less there is of something, the more valuable it will be.

What is consultative selling?

Consultative selling is a needs-based selling approach that focuses on building a relationship with a customer or prospect, and identifying solutions to their challenges through open-ended questions and active listening. A consultative selling process puts the buyer's needs over the needs of the salesperson.

When selling, you can overcome objections with 4 actions, which are...

(1) listen, (2) acknowledge, (3) restate, (4) answer.

Difference between cross-selling and up-selling

Upselling focuses on selling a higher-priced or upgraded version of the same product a customer is already considering, while cross-selling focuses on selling complementary or related products to a customer's existing purchase.

To establish a sense of ownership, always have your customer...

hold/use the product

What is CRM

Client relationship management: a strategy used by the company to learn more about customers' needs and behaviors in order to develop stronger relationships with them

What is the value of following up with previous clients?

for repeat business and referrals.