mar3400 chuck viosca fsu exam 1

emotional intelligence

this includes emotional awareness, managing emotions, and reasoning with emotions.

curiosity

need to be motivated by learning new things.

sales representatives need these to succeed today

intelligence, emotional intelligence, and curiosity

benefits of sales

great income, regular and immediate feedback, psychologically rewarding, and high visibility

what sales shouldn't be

pushy and aggressive, annoying, and outgoing and charismatic.

an important part of building trust

putting the customer needs and/or interests first

how trust is built

it is developed slowly and declines rapidly

how to protect trust

protect it, can't take advantage, and fulfill obligations

what are the main components of projecting a professional image in the way we dress

simplicity, appropriateness, and quality

what are the main components of projecting a professional image in non-verbals

speak confidently, have a good handshake, and pay attention to body language

ethics and your career

-your reputation isn't a secret. if you fail to have good ethical values, you can lose trust of both your employers and customers.

personal damage

when you lose respect for yourself it is a much greater loss than your career

entertaining

-this is important because it's a part of the job, networking, and it's a way to manage your career.

-it's concerning because most of the time it's free and almost unlimited, and some reps can't separate from socializing

-this is managed by setting limits, establishing expectations, communicating with management and employees, and knowing the difference between socializing

persuasion vs. manipulation

the difference lies in the intent and transparency of the process.

persuasion

best available info, collective interest, rational

manipulation

manipulation: selected info, self interest, emotional. this means someone is forced.

gifts vs. bribes

with gifts, you do not expect something in return

backdoor selling

when salespeople ignore the purchasing agent's policy, go around his or her back, and contact other people directly involved in the purchasing decision.

uniform commercial code (ucc)

set of rules that all states can agree on.

agency, sale, oral vs. written contracts,

reciprocity

you buy my product, i'll buy yours. this is only unethical if it is forced

tying agreements

agreements where the dealer must take most or all of the line

collusion

secret agreement or cooperation

defamation

two main types are liable and slander. liable is written and slander is spoken.

responsiveness

the extent to which a person reacts to certain people or situations and the feelings that those people and situations create

assertiveness

the effort a person makes to influence the thinking and actions of others. this is also explained as whether a person appears to ask or tell when interacting with others.

drivers

high on assertiveness and low on responsiveness. individuals are:

-strong-willed,

-emotionally controlled

-tell you how things are going to work

-willing to accept risk

-want to move quickly

-efficiency > relationships

expressive

high on both responsiveness and assertiveness.

-don't want conflict

-outgoing and more dramatic

-don't commit to specific plans

-place more stock in opinions

amiable

high on responsiveness and low on assertiveness

-ask, rather than tell

-concerned about relationship

-easy going and supportive

-move slowly and minimize risk

-need acceptance

analytical

low on both responsiveness and assertiveness

-serious

-value facts above all

-may appear uncommunicative

-discipline and slow place

-value accuracy over opinions

-avoid risk

identifying a driver

-very neat, time-management tools, business-like offices with certificates etc.

-they open conversations by asking how long the meeting might last.

-tend to be very conservative dressers

identifying an expressive

-tend to have very disorganized offices with leisure objects, and they might have funny pictures for decorations.

-open conversation with casual and relaxed style

-are they the "popular" person in their office?

-tend to be casual, but stylish dressers

identifying an amiable

-tend to have homey/quaint office with family photos

-open conversation by asking about you and where you are from

-dress casually but without much style or flare

identifying an analytical

-tend to come from very technical backgrounds with neat and well-organized offices with decorations consisting of awards or analytical items

-they usually wait for you to speak first and are short

-share buying process they use to make decisions

-usually very conservative dressers.

economic drivers

pretty straight forward and involve things like cutting costs or increasing revenue. there can be many variations of this driver, but they are all focused around the economic impact to the business

strategic drivers

things such as developing a new line of business, moving into a new market, or spinning off an existing business. these drivers have an economic tilt, but the main driver is the strategy behind the change

compliance drivers

this drive is common in healthcare, insurance and financial services industries. it's making a change to address regulations and standards, improve governance, or adhere to new laws

how to sell to a driver

-get to the point

-tangible benefits

-frame around benefits

how to sell to an expressive

-motivated by how it makes them look to their peers

-what it means for them

-their achievements

how to sell to amiables

-stay patient

-build credibility

how to sell to analyticals

-challenge the status quo

-bring evidence

why are social styles important?

-the salesperson's style drives technique

-effective selling involves adapting

-recognize their needs and expectations

-avoid assumptions

ways to improve listening

-have just a pen and paper

-do not think ahead or rehearse

-focus on their words

-do not interrupt -- stop if you do

-exhaust the current topic

-write down concerns and leave aside

-practice

financial buyer (economic buyer)

-need to be on board for you to make a sale

-likely to be guarded by gatekeeper

-typically the person to make the final decision

gatekeeper

-their responsibility is to buffer the decision-maker from unwanted sales calls

-wanted sales people get past the gatekeeper

-the best way to get past them is to enter the economic's office with an invitation

advocate (coach)

-good to have on your side, as they will typically give you good advice on how to proceed with your selling efforts

-help with picking the right audience, pitching the right products, and closing deals

influencer (technical buyer)

-may not have any official formal authority to make a decision, but they typically care a lot about details

-often have the ear of others in the buying sellers

-others tend to rely on their expertise when making decisions for purchasing

user

person who uses your product or service

blocker

-someone with the ability to stop your process

-consult advocate and/or coach to pass this role

procurement buyer role

-specific buyer is growing

-the key is using the basics of good selling strategy to first acknowledge their role in the buying process, and then to assess their needs, interests and motivations

the process

-understand buyer's POV

-uncover buyer's needs

-every buyer follows the same consumption process

what is true about the buyer process

buyers are very predictable and follow consistent processes

the first step in the buyer process

stimulate consumption - cognitive, emotive, autonomic

the second step in the buyer process

searching for alternatives - you have to be on the top of their mind

the third step in the buyer process

choosing a solution - vital to sales success

the fourth step in the buyer process

satisfaction - after the purchase, the consumer determines if they are satisfied

buyer's journey

-status quo - what the prospect is doing today related to the solution

-definition - clearer vision, ballpark pricing requests, clearest messages and solutions that actually resonate will win

-evaluation - defining concepts, exploring other options, RFP process, last minute changes, buyers are finally ready to review proposals

explicit buyer's needs

buyer's know what their needs are and can say it clearly

implicit buyer's needs

buyer's only know the symptoms and their needs are implied

straight rebuy

a business buying situation in which the buyer routinely reorders something without any modifications

new buy

a situation requiring the purchase of a product for the first time

modified rebuy

a business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers

derived demand

business demand that ultimately comes from (derives from) the demand for consumer goods.

inelastic demand

a situation in which an increase or a decrease in price will not significantly affect demand for the product

joint demand

the demand for two or more items used together in a final product

value

V = B - C

value is often defined as the benefits a product or service provides minus the costs of acquiring, implementing, and using the product or service

prospecting myths

-if you have a good product, customers will come to you

-talking to a person once about your product is sufficient

-prospecting is an act of desperation and should only be done when you are out of other options

networking

face to face, social media

referrals

someone you know, very helpful

ocold calling

over the phone, no prior communication

canvassing

meeting in person, no prior communication

others

directories, trade associates

suspect to prospect

criteria for qualifying prospects: need, ability, authority

CRM

customer relationship management. it's a software to manage everything relating to customers.

the importance of prospecting

it's like farming. in order to keep a constant flow through the sales pipeline, a salesperson must continually prospect.

approach -> develop needs -> present -> objections -> customers

pull strategy

a marketing strategy that stimulates consumer demand to obtain product distribution

push strategy

a marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or a retailer to carry and sell particular merchandise

why linkedin is important

available to all members for free

valuable discussion

finding the right groups

topics, hobbies, and activities

owned media

reach beyond existing websites to create digital touch points

earned media

learn how to listen and respond to stakeholders

paid media

should serve as a catalyst to drive customer engagement

two questions for prospecting

what problem do you solve?

what value do you bring?

how to turn a cold call into a warm call

phone as high as possible

tell them who you are and how you might help

ask for best person

use name of referring person when you connect