Personal Selling Exam #2 Vocabulary

Action Items

A statement of the specific actions each party is expected to take or complete after a meeting.

Mirroring

A nonverbal communication technique where a person copies the body language, vocal qualities, or attitudes of another person in order to indicate interest.

Prospect Qualification

The process of determining whether a buyer is a good fit for a specific product and is in fact capable of purchasing said product.

Selling Objections

The questions and concerns about a product or service, or challenges to purchasing that product, that may keep the customer from moving down the sales funnel.

Setting the Stage

The process of establishing the right conditions for the conversation you and the prospect want to have happen.

Takeaways

Actions items.

Customer Benefits

The inherent advantages or profits a customer gains from using a product or service.

Customer Cost

The total financial and non-financial expenditures used to acquire a product.

Customer Value

The perceived benefits of a product or service minus the perceived costs. (Value=Benefits-Costs)

Socratic Method in Sales

A method of stimulating a customer’s critical thinking by asking a series of follow-up questions that draw out the customer’s true needs and concerns

Tonality

The way a person sounds when speaking.

Volume

How loud or soft a person’s voice is when speaking.

Humanize

To give something human characteristics and personality.

Sales Demonstration

A presentation to a prospective customer that showcases the features, capabilities, and value of a product or service.

Sales Proposal

A document that clearly outlines an offering, describes exactly what the customer will get as a part of the contract, and specifies how much the customer will need to pay.

Story Format

The presentation of an experience in the form of a narrative, with a problem at the beginning, followed by the search for a resolution, and culminating with the concluding results.

Buyer Anticipated Regret

When a buyer anticipates the regret they will feel for buying a product.

FOMO

An acronym that stands for “fear of missing out.” The fear of missing out can be a powerful motivator that encourages customers to act now.

“If/Then” Statements

A statement that asks customers to commit on the condition that salespeople are able to effectively resolve the customer’s concern.

Restating

Expressing or explaining the problem as you understand it, and asking the customer if you are correct.

Micro-Commitments

Smaller commitments or agreements leading up to the final decision to purchase.

Scarcity

A natural human feeling that leads people to covet products or services that are scarce or at least perceived to be in short supply.

Account Management

The process of managing post-purchase relationships with a client.

Customer Lifetime Value

The total value that the customer brings to a firm over the life of the customer’s relationship with the selling firm.

Cross-Selling

Selling an additional product or service to an existing customer that they do not already use.

Land and Expand Strategy

The strategic sales process of getting a foot inside an organization with a smaller deal and then expending throughout the organization as the relationship develops.

Upselling

When a seller invites customers to upgrade or purchase more expensive items or other add-ons in an attempt to make a sale more profitable.

Conscience

An internal sense of moral right and wrong.

Emotional Intelligence

The ability to manage one’s own emotions and deal with the emotions of others.

Ethical Dilemma

A situation that involves making a decision about something that is usually not illegal but may not be moral.

Personal Sales Development Plan

A plan for sharpening your sales skills and increasing your knowledge through ongoing personal improvement.

The Sandwich Approach to Feedback

A feedback approach which “sandwiches” constructive criticism between two pieces of positive feedback.