Selling MAR3400 Chuck Viosca Exam 1

Relationship Trust

-grows slowly

-declines rapidly

-protect it

-can't take advantage

-fulfill obligations

Factors impacting trust

-buyers know you won't take advantage of vulnerabilities

-you do what you say you're going to do

how to dress professionally

-simplicity

-appropriateness

-quality

emotional intelligence

1. emotional awareness

2. managing emotions

3. reasoning emotions

Benefits of sales careers

1. great income

2. regular and immediate feedback

3. psychologically rewarding

4. high visibility

5. growth opportunity

What sales should not be

-not pushy or aggressive

-annoying

-outgoing and charismatic

what sales should be

-committed to the sales profession

-have the right attitude

Do's for nonverbals

Do: tone, speed, delivery, handshake, confidence, good eye contact, and taking note of others body language

Ethics & Your career

-your reputation isn't a secret

-lose trust of employer and customers

Personal Damage

-lose respect for yourself

Code of ethics

written set of rules to follow in certain situations

Entertaining vs. Socializing

entertaining is investing in a relationship with prospects it has a business purpose. Socializing is hanging out with friends on the weekends.

-set time and budget

-establish expectations

-communicate with management

-talk to the waiter, bartender, or server beforehand

Ethics and client relations

-persuasion vs. manipulation

-gifts vs. bribes (difference in intent)

-entertainment

-confidential information

-backdoor selling

Confidential Information

data that should be kept private or secret, you can't go work for another company and spill all of a clients secrets

backdoor selling

Salespeople ignore the purchasing agent's policy and contact people directly involved in the purchasing decision

Uniform Commercial Code (UCC)

-agent (someone who acts on behalf of the company)

-sale (both parties agree to an order)

-oral versus written (both legally binding)

Reciprocity

mutual exchange, I buy from you then you buy from me, only illegal unless its forced

Tying Agreement

when you buy something and you also have to buy something that goes with it, EX: buy a car and they make you buy tires (ILLEGAL), EX: if a machines spare parts are made by the same company (legal)

collusion

secret agreement between competitors to push someone else out

Defamation

When you bad mouth competitors 2 tpyes:

1. Libel is written

2. Slander is spoken

Driver

Controlling, move quick, efficiency, assertive, time oriented

Needs quick actions and follow up

Expressive

Don't want conflict, outgoing, doesn't commit

1. fun pictures

2. leisure equipement

3. popular and stylist

Appeal to status and goals

Amiable

ask rather than tell, needs acceptance, supportive

1. family pictures, homey office

2. casual dresser, plants

build a personable relationship

Analytical

Independent, fact based, accuracy, logical

1. neat and well organized

2. awards

3. conservative dresser

Use tangible evidence in presentations

Selling to different social styles

Driver

-get to the point

-tangible benefits

Expressive

-what it means for them

-their achievements

Amiable

-stay patient

-build credibility

Analytical

-challenge status quo

-bring evidence

Social Styles Offices

Driver

-calender

-very businesslike

-how long will the meeting last

-conservative dresser

Expressive

-disorganized, funny pictures

-casual and relaxed

-popular probably

-casual but stylish dresser

Amiable

-homey office with family pictures

-asking about you

-casual dress with no style

Analytical

-neat well organized office

-awards/data charts

-conservative dresser

What motivates people?

-money

-law

Indicators of assertiveness and responsiveness

assertive is more direct and responsive is showing more emotion/thoughts and feelings.

how to improve listening

-have just a pen and paper

-do not think ahead or rehearse

-focus on their words

-do not interrupt

-exhaust the current topic

-write down concerns and leave aside

-practice at all times

Different Roles in Buying Center

Economic: fiancial decision maker

Gatekeeper: keeps you front decision maker

Advocate: someone who hears you out

Influencer: has the decision makers ear

User: someone who is using the product

Blocker: person who puts the brakes on a sale

Why do buyers buy?

buyers buy to solve problems

the buyers point of view is critical to understand

buyers follow consistent internal process

Procurement buyer

may or may not be apart of the financial decision but makes sure we are buying from the right vendors

Explicit Needs

A specific need that works towards a solution

Ex: i want something less expensive

Implicit Needs

An complaint about the sympots that isn't very specific but something needs to get fixed

Ex: why do we spend so mcuh

2 types of power

What is a blocker and do we fear it?

to buffer the decision maker from unwanted sales calls to get past them, enter with an invitation.

Types of buys

-new buy (never bought before)

-straight rebuy (bought it before, relationship based)

-modified rebuy( bought something like this before but need something different, consultant vibes)

Differences between three types of demand

-derived demand: demand derives from customers

-inelastic demand: price changes don't impact business demand

-joint demand (expecting something with product)

v=b-c

value equals benefit minus cost

different sources of leads

-networking

-referrals

-cold calling

-canvassing

which lead is the best?

referrals

Prospecting myths

1. if you have a good product customers will come to you FALSE

2. talking to a person once about your product is sufficient FALSE (4 or more calls to decide to buy)

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

4. Prospecting is hard work and therefore not worth the effort FALSE (it's hard but v worth it)

Referral tips

70% will give referral if asked

-Let them know why it's important to your success

-if services emphasize relationship

-Personal details like college, career, or clubs, building rapport and connection "seen as friend of a friend"

-set goals and expect 100 or 200 from 1 client, some over time others quickly

-don't ask just once, not a one time activity and use relationship points as bridges create a sense of reciprocity

-thank them and let them know you followed up and send small token of appreciation and return the favor.

Prospecting

-need (for the product)

-ability (can they afford the product)

-authority (can they make that purchase)

CRM (Customer Relationship Management)

Writing down information about a company and or customer to better develop the relationship EX: birthdays

sales pipeline or sales funnel

1. approach

2. develop needs

3. present

4. objections

5. customers

why does the pipeline get smaller?

because people drop out

Social Media Strategy

is a pull instead of a push

-we are trying to put out great information so people comply or search for information NOT pushing ads in front of peoples faces

Prospecting LinkedIn Groups

Learning from groups and adding to the community you are apart of, bring value

Owned Media

A social media presence, having another touch point

Earned Media

People telling others about their experience, listening and learning to customers (word of mouth)

Paid Media

pay to have ads pop up within socia media

Goal of a Cold Call

To schedule a meeting NOT to make a sale