marketing and sales

3 types of sales

transactional, relationship, and enterprise

Transactional Sales

buyer is mainly interested in price + convenience, suppliers bring no additional benefits and reduce resources allocated to selling

relationship sales

consultative selling, buyer willing to pay for new value and additional benefits

enterprise sales

selling big solutions to big companies, requires cross functional team to execute,

the sales process

prospecting, discovery, positioning, negotiation, closing/post sell

prospecting

trying to find new clients

discovery

qualifying a prospect to see if they are a fit for what your selling

positioning

demonstrating how your product/service will solve your prospects pain

negotiation

act of establishing the terms (price, timeframe) if a purchase

closing/post sell

act of obtaining a purchasing agreement and providing the promised product/service

value proposition

lays out why you / your solution are a fit for the prospect's problem

what three things should a value prop be

valuable, differentiated, and substantiated

4 key players in every market

price, customer experience, flexibility, and quality

formula for value prop

we help x do y by doing z

value prop example for coffee shop

"We help our local customers to feel good and do good by fueling them up with artisanal coffee in a community-focused space."

Differentiation

+You can't be perceived as better, until you are first perceived as different."

buyer personas

Think of a buyer persona as a made-up profile of the typical person who buys your product. It helps sales and marketing understand who they're talking to and how to sell to them.

ideal client profile

This person represents the type of prospect who is most likely to purchase your product or solution…

buyer persona example

Name: "Hiring Manager Hannah"

Job title: Director of Talent

Hiring Goals:

xxx

Problems (pain points):

xxx

What they care about when buying:

xxx

components of call scripts

intro, bonding/time check, value prop, qualifying question, close

BANT

budget, authority, need, timeline

budget (bant)

Does the prospect have the funds needed?

authority (BANT)

Am I talking with the person who can make the decision?

need (BANT)

Does the prospect have a compelling need to buy?

timeline(BANT)

What is the prospect's timeframe to purchase?

authority

your job is to find out who is going to make the decisions

several potential players involved in prospect's decision-making process…

ultimate decision maker, champion, influencer, gatekeeper, blockers

3 W's

why buy anything, why buy now, why buy from me

blocker

People who oppose the purchase or slow down the deal.

gatekeeper

The person who controls access to decision makers.

influencer

Someone who affects the decision, but doesn't have final authority.

champion

The person inside the company who really wants your product and helps push the deal forward.

ultimate decision maker

The person who has the final authority to approve the purchase.

BAT

behavior attitude technique

types of ethical traps

dishonesty , gift giving (gifts, bribes), special treatment, and confidentiality leaks, cheating, misuse of company resources, inappropriate relationship

federal laws for sales people

collusion, restraint of trade, reciprocity, competitor obstruction, price discrimination, and competitor defamation

collusion

competing companies fixing prices, dividing up customers or territories

restraint of trade

forcing a channel member to stop carrying a competitors products

reciprocity

suppliers buying from one another (illegal if it shuts out competitors)

competitor obstruction

impeding competitor access to a customer

price discrimination

giving different prices or discounts to different customers who purchase the same quality and quantity of products and services

competitor defamation

making unfair or untrue statements abt competitors. slander- oral or libel: written

time management

eisenhower matrix , eat the frog, pomodoro technique, time boxing or time chunking

eisenhower matrix

A productivity tool that organizes tasks by urgency and importance into 4 categories to help prioritize effectively.

pomodoro technique

A time management method where you work in focused intervals (usually 25 minutes) followed by short breaks.

time boxing or time chunking

A productivity method where you assign fixed blocks of time to specific tasks in your schedule.

reporting

lagging indicators , leading indicators, seasonality

leading indicators

pipeline & forecast, forecast, number of calls, number of face to face meetings, etc

lagging indicators

sales revenue, close rate, average deal size , etc

weighted revenue

expected revenue = close revenue * probability of close

compensation

salary, commission, bonus, draw- recoverable, non recoverable

transactional sales

A sales approach focused on quick, one-time purchases with little to no relationship building.

relationship sales

A sales approach focused on building long-term relationships with customers rather than just making a quick sale.

enterprise sales

A sales approach focused on large, high-value deals with businesses (B2B), often involving long sales cycles.