professional selling Exam 1

Developing a strategic prospecting plan

Following the strategic prospecting process by generating leads, qualifying them to identify true prospects, and then prioritizing these prospects so that they pursue the best sales opportunities.

The strategic prospecting process

First step in trust based selling process. A process to identify, qualify, prioritize sales opportunities whether they represents potential new customers or opportunities to generate additional business from existing customers.

Networking

Joining organizations or clubs to

build relationships with other members.

Cold canvassing

Occurs when salespeople contact a sales lead unannounced with little if any information about the lead. Cold calling.

Preparing for Sales Dialogue

Final step. Prepare for the initial contact with a sales prospect by planning the sales dialogue.

Prioritizing sales prospects

Create an online customer profile then analyze sales prospects by comparing them with this ideal customer profile.

Determining sales prospects

Determine which ones are true prospects for their product or service. Using qualifying sales leads.

The importance and challenges of prospecting

Salespeople who do not regularly prospect are operating under the assumption that the current business with existing customers will be sufficient to generate the desired level of future revenue. Fear of rejection.

ADAPT Questioning

Logic based funneling sequence of questions. Assessment questions, discovery questions, activation questions, projection questions, transition questions.

SPIN Questioning System

Uncover a buyers situation and inherent problems, enhance the buyers understanding of the consequences and implications of those problems and lead to those solutions. Situation questions, problem questions, implication questions, and need payoff questions.

Strategic application of questioning in trust based selling

1. Generate buyer involvement

2. Provoke thinking

3. Gather information

4. Clarification and emphasis

5. Show interest

6. Gain confirmation

7. Advance the sale

Tactical questions

Used to shirt or redirect the topic of discussion when the discussion gets off course or when a line of questioning proves to be of little interest or value.

Evaluative questions

Use the open and close-end question formats to gain confirmation and to uncover attitudes, opinions, and preferences the prospect holds.

Probing questions

Penetrate below generalize or superficial information to elicit more articulate and precise details for use in needs discovery and solution identification.

Close-End questions

Limits the customers response to one or two words.

Open-End questions

Designed to let the customer respond freely; not limited to one or two words,but is encouraged to disclose personal and/or business information.

Sales communication Spas a collaborative process

Trust based selling- collaborative interaction that allows buyers and sellers alike to work together to generate the best response for solving the customer’s needs.

The role of information technology

Buyers and sellers are using technology to enhance the effectiveness and efficiency of the purchasing process. E-commerce most popular.

Phase 5: acquisition and analysis of proposals

A form developed by firms and distributed to qualified potential suppliers that helps suppliers develop and submit proposals to provide products as specified by the firm.

Phase One: Recognition of the Problem or Need: The Needs Gap

A perceived difference between a buyer’s desired and actual state of being.

Purchasing professionals

The process of buyers in the business markets identifying suppliers, sourcing goods and servicing.

Derived demand

Demand in business markets are closely associated with the demand for consumer goods.

Concentrated demand

High levels of concentration in which a small number of large buyers account for most of the purchases. Can greatly impact a salesperson’s selling plans and performance.

Accounting for relative importance of each characteristic

The buyers biggest factor differentiating one supplier from another is the salesperson.

Types of buyers

Range from heavy industry and manufacturing operations. To maximize selling understand the type of buyer with whom they are working and respond to their specific needs, wants, expectations.

Technology knowledge

Information salespeople must have about the latest technology.

Customer knowledge

Information about customers that is gathered over time and from very different sources that helps the salesperson determine customer needs to better serve them.

Market knowledge

Information salespeople must have if larger companies break their customers into distinct markets; salespeople must be familiar with these markets to tailor their sales presentations.

Price knowledge

Knowledge tools salespeople must have about pricing policies in order to quote prices and offer discounts on products.

Promotion knowledge

Knowledge tools salespeople must possess to explain their firms’ promotional programs.

Non customer oriented behavior

Concentrated on short term goals and allow outmoded sales tactics.

Deceptive practices

Buyers have been turned off by all salespeople because of experience with only a few unscrupulous salespeople.

Compatibility

A salesperson’s commonalities with other individuals.

Candor

Honesty of the spoken word.

Dependability

Predictably of person’s actions.

Why is trust important?

Results in increased long term revenues and profits.

Customer relationship management

A system that dynamically links buyers and sellers into a rich communication network to establish and reinforce long term, profitable relationships.

Sales process

Initiating, developing, and enhancing

Consultative selling

The process of helping customers reach their goals by using the products, services, and expertise of the sales organization.

Problem solving selling

An extension of need satisfaction selling that goes beyond identifying needs to developing alternative solutions for satisfying these needs.

Need satisfaction selling

An approach to selling based on the notion that the customer is buying to satisfy a particular need or set of needs.

Sales person and the customer

Building trust with customers and an emphasis on establishing and maintaining long term relationships, salesperson needs to remain honest and candid with customers.

Sales dialogue

Series of conversations between buyers and sellers that take place over time in an attempt to build relationships

Customer value

The customer’s perception of what they get for what they have to give up.

Trust based relationship selling

A form of personal selling requiring that salesperson earn customer trust and that their selling strategy meets customer needs and contributes to the creation, communication, and delivery of customer value.

Salesperson

Contribute to their nations’ economic growth in two basic ways. They stimulate economic transactions further the diffusion of innovation.

Diffusion of innovation

The process whereby new products, services, and ideas are distributed to the members of society.

Economic Stimuli

Something that stimulates or incites activity in the economy.