MAR3400 Viosca exam 2

Biggest issue for planning the sales meeting

misalignment between the buying and selling cycles

Single most important thing you can do to prepare for a meeting

Is to be ready to speak about their business

SMART selling

specific

measurable

achievable

realistic

time-based

Idea of selling slow

Take time to understand the customers needs- this will be more effective in the long run

Buyer and selling relationship stages

-establish rapport

-build credibility

-know the business situation

-*remember the most successful sales take time to develop*

How many times (on average should you meet with a customer to close a deal)

3-5

Sales meeting planning

-your job is to take control

-establish objectives

-dont waste the customers time

-state objective at the beginning

Red light

Yellow Light

Green Light

red light: indication that the sale is going south

yellow light: indicators that process the stalling

green light: sale is going well- proceed to the next step and ask for a meeting with the decision maker

Best way to start a sales call

referral or a common connection

Primary objective

your main goal

optimistic objective

if the opportunity presents itself, take it and be optimistic (the second best/middle alternative)

minimum objective

what you would not leave without (worst alternative but something you can fall back on)

First 5-10 minutes

-set the tone for the sales goal.

-reps fail to make a good first impression (mistake)

How to engage the prospect in 15 seconds

-dont talk about your company and product

-you want to talk about them

-who you are, why you are calling, and what you can do for them

-be short and to the point

-obviously don't read from a script

Starting a sales conversation

-investigate needs

-show them the value

presentation

-set the tone (make a good first impression)

-appeal to their social style

persuading

more talking, less understanding

-bad

understanding

-more asking, more persuasion

how will trying to understand help me persuade?

-curiosity about the customer

-a genuine interest

-you never really persuade customers

when a salesperson understands a customers needs, the customer

-is more receptive

-is more likely to buy

-will pay more

-and the salesperson doesn't "leave any money on the table"

Situation Questions

-help you understand your prospective customers situation

-"tell me about your current provider?"

-"what are your current goals?"

-"how are you currently handling XYZ?"

problem questions

-identify and begin to tap into the problems or needs

-" what challenges do you face with your current product/service?"

-"what issues keep you from meeting your goals?"

-"can you tell me about any concerns you have with XYZ?"

implication questions

-get a more detailed picture of your prospective customer's problems or needs by focusing on the consequences

examples

-"how many customers have you lost due to that issue?"

-"how much time are you wasting each week?"

"How much revenue might you lose if this is not fixed?"

Needs-payoff questions

-help the prospect see what the value in solving the problem.

-" what could you and your team accomplish if that problem is eliminated?"

"how much would you save using our solution?"

"what kind of revenue could you generate by taking this new approach?"

Gaining Pre-Commitment

Closed-ended questions intended to confirm that your prospective customer is ready to move forward

-" Now that we have talked about your issues with X,Y,and Z, if I can show you how my product can help you meet your goals, would you be interested in doing business?"

Needs Identified

-You know what your customer needs!

-the customer has a better idea of what they need!

-The customer has agreed that they are ready to address their needs!

Prescription

-review the needs

-show the features

-explain the (specific) benefits by showing proof

-involve the buyer

-confirm that this feature/benefit represents a viable solution

What is the number 1 problem that customers cite?

They know everything there is to know about the product, buy they don't take the time to understand the customers needs and objectives.

complex sale environment

interacting with the customer more than once

implication questions are essential...

for success in larger sales

whitepapers

documents put together by industry experts that support the idea that implementing a particular solution can make a big impact

testimonials

have a local customer write a letter testifying to the benefit of your product or service. record a testimonial. Build the library of these videos

Case Studies

like stories that outline how similar customer had a similar issue that your product/service was able to solve

2 critical mistakes

1. reps forget to use their materials

2. reps hand the customers the material in the beginning of the meeting

Customers #1 complaint

is that sales reps spill the brochure all over them

- * you have to make sure that you are not selling features but what the product can do for the customer

FAB process

-features

-advantages

-benefits

Features

-attributes of a particular product or service (describes product)

advantages

what the features allow the customer to do with the product (in general- how the product will help the customer in general)

benefits

talks specifically about what the product can do to help the customer/ what it means to them

Value= benefits- cost

-bad sales reps are focused on the cost side

-good sales reps are focused on the benefits side of the equation

End with

-"so what this means to you is...."

-time savings, money savings, stress savings

"so what" statement

- the best way of knowing if you are clearly providing statements

"sometimes the best selling is no selling at all"

- the best way to have long-term relationships with your customers is by adopting a consultative approach

Porter Value chain

-identifies direct and indirect benefits

- can you actually sell more than your products focus

-addressing needs can trickle down to other areas of the chain

steps to presenting your solution

-review the needs

-show the features

-explain he (specific) benefits (may require proof!)

-confirm that the buyer agrees that this feature/benefit represents a viable solution

trial close

-the buyer agrees that the feature/product/benefit represents a solution to their problem

characteristics of a strong presentation

-value

-attention

-proof

-understanding

-remember

(VAPUR)

eye contact

-hold for 3-5

-look randomly

-complete a thought or sentence

-make eye contact

response checks during presentation

-assess reactions by watching nonverbal cues

-verbal probing

-making adjustments (change direction, collect additional information, alter the style)

-get the audience involved (questions/participation)

Visuals

-engage the customer

-help tell the story with sight and sound

-show them the value of the product

-pictures, videos, white board, handouts, graphs/charts, etc

proof devices

-substantiate value

-validate the benefit

-verify the credibility of you and/or your company

-testimonials, magazine/trade article, product demonstration, 3rd party study/test results etc.

white-boarding

illustrating the information on a board or piece of paper

tips for visual tools

-the main point

-currency/accuracy

-not too much

-use bullets

-spare numbers

-clearly label

-use graphs

-be consistent

-check for errors

-obey copyright laws

tips for proof devices

-test results from 3rd parties are more credible

-make sure those who provide testimonials are happy

-leave professional copies behind

-only leave what is necessary

-have folder ready

tips for product demos

-be prepared

-get them involved

-features to benefits

-simple, concise and clear

-dead time?

-seen a competitors demo?

-used it before?

probe during and after the demo