professional selling - exam 1

hunters

find new people to sell to

farmers

sell to existing customers, cultivate strong relationships

selling process

prospecting, planning for sales call, making the sales call, strengthening the presentation, responding to objections, obtaining commitment, and building relationships

OEM

original equipment manufacturers, purchase goods to use in making thier products

creeping commitment

customer becomes more committed to a particular course of action while going through the steps in the buying process

insight selling

salespeople evaluate prospects who do not have a clear understanding of what they need but are able to act when a case is made for them

endless-chain method

sales representatives attempt to get at least one additional lead from each person they interview

focus of receptivity

person who will listen receptively and give the seller needed information

focus of dissatisfaction

person in the organization who is likely to perceive problems and dissatisfaction

focus of power

person who can approve, prevent, or influence action

Challenger sales system

a salesperson controls the sale, builds constructive tension, and tailors the message to the customer

SPIN technique

situation questions, problem questions, implication questions, need payoff questions

Miller Hymen

4 influences (economic, user, coach, technical) at 4 states (growth, trouble, even keel, overconfident

portfolio model

classify prospects & leads based on account opportunity and competitive position

average lead value

average sales value x average sales rate(conversion rate)

number of calls for sales goal

sales objective/average lead value

FORD model

family, occupation, recreation, dreams

locus of control

how much things are in or out of your control, internal or external

Shannon Weaver model

sender encodes message into medium, noise interrupts and reciever decodes message and gives feedback

cohort hiring

better at developing a sales team due to buy in, support, and lower turnover, used at Gartner

handling objectives

acknowledge, isolate, handle, confirm, & move on

SPIN method for discovery questions

situation, problem, implication, need payoff

GAP selling

sales person positions products between customer’s current state and ideal state

BREAD proess

AlphaSights - breif, recruit, engage, asses, deliver