PSP Exam 2

Mel Robbins 5 Second Rule

• From the moment you have the idea, you only have 5 seconds to take action before it’s gone

  ·        Speak

  ·        Walk

  ·        Write

  ·        Schedule

  ·        Send

  ·        ASK

Angel Duckworth’s GRIT

• passion and perserverance over a long term goals

  • not much is known on how to increase it

  • Growth mindset

Growth Mindset

• the belief that the ability to learn isn’t fixed but can change with effort

  • Allows perseverance during failure

what are the 4 call objectives

• primary call objective

• minimum call objective

• optimisitc call objective

• secondary call objective

sales people should

• review info gathered during pre-call

• keep in mind firm’s relationship status with customers

call objectvies should:

• take into account the firm’s goals, salesperson’s goals, and sales team goals

the 3 requirements to call objectives

• specific

• realistic

• measureable

specific requirement

should precisely state what the salesperson hopes to accomplish, what the objective targets are, and any other details

realistic

• the salesperson needs to consider factors such as cultural influences

  • The national culture is important in selling to international prospects

measureable

• to let salespeople objectively evaluate each sales call at its conclusion and determine whether the objectives were met

  • Set objectives that require a buyer’s response

primary call objective

• actual goal they hope to achieve

• Split into two sections: primary and secondary where primary is the most important objective and secondary is everything else

minimum call objective

the minimum they hope to achieve

optimistic call objective

the most optimistic outcome the salesperson thinks could occur long term

customer value proposition

• a written statement that clearly states how purchasing your product or service can help solve the customer’s percieved business issue

  • addresses what the individual manager needs to address and resolve to be able to better contribute to overall company objectives

4 common business issues

• Increase revenue, market share, and shareholder value

• Increase efficiency and productivity

• Manage costs

• Control quality and reliability

6 types of opening techniques

• introduction

• referral

• compliment

• benefit

• product

• question

introduction technique

• simply introduce yourself

• simple but may not generate interest

referral technique

• tell about someone who referred you to the buyer

• always get permission

• don’t stretch the truth

compliment technique

• start by complimenting the buer or the buyer’s firm

• must be sincere

• not just flattery

benefit technique

• start by telling some benefit of the product

• get down to business right away

product technique

• actually demonstrate a product feature and benefit as soon as you walk up to the prospect

• uses visual and not just verbal opening

• can create excitement

question technique

• start the conversation with a question

• starts two way communication

rapport

a close, harmonious relationship founded on mutual trust

small talk

• the talk about cyrrent new, hobbies, mutual friends, and the likes that usually break the ice for the actual presenation

• customers are more receptive to salespeopl who they can identify with

• good to establish mutual connections through friends, hobbies, attendance at the same schools, etc

office scanning

• looking around the prospect’s enviornment for relevant topics to talk about

• avoid controversial topics like politics/religion

• avoid garnering sympathy/gossip/complaining

• avoid “how are you doing today?“

how to make a good impression

• 2-3 minutes of meeting are important

• How you dress is important

• Physical attractiveness/gender influence purchase decision from buyer

• Age gap/generation gaps can make it hard to relate to buyers

• Be well groomed and enter confidently

• Have erect posture, lengthy stride, and lively pace

• Smile

• Observe the prospect’s state and modify your behavior as needed

• If buyer looks stressed ask if they’d like to reschedule

• Be sincere

• Remember prospect’s name and try to use in opening statement

FAB Approach

• Feature

• advantage

• benefit

feature

quality of characteristic of the product or service

advantage

the way in which a specific feature will help a particular buyer

benefit

what’s in it for me? (ex. time, money, other)

SPIN Technique

• Situation question

• problem question

• implication question

• need pay off question

situation question

• General data gather questions

• many can be answered through precall information gathering and planning

• ex. What’s your position? How Long have you been here?

Problem Question

• Questions about specific difficulties, problems, or dissatisfactions

  • Ex. Is your current machine difficult to repair?

Implication Question

• Help the prospect recognize the true ramifications of the problem

• Motivate the prospect to search for a solution to the problem

• Ex. What happens if you ship your customer a product that doesn’t meet specs?

Need Payoff Question

• Questions about the usefulness of solving a problem

• Solution centered

• Ex. Would you like to see a reduction in the number of products that don’t meet quality specifications?

Probing Questions

• open ended

• close ended

open questions

• require the prospect to go beyond a simple yes or no response

  • encourages prospect to open up and share a great deal of useful information

close question

• require the prosepct to simply answer yes or no to offera short, fill in the blank type of response

When objections arise during a sales call

• forestall and probe to clarify

the worst kind of objection

hidden objection that the buyer refuses to disclose since it’s harder to find and solve

common types of objections

• need

• product

• company/source

• price

• time

Need Objection

• Valid statement of not needing the product

• Buyer convinced that the need doesn’t exist

• Could’ve been prevented with better implication and needs payoff questions

• Buyers resisting change based on preferred routine/habits

Product Objection

• Service/feature doesn’t satisfy the buyer or isn’t readily available for purchase

• Customers don’t understand the salesperson’s presentation

  • Seller must carefully observe buyer’s nonverbal cues

• Buyers often won’t admit to not understanding

• Buyers object in attempt to gain more info on product

  • Buyer may be interested to buy but must need more proof to convince others of purchase

  • Seller might’ve not provided enough credible information

Company/Source Objection

• Buyers are interested in company due to potential risk if seller’s firm isn’t financially stable, cannot continually produce the product, etc

• Buyers need to be comfortable with firm’s financial standing, personnel, business policies

• Personality clashes between prospect and salesperson or buyer’s prejudice/bias of the buyer prevents sales

Price Objection

• Companies that lack the resources to buy the product may have been misclassified as prospects

• Lead can’t afford product

• The value of the product isn’t worth the price

Time Objection

• The prospect may not have enough time at the moment

• they may not be interested in the product/services at all

• Not in the mood to listen

• Usually results in cold calling

ways to handle objections

• compensation

• referral

• revisit

• acknowledge

• postpone

Compensation Method

• Superior Benefit Model

• Buyers may object because the salesperson’s product is less than perfect

• Acknowledge objections and then show any compensating advantages

• Also use when the prospect tries to put off closing the sale

Referral Method

• Feel, Felt, Found

• use third party testimonials

• Ex. You know I understand how you feel. The buyers at Publix felt the same way when I first visited them. Buy they tried stocking our product and found that it actually gave customers more choices and increased sales for the product category.

Revisit Method

• Boomerang Method

• Salesperson turns the objection into a reason for buying

• Works with most personality types

• Ex. Ugly camo vs. high performance

Acknowledge

• Pass up method

• Buyer’s voices opinions or concerns to vent frustration

• Salesperson listens, acknowledges, pauses, then moves on to another topic

• Should not be used if the objection is factually false

Postpone Method

• Buyer raises objections the salesperson would prefer to answer later in the presentation

• The salesperson should ask permission to answer the question at a later time

• Most useful when a price objection occurs early in the presentation

Closing

asking for a buyer’s business

trial closes

• questions regarding the prospect’s readiness to buy

  • serves several puposes including: identifying the customer’s proximity to making the decision, gaining agreement on minor points, and creating a true dialouge in which the ultimate close is a natual conclusion

  • objections are brought up pwhich the seller can solve

  • natural progression to closing

Methods for closing business

• direct requests

• benefit summary

• balance sheet

• alternative choice

• minor point

• continuous yes

• assumptive

• standing room only

• benefit in reserve

• emotional

Direct Requests

• Simply ask for it then stop talking

• Don’t appear as overly aggressive

benefit summary

• Reminds the buyer of the agreed on benefits of the proposal

• Seller can help the buyer remember all the points discussed in

balance sheet

• Ben Frank. Method

• Lists pros and cons

• Careful to not insult a buyer’s intelligence if used poorly

• Salesperson would ask for buyer’s input on pros/cons

• Better for analyticals

alternative choice

limit choices

minor point

• traditional method

• point out the minor feature that look nice to sell the whole product

continuous yes

• Traditional method

• Asking affirmative questions that lead to “yes” as an answer

assumptive

• Traditional method

• Assumes they wish to continue without actually asking

standing room only

• Traditional method

• Limited time offer

• Available to limited number of clients

benefit in reserve

• Traditional method

• Added value to make the deal more attractive

• Usually should be done as a last resort and not off rip

• Ex. Giving prospect an additional guarantee if they sign contract

emotional

• Traditional method

• Using stories to garner emotional attachments/sympathy to prospects to sign

• Very emotionally manipulative

What to do when you’ve obtained commitment

• Assure them of their choice

• Review details of commitment (order, 2^nd appointment, etc.)

• Talk about how you will follow up and when

• Thank them for their business or for agreeing to see you again

What to do it you Haven’t Obtained commitment

• Find out why not

• Thank them

• Any other objectives of the call?