Personal Selling Process

Introduction

  • Presenter: Wayne Slough
    • Associate professor of marketing
    • Teaching marketing principles this semester
    • Excited about personal selling and sales management
    • Believes that this knowledge will benefit students in their careers, especially in sales positions.

Overview of Topics

  • Discussion of two primary topics:
    1. Personal Selling
    2. Sales Management
  • Reference to Chapter 13 of the textbook
  • Format change in presentation (font, colors, etc.)
    • Learning Objectives listed from textbook
    • Role of company salespeople in creating value and relationships
    • Six major sales management steps (to be covered in a separate video lecture)
    • Distinction between transaction-oriented marketing and relationship marketing
    • Sales promotion campaigns development and implementation (to be covered by the main professor)

Personal Selling at VCU

  • Introduction to the VCU Academy of Selling
    • Recognized as a top sales university by the Sales Education Foundation for two consecutive years
    • Offers a minor in personal selling for 18 credits in marketing plus additional courses
    • Valuable addition to transcripts; enhances employability
  • Participation in collegiate sales competitions
    • Teams compete in 3 to 5 competitions each academic year, adjusting for COVID-19 this year
    • Notable event: International Collegiate Sales Competition (virtual this year)
  • Establishment of Alpha Kappa chapter of Pi Sigma Epsilon
    • Collegiate sales and marketing fraternity focusing on sales
    • Follow on Instagram: P S C Underscore V C U
  • Exclusive career fair hosted every semester
    • Major event: over 100 companies involved, including virtual recruitment, especially in Spring
    • Typically, 15 to 20 sales recruiting employers participate
  • Selling-related internships available
    • Students receive leads to companies hiring for internships
    • Opportunity to earn college credits towards the sales minor
  • Promotional video for the Academy of Selling available online
  • Access the blog and other information through a simple Google search for "VCU Academy of Selling"

Role of a Salesperson

  • Definition of personal selling:
    • Personal presentations and conversations by a salesforce with prospective customers aimed at building relationships and facilitating sales.
    • Expanded definition emphasizes personalized engagement beyond just transactional selling.
  • Responsibilities of Salespeople:
    • Reach out to potential and existing customers to foster trust and ensure effective communication.
    • Gather information about customers' needs and wants, leading to potential sales closure.
    • Maintain and service accounts post-sale.
  • Analogies used:
    • Comparison with B2C purchasing (e.g., buying groceries) vs. B2B sales (e.g., purchasing locomotives costing millions).
  • The importance of salespeople:
    • Link current and prospective customers with the company.
    • Coordinate efforts between marketing and sales departments.

Distinction between Marketing Approaches

  • Transaction-Oriented Marketing:
    • Focused on leading to immediate transactions
    • Example: Grocery stores, gas stations where consumer behavior is influenced to make purchases
  • Relationship Marketing:
    • Aiming to create long-term relationships with customers rather than just one-time transactions

Personal Selling Process Steps

  1. Prospecting and Qualifying:
    • Difference between leads (unqualified prospects) and qualified prospects (determined need, approachable, budget, authority).
  2. Preapproach:
    • Research and gather information about the prospective customer before the initial meeting.
  3. Approach:
    • Initiate contact by knocking on the door, shaking hands, and starting a dialogue to understand business needs and concerns.
  4. Presentation:
    • Present solutions to prospective customers after understanding their requirements, not necessarily in the same meeting.
  5. Handling Objections:
    • Addressing possible concerns from the buyer, such as budget issues or competitive products.
  6. Closing:
    • Gaining commitment from the buyer by presenting a formal agreement.
    • Achieving this requires building strong relationships and providing value throughout the sales process.
  • Importance of listening:
    • Sellers should listen 80% of the time and talk only 20% to understand the prospect's needs effectively.
  • Customization of solutions based on gathered information is vital.

Role of Sales Management

  • Transforming salespeople into advocates for value:
    • Moving from merely taking orders to becoming consultative problem solvers who understand business issues.
    • Emphasis on ongoing training and development to enhance salespeople’s skills and knowledge.
  • Importance of consultative selling as a core competency for B2B sales representatives.

Conclusion

  • Emphasis on creating value and the ongoing nature of selling relationships.
  • Look for the next lecture on sales management principles.