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:
- Personal Selling
- 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
- Prospecting and Qualifying:
- Difference between leads (unqualified prospects) and qualified prospects (determined need, approachable, budget, authority).
- Preapproach:
- Research and gather information about the prospective customer before the initial meeting.
- Approach:
- Initiate contact by knocking on the door, shaking hands, and starting a dialogue to understand business needs and concerns.
- Presentation:
- Present solutions to prospective customers after understanding their requirements, not necessarily in the same meeting.
- Handling Objections:
- Addressing possible concerns from the buyer, such as budget issues or competitive products.
- 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.