Chapter 1: Selling and Salespeople

Personal selling is the human-driven interaction between and within individuals or organizations.

Personal selling helps bring about ==economic exchange== within a value-creation context.

The steps in personal selling are ==not sequential==; may not require all steps.

Personal selling involves multiple people and organizations.

Personal Selling creates ==value== in exchange.

Customer value proposition is the collection of ==buyer-specific benefits==.

Personal selling involves profits for both parties.

Personal value equation equals the ==difference== between ==benefits received== and the ==sum== of the ==selling price== and the ==time and effort to purchase.==

An example for the personal value equation is the saying ==“What you get, for what you give”==.

Examples of ways that salespeople add value: provide and ==interface== between the buying and selling companies, encourage ==two-way communication==; create bonds, create a climate of ==co-leadership== in the meetings, encourage ==both sides== to learn and understand each other, ==manage issues== that arise; reinforce value-added perspective, foster conditions of ==trust and commitment== between parties, attuned to activities that increase value adding, provide solutions that create value to all parties.

Roles of salespeople in business is to use appropriate ==go-to-market strategies== and provide ==personal communication== to customers.

Go-to-market strategies are approaches used by salespeople to sell products.

Examples of go-to-market strategies: strategies based on ==customer lifetime value== or ==CLV,== and ==integrated marketing communications==.

Personal communication is selling the way a buyer wants to buy.

Responsibilities in a sales job: ==Prospecting== for new customers, holding ==needs assessment== meetings, marking ==sales presentations==, ==negotiating== price and delivery terms, writing orders (==closing==), ==increasing sales== to existing customers, and follow-up/post-sale ==service==.

A Client Relationship Manager is ==customer-centric==.

Customer-centric means making the ==customer the center of everything== the salesperson does.

A Client Relationship Manager will provide ==24 by 7 service==, offer information about potential ==solutions==, provide ==after-sale service==, and work with other company employees.

Sales is a ==service-oriented== job.

A Client Relationship Manager will work with other company employees to ensure deliveries are made on time, equipment is properly installed, operators are trained to use the equipment, and questions or complaints are resolved quickly.

The Account Team Manager are salespeople who ==coordinate activities within their firms== to solve customer problems.

The Account Team Manager uses a team selling/collaboration or “lone wolf” approach.

Team selling/collaboration is a ==“lone wolf”== approach.

Team selling/collaboration can lead to ==poor performance==, ==lower job satisfaction==, and ==higher turnover intentions==.

The Information Provider to their firm are salespeople who are the ==eyes and ears of a company==.

The Information Provider to their firm helps ==disseminate the knowledge acquired from customers== to other people in their company (aka ==“competitive shopping”==).

The Information Provider to their firm shares information electronically via ==Customer Relationship Management (CRM) system==.

A Customer Relationship Management (CRM) system organizes sales information and information about customers.

Supply chain logistics is the management of supply chain.

The Logistics and Channel Managers are salespeople that are key ==managers of relationships== with different partners and vendors, interact with partners and vendors to ==meet a customer’s needs and/or solve their problems==, and may receive training from manufacturers upstream to more effectively sell to retailers downstream.

A Distribution channel is a set of people and organizations responsible for the ==flow of products and services from the producer to the ultimate user==.

The ==flow== of a Distribution Channel is Producer, Agent, Wholesaler, Retailer, and Consumer.

Characteristics of Successful Salespeople: ==Self-motivated==, dependable and ==trustworthy==, possess integrity, possess customer and product ==knowledge==, possess analytical, technical, and communication skills, flexible and ==agile==, ==creative==, ==confident== and optimistic, and possess ==emotional intelligence==.

Emotional Intelligence (EI) is ==knowing one’s own feelings and emotions== as they are experienced, controlling one’s emotions, and ==recognizing customers’ emotions== or empathizing.

Salespeople with ==high Emotional Intelligence== can intimidate, manipulate, and spin outcomes for own gain.