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Professional Selling Exam 2

Terms in this set (65)

Spin Selling
A sales model based on a set of ideas about how to sell successfully in large or complex sales.
Situation
Problem
Implication
Need/Payoff
S
P
I
N
stands for
spin selling fact
special skills that make someone successful in large or complicated sales
situation questions
seller benefits from these questions. More asked, less likely the rep was to make a sale. Identifies facts about their circumstances
example of situation questions
How long has it been since you were at ideal weight?
What time of day do you workout?
Problem questions
identifies difficulties and issues that the buyer has in the present situation. Must ask questions which your product will provide for the buyer. Top sales reps ask far more of these questions than newer reps
examples of problem questions
How has weight impacted your energy level?
What problems are you experiencing due to weight?
Implication questions
These are used to show the customer what happens if they don't make a change or buy your product. Pain is associated with these questions
examples of implication questions
Knowing the potential negative impact of the lack of exercise what effect does your excess weight have on your health issues like diabetes?
Implication questions
These questions are felt to be the hardest to create or ask
Need/Payoff Questions
these are used to enhance the value of the sellers products or services. These questions are solution centered, and show the buyer the benefit of making a change to your product.
Need/Payoff questions
These can be used to get buyers to tell you the benefits of your products or solution, or they sell themselves
Examples of Need/Payoff questions
Knowing how long its been since you were in tip-top shape how would it feel to be back in shape and wearing smaller sizes again?
Advantages of Spin selling
the buyer is focused on the problem, not the sellers product. This results in the buyer viewing the seller as a consultant trying to help them solve a problem, rather than a rep pushing a product.
no sale or loss
a refusal to buy
when is a sale final
when the item is ordered and delivered
order or win
a commitment to buy
3 characteristics of a qualified prospect
Does the buyer have a want or need?
Does the buyer have the ability to pay?
Does the buyer have the authority to buy?
What is Prospecting
The process of locating potential customers for a product or service ; most important activity that many salespeople do to be successful
Can the buyer be approached favorably?
Yes
Suspects
prospects
leads
customers
chart
referral events
gatherings designed to allow current customers to introduce other prospective customers to the salesperson.
selling deeper
making additional sales to satisfied customers.
negative referral
customer who tells others about how poorly you or your product performed.
endless chain
salesperson attempts to secure at least one additional lead from each person he or she interviews ; referred lead
center of influence
sales person cultivates well-known, influential people in the territory who are willing to supply lead information ( these people may never buy)
cold calling
salesperson tries to generate leads by calling on totally unfamiliar organizations
spotters or bird dogs
salesperson pays someone for lead information
obtaining precall information
don't assume that your knowledge of the account is automatically up-to-date.
flow diagram of the planning process
gathering information about the prosepect and firm -> setting objectives for the call -> making an appointment
percent of knowledge you want your customer to have about your product
16%
personal info about customer
Name including pronunciation
Title; career history
family status
education
interests and dislikes
social style
attiudes about customer
Remember perceptions and bias
Toward salespeople
Toward your company
Toward your product
Relationships with customer
Formal reporting relationships
Important reference groups and group norms.
Bonds that the prospect has already formed with other salespeople
Evaluation of product/ services with customer
Product attributes that are important.
Product evaluation process.
Demographics
Type of organization.
Size, number of locations
Products and services offered
Financial position and its future
Overall culture of the organization.
Prospect's customers
Types
Benefits they seek from the prospect's products and services.
prospect's competitors
Who they are
How they differ in their business approaches.
Prospect's strategic position in the industry.
People involved in the purchase decision
how they fit into the formal and informal organizational structure. Their roles in this decision. Who is most influential? Any influential adversaries?
Policies and Procedures
About salespeople
About sales visits
About purchasing and contracts
COMMUNICATION AND BUILD RELATIONSHIPS
sources of information
resources within your company, the internet, secretaries and receptionists, noncompeting salespeople, THE PROSPECT, TRADE SHOW, LISTS AND DIRECTORIES, CENTER OF INFLUENCE
call objectives
review what has been learned from precall information gathering. should be developed while taking into account: the firms goals, the sales team's goals, the salesperson's goals
S.M.A.R.T.
Specific: details exactly what needs to be done
Measurable: progress can be measured
Achievable: accepted by those responsible
Realistic: objective is really possible in this time
Time-based: time period is clearly stated
Hierarchy
Optimistic call objective: the sale
Primary: multiple leads
Secondary: one lead
Minimum: another appointment, get the date, time, and place.
examples of call objectives
Who has the pain points?
Will they agree to 'test drive' or 'demo'?
Did you provide solid references?
Can you get a commitment to do a site visit?
What buyers look for to increase value:
on-time delivery
to-spec quality of products
competitive pricing
proper packaging/paperwork
technical support service
good emergency response
make appointments
salespeople should do what before calling on customers?
essential elements of the sales call
making a good impression -> identifying or reiterating needs -> offering the solution to the buyers needs -> credibility and trust. Must assess the buyer's reactions and make adjustments.
4 A's
Acknowledge:the buyer by recognizing them
Acquire: info by needs analysis
Advise: seller narrow the choices, sell benefits
Assure: enhance the buying decision/ follow up
First impression
selecting a seat; getting the customer's attention; way you dress
Opening that salespeople can use to gain attention
introduction opening: introduce yourself
referral opening: tell about someone who referred you
Benefit opening: start by telling some benefit of the product
Product opening: demonstrate a product feature
Compliment opening: start by complimenting the buyer or firm
Question opening: start convo with a question
rapport
in selling is a close, harmonious relationship founded on mutual trust.
gap model of selling
obstacles and problems are very often called the prospects or customer's pain points:
the ideal situation

gap : obstacles and problems

the current situation
feature
quality or characteristic of the product or service
benefit
the way in which a specific feature will help a particular buyer
FEBA
Feature, Evidence, Benefit, Agreement
testimonials
are statements written by satisfied users of a product or service.
handouts
are written documents provided to help buyers remember what was said.
RFP- Request for Proposal
RFQ- Request for quote
RFB- Request for bid
contains the customer's specifications for the desired product, including delivery schedules and expectations of the purchase/ product
Written Proposals
Executive summary 1-2 pages
Body of the proposal- current situation
Budget which details cost
value proposition
a comparison of how your product meets the customers needs vs. the competitor products
cost-benefit analysis
simple and comparative
Return on Investment (ROI)
= net profits (or savings) investment costs

Money invested vs. money returned
Payback period=
= investment savings (or profits) per year

time to recuperate the investment dollars
profit margin
The net profit the reseller makes, expressed as a percentage of sales
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