Upgrade to remove ads
Prof Selling West Final
Terms in this set (95)
obtaining commitment by asking for a buyer's business - necessary to get commitment
The importance of closing the sale
-Gaining commitment tells the salesperson what to do next and defines the status of the client
-If salespeople fail to gain commitment it takes longer to obtain a potential sale
-Company's future success depends on goodwill and profit
-Financial rewards for the salesperson.
encourage large purchases by passing along savings resulting from reduced processing costs (most common)
single order discount
percentage discount on a single order of a specified number of products
quantity discount for purchases over a period of time (must meet minimum)
- price discounts for early repayment
Calculated after quantity discounts are calculated. ex 2/10, n/30
Free on board
Seller agrees to load the goods and pay freight; buyer takes responsibility for the goods once they arrive.
Seller takes responsibility for all installation and operator training
Be assertive not aggressive
Aggressive- salespeople control the sales interaction but often fail to gain commitment because they ignore the customer's needs and fail to probe for information
assertive- responding to customer needs while remaining self-confident and positive.
Be assertive not submissive
Submissive- salespeople are often excellent socializers and like to spend a lot of time talking about nonbusiness activities, usually reluctant to obtain commitment
questions regarding the prospects readiness to buy.
Effective closing method
-Sell the right product in the right amount of time.
-Sell in a consistent fashion.
-help prospects buy a product or service they want or need.
Direct request (close technique)
-The most straightforward, effective method of obtaining commitment is simply to ask for it
-Do not become overly aggressive, works best with decisive customers
Benefit summary (close technique)
-The salesperson simply reminds the prospect of the agreed-on benefits of the proposal
-Helps buyer to synthesize points covered in the presentation to make a wise decision
Balance sheet method (close technique)
Attempts to obtain commitment by asking buyers to think of the pros and cons of the various alternatives. (for critical decisions)
What can be negotiated?
Standing room only close
A closing technique in which the salesperson creates a sense of urgency to buy by mentioning that the item being presented is one-of-a-kind or in limited supply.
resolving conflict in an assertive and uncooperative manner
resolving conflict by being unassertive and highly cooperative; often neglect their own needs and desires to satisfy the concerns of the other party
resolving conflict in an unassertive and uncooperative manner; no attempt to solve their own needs or the needs of others
resolving conflict by being somewhat cooperative and somewhat assertive; quick mutually acceptable solution, partially satisfying both parties
The big 4
resolving conflict by seeking to maximize the satisfaction of both parties, reaching a win-win solution.
(the best of all behavior patterns)
Successful negotiation meeting
-Set the proper environment
Develop an agenda
-Work for win-win negotiations
-Get agreements in writing
-Be friendly, levelheaded, courteous, and honest
A list of what will be discussed and in what sequence for a negotiation.
Phases of relationship development
(the middle three are the most important)
Be aware of each others expectations. Make an honest presentation to eliminate misconceptions.
Electronic data interchange
computer-to-computer linkages between suppliers and buyers for information sharing about sales, production, shipment, and receipt of products. (Critical step in developing a partnership)
Ensure Proper Initial Use Of The Product Or Service
-Salespeople should help customers understand how to use the product and realize the full potential benefits.
-Follow up after sale.
Make personal visits
One of the most expensive forms of follow-ups
Can be extremely productive
Personal settings often stimulate trust.
Responding to complaints techniques (4)
-Encourage buyer to tell their story
-Determine the facts
-Offer a solution
-Follow through with action
1. the product performing poorly
2. being used improperly
3. terms of the sales contract not being met
Questions that affect action to be taken
-What is the dollar value of the claim?
-How often has this customer made complaints?
-How will the action taken affect other customers?
The solution must be clear.
Selling opportunities increase with higher levels of trust.
-Generate repeat orders: be at the right place at the right time.
-Help to service the Product
Generating repeat orders
-Be present at the buying time
-Know how often and when the company makes decisions.
convincing the customer to use a higher-quality product or a newer product
Full line selling
selling the entire line of associated products
similar to full-line selling except the additional products sold are not directly associated with the initial products
7 cross selling tips
1. product knowledge
2. Cross selling skills
4. Reasonable goals
5. Results tracking
7. performance appraisals: gain feedback
All of the following take place in the _______ phase.
-Full line selling
A cause of change in the organization
Rate of change
How quickly the change is made
the degree to which the change affects the organization.
(advocates or internal salespeople) work for the buying firm in the areas most affected by the proposed change and work with the salesperson to make the proposal successful.
-Salesperson positions the change
-Failing to monitor the industry. monitor the competition at all times
-Limited personal relationships.
-Falling into complacency
Falling into Complacency
Assuming the business is yours and will always be yours. Important to always perform at the highest level.
Time Management matrix quadrants.
QI: Important & Urgent
QII: Important & Not urgent.
most important quadrant
QIII: Not important & Urgent
QIV: Not important & Not urgent
Prevention and PC activities: quad II
Prevention: of crisis
PC activities: Have a "Principle center" (be punctual, honest)
Relationship building: quad II
Have different friends. Always have new friends
Recognizing new opportunities: quad II
Don't wait for the perfect opportunity, be proactive
Planning, Recreation: quad II
Planning: be on top of your schedule
Recreation: Past time sports are important in business (golf)
Convoy seven habits paradiagram
1. Be proactive
2. Begin with the end in mind
3. Put first things first
4. Think Win/Win
5. Seek first to understand, then to be understood.
6. Synergize (find new solutions to old problems)
7: Sharpen the saw
Private; Dependent; Independent
The first three steps to being highly effective are _______ victories. Once you can accomplish this you move from ___________ to __________.
When you can accomplish habits 4-6 of convoys highly effective model you achieve ___________ goals. These are _________ victories.
Sharpen the saw
When you can accomplish all 6 habits of convoys effective model you must always continue to __________.
seventh habit of efficient people (4 areas of life)
sharpen the saw in 4 areas of life:
4. Emotional/ social
Sales call allocation grid
Classifies customer accounts on the basis of the company's
with an account along with the
accounts sales potential.
indicates how much the customer needs/able to buy the product. (do they need it)
Strength of position
indicates how strong the salesperson and company are in selling the account. (do they like you/ your company)
Highly attractive; worst attractive
High account opportunity and strong strength of position are ______ __________.
Low account opportunity and weak strength of position are ______ __________.
Customer value system (CVS)
Combined total of all future sales from one customer.
-Customer Share is better resource for profit than market share
Dividing the territory into zones, based on ease of travel and concentration of customers, to minimize travel time
Selling process steps
(credibility for corp presentation)
2. Needs Identification
3. Product/ Service Presentation
4. Overcoming objections
Life lesson from navy seal
"you'll never get it right, you have to be able to take the criticism"
Types of compensation plans
-% of sales
Ranks accounts by sales potential. The accounts with the greatest potential deserves the most attention. Works well with industries that are in regular contact with the same accounts.
The 80/20 rule
The 20% of accounts that could buy the most are classified as A accounts. The other 80% are B accounts and noncustomer or low sales accounts are C accounts.
Conversion goals and performance goals.
Measures a salespersons efficiency.
A method of planning sales calls in a specific order to minimize travel time.
4 types of routing
In the middle of a sentence separated by two commas on both sides. ex. Global temperatures, as expected, are rising.
Manufacturing trade off (internal)
This department want to produce products at the lowest cost with less inventory. Customers want their products custom made and shipped immediately. The salesperson has to negotiate a compromise btw the department and the customer.
Functions of order entry, billing, credit, and employee compensation. The salesperson wants to speed this process as quickly as possible.
The salesperson relies on this department to follow through on its promise. Goal: Low cost & fast delivery.
Customer Service (internal)
Important for faster and more direct information flow to the sales people. Marketing department should be in close communication with sales.
Sales people are often divided in to which accounts they are responsible for.
Quotas (4 types)
Represent a quantitative minimum level of acceptable performance for a specific time period.
-Sales quota: min. # of sales
-Revenue quota: min. sales rev.
-Profit or gross margin quota: min. level of profit or gross margin
-Activity quota: min. expected activity.
Money paid to the salesperson against future commission.
incentive pay given for
Payment regardless of performance
Incentive pay paid to
an individual sale.
pays a certain amount per sale and includes a base and a rate, but not a salary.
unit sales, $ sales, or gross margin
determines the amount paid (% or $)
Salary and commission- great flexibility.
top traits of salespeople
1. strong ego
2. sense of urgency
3. Ego driven
5. Willing to take risks
7. Abstract reasoner
important characteristics the company has to offer
Resume big three
1. two sided objective
2. Show results
3. parallel construction
What do most US companies use to pay their salespeople?
How to market yourself?
-Corporate partners contacts
-List of local, regional, and national companies that are hiring.
-Research the company
-Plan STAR responses
-Prepare questions to ask them
-Ask about career advancement opportunities, first year responsibilities, and corporate culture.
-Mirror 3 benefits in your cover letter
-answer questions by stating how your feature could help their company.
-Ask what the next step is and for a timetable for the next step.
-Follow up letter
What system did Ms. West use when she was interviewing?
Everyones, on a business level. Doesn't have to be personal.
Which relationships with other employees should a salesperson be concerned with?
YOU MIGHT ALSO LIKE...
MKT Personal Selling/Chapter 14
OTHER SETS BY THIS CREATOR
Final Exam Accounting Hampshire
MR Final Zank
Accounting exam 3 hampshire
MKT 3350 Exam 3