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Selling and Sales MGMT
Test #3
47
Business
Undergraduate 4
12/08/2014

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Cards

Term
Buyer Personalities
Definition
  • Thinker: wants facts and figures
  • Feeler: emotional; they care about the seller
  • Intuitor: likes ideas and innovations. Looking to better themselves
  • Sensor: get to the bottom line
Term
Selling Process
Definition
  • Prospecting- finding customers
  • Preapproach- strategizing about the prospect
  • Approach- facetime with potential client
  • Presentation- further uncovering needs of the prospect
  • Trial Close- can be done whenever. best after an objection.
  • Objection- "no" doesnt necessarily mean no
  • Meet Objections- answer the objections
  • Trial Close
  • Close
  • Follow up- most important step
Term
Bird dog
Definition
serves the role of finding prospects for your company. Institution or person.
Term
Lead
Definition
have the prospects name and they might be willing to do business with you
Term
Prospect
Definition
  • Must have willingness to buy (desire)
  • Authority to buy
  • Capacity to buy (Money)
  • MAD
Term
Prospecting methods
Definition
  • cold canvassing- no relationship to potential client
  • Endless chain of customer referrals
  • Orphaned customers
  • Sales lead clubs- everyone shares info.
  • Public exhibition- career fair
  • Centers of influence
  • Telephone
  • Networking- most important
Term
What makes up a prospect pool?
Definition
  • leads
  • referrals
  • orphans
  • your customers
Term
The referral cycle
Definition
Ask for them when customer is satisfied and be specific
Term
Preparation for a meeting
Definition
  • determine who you need to meet
  • short email
  • extensive customer research (know buyers assortment)
  • extensive market research (competition, opportunity gaps, pricing etc.)
  • identify the opportunity gap within the retailers merchandise mix
  • a very concise and targeted presentation with sample base on our research
  • Value proposition (why they should choose you)
Term
Purpose
Definition
  • directs how you approach each sales call
  • your purpose for any sales call should be to make a contribution to the welfare of the person
Term
Plan to achieve your purpose
Definition
  • plan each day, and carry out you plan adjusting to circumstances as you go
  • good for call reluctance
Term
What's a plan?
Definition
  • a plan is a method of achieving an end
  • the foundation of your plan must be based upon your principles, honesty, and the needs of your client
  • what is the END you want? making a sale at some point. How do you get there? by pre-call planning
Term
Strategic customer sales planning- the pre approach
Definition

Reasons for planning the sales call

  • builds confidence
  • develops atmosphere of good will
  • reflects professionalism
  • generally increases sales
Term
Planning steps for a presentation
Definition
  • determine sales call objective
  • develop review customer profile
  • develop customer benefits
  • develop sales presentation
Term
Set a SMART call objective
Definition
  • Specific
  • Measurable
  • Achievable or agreed upon
  • Realistic
  • Timed
Term
You can ask a buyer "you did not buy, I would like to know why?"
Definition
Term
Ask for a specific appointment time when cold calling a potential buyer
Definition
Term
The prospect's five mental steps in buying
Definition
  • attention
  • interest
  • desire
  • conviction
  • purchase
Term
Overview of the selling process
Definition
  • getting the prospect's attention and interest by having the prospect recognize a need or problem, and stating a wish to fulfill the need or solve the problem
  • uncovering and answering the prospect's questions and revealing and meeting or overcoming objections results in more interest desire
  • desire is transformed into the conviction that your product can fulfill the prospect's needs or solve problems
Term
The Approach
Definition
  • leads into the presentation (the beginning)
  • the time where the salesperson first contacts the buyer to the beginning of the discussion of the product
Term
Approach could last seconds or minutes and involves:
Definition
  • meeting
  • greeting
  • rapport building
  • schmoozing (find common ground)
Term
Must take the approach seriously:
Definition
  • considered most important step
  • will not get a second chance
Term
First impression critical to success
Definition
  • projected by appearance and attitude
  • only have one chance to make a favorable first impression
Term
Opening the approach
Definition
  • with a statement
  • with a demonstration
  • with a question or questions
Term
Opening with statements
Definition
  • introductory approach
  • complimentary approach
  • referral approach
Term
The direct question
Definition
  • close ended question
  • can be answered with a few words such as: "what kind?" or "how many?"
  • does not really tell you much
  • little feedback information
Term
Non directive question
Definition
  • open ended question
  • "who will use this product?" and "what features are you looking for in a product like this?"
  • this is to obtain unknown or additional information
Term
The Rephrasing question
Definition
  • useful if you areunclear and need to clarify the meaning of something said
  • Ex. "are you saying that price is the most important thing to you?"
Term
The Redirect question
Definition
  • used to change the direction of the conversation-often from a negative to a positive
  • ex. "wouldn't you agree that you continually need to find new ways to increase your company's sales?"
Term
3 rules to using questions
Definition
  1. use only questions that you can anticipate the answer to or that will not lead you into a situation from
  2. pause or wait after submitting a question
  3. listen
Term
Be flexible to your approach
Definition
be willing and ready to change your planned approach
Term
The Presentation
Definition
  • completely and clearly explains all aspects of the salesperson's value proposition as it relates to a buyer's needs
  • determine buyer's needs through asking good questions
  • determine needs and wants through questions and then present a solution
Term
The structure of sales presentation
Definition
  • structured or canned or memorized selling
  • semi-structured or formula selling
  • need-satisfaction selling or unstructured selling
  • problem-solution selling or customized selling
Term
If you are a new sales rep., _____________ will give you confidence only until you are most familiar with the product to sell without a script
Definition
memorizing
Term
Formula selling
Definition
usually done by telemarketers. Can be used for current customers for resales.
Term
Need-satisfaction selling
Definition
asks a lot of questions, used by financial services and real estate. used in many cases the first time you call a prospect.
Term
The Group presentation
Definition
  • either you or your team presents the proposal to a group of decision makers
  • the larger the group, the more structured the presentation needs to be
  • give proper intro
  • establish credibility
  • provide an account list
  • state your competitive advantages
  • give quality assurances and qualifications
  • cater to the group behaviorial style
  • get people involved
  • the proposal
  • no prices
  • summarize benefits
Term
Objections
Definition
  • oppositions or resistance to information or the salesperson's request is considered to be an objection
  • accept objection as a challenge
  • people do not want to be taken advantage of
  • learn to overcome objections
Term

When do prospects object?

 

Definition
  • at any time during the selling process
  • use trial close to ensure you have answered the objection
Term
When do objections happen most?
Definition
after you present your value proposition
Term
If you do the previous steps well, your objections will be minimized or non-existent.
Definition
Term
Basic points in meeting objections
Definition
  • plan for objections
  • anticipate i.e. take care of them in the presentation
  • be positive
  • handle objections as they arise-postponement may cause a negative mental picture or reaction
  • listen-hear them out-let client talk
Term
Understand objections
Definition
  • request for info.
  • a condition (negotiation can overcome a condition)
  • major or minor objections
  • pratical or psychological objection
  • hidden objections
Term
6 major categories of objections
Definition
  1. hidden objections
  2. stalling objections
  3. no-need objections
  4. money objections
  5. product objections
  6. source objections
Term
Techniques for handling objections
Definition
  1. the dodge-dont respond to objection immediately
  2. rephrase as questions
  3. postpone- clarify with permission later
  4. boomerang- take a negative into a positive
  5. ask questions- most often used response
  6. denial- "no, that is not true. there are the facts." use proof statement
  7. indirect denial- try to focus client on something else without directly saying no
  8. third party- referral or some kind of testimonial (only use if it is real)
Term
When do you use a trial close?
Definition
  • after answering an objection
  • after the presentation but before the close
  • after making a strong selling point in presentation
  • immediately before you move to close the sale
Term
Not overcoming the objections
Definition
  • admit it
  • compensate for it by showing how your product's benefits outweigh the disadvantages
  • try to close and get buyer to say "no"
  • leave the door open for a return visit
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