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Sales & Marketing introduction - Session 4

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Sales & Marketing introduction - Session 4

  1. 1. The 4 th session
  2. 2. Sales Cycle
  3. 3. SC: Prospecting <ul><li>Person who: </li></ul><ul><ul><ul><li>Wants or needs the product </li></ul></ul></ul><ul><ul><ul><li>Can afford to buy it </li></ul></ul></ul><ul><ul><ul><li>Is the decision maker </li></ul></ul></ul>Qualified prospect Person who wants or needs the product Prospect Lead Advertising Coupon Toll-free Trade shows Professional meetings Conferences Lists and directories Cold canvassing in person Telephone canvassing Networking Referrals Center of influence
  4. 4. SC: Approach <ul><li>Gain prospect’s attention …. How? </li></ul><ul><li>Stimulate interest </li></ul><ul><li>Make transition to presentation </li></ul><ul><li>First impressions are critical </li></ul>
  5. 5. SC: Need Discovery <ul><li>Need discovery has become more important than the presentation . </li></ul><ul><li>The &quot;pen and pad&quot; approach </li></ul><ul><li>We need a plan to follow while asking questions. </li></ul><ul><li>Research findings - successful sales interactions : </li></ul><ul><ul><li>Contain more requests for information and opinions </li></ul></ul><ul><ul><li>Contain fewer statements of disagreement </li></ul></ul><ul><ul><li>Closing is directly linked to questions </li></ul></ul>
  6. 6. SC: Presentation 1/2 <ul><li>Information must be provided in a manner that is </li></ul><ul><ul><li>accurate </li></ul></ul><ul><ul><li>thorough </li></ul></ul><ul><ul><li>step-by-step </li></ul></ul><ul><li>Canned sales presentation </li></ul><ul><ul><li>Memorized, standardized message </li></ul></ul><ul><ul><li>Conveyed to every prospect. </li></ul></ul><ul><li>Lacks flexibility </li></ul><ul><li>Lacks spontaneity </li></ul><ul><li>Does not provide much feedback </li></ul>Ready-made Selling Format <ul><li>Assumes that the appropriate stimulus by a salesperson, the prospect will buy </li></ul><ul><li>Salesperson tries one appeal after another </li></ul><ul><li>Often for simple situations </li></ul>Simple Response Format
  7. 7. SC: Presentation 2/2 <ul><li>Focuses on problem identification </li></ul><ul><li>Salesperson serves as an expert on problem recognition and resolution. </li></ul><ul><li>Novel solutions often arise </li></ul><ul><li>Creating unique value for the customer </li></ul>Consultative Selling <ul><li>Adjusting the presentation to fit the selling situation </li></ul><ul><li>Knowing when to offer solutions and when to ask for more information </li></ul>Adaptive Selling <ul><li>Emphasizes probing and listening identify needs and interests of prospective buyers </li></ul><ul><li>Presentation is then tailored to the prospect </li></ul><ul><li>Product benefits valued by the prospect are highlighted </li></ul>Need Satisfaction Format
  8. 8. SC: Handling objections <ul><li>Acknowledge and convert the objection . </li></ul><ul><li>Postpone, when the objection will be addressed later in the presentation. </li></ul><ul><li>Agree and neutralize. </li></ul><ul><li>Accept the objection. Probe for the reasons behind it, and attempt to stimulate further discussion on the objection. </li></ul><ul><li>Denial. When an objection is clearly untrue, it is wise to meet it head on with a firm denial. </li></ul><ul><li>Ignore the objection when it is a stalling mechanism or is clearly not important to the prospect. </li></ul>
  9. 9. SC: Closing Knowing when the prospect is ready to buy More difficult in cross-cultural buyer-seller negotiations where societal customs and language play a large role PO/ Signing Used to commit the prospect quickly by making reference to the timeliness of the purchase Urgency close Asking the prospect to consider choices concerning delivery, warranty, or financing terms under the assumption that a sale has been finalized Assumptive close Asking the prospect to make a decision on some aspect of the purchase Trial close
  10. 10. SC: Follow up <ul><li>Making certain that the purchase has been </li></ul><ul><ul><li>delivered </li></ul></ul><ul><ul><li>installed </li></ul></ul><ul><ul><li>any difficulties are addressed. </li></ul></ul><ul><li>Solidifies the buyer-seller relationship. </li></ul><ul><li>Cost and effort to obtain repeat sales from a satisfied customer is half of obtaining a new sale </li></ul>
  11. 11. Need discovery <ul><li>Questions have objectives </li></ul><ul><ul><li>To discover the prospect's &quot;hot button&quot; </li></ul></ul><ul><ul><li>To establish purchase criteria </li></ul></ul><ul><ul><li>To agree on a time frame for completion of negotiations </li></ul></ul><ul><ul><li>To gain agreement on the problem before beginning the actual presentation of benefits </li></ul></ul><ul><li>Gear questions to the benefits of your product </li></ul>
  12. 12. Need discovery tactics <ul><li>Phrase Each Question so That it Has Only One Clearly Focused Purpose </li></ul><ul><li>Avoid Technical Language that Might Confuse the Prospect </li></ul><ul><li>Ask Questions That Help to Reveal the Behavioral Style of the Prospect </li></ul>
  13. 13. Specific questions techniques <ul><li>Allow the prospect to move in any direction </li></ul><ul><li>Cannot be answered with a yes or no </li></ul><ul><li>Ordinarily begin with Who, What, Where, When, Why or How </li></ul><ul><li>Stimulates the prospect's thinking and increases dialogue </li></ul><ul><li>Helps uncover the dominant buying motive </li></ul><ul><li>Uncovers the personality of the buyer </li></ul><ul><li>Follow up for statements that you make </li></ul><ul><li>Open End </li></ul><ul><li>Uncovering specific facts </li></ul><ul><li>Reducing tension because they are easy to answer </li></ul><ul><li>Maintain control by directing flow of conversation </li></ul><ul><li>Bind prospect commitment to a specific position </li></ul><ul><li>Closed End </li></ul><ul><li>MCQ </li></ul>
  14. 14. Questions techniques <ul><li>Clarification probes </li></ul><ul><li>Double - Check Question restate or rephrase the prospect's remarks </li></ul><ul><li>Non-verbal gestures </li></ul><ul><li>Silence </li></ul><ul><li>Internal summary </li></ul><ul><li>Getting formal agreement of problem </li></ul>
  15. 15. Thanks
  16. 16. Customer development process (Sales Cycle) Suspect Prospect Client Advocates First time customer Repeated customer Partners Lost customer Disqualified prospect
  17. 17. Customer development process (Sales Cycle) Suspect Prospect Client Advocates First time customer Repeated customer Partners Lost customer Disqualified prospect
  18. 18. Customer development process (Sales Cycle) Suspect Prospect Client Advocates First time customer Repeated customer Partners Lost customer Disqualified prospect