MKT 337 Final

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Calittlefield
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217063
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MKT 337 Final
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2013-05-01 20:32:40
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MKT 337 Final
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Note cards for MKT 337 at UA
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  1. Goal of The Approach?
    • Greet and Connect
    • - Professional greeting- clear name exchange, affirm name, credential yourself
    • - Pro/personal connect- ask the buyer questions, people love to talk about themselves
  2. Connect during the approach
    The buyer and seller are not adversaries playing to defeat each other.. they are seeing if they can become partners who can work together to solve a problem.
  3. Connecting during the approach
    • •Connections are important for any sales proposal, but they differ greatly depending on the strength of your existing relationship.
    • - Prospect- rapport building
    • - Account- rapport development
    • - Partner- rapport maintenance
  4. Ways to connect
    • •An anecdote or point from your last communication
    • •Use of a referral or other connection
    • •Something you’ve learned about the prospect or industry in preparation
    • •A compliment – sincere, not canned
  5. What benefits do referrals have?
    • •Referrals can open doors to previously “off-limits” prospects
    • •Casual acquaintance of prospect
    • •Personal friend of prospect
    • •Referral card of introduction
  6. What benefits does a compliment have?
    • •Offering a compliment is often effective because it appeals to basic human instinct •Appreciation •Recognition
    • •A sincere compliment is always true, specific, and in good taste
    • •Business only = Do NOT say, “Wow, you look great in person… even better than your picture!”
  7. What is the goal of positioning?
    Credibility, control, comfort
  8. Credibility
    • •Assure buyer that you are a worthy representative from a worthy company
    • •History of company (or of relationship with company)
    • •Benchmarks of success
    • •Begin with a closer? 
    •     •Approach Close - 1 Demonstration Close -2
  9. Control
    • •Take control of the meeting… by consent
    • •Time
    • •People
    • •Agenda
    • •Take control of the meeting… by purpose: Insight into reason for meeting, Source of intentions
  10. Comfort
    • •Salespeople can preview benefits and recommendation
    •    •Must be brief and general
    •    •Demonstrates the salesperson’s advantage
  11. Positioning to prospects, accounts, and partners
    • Prospect- Heavy credentialing
    • Account- Heavy insight, intentions
    • Partner- Heavy recommendation
  12. Basic goal of the examination step
    • –To uncover the buyer’s primary concern.
    • –To determine the buyer’s dominant buying urge.
    • –To confirm the salesperson’s understanding of the prospect’s/customer’s situation
    • –To uncover the prospect’s/customer’s expressed and latent needs
  13. Basic approach to the examination step
    • –What else do I NEED to know that can’t be found in planning?
    • –What questions can respectfully and productively get that information?
    • –What will I do with the information I get?
    • –What will I do if the information I get contradicts my planning?
  14. Examination to the prospect, account, and partner
    • Prospect- stronger examination
    • Account- light examination
    • Partner- almost no examination
  15. Two type of questions?
    • Open-ended questions- can't be answered with yes or no
    • Closed-ended questions- CAN be answered with yes or no
  16. Questioning Techniques
    • •Diagnostic and Surgical Inquiries
    • •Inquiring Questions
    • •Satisfied Customer Survey
    • •The “What If” Technique
    • •S*P*I*N –Situation–Problem–Implication–Need-Payoff
  17. Goal of the Prescription
    • Present the case
    • - Features
    • - Benefits
    • - Recommendations
  18. Prescription to the prospect, account, and partner
    • Prospect- Very heavy features & benefits, light recommendations
    • Account- Moderate features, some recommendations
    • Partner- Light features, unlimited recommendations
  19. Prescription #1- State feature clearly
    • •Feature should related to determined need
    • •Feature should be expressed in clear terms
    •  •Visual aid
    •  •Complex ideas should be broken down into simpler component ideas
    •  •Hands-on exposure is best
    •  •Ability for buyer to keep information, use information later is ideal
  20. Prescription #2- Document the feature
    • •Ground the feature in clear proof
    • •Show calculations
    • •Offer testimonials
    • •Show test results
    • •Hands-on proof
    • •AVOID:  “I think” or “I’m sure” or “I promise” statements
  21. Prescription #3- Show implication of feature-benefit
    • •Directly link this feature to the discovered need
    • •“What this means for Walmart is…”
    • •Perform quick calculations if appropriate to show projected numbers
    • •Use a “case study” approach
  22. Prescription #4- Secure Agreement
    • •Check the pulse
    • •“Does that make sense to you?”
    • •“Do you see the possibilities that are available now in attractive, storm-strength shutters?”
    • •“Can you see how this major promotion has the potential to bring loyal Red Diamond tea drinkers down your coffee and tea aisle?”
  23. Number of Units of Conviction differ based on:
    • Needs
    • Expense
    • Complexity
    • Type of Product
  24. Units of Conviction to prospect, account, partner
    • Prospect- Heavy on Units of Conviction
    • Account- Moderate on Units of Conviction
    • Partner- Light on Units of Conviction
  25. Recommendation Stage
    • •Benefits Summary
    • •Recommendations
    • •Discussion
    • •Agreement
    • •Transition
  26. Recommendations to prospect, account, and partner
    • Prospect- after benefits, mild on recommendations, be ready to adjust
    • Account- after benefits, stronger on recommendations, less adjustment
    • Partner- before benefits, unlimited recommendations, little adjustment
  27. How are objections really opportunities?
    • –They allow you to reiterate key points
    • –They allow you to understand more fully the buyer’s perspective and point of view
    • –They allow you to clarify any misunderstandings
    • –They allow you to uncover new obstacles and benefits
  28. Where can objections take place?
    • –During the prescription
    • –During and after features and benefits
    • –During and after recommendations–Sometimes during the approach
    • –Pretty much anytime
  29. Three categories of objections are SSS:
    • 1. Stoppers
    • 2. Stalls
    • 3. Searches
  30. Stoppers
    •Stoppers are genuine objections to all or part of the salesperson’s proposal.

    • Ex. "We are eliminating our grocery department."
    • "We are considering replacing all of windows."
    • "We just bought storm shutters last week."
  31. Stalls
    Stalls are invalid objections (excuses)

    • Ex. "I need to talk this over with my buying teams."
    • "I don't really have time right now, but just leave me some material.."
  32. Searches
    •Searches are requests for more information either from the salesperson, the competition, or both

    • Ex. "I'll have to compare this with the competition."
    • "I'm not really in the looking stage right now."
  33. Handling Objections
    • –Anticipate objections
    • –Listen to verbal and be attentive to nonverba
    • l–Follow Objections Process to give clear, accurate, honest, confident response
    • –Often objections call for a recasting of units of conviction
    • –Always think in terms of value
  34. The formula for handling objections.
    • 1.Listen very carefully to the prospect's objection
    • 2.Clarify the concern (as needed)
    • 3.Cushion the objection (as needed)
    • 4.Classify the objection mentally (SSS)
    • 5.Answer the objection with concern, conviction, and clarity
    • 6.Offer implications
    • 7.Secure agreement of the prospect.
  35. Overcoming objections with prospects, account, and partner
    • Prospect- patient & positive, heavy on context, simple answers, light implications
    • Account- patient & realistic, light context, robust answers, some implications
    • Partner- ecourage for clarity, little context, exhaustive answers, heavy implications
  36. Common methods for responding to objections
    If the buyer makes a statement that is factually not true, use: Direct Denial, Indirect Denial

    If the buyer raises a valid concern or offers an opinion, use: Compensation, Referral, Revisit, Acknowledge, Postpone
  37. Direct Denial
    • –The salesperson makes a relatively strong statement to indicate the error the prospect has made
    • –Appropriate only when the objection is blatantly inaccurate
    • –Should never be used if the prospect is merely stating an opinion
  38. Indirect Denial
    • –The salesperson denies the objection but attempts to soften the response
    • –The salesperson must recognize the position of the customer who makes the objection and then continue by introducing substantial evidence
  39. Compensation Method
    • –Buyers may object because the salesperson’s product is less than perfect
    • –Acknowledge objections and then show any compensating advantages
    • –Also use when the prospect tries to put off closing the sale
  40. Referral Method and Revisit Method
    Referral Method- Feel-felt-found method

    Revisit Method- Salesperson turns the objection into a reason for buying, works with most personality types
  41. Acknowledge Method
    • –Buyer voices opinions or concerns to vent frustration
    • –Salesperson listens, acknowledges, pauses, then moves on to another topic
    • –Should not be used if the objection is factually false
  42. Postpone Method
    • –Buyer raises objections the salesperson would prefer to answer later in the presentation
    • –The salesperson should ask permission to answer the question at a later time
    • –Most useful when a price objection occurs early in the presentation
  43. Types of Commitments
    • –Sales – close the deal
    • –Another meeting
    • –Gather Additional Information
    • –Reschedule for later
    • –Talk to Buying Center
  44. The Transition
    • •Traditionally known as the “close.”
    • –Solidifies agreement and identifies next steps
    •  •Transaction statement
    •  •Immediate next steps
    •  •Development statement
  45. Importance of securing commitment
    • –Tells the salesperson what to do next
    • –Defines the status of the client
    • –Time to do business
    • –Customer realization of benefits
    • –Company good will and profit
    • –Financial rewards for all involved
  46. Closing the deal
    • A.Asking for the Order – “May I have your permission to place an order…”
    • B.Assumptive Close – “How much of a down-payment would you like to make?”
    • C.Alternative Choice Close – “Would you like the first shipment to come in June or July?”
    • D.Summarizing the Benefits – product, company, revenue,
    • E.The Balance Sheet Close – Pros and cons
  47. Transition for prospect, account, and partner
    • Prospect- heavy transaction, heavy next step, light development
    • Account- balanced transaction, next steps, and development
    • Partner- light transaction and next steps; heavy development
  48. If commitment is obtained..
    • Don't act surprised or too excited
    • No surprises- go over all important info
    • Confirm the customer's choice
    • Get the signature
    • Show appreciation
    • Cultivate for future calls
  49. If the sale IS made
    • –Show appreciation for the customer's business, but do not gloat
    • –Reassure the customer that the decision is a good one
    • –Complete all necessary paperwork, and finalize the details
    • –Solicit sales leads (If appropriate)
    • –Be sure to leave with a good understanding of the customer's expectations
  50. If the sale IS made
    • –Arrange delivery schedule
    • –Serve as communication link
    • –Follow up to stave off buyer’s remorse
    • –Track order through supplier to prevent problems or misunderstandings
  51. If the sale IS NOT made
    • –Duties to the customer
    •  •Terminating the interview
    •  •Possibly providing service
    •  •Establishing goodwill
    • –Duties to the sales organization
    •  •Documenting the sales presentation and results
  52. Bringing the interview to a close
    • •Most sales take several calls to complete
    • •Leave with a clear plan for all parties
    • –Review what you will do next
    • –What the customer will do next
    • –When you will meet again

    •Follow-up promptly with a thank-you and reminder note

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