MKT 337 Final
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. What would you like to do?
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
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.
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
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
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
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!”
What is the goal of positioning?
Credibility, control, comfort
- •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
- •Take control of the meeting… by consent
- •Take control of the meeting… by purpose: Insight into reason for meeting, Source of intentions
- •Salespeople can preview benefits and recommendation
- •Must be brief and general
- •Demonstrates the salesperson’s advantage
Positioning to prospects, accounts, and partners
- Prospect- Heavy credentialing
- Account- Heavy insight, intentions
- Partner- Heavy recommendation
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
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?
Examination to the prospect, account, and partner
- Prospect- stronger examination
- Account- light examination
- Partner- almost no examination
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
- •Diagnostic and Surgical Inquiries
- •Inquiring Questions
- •Satisfied Customer Survey
- •The “What If” Technique
- •S*P*I*N –Situation–Problem–Implication–Need-Payoff
Goal of the Prescription
- Present the case
- - Features
- - Benefits
- - Recommendations
Prescription to the prospect, account, and partner
- Prospect- Very heavy features & benefits, light recommendations
- Account- Moderate features, some recommendations
- Partner- Light features, unlimited recommendations
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
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
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
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?”
Number of Units of Conviction differ based on:
- Type of Product
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
- •Benefits Summary
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
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
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
Three categories of objections are SSS:
- 1. Stoppers
- 2. Stalls
- 3. Searches
•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."
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.."
•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."
- –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
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.
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
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
- –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
- –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
- –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
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
- –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
- –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
Types of Commitments
- –Sales – close the deal
- –Another meeting
- –Gather Additional Information
- –Reschedule for later
- –Talk to Buying Center
- •Traditionally known as the “close.”
- –Solidifies agreement and identifies next steps
- •Transaction statement
- •Immediate next steps
- •Development statement
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
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
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
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
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
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
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
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
What would you like to do?
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