Exam 1 Flashcards
What did Jim Koch say regarding his selling of Samuel Adams Beer? What is the crucial feedback loop?
What he needed was a customer.
Crucial Feedback Loop: If you really understand customer needs and solve for them, you will be successful.
How Sales professionals demonstrate value to customers:
by providing productive information
by helping identify and solve problems
Textbook definition of Personal Selling
the process of seeking out people who have a particular need, assisting them to recognize and define that need, demonstrating to them how a particular service or product fills that need, and persuading them to make a decision to use that service or product.
4 Types of Sales Jobs and examples:
Trade Selling: Increase business through merchandising and promotions. (Lindsey House from Mars Chocolate.)
Missionary Selling: Educating buyers who decide what product the consumer will use. (Pharmaceutical Sales, Medicine, etc).
Technical Selling: Specialist with technical expertise selling to firms who use their products. (Electronic sales, Phone sales, etc).
New Business Selling: Seeks out and persuades new customers to buy for the very first time. (Realtors, Houses).
What does it take to be good at Sales? (9)
Enthusiasm
Empathy
Goal Directed
Ability to ask questions
Resourcefulness
Administrative ability
Initiative
Perseverance
Pleasant personality
What we did NOT list for characteristics. (What is NOT good)
Aggressive/assertive
Extrovert
Winning at any cost
Physical size
Fast talker
What are some downside issues in a Sales Career?
Rejection! (THIS IS THE BIGGEST DOWNSIDE).
Irregular hours and travel
Variable income in commission-based sales
Dealing with people who are, to say the least, challenging
Relationship Builders:
1: Treat customers like lifelong partners.
2: Become a solutions provider.
3: Deliver more service than you promise.
4: Schedule regular service calls.
5: Open and honest communication.
6: Use the “we can” approach.
7: Take responsibility for mistakes.
8: Be an ally for the customer’s business.
Relationship Breakers:
1: Focus only on making the sale.
2: Wait for problems to develop.
3: Over-promise and under-deliver.
4: Wait for customers to call you.
5: Lie or make exaggerated claims.
6: Use the “us vs. them” approach.
7: Blame others, knock competitors.
8: Focus on your personal gain
A true sales professional will succeed if they can handle _____, harness ______, and _____ to customer evolving needs, in order to ______ get what they want.
Change, Technology, respond, help people.
Relationship Selling Model vs Traditional Sales Model.
Relationship:
40% Build Trust
30% Question / Listen
20% Sell Benefits.
10% Reassure Close.
Traditional:
10% Telling.
20% Qualification
30% Present Feature.
40% Close Long and hard.
Qualifed Prospects must have:
Some Pre-Approach Activites include:
Needs, Money, Authority.
Action plans and social media research on prospect.
As a class, what did we agree that was the most important tip for a new salesperson?
1: BE PREPARED
The Fraud Tree:
Corruption:
Asset Misappropriation:
Financial Statement Fraud:
Ethics in Modern Society:
Individual people are unethical, not organizations.
Business Ethics is an aspect of societal ethics.
Ethics in selling is NOT a contradiction.
Inside the Fraud Triangle:
Pressure: Employees faces personal financial problems.
Opportunity: Employee recognizes that pressure can be relieved by theft, and it can be hidden from exposure.
Rationalization: Employee finds justification for the misconduct in order to maintain a personal sense of self-worth.
Deontological:
A system that relies on the use of expressly stated rules, such as the 10 commandments or the Golden Rule.
Teleological:
a system that defines right and wrong only in terms of outcome (aka the greatest good for the greatest number).
As a salesperson (or in any function actually), you need to know where the company stands on ethics, and whether its stand is ______.
And the time to do this is _____ you’re hired, not after!
consistent with your own, before
Global Rule of Thumb:
Salespeople should follow the laws of their country and the rules of their company
Influences on a Salesperson’s Ethics:
Company Code of Ethics: Government action and fear of retribution have convinced more companies to adopt a code
The Bottom Line: Survival and Profit
Group Think: Peer Pressure
Gamesmanship: Winning only for the sake of winning.
Unethical behavior can occur in sales when people forget the real purpose of professional selling:
to satisfy the needs of others
