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Selling/Sales MGMT > Exam 3 > Flashcards

Exam 3 Flashcards

1
Q

Magnus Favorite Chew Toy

A

Squeaky Chicken Chew Toy

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2
Q

Baseline Volume: Sales you would expect to see if there were no merchandising activities. AKA: Everyday Sales

What does it do?

A

Tracks the underlying health of a brand.

Analyzes merchandising effectiveness in conjunction with incremental volume.

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3
Q

Incremental Volume

A

Represents the ADDITIONAL sales volume that results from in-store promotion.

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4
Q

If Pet Food is a growing category, the Mars team might argue to _____ to make room for kindfull.

A

Expand the entire section.

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5
Q

Signpost Brands.

A

Products that consumers strongly associate with a category.

(Soup = Campbells)
(Energy Drink = Red Bull)

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6
Q

Discussion Post 4: Yeti Summary Class Lecture:

A

Yeti can replace some of these items on the shelf and as a premium brand, drive higher dollars in the space and incremental sales.

While there are objections, Yeti has positioned itself as a successful brand. Navigating Objections is the key.

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7
Q

Discussion Post 5: Target Kindfull Summary Class Lecture:

A
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8
Q

Sales Presentations are:

A

Listener Centered.

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9
Q

When it comes to the sales presentation, ____ is more important than _____ for success in sales.

A

Passion, perfection.

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10
Q

______ your presentation is key. One hour of prep time for each minute of presentation.

A

Planning

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11
Q

Units of Conviction:

A

Concicse, carefully prepared “mini-presentations” that are used as building blocks in constructing info that a salesperson presents.

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12
Q

What are the 5 Units of Conviction Elements?

A

Features:
Transitional Phrases
Benefits
Evidence
Tie-Down.

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13
Q

Transitional Phrases:

A

Sample phrases that “bridge” features to benefits:

“What this means to you, This is beneficial because, This allows us to…”

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14
Q

Tie-Down:

A

A yes/no question that confirms that the buyer agrees that the benefit is applicable and important to them.

“I believe you will agree with me, that this is a better way for handling this process than your present method.”

If the buyer says no, then go back over the feature / benefits.

This gives you feedback and builds commitment.

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15
Q

Evidence to Support Claims

A

Demonstration: Show the product being used.

Testimonials: Bring letters from satisfied customers.

Facts and Statistics: Back up what you say

Samples: Appeal to one or all senses.

Examples or Case Histories: Must be authentic and relatable.

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16
Q

Features vs Benefits

A

Features: Tangible and intangible QUALITIES or FACTS of a product. -SAME NO MATTER WHO USES THEM.

Benefits: The true value to the customer. Not all benefits may apply

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17
Q

Evidence to support your benefit claims:

A

Facts and Statititics: Back up what you say.

Samples: Appeal to one or all of the senses.

Demonstrations: Shows the product being used.

Testimonials: Reviews from an Expert. (Beauty Guru).

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18
Q

3 Types of sales presentations:

A

1: Memorized Presentation - Inexperienced salespeople use this.

2: Outline Presentation: - Common for most presentations.

3: Impromptu Presentation - Only recommended for most experienced sales people

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19
Q

What is an objection?

A

An objection is any expression from a potential buyer that becomes an obstacle to the smooth completion of a sale

Also called sales resistance

Contains elements of both logic and emotion

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20
Q

When can, or when do buyers object?

A

At ANY time during the sales cycle. From your first introduction, to the time you try and close a sale.

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21
Q

4 types of Buyer Objections:

A

The Stall / Put-off.

The searcher.

The hidden objection.

The stopper.

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22
Q

The Stall / Put Off

A

Buyer is trying to avoid deciding.

May not have presented a compelling reason to buy

Handling stalls is a test of attitude.

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23
Q

The Searcher:

A

Mentally decided that they want to buy, but they require more data.

They just want to be convinced.

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24
Q

What is The Hidden Objection.

A

The buyer will not reveal the real reason.

Often personal, which makes the buyer feel uneasy.

Like an iceberg lurking below the surface, the buyer here has some sort of reason for not buying.

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25
Q

The Stopper:

A

An objection for which no solution can be found.

Not every buyer is a fit for what you have to offer.

The buyer has a legitimate reason for not buying the item, so move on.

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26
Q

Six Step Plan for Handling Objections.

A

Step 1: Listen and hear them out.

Step 2: Confirm your understandings.

Step 3: Acknowledge their Point of View.

Step 4: Select a Technique (based on):

Step 5: Answer the objection.

Step 6: Attempt to close the sale.

27
Q

Six Techniques for NAVIGATING obections.

A

1: Feel, Felt, Found
2: Compensation or Counterbalance Method.
3: Ask “Why” or Specific Questions.
4: Remove a Misconception.
5: The Boomerang Method.
6: Curiosity Method.

28
Q

Feel, Felt, Found Method.

A

-Overcomes a stall or very personal concern.
-Answer by referring to a 3rd party experience as proof.
-Provide new facts which allow the buyer to re-evaluate.

29
Q

Compensation or Counterbalance Method.

A

-Admit the objections are valid.
-Describe some benefits that may outweigh them.
-Relate a case history or testimonial.

30
Q

Ask “Why” or a Specific Question.

A

Ideal for separating excuses for real objections.

31
Q

Remove a Misconception Method:

A

-Useful for when the prospect has the wrong information.
-There may be no other option than to refute it by providing more accurate information.
-Be firm, but SINCERE. Do NOT be defensive.

32
Q

The Boomerang Method:

A

-Initially agree with the objection, but turn it into a selling point.
-Convert the objection into a reason to buy.
-Works well when the buyer lacks complete information.

33
Q

Curiosity Method:

A

-Buyer may be mentally comparing their present product or a competing product with yours.
-Demonstrate a “genuine” curiosity about their objection.

34
Q

4 Methods for Mastering the Price Question:

A

1: Do a Price Breakdown.

2: Use the Presumption of
Exclusivity.

3: Perform a comparison.

4: Sell Down.

35
Q

Methods for Mastering the Price Question: Price Breakdown

A

Do a price breakdown!

-Use the lowest common denominator!
-Break the price down - by day, week, or month.
-Your job is to establish value, not price.
-Look at the price-cost-value comparison over time.
-Talk about the initial price versus the ultimate cost.

36
Q

Methods for Mastering the Price Question: Perform a Comparison

A

Comparison of your product’s features, advantages, and benefits against competitors or buyer’s current product.

A demonstration can give a convicting answer to an objection.

Do a comparison of long-run costs and savings.

Use your company’s reputation to build trust and justify the higher price.

37
Q

Methods for Mastering the Price Question: Presumption of Exclusivity.

A

Stress the special features that only your products can offer.

Sell quality and uniqueness.

Make your piece seem unimportant in comparison to the value received.

Draw the picture clearly and convincingly, most buyers are fair-minded.

38
Q

Methods for Mastering the Price Question: Sell Down

A

Present the best, most expensive product first.

The common law of business balance prohibits paying a little and getting a lot.

Be patient, focus on the benefits, and let the buyer tell you what features they can live without.

There is a price point below which the buyer will not want to go.

ALLBUYERS HAVE A PURCHASING OR BUYING RANGE - FIND IT!

39
Q

What is a Close?

A

A question asked or an action taken by a salesperson designed to elicit a positive buying decision.

The process of helping people make a decision that will benefit them.

Salespeople help buyers decide by asking them to buy.

40
Q

The key ingredient in closing is your ______.

A

ATTITIDE!

Believe in what you sell and assume commitment

Understand that rejection is NOT PERSONAL.

41
Q

Your attitude will communicate:

A

Sincerity, interest in the buyer, and belief in your offering.

42
Q

The Closing Curve: Knowing When to Close!

A

As you establish needs and benefits, there are more prospects who want to buy.

However, as you presentation drags on, the less there is where people will buy.

The will-buy-line is the point where you have adequately defined needs and peaked interest.

43
Q

Recognize Buyer signals:

A buying signal may come in the form of a question.

Also look for:

A

Frequent Nodding,

Handling Documents, products, or other
materials.

Consistent Eye Contact.

“Look for at least TWO nonverbal buying signals before you move to the next step!”

44
Q

The Trial close:

A ____ ask for an opinion

A ______ ask for a decision.

A

Trial Close

Closing Question.

45
Q

You must put the buyer in the position of having to:

A

Make a decision, speak first, and respond to your close.

ASK FOR THE ORDER AND THEN…..

(BE QUIET! SILENCE IS POWERFUL)

46
Q

Eleven Closing Strategies:

A

1: Assumptive
2: Continuous
3: Physical Action
4: Direct
5: Alternative
6: Summary
7: Impending Event
8: Trial Order
9: Balance Sheet
10: (Not on exam) Cost of Ownership
11: Callback Close

47
Q

Assumptive Close Strategy Method:

A

Assume you asked for the order and the prospect agreed.
Use “when” and “as”. Avoid “if” and “should”.

Example: “When you run the promotion will you start a week before Thanksgiving? Will you place this in the snack isle in the store? Will I be working in the HQ office when I’m in training?

48
Q

Continuous Yes Close Method:

A

Keep asking questions that are designed to be answered yes.

“You want to run a promotion in December? - Yes”

“You like promoting the cereal category? - Yes”

“You are looking to fill the role quickly? The key skill is data analytics? - Yes”.

49
Q

Physical Action Close Method:

A

Fill out the order or wrap it up.
Let your actions speak for you.

“As I fill in the order form, what ship date should I record?”

“Are you the primary contact I should list? What number should I use?”

50
Q

Direct Close:

A

Ask for the order in a straightforward manner.
Appeal to decisive people who already respect you.

“Can I arrange the first ship for December 1st?”

“Is the recommended shelf set approved?

“Am I in strong consideration for the position?”

51
Q

Alternative Close:

A

Give a choice between two positive alternatives.
“Which do you prefer?” or “Would you prefer A or B?”

“Should our team come in on Monday or Wednesday to deliver the product.”

52
Q

Summary Close

A

Summarize benefits in a positive manner.
Concentrate on benefits that mean to most to that prospect.

“Let’s review the major points that we have agreed on.”

“To review, the key job qualifications are …. I have experience in ….., which we agree, directly addresses your requirements.”

53
Q

Impending Event Close

A

Give prospects a sense of urgency.
Only use if the reason is legitimate.

“We have a price increase coming on December 1st, If you order this week, you can ship at a lower cost.”

“We expect shortages based on the crop yield this year - I would double your order to ensure you don’t run out.”

“I am considering another position, but you are my first choice. I need to have an answer by Monday.”

54
Q

Trial Order Close

A

Also called the puppy-dog close.
Appeal because of the low risk to buyer.

“How about trying the service/product for 3 months at no cost, then if you are finding the benefits valuable, we will start billing.”

55
Q

Balance Sheet Close:

A

Weigh the pros against the cons.
Show the positives outweigh the negatives.

Use paper or device - draw a line - list reasons for yes on the left, and list buying decisions and questions on the right.

“To make a decision, let’s list the benefits and the questions to illustrate which side weighs more.”

56
Q

Callback Close:

A

For when the answer is “not today.”
Create a reason to come back at a later point.

Effective call back plan.

Approach:
-State a reason for calling back.
-Be sure to have SOMETHING DIFFERENT to present, and then….

Review:
-Review the whole presentation. “As you recall….we showed you that…”

57
Q

Upgrading or Up-selling: 2020 Subaru Forester.

A
58
Q

Define Cross-Selling:

A

The process of selling products that are not directly related to the primary products being sold.

59
Q

REMEMBER! Gaining a new customer costs up to _____ than keeping a current one!

A

5 TIMES

60
Q

When writing thank you letters and emails to customers, remember the 4 P’s!

A

Prompt
Personalized
Precise
Positive

61
Q

Maximizing Current Customers. The 4 R’s

A

Referrals - Loyal Customers encourage others to support your company over another.

Retention - Customers who continue to buy from you provide a solid base for success.

Reputation - Loyal Customers speak well of you to others.

Revenue - Loyal Customers give you more of what you and your company need.

62
Q

MOTUS:

A

A software used to track mileage for sales.

63
Q

The Parento Principle:

A

80/20 Rule.

You can finish 80% of your work in 20% of the time.

64
Q

Parkinson’s Law:

A

Work Expands to fill time allowed for completion.

If you finish something early, you expand the work you have to make the time.

Selling/Sales MGMT (10 decks)

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