Final Exam Flashcards
what is magnus favorite toy?
Tennis ball
loyalty is a
feature
Signpost brands
Redbull
Nike
Starbucks
How long do salespeople spend on selling everyday?
2 hours
What is the pareto principle?
20 percent of the salespeople make 80 percent of the sales
What is Parkinson’s Law?
Work expands to fill the time available
Passion is more important than
perfection
How long should I prep for a presentation?
One hour of prep for each minute of presentation
Units of conviction
concise, carefully prepared mini presentations that are used as building blocks in constructing the information the salesperson presents (prepare them ahead of time, practice them until they are comfortable, they become permanent, learn how to personalize)
what does each unit of conviction contain?
Feature - fact about the product or service
transitional phrase - bridge
benefits - what’s in it for me?
evidence - proof statements
tie down - trial close or nail down
Features are the
same no matter who uses them
when do buyers object?
at any time
memorized presentation
rapid productivity
reliable and effective info
confidence builder
should only be used when info is internalized to the point that it is normal(personal)
inexperienced sales people use this
outline presentation
use several units of conviction
reveals need for additional information
helps compare needs with suggested solutions
impromptu presentation
Only used by experienced salespeople
the stall or put off
prospect is avoiding making a decision. you may not have presented a compelling reason to buy, handling this is a test of your attitude
the searcher
prospect wants more data
they want to buy but need more convincing
the hidden objection
prospect will not reveal the real reason
often personal reason
the stopper
the prospect has a legitimate reason to not buy
handling objections
-keep the buyers attitude toward your product positive
-let buyers know you are on their side
- help with objections (show you care)
-do not get demanding, defensive, or hostile
-do not be satisfied with an excuse or stall
-bring out your arsenal of selling benefits and keep on presenting
navigating objection - feel felt found
use experiences, provide new facts
navigating objection - compensation or counterbalance method
admit objection is valid and describe counterbalance
navigating objection - ask why?
turn broad no into specific concern
navigating objection - remove misconception
useful when prospect has clearly wrong message; be firm and present the data
navigating objection - boomerang method
initially agree with concern, but make statement that turns it into a selling point
navigating objection - curiosity method
demonstate genuine curiostiy about their objection, prospect may be mentally comparing with a competing product
Price objection - price breakdown
use the lowest common denominator - break the price down - establish value not price
Price objection - perform a comparison
compare product’s features, advant, and benefits among competitors
Price objection - sell down
present the best most expensive product first, be patient and focus on benefits
When to answer objections - before they arise
-price objections
when to answer objections - postpose the answer
when you are planning to cover that point further along and the prospect has jumped ahead
ANSWER IMMEDIATELY
when to answer objections - ignoring answer
when it has nothing to do with your product
what is a close?
question asked or an action take by salesperson designed to elicit a positive buying decision from the prospect.
what is an objection?
an obstacle to the smooth completion of a sale
up selling
point out the benefits of the higher price model to meet their needs
cross selling
example: apple pen for your iPad (accessories)
cost of gaining a new customer
5x more than keeping a customer
impending event close
QVC - deal ends soon!
Trial order close
3 months at no cost
the mars team
sales productivity of the IAMS product
Salespeople help buyers decide by
asking them to buy
your attitude will communicate
sincerity
interest in the buyer
belief in your product
direct close
ask for the order directly
thank you letters / 4 P’s
prompt
personalized
precise
positive
the 4 R’s - why current customers are important
Referrals
retention
reputation
revenue
