Final Terms Flashcards
Prospecting
The process of locating potential customers for a product or service
lead
A potential prospect a personal organization that may have the characteristics of a true prospect
Qualifying a customer
The process of determining whether a lead is in fact a prospect
House accounts
Accounts assigned to a sales executive rather than to the specific sales person responsible for the territory containing the account
Selling deeper
Selling more to existing customers
Endless chain
Prospecting method whereby a sales representative attempts to get at least one additional lead from each person he or she interviews
Referred lead
Name of a lead provided by either a customer or prospect of the salesperson
Center of influence
Prospecting method where in the salespersons cultivates well-known, influential people in the territory who are willing to supply lead information
Bounce back card
Card returned from a lead that request additional information
NAICS
Replaces the older standard industrial classification code. The groups industries into 20 Rod sectors as opposed to 10 sectors under SIC
Data mining
Sifting through very large amounts of data for useful information
Cold calling
Visiting a prospect without a prior appointment
Influential adversary
Individuals in the buyers organization. Great influence and are opposed to the salespersons product or service
Analysis paralysis
When I sales person prefers to spend practically all is her her time analyzing the situation and gathering information instead of making sales calls
Customer value proposition
A written statement clearly states purchasing your product or service and help and shareholder value
Impression management
The process whereby someone tries to influence the observations and opinions of others about something
Halo effect
The transfer of goodwill positive feelings about one person to another possibly unrelated characteristics
Small talk
Polite conversation about unimportant or uncontroversial matters especially as engaged in on social occasions
Referral
Referring someone or something for consultation review further action
Benefit
An advantage or profit gained from something
Advantage
A condition or circumstance that puts one in a favorable or superior position
Feature
A distinctive attribute or aspect of something
Rapport
A close and harmonious relationship in which the people or groups concerned understand each other’s feelings or ideas and communicate well
Open questions
In a manner in which differences of opinion or possible
Closed questions
Questions that have a single answer
Like yes or no
Situation questions
General data gathering questions about background and current fact that are very broad in nature
Problem questions
Questions about specific difficulties, problems, or dissatisfactions that the prospect has
Implication questions
Questions that logically follow one or more problem questions in spin selling designed to help the prospect recognize the true ramifications of the problem
Need payoff questions
Questions that I asked about the usefulness of solving the problem
Demonstrations
Action or process of showing the existence or truth of something I getting proof or evidence
Request for proposal
Statement issued by a potential buyer desiring bids from several potential vendors for a product
Executive summary
Sometimes known as a management summary is a short document or section of the document produced for business purposes and summarizes a longer report proposal or a group of related reports in such a way that readers with a large body of material
Objections
Concern or question raised by the buyer
Forestalling objections
If the salesperson is aware of an objection that comes up repeatedly during a sales pitch or presentation the sales person may raise the injection himself and counter it with a pre-prepared argument
Direct denial method
Direct denial is one of several common techniques used by salespeople when responding to certain types of by or concerns. This approach works well when responding to miss statements of fact. The point is to appease the concerns of the prospect to get him to buy
Indirect denial method
Handling a buyer’s objection by initially admitting the validity of the objection in order to maintain report but then offering evidence to rebut the objection
Compensation method
Salesperson will admit that such objections are valid and then proceed to show any compensating advantages
Referral method
Sales person goes on to relate to others actually found their initial opinions to be unfounded after they try the product
Revisit method
Also called the boomerang method of responding to objections, the sales person turns the objection into a reason for buying the product or service
Acknowledgment method
Also called the pass a method simply let the buyer talk acknowledge that you heard the concern pause and then move on to another topic
Postpone method
The salesperson would ask permission to answer the question at a later time
Closing
Getting the buyer to commit to purchase
Free on board
Is used to determine the point at which the buyer assumes responsibility for both the goods and the cost of shipping them
Buying signals
Or indication that the buyer is ready to buy can be evidenced both in the buyers comments and nonverbally
Direct request close
The most straightforward effective method of obtaining commitment is simply to ask for it
Benefit summary close
The salesperson simply reminds the prospect of the agreed on benefits of the proposal
Balance sheet close
AIDS prospects who cannot make a decision even though no reason for their behavior is apparent
Alternate choice close
And many situation a sales person may have multiple options to present to a buyer
Standing room only close
The seller attempts to obtain commitment by describing the negative consequences of waiting
Post purchase dissonance
After important decisions customers may feel a little insecure about whether the sacrifice is worth it
