Test 1 Flashcards
Golden rule of selling
Unselfishly treating others as you would like to be treated
What is selling?
- A part of marketing
- Communication and persuasion directly with customer
- B2B builds long-term relationships (80% of business is repeat customers)
- Growth profession
What do salespeople do in their jobs and what makes them successful?
- Trying to find new customers (prospecting)
- Keep existing customers happy
- Focused on long-term sale
- Providing customers w products/services that will solve their problems
- Remember the customer’s customer
- Evaluating post purchase use
- Goodwill
- Pages 22-25
Why do people choose sales as a career?
- Variety of jobs
- Freedom
- Challenging career
- Advancement opportunities (1.7 exhibit)
- Rewards
Retail
- Customer contact person
- In-store
- Direct (off-site): direct marketing
- Telephone
Wholesaler
Distributor, middle-organization
Manufacturer sales reps
- Account representative
- Detail (introduces product)
- Sales engineer (tech knowledge)
How do you qualify a prospect?
Money - do they have it?
Authority - can they do it?
Desire - do they want it?
Differences between transactional and relationship selling (partnership distinctions not necessary)
- Transactional: what you typically experience/when you walk into a store
- Relationships: establishing partnerships
- read appendix (golden rule of personal selling as told by a salesperson)
Cold-calling
Someone who hasn’t yet been contacted by company or someone who hasn’t worked with company before
Inside sales
Selling products and services remotely (phone calls, emails, video conferencing etc.)
Outside sales
Selling products and services in person through face-to-face meetings, industry events, conferences, trade shows, seminars, door-to-door sales, etc.
Chapter 3 golden rule
Unselfishly help your customers to make the correct buying decisions.
How we make decisions to buy (types of decisions and the mental process)
- Needs (lack of something desirable)
- Wants (learned needs)
- Rational
- Emotional
- Not always economic
How to determine and develop needs
- Unconscious (ex: life insurance for college students)
- Preconscious (ex: vitamins you heard of but don’t take)
- Conscious: (dropping your phone in the toilet)
Sales process/synthesis learning process
Prospecting Preapproach Approach Presentation Trial close Objections and overcoming Trial close Close Follow-up and service
Buying situations
- Routine (fav candy) least involvement
- Limited (phone)
- Extensive (1st house) most involvement
Why do you need to prospect?
In order to increase sales and replace customers that will be lost over time, many sales jobs require prospecting
Buyers as decision makers
- Need arousal
- Collect info
- Evaluate
- Decision
- Post-purchase behavior
- Multiple buyers are involved with limited and extensive
How to distinguish between features, advantages, and benefits
- Features: (ACL/SXSW)
- Advantages: (don’t have to travel for these music events)
- Benefits: (get to enjoy music)
How we make decisions to buy
- Needs (lack of something desirable)
- Wants (learned needs)
- Rational
- Emotional
- Not always economic
How to determine and develop needs
LOCATE L - listen O - observe C - combination A - ask questions T - talk to others E - empathize
How to distinguish between features, advantages, and benefits
- Features: physical characteristics (no calories)
- Advantages: performance characteristics (won’t gain weight)
- Benefits: results buyer receives (look hot/find a boyfriend)
Pointers for FABs
Sell benefits with the features and advantages can be helpful
What is a trial close and be able to recognize them
- Take their temperature (leaning towards or away from your product)
- “Is this important to you?”
- Go back and revamp your FABs
- Telephone prospecting: use before asking for an appt
Cell phone and email etiquette
- Email (utexas.edu): be concise, respond quickly, use subject headings, spell check and use proper grammar, remember everything is documented
- Cell phone: focus on the person on the other end, turn it off often, text message when helpful but not rude
Chapter 5 golden rule
Salespeople must be experts on everything involved with their products (doctor)
Benefits of customer knowledge
B2B selling requires asking numerous questions. It helps sales reps get to know their customer and get feedback on any issues in the sales process so that they can refine the buying experience
How are prices set?
They’re established by the company and normally the salesperson is not involved in pricing the product
Five of the most common types of prices
Chapter 5 Appendix on Pricing (see the worksheet that you did on your own). Answers posted on Canvas Module
- List price: the standard price charged to customers
- Net price: the price after allowance for all discounts
- Zone price: the price based on geographic location or zone of customers
- FOB shipping point: (free on board) means the buyer pays transportation charges on the goods
- FOB destination: the seller pays all shipping costs.
Benefits of teams
More info, more creativity, more accountability, better decision making, division of labor, and more motivation
What is a team contract?
Goals, expectations, policies and procedures, and consequences
How to overcome phonophobia?
Just do it
People don’t have to answer if they’re busy
Have a script/notes
