Victor Antonio Sales Model

Question 1

Name the two decision making processes described by Daniel Kahneman

Answer 1

System 1 is an intuitive, fast and emotional way of thinking

System 2 is a slow, deliberate, and logical way of thinking

Question 2

Name the two decision-making processes described by Daniel Kahneman?

Answer 2

System 1 is an intuitive, fast and emotional way of thinking

System 2 is a slow, deliberate, and logical way of thinking

Question 3

What is the spin selling technique?

Answer 3

Situational: The seller will ask Situational questions to establish some context when speaking with the client.
* Problem: These questions should aim at revealing a Problem the client is having that he or she may or may not be aware of. These questions should reveal some implied needs.
* Implication: To make the client feel the consequences of not having those needs met. Implication questions should be directed to increase perception of the effects.
* Need-Payoff: Having felt the consequences, the Need- Payoff questioning sequence should get the buyer to state the benefits of taking action and express the explicit needs that the seller’s product or service can meet.

Question 4

So how do you raise an objection while maintaining control of the conversation?

Answer 4

1. Raise the Objection: “Many of our customers tell us that we’re more expensive, but that really depends on what you’re buying.”
2. Offer to Resolve: This step helps to show the client why the objection might be incorrect or irrelevant. “Allow me to show you what I mean.”
3. Show or Demo: Here you show your client something to prove your point. “For example, here are two products that look alike, but if you look at A, B, and C, you can see that our products have additional features that our competitors’ products lack, which makes us seem more expensive.”
4. Tie-Down: In the last step, you get the client to confirm that the objection is unfounded. “Based on what I’ve shown you, can you now see how we’re really not that expensive when you compare apples to apples?”

Question 5

What are the three ways to extend the shelf life of a client’s memory?

Answer 5

1. Leave behind: This is a brief summary of the key advantages and benefits of using your solution. The more succinct you can make this document the better.
2. Use visuals: The more you can incorporate relevant visual stimuli the better. Doing a live demo or a show- and-tell presentation will always trump a slide presentation.
3. Tell (relevant) stories: A story that ties to your client’s business and pain point is sure to have a long shelf life. Clients want to know that they’re not alone in what they are experiencing. Any story you can tell on how YOU solved their problems will have an emotional tag that will burn it into memory.

Question 6

Give an example of the 80/20 rule?

Answer 6

In business, we refer to this cause and effect ratio as the 80/20 rule. We know that in business we use the 80/20 rule to understand where our revenues and our profits are coming from.
* 80% of a company’s profits come from 20% of its customers.
* 80% of a company’s revenue comes from 20% of its products.
* 80% of a company’s sales are made by 20% of its salespeople.
The 80/20 rule serves to remind business owners and managers to focus on the real cause(s) of who and what is driving their profitability.
* Who are the customers who are really supporting the business?
* Which products are really helping the company maximize profits?
* Which salespeople are really delivering on their sales quotas?

Question 7

What are the 4 hurdles to get a client to switch over to use your product?

Answer 7

Gain, Magnitude, Perceived Effort and Trust

Question 8

Can you explain the torpedo analagy and how it applies to sales?

Answer 8

From the torpedo analogy, we learn three very important things:
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1) The torpedo is relentless in its pursuit of acquiring its target.
2) With every iteration or miss, the torpedo updates its algorithm and builds a database with Rules of Engagement.
3) Rules of Engagement are necessary to avoid repeating future mistakes and wasting time.
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Question 9

What is the circle of influence and can you apply that principle?

Answer 9

There are many things that you can control on a daily basis that fall into our Circle of Influence:
* How you utilize your time
* Setting personal goals
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* Number of cold calls you make a day
* Number of emails you send out
* Linking or connecting with potential clients using social
media
* The number of networking events you can attend…and
so on.

Question 10

The Four Whys Model focuses on moving the client from complacency to urgency and trusting you and your solution, what are the 4 why’s?

Answer 10

1. Why change?
2. Why now?
3. Why your industry solution?
4. Why you and your company?

Question 11

What are the differences from a suspect, prospect and a lead?

Answer 11

Marketing Efforts listed above. We’ll call this general collection of potential buyers “suspects.” Why? Because we suspect they may be buyers but we’re not sure.

2. Prospects: Prospects are prospective buyers who fit your product or service demographic. To gather your list of prospects, conduct individual interviews with each of your suspects (i.e., ask suspects key questions about their businesses) via phone or email to see if their needs or latent needs align with the product or service you offer. Those who remain on your list are your prospects.
3. Leads: The last part of the funnel is a targeted list of prospects who also have the sense of urgency to want to buy and the budget to do so. These are called leads. Why? Because there is a good chance that they will lead to a potential sale.

Question 12

What is the universal sales formula ?

Answer 12

Empathize, Educate and Empower

Question 13

What is empathy in sales?

Answer 13

Empathy in sales is the ability to understand the client’s Point-of- View (POV) and see things from his or her perspective. But true empathy goes beyond putting yourself in someone’s shoes. To have true empathy, you must actually feel what they’re feeling:
* The anxiety of buying or switching to your product or service.

• The fear of failure from falling short of intended outcome(s).
• The insecurity of having absorbing the risk of being responsible for the decision.
• Worry about the incurred expense and opportunity cost of choosing your solution over another.
• The Profit and Loss (P&L) pressure of hitting financial goals.
• Concern about what the competition is doing and the potential impact on market share.

Question 14

Can you describe “education” in sales? What does it mean.

Answer 14

Because of Internet access, clients today are much smarter and more discerning about what they will or will not buy. Clients want
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you to educate them beyond what they already know. By providing helpful insight, you can begin to position yourself as an expert and/or a trusted advisor.
Clients will begin to see you as an expert in your field when you are able to educate them on the following topics:
* Product differentiation
* The real value proposition of buying your option over
your competitor’s product or service
* Nuances in the market beyond what they already know
* Issues they haven’t considered
* The alternatives available (including pros and cons)
* The best fit for the client’s company given its current growth trajectory

Question 15

What does it mean to empower a potential customer?

Answer 15

You can help your clients discover that your product is the best fit by doing the following:
* Customizing your product to fit their needs
* Offering multiple options to choose from
* Providing flexible payment plans

Question 16

How should you respond to a lead when they say “ Let me think about it” ?

Answer 16

Step 1: When the client says, “I’ll think about it,’ the salesperson should respond with, “When someone tells me they need to think about it, they’re either not interested or interested but not sure. May I ask which one are you?”
The client will most likely reply with, “I’m interested but not sure.”

Step 2: In hearing this, the salesperson should ask, “There are three reasons people are unsure about making a purchase. The first is Fit; the product doesn’t fit your needs. Is that the case here?
The client may say, “The product fits what we’re looking for.”

Step 3: “If the product is a fit, then maybe it doesn’t have the Functionality you’re looking for. Is that the case?”
The client may respond, “No, it does have the functionality we need.”
Step 4: The salesperson should respond with, “Well if it isn’t fit or functionality, then I have to assume it Finance. Is that it?”

At this point the client may confess that he or she doesn’t have the budget make the purchase. It would be wise to have a few payment plans readily available to close the deal.

The power of this funneling method is that you are using questions to control the conversation. Asking the customer to provide a reason for the decision keeps the conversation moving forward and help uncover the client’s real reason for hesitating.