Sales Presentation Method: Memorized Show
Sales Presentation Method: Formula (Persuasive Selling Presentation)
Sales Presentation Method: Need Satisfaction
Sales Presentation Method: Problem - Solution (Part 1) Customized
Sales Presentation Method: Problem - Solution (Part 2) 4. Preparing the proposal for a solution to the prospect's needs 5. Preparing the sales presentation based on the analysis and proposal 6. Making the sales presentation.
Negotiation: Phases / Win - Win
Approach techniques (General Categories) 1. Opening with a statement Statement and demonstration approach techniques have three basic objectives:
Sales call approach consists of two parts: 1. Small talk or rapport-building phase 2. Planned, formal selling technique used as a lead-in the upcoming discussion of the product (statement, demonstration, question) Approach: Opening Statements (Part 1) (1) The introductory approach is the most common and the least powerful because it does little to capture the prospect’s attention and interest a. Opens with salesperson’s name and business b. Used when meeting a prospect for the first time c. Should be used in conjunction with another approach (2) Complimentary approach Approach: Opening Statements (Part 2) (3) The referral approach is the use of another person’s name a. Effective if the prospect respects that person; negative effect if the prospect does not like the person (4) A premium approach is effective because everyone likes to receive something free a. When appropriate use free samples and novelty items Approach: Demonstration Openings (1) In the product approach, the sales person places the product on the counter or hands it to the customer, saying nothing. The salesperson waits for the prospect to begin the conversation a. Frequently used alone or in combination w/ statements and questions (2) The showmanship approach involves doing something unusual to catch the prospect’s attention and interest Approach: Opening with Questions (Part 1) (1) Customer Benefit Approach: asks a question that implies the product will benefit the prospect a. Carefully constructed to anticipate buyer’s response (2) Curiosity Approach: asks a question or does something to make the prospect curious about the product or service Approach: Opening with Questions (Part 2) (3) Opinion Approach: people are usually flattered when asked their opinion on a subject a. Shows you value buyer’s opinion b. May reveal previously unexplored opportunities for your product to meet even more of the prospect’s needs (4) Shock Approach: uses a question designed to make the prospect think seriously about a subject related to the salesperson’s product Approach: Opening with Questions (Part 3) (5) Multiple-Question Approach (SPIN) Four types of questions in a specific sequence a. Situation questions: ask prospect about general situation as it relates to your product to provide a general understanding of the buyer’s needs b. Problem questions: ask about specific problems, dissatisfactions, or difficulties the prospect perceives related to your situation question to bring out needs or problems of prospect Approach: Opening with Questions (Part 4) c. Implication questions: ask about the implications of the prospect’s problems or how a problem affects various related operational aspects of a home, life, or business to help prospect realize true dimensions of a problem d. Need-pay off Questions: Ask if the prospect has an important, explicit need Approach: Types of Questions (Part 1) (1) The direct question, or close-ended question can be answered with very few words. Useful in moving a customer toward a specific topic (2) The nondirective question opens up two-way communication, the salesperson asks open-ended questions by beginning the question with who, what, where, when, how, or why a. Purpose is to obtain unknown or additional information, to draw out clues to hidden or future needs and problems, and to leave the situation open for free discussion of what is on the customer’s mind Approach: Types of Questions (Part 2) (3)
Rephrasing question: at times the prospect’s meaning is not clearly stated so the seller restates to clarify meaning and determine the prospect’s needs (4) Redirect question: used to redirect the prospect to selling points that both parties agree on Approach: Three Rules for Using Questions (1) Use only questions that you can anticipate the answer to or that will not lead you into a situation from which you cannot escape (2) Pause or wait after submitting a questions to allow the prospect time to respond to it (3) Listen
Elements of Sales Presentation: Purpose 1. Knowledge 2. Beliefs 3. Desire 4. Attitude 5. Conviction Elements of Sales Presentation: Three Essential Steps 1. Fully discuss the features, advantages, and benefits of your product. Tell the whole story. 2. Present your marketing plan. For wholesalers and retailers, this is suggesting how they should resell the product. For end users, suggest how they can use the product. 3. Explain your business proposition. This relates the value of your product to its cost. Elements of Sales Presentation: Sales Presentation Mix The sales presentation mix refers to the elements the salesperson assembles to sell to prospects and customers. Elements of Sales Presentation: How to be a better communicator (TELL)
- Persuasive communication - How to be a better communicator: 1. Using questions 2. Being empathetic 3. Keeping the message simple 4. Creating the mutual trust 5. Listening 6. Having a positive attitude and enthusiasm 7. Being believable- - The SELL Sequence and Trial Close Elements of Sales Presentation: Logical Reasoning (TELL) - Logical Reasoning: constructed around three parts: a major premise, minor premise, and conclusion
Elements of a Sales Presentation: Persuasion Through Suggestion Pt. 1 (TELL) Persuasion through Suggestion 1. Suggestive Propositions: imply the prospect should act now à “Shouldn’t you buy it now before the price goes up next month? 2. Prestige suggestions: ask the prospect to visualize using products that famous people, companies, or persons the prospect trusts use 3. Autosuggestion: attempts to have prospects imagine themselves using the product Elements of Sales Presentation Persuasion Through Suggestion Pt. 2 (TELL) 4. Direct suggestion: does not “tell” but suggest buying à “Based on our survey of your needs, I suggest you purchase…” 5. Indirect suggestion: used at times for some prospects when its best to be indirect in suggesting a recommended course of action à “Should you buy 50 or 75 dozen 12 oz cans of Revlon hairspray for your promotion?” 6. Counter-suggestion: evokes an opposite response from the product: “Do you really want such a high quality product? Elements of Sales Presentation: General (TELL) - Make the presentation fun - Personalize Your Relationship - Build trust – be honest and do what you say you’ll do - Use body language – send green signals - Control the presentation - Be a diplomat - Use a Pleasant Dialogue Elements of Sales Presentation: Simile, Metaphor, Analogy, Parable = Storytelling
Elements of Sales Presentation: Participation - Induce participation: 1. Questions 2. Product use 3. Visuals 4. Demonstrations Elements of a Sales Presentation: Proof Statements Part 1 Proof: proof statements mean proving to a prospect during a presentation that the product’s benefits and the salesperson’s proposal are legitimate
Elements of a Sales Presentation: Proof Statements Part 2
(1) A restatement of the benefit before proving it (2) The proof source and relevant facts or figures about the product (3) Expansion of the benefit Elements of a Sales Presentation: Visuals Visuals are most effective when you believe in them and have woven them into your sales presentation message. Use them to:
Elements of a Sales Presentation: Visual Aids Visual Aids: Devices that chiefly appeal to the prospect’s vision with the intent of producing mental images of the product’s features, advantages, and benefits. Some common visuals are:
Elements of a Sales Presentation: Dramatization, Demonstration
The Presentation Goal Model 1. What is your objective? 2. Who is your audience? 3. How will you structure your presentation? 4. How will you create impact? 5. How will you design and display visual aids? 6. How will you stage your presentation? How to Handle Interruptions 1. Wait quietly and patiently until you have regained the prospect’s complete attention 2. Briefly restate selling points that had interested prospect 3. Do something to increase the prospect’s participation 4. If interest is regained, move deeper into the presentation (1) Do not refer to a competitor unless absolutely necessary (2) Acknowledge your competitor only briefly (3) Make a detailed comparison of your product and the competition’s product Sales Objection: How to meet Opposition or resistance to information or to the salesperson’s request is labeled a sales objection. Basic points to consider in meeting objections:
Understand Objections Part 1 o Request for information – prospects appear to make objections when they are requesting more information o At times, prospects may raise an objection that turns into a condition of the sale. They are saying, “If you can meet my request, I’ll buy”. Negotiation refers to reaching an agreement mutually satisfactory to both buyer and seller; negotiation can overcome a condition o Hopeless – an objection that cannot be solved or answered (I’m bankrupt, the doctor gives me 30 days to live) Understand Objections Part 2 o True objection – objection that can be answered
o Objections, minor or major, can be practical (overt) objections or psychological (hidden) objections
Categories of Objections Part 1
1. Hidden objections: Prospects who ask trivial unimportant questions or conceal their feelings beneath a veil of silence a. Do not discuss true objections b. Be prepared to smoke out objections by asking questions 2. Stalling objections: When your prospect says, “I’ll think it over” you must determine if the statement is the truth or a smoke screen designed to get rid of u Categories of Objections Part 2 3. No-need objections: Politely gets rid of the salesperson; strongly implies the end of a sales call 4. Money objections: encompasses several forms of economic excuses a. The price/value formula: Price/value = cost b. Value is the total package of benefits you have built for the prospect; what the prospect sees the product doing for them and/or their company Categories of Objections Part 3 5. Product objections: relate directly to the product; risks associated with buying a product 6. Source objections: relate loyalty to a present supplier or salesperson Techniques for Meeting Objections Part 1 - Dodge: salesperson neither denies, answers, nor ignores the objection, but simply temporarily dodges it - Pass up the objection: Say something that allows you to move into your presentation à “Why?”-- Rephrase the objection as a question (1) Acknowledging the prospect’s viewpoint (2) Rephrasing the objection into a question (3) Obtaining agreement on the question Techniques for Meeting Objections Part 2 - Postpone the objection: If your prospect skips ahead of you by asking questions you will address later in the presentation - Directly deny the objection: based on facts, logic, and politeness - Indirectly deny the objection: initially appears as an agreement with the customer’s objection but then moves into a denial of the fundamental issue in the objection à softer, more tactful, and more courteous than direct denial Techniques for Meeting Objections Part 3 - Boomerang the objection: By convincing a prospect that an objection is a benefit - Compensate for the objection - Obtain a third-party answer to the objection: using someone else’s experience as your proof of testimony Techniques for Meeting Objections Part 4 - Ask questions regarding the objection: Five Question Sequence 1. There must be some good reason why you’re hesitating to go ahead now. Do you mind if I ask what it is? 2. In addition tot hat, is there any other reason for not going ahead? 3. Just suppose you could convince yourself that…Then you’d want to go ahead with it? 4. Then there must be some other reason. May I ask what it is? 5. What would it take to convince you? After Meeting an Objection After meeting an objection 1. First, use a trial close – ask for opinion 2. Move back into presentation 3. Move to close your sale Closing is the process of helping people make a decision that will benefit them. A buying signal refers to anything that prospects say or do indicating they are ready to buy. Prospective buyers signal readiness to buy when they: · Ask questions – “how much is it?” “What is the earliest time that I can receive it?” · Ask another person’s opinion · Relax and become friendly · Pull out a purchase order form · Carefully examine merchandise
Essentials of closing sales Part 1 · Be sure your prospect understands what you say · Always present a complete story to ensure understanding · Tailor your close to each prospect · Consider the customer’s point of view in everything you do and say · Never stop at the first no Essentials of Closing Sales Part 2 · Learn to recognize buying signals · Before you close, ask a trial close · After asking for the order – be silent · Set high goals for yourself and develop a personal commitment to those goals · Develop and maintain a positive, confident, and enthusiastic attitude Keys to Successful Closing Part 1 1. Think success! Be enthusiastic 2. Plan your sales call 3. Confirm your prospect’s needs in the approach 4. Give a great presentation 5. Use trial closes during and after your presentation 6. Smoke out a prospect’s real objections Keys to Successful Closing Part 2
6. Overcome real objections 7. Use a trial close after overcoming each objection 8. Summarize benefits as related to a buyer’s needs 9. Use a trial close to confirm step 9 11. Ask for the order and then be quiet 12. Leave the door open. Act as a professional. Closing Techniques Part 1 · Alternative-choice close: doesn’t give prospects choice of buying or not buying, but which one or how many items they want to buy · Assumptive close: Assumes the prospect will buy · Compliment close: Compliment prospects relative to something that will benefit them (ex. Customers entering the retail clothing store take pride in their appearance) Closing Techniques Part 2 · Summary-of-benefits close: Adapt FAB statements and SELL sequence for summary close (1) Determine the key product benefits that interest the prospect during the presentation (2) Summarize these benefits (3) Make a proposal · Continuous-yes close: Develop a series of benefit questions that the prospect must answer (yes…yes…yes…) Closing Techniques Part 3 · Minor-points close: asks the prospect to make a low-risk decision on a minor, usually low-cost element of a single product such as delivery dates, optimal features, color, size, payment terms, or order quantity · T-account or balance-sheet close: pro/con t-chart · Standing-room-only close: Motivate the prospect to act immediately · Negotiation Close: focus on value and price Closing Techniques Part 4 · Probability close (1) More than 50% but less than 85% for buying a. Ask what the remaining percent is against buying, then pause and be silent b. Probability close permits your prospects to focus on their real objections. (2) Above 85% but not 100% for buying a. There is a minor probability against you Closing Techniques Part 5 (3) Less than 50% for buying a. Little if any chance that you will close this sale b. Return to square one and start the reselling process · Technology Close · Tells instead of sells; doesn’t ask enough questions · Over controls the call; asks too many closed-end questions · Doesn’t respond to customer needs with benefits · Doesn’t recognize needs; gives benefits prematurely · Doesn’t recognize or handle negative attitudes effectively · Makes weak closing statements; doesn’t recognize when or how to close Follow up and service to customers is the salesperson’s most important activity for future sales Follow up by maintaining contact with a customer (or prospect) in order to evaluate the effectiveness of the product, and the satisfaction of the customer is the answer Be there when there's no business!! Follow Through: Do what you say you'll do Business friendship is the relationship between a salesperson and a client. A good business friendship is a relationship much like any of your personal friendships. Level 1. Acquaintances are people whose names you know, whom you see occasionally, and whom you know little about even if you’ve known them for a long time. In the business world, acquaintances are viewed as having low levels of wisdom and trust. Level 2. Friends are people whom we spend more time with and with whom we share common interests and/or hobbies. We know not only who they are but also what they are about. They have earned loyalty by demonstrating their caring Level 3. Intimate friends are people we know on a deeper level, “best friends”. Customer Retention, Referrals, and Satisfaction
A sales territory comprises a group of customers or a geographic area assigned to a salesperson. The territory may or may not have geographic boundaries. Typically, a salesperson is assigned to a geographic area containing present and potential customers. Why establish sales territories? 1. To obtain thorough coverage of the market 2. To establish each salesperson’s responsibilities 3. To evaluate performance 4. To improve customer relations 5. To reduce sales expense 6. To allow better matching of salesperson to customer’s needs 7. To benefit both salespeople and the company Elements of Time and Territory Management Part 1 · Salesperson’s Sales quota · Account Analysis – identifying accounts and their varying levels of sales potential o The Undifferentiated Selling Approach – the account needs for a specific product or group of products are similar. Salespeople call on all potential accounts, devoting equal selling time to each of them Elements of Time and Territory Management Part 2 - The Account Segmentation Approach – recognizes that territories contain accounts with heterogeneous needs and differing characteristics that require different selling strategies (takes into consideration past sales to the account, new accounts, competition, economic conditions, price and promotion offerings, new products, and personal selling). - Key accounts and regular accounts become target customers - ELMS system – extra large, large, medium, and small accounts - Eighty/twenty principle: 80% of sales come from 20% of total accounts - Multivariable Account Segmentation means using more than one criterion to characterize the organizations accounts Elements of Time and Territory Management Part 3 · Develop Account Objectives and Sales Quotas · Territory Time Allocation – how salespeople’s time is allocated within territories 1. Number of accounts in the territory 2. Number of sales calls made on customers 3. Time required for each sales call 4. Frequency of customer sales calls 5. Travel time around the territory 6. Non-selling time 7. Return on time invested · Sales Response Function – relationship of sales volume to sales calls Elements of Time and Territory Management Part 4 · Return on Time Invested o To be successful, the salesperson uses time effectively to improve territory productivity o Break even analysis is a quantitative technique for determining the level of sales at which total revenues equal total costs Break even point (in $) = Salesperson’s FC / Gross profit % · Using the telephone for territorial coverage · Territory and Customer Evaluation Elements of Time and Territory Management Part 5 · The Management of Time o Qualify the prospect – make sure prospects are qualified to make purchase decision and whether sales to these accounts are large enough to allow for an adequate return on time invested o Use waiting time o Have a productive lunchtime o Records and reports · Customer Sales Planning Elements of Time and Territory Management Part 6 · Scheduling and Routing o Scheduling refers to establishing a fixed time (day and hour) for visiting a customer’s business o Routing is the travel pattern used in working a territory. In theory, strict routing: (1) Improve territory coverage (2) Minimize wasted time (3) Establish communication between management and the sales force in terms of the location and activities of individual salespeople What is need satisfaction presentation?Need satisfaction selling is a sales approach where the sales person probes into the needs of the consumer, both stated or expresses needs and unstated or tacit needs and then prepares his sales pitch or presentation in accordance to these needs in order to satisfy the consumer.
Which of the following is a disadvantage of the needs satisfaction sales presentation?Which of the following is a disadvantage to the needs-satisfaction sales presentation? Some people feel uncomfortable with needs-satisfaction sales presentation method because they feel they are less in control.
What are the different sales presentation methods?The four categories, namely memorized(structured), persuasive selling(semi-structured), need-satisfaction(unstructured), and problem-solution(centralized), are presented in a zig-zag fashion to make ample space for the additional details.
Which of the following is a major difference between the need satisfaction method and the formula sales method?Which of the following is a major difference between the need-satisfaction method and the formula sales method? The need-satisfaction method is more flexible than the formula selling technique.
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Which of the following approaches is not commonly used with need-satisfaction sales presentations?
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