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Professional Selling
| Term | Definition |
|---|---|
| Sales Presentation | Completely and clearly explains all aspects of a salesperson's proposition as it relates to a buyer's needs. |
| Memorized Presentation | Based on two assumptions: that a prospect's needs can be stimulated by direct exposure to the product, via the sales presentation, or that these needs have already been stimulated because the prospect has made effort to seek out the product |
| Formula Presentation | Based on the assumption that similar prospects in similar situations can be approached with similar presentations |
| Need-Satisfaction Presentation | Is designed as a flexible, interactive sales presentation. Most challenging. |
| Need Development Phase | First 50 to 60 percent of the conversation time, devoted to a discussion of the buyer's needs |
| Need Awareness Phase | Salesperson begins to take control of the conversation by restating the prospect's needs to clarify the situation |
| Need Fulfillment Phase | The salesperson shows how the product will satisfy mutual needs. |
| Problem-Solution Presentation | A flexible, customized approach involving an in-depth study of prospect's needs, and it requires a well planned presentation. |
| Approach | The time from when you first see the buyer to when you begin to discuss the product. |
| Introductory Approach- Opening Statement | Most common and the least powerful because it does little to capture the prospect's attention and interest. Ex) Hello, Mrs. Carlson, my name is Jennifer representing BA Advertising. |
| Complimentary Approach- Opening Statement | Sincere and effective beginning to a sales interview. Ex) Mr. Horvitz, you have quite the Engineering firm. I have thought of several products to make your firm succeed even more. |
| Referral Approach- Opening Statement | To mention a mutual acquaintance as a reference if the prospect respects that person. |
| Premium Approach- Opening Statement | Offering the buyer something for nothing. Offering free samples or novelty items. Effective because everyone likes to receive something free. |
| Product Approach- Demonstration | The salesperson place the product on the counter or hands it to the customer, saying nothing. The salesperson waits for the prospect to begin the conversation. |
| Showmanship Approach- Demonstration | Involves doing something unusual to catch the prospect's attention and interest. Should be done carefully. |
| Customer Benefit Approach | A statement that should be carefully constructed to anticipate the buyer's response but reveal a key benefit. Ex) This air conditioner should pay for itself in 5 years. |
| Curiosity Approach | The salesperson asks a question or does something to make the prospect curious about the product or service. |
| Opinion Approach | The salesperson asks for the opinion of a prospect. Good for new salespeople. |
| Shock Approach | Uses a question designed to make the prospect think seriously about the subject related to the salesperson's product. |
| Multiple Question Approach (SPIN) | Using a series of four types of questions in a specific sequence. Situation, Problem, Implication, and Need-payoff questions. |
| Situation Questions | Ask about the prospect's general situation as it relates to your product. |
| Problem Questions | Ask about specific problems, dissatisfaction, or difficulties the prospect perceives relative to your situation question. |
| Implication Questions | Ask about the implications of the prospect's problems or how a problem affects various related operational aspects of home, life, or business. |
| Need-payoff Questions | Ask if the prospect has an important, explicit need. |
| Direct Questions | Can be answered with very few words, yes or no question. |
| Non-directive Questions | Open-ended question that begins with the word who, what, when, where, why, or how. |
| Rephrasing Questions | Restatement of a question that allows you to clarify the meaning and determine the prospect's needs. |
| Sales Presentation Mix | Refers to the elements the salesperson assembles to sell to prospects and customers. |
| Logical Reasoning | Involves a presentation constructed around three parts: a major premise, a minor premise and a conclusion. |
| Major Premise Example | All manufacturers wish to reduce costs |
| Minor Premise Example | My equipment will reduce costs |
| Conclusion | Based on the premises presented you should buy my equipment. |
| Suggestive Proposition | Implies that the prospect should act now! |
| Prestige Suggestion | Asking the prospect to visualize using products that famous people, companies or persons the prospects trusts use. Ex) an endorsement |
| Autosuggestion | Attempts to have prospects imagine themselves using the product, tv ads frequently use this form. |
| Visuals | Devices that chiefly appeal to the prospect's vision, with the intent of producing mental images of the product's features, advantages, and benefits. |
| Dramatics | Refers to talking or presenting the product in a striking, showy, or extravagant manner. |
| Dramatization | A theatrical presentation of products. |
| Demonstration | Showing the merits of the products, best to show the product, if possible, and have the prospect use it. If not feasible use pictures, models, videotapes, films or slides. |
| Sales Objection | Opposition or resistance to information or to the salesperson's request. |
| Negotiation | Refers to reaching an agreement mutually satisfactory to both buyer and seller. |
| Hopeless Objection | A ____ that cannot be solved or answered. Cannot be overcome. |
| Practical Objection Examples | Price, product not needed, delivery schedules, etc. |
| Psychological Objection Examples | Resistance to spending money, resistance to domination, predetermined beliefs, etc. |
| Hidden Objections | Prospects who ask trivial, unimportant questions or conceal their feelings have ____. |
| Stalling Objection | When your prospect says, "I'll think it over," or "I'll be ready to buy on your next visit." |
| No-need Objection | Prospect uses this ______ to politely get rid of the salesperson. |
| Money Objection | Encompasses several forms of economic excuses including: I have no money, It costs too much, or your price is too high. |
| The Price/Value Formula | Price/Value = Cost |
| Product Objections | _____ that relate directly to the product. |
| Source Objections | _____ that relate loyalty to a present supplier or salesperson. |
| Dodge | Salesperson neither denies, answers, nor ignores the objection. The first objection-handling technique. |
| Pass up | Saying something that allows you to move into presentation, such as immediately using the customer benefit approach or simply asking "why?" |
| Closing | The process of helping people make a decision that will benefit them. |
| Buying Signal | Refers to anything that prospects say or do indicating that they are ready to buy. Hint that buyers are at the conviction stage of the buying process. |
| Alternative-choice Close | Does not give prospects a choice of buying or not buying, but asks which one or how many items they want to buy. |
| Assumptive Close | Assumes that the prospect will buy. Uses statements such as "I'll call your order in tonight." |
| Compliment Close | Effective when you talk with a prospect who is a self-styled expert, who has a big ego or who is in a bad mood. |
| Summary-of-benefits Close | Remember the main features, advantages and benefits of interest for the prospect and use them during the close. Summarize them in a positive manner so that the prospect agrees with what you say. |
| Continuous-yes Close | Salesperson develops a series of benefit questions that the prospect must answer. |
| Minor-points Close | Asks the prospect to make a low-risk decision on a usually low cost element of a single product such as delivery dates optimal features, color, size, payment terms, or order quality. |
| T-account Close | Salesperson draws a large T, placing pros on one side and cons on the other. The sales person reviews the presentation with the prospect, listing positives on the right and negatives on the left. Leads the prospect to conclude it is the time to buy |
| Standing-room-only Close | Indicate to the prospect that if they do not act now they may not be able to buy in the future. Motivate prospect to act immediately. |
| Probability Close | Permits your prospects to focus on their real objections by asking them the probability of them purchasing in the future if they indicate they want to think it over. |
| Negotiation Close | Find ways for everyone to have a fair deal by focusing on two major themes: value and price. |
| Follow-up | Maintaining contact with a customer (or prospect) in order to evaluate the effectiveness of the product and the satisfaction of the customer. |
| Proverb | Short, wise, easy to learn saying that calls a person to think and act. |
| Transaction Selling | The salesperson sells to customers and does not contact them again |
| Relationship Selling | After the purchase the seller finds out if the customer is satisfied and has future needs |
| Partnering | The seller works continually to improve the customer's operations, sales, and profits |
| Customer Service | Refers to the activities and programs the seller provides to make the relationship satisfying for the customer |
| Customer Satisfaction | Refers to feelings toward the purchase. |
| Account Penetration | The ability to work and contact people throughout the account, discussing your product. |
| Sales Territory | Comprises a group of customers or a geographic area assigned to a salesperson. |
| Time and Territory Management | (TTM) A continuous process of planning, executing and evaluating the sales and services provided to customers. |
| Account Analysis | Identifying accounts and their varying levels of sales potential. |
| Undifferentiated Selling Approach | When accounts in a market are similar, selling strategies can be designed and applied equally to all accounts. Ex) Door to door sales presentations |
| Account Segmentation | Recognizing that territories contain accounts with heterogeneous needs and differing characteristics that require different selling strategies. |
| Key Account | Buys over 200,000 dollars worth of a product annually, loss of this customer would substantially affect the territory's sales and profits |
| Unprofitable Account | Buys less than 1000 dollars worth of a product annually, little potential to increase purchases to more than that |
| Regular Account | All other customers |
| ELMS System | A way of categorizing accounts into Extra-large, Large, Medium and Small. |
| 80/20 Principle | Eighty percent of a company's sales are from twenty percent of accounts |
| Sales Response Function | The relationship of sales volume to sales calls |
| Break-even Analysis | A quantitative technique for determining the level of sales at which total revenue equals total costs. |
| Break-even point | Salesperson's fixed costs/gross profit percentage |
| Scheduling | Refers to establishing a fixed time (day and hour) for visiting a customer's business |
| Routing | The travel pattern used in working a territory. |
Created by:
jklevin3085
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