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Chapter 15: Closing the Sale

Chapter 15: Closing the Sale. 15.1 How to Close a Sale?. Closing the sale: is obtaining an agreement to buy from the customer. A. Timing the Close 1. Buying signals: the things customers do or say to indicate a readiness to buy. 2. Trial close: is an initial effort to close a sale.

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Chapter 15: Closing the Sale

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  1. Chapter 15: Closing the Sale

  2. 15.1 How to Close a Sale? • Closing the sale: is obtaining an agreement to buy from the customer. A.Timing the Close 1. Buying signals: the things customers do or say to indicate a readiness to buy. 2. Trial close: is an initial effort to close a sale. B. 4 Methods to Close the Sale 1. Recognizing Closing Opportunities 2. Help Customers Make a Decision 3. Create Ownership Mentality 4. Do Not Talk Too Much and Do Not Rush

  3. Specialized Methods for Closing the Sale 1. Which close: encourages a customer to make a decision between two items. 2. Standing-room-only close: is used when a product is in short supply or when the price will be going up in the near future. 3. Direct close: is a method in which you ask for the sale.

  4. 4. Service close: is a closing method in which you explain services that overcome obstacles or problems. 5. The Service Close in Business-to-Business Situations: takes place in an industrial selling situation. 6. The Service Close in Retail: takes place in a retail selling situation.

  5. Failure to Close the Sale • Get Feedback • Maintain a Positive Attitude 1. Preparing for Future Sales Calls: For example- Make a graceful exit, leaving the door open for future sales. 2. Success in Sales: success comes from the result of training, apprenticeship, and experience.

  6. Warm-up for 4.12.11… Consider your future: • Does the idea of working on 100% commission turn you on or turn you off? • Factors to mull over – • High risk = high reward (?) • The harder you work, the more $ you make • We will talk about this in 5 minutes!

  7. Today’s Agenda • Chapter 15.2 Notes • Extension Assignment • Quiz on Thursday! (4/14) • Prep for test on Thursday! (4/14) • Chapter 15 Test on Monday! (4/18) • Shark Tank Project Assigned on Monday! (4/18) • 5 class periods (450 minutes or 7.5 hours to work on this!) • Chapter 16 Extra Credit Test on Tuesday (4/19) or Thursday (4/21) during lab!

  8. 15.2 Customer Satisfaction & Retention • Effective Selling • Suggestion Selling: is selling additional goods or services to the customer. • Benefits of Suggestion Selling • 5 Rules for Suggestion Selling 1. Use suggestion selling after the customer has made a commitment to buy but before payment is made or the order written. 2. Make your recommendation from the customer’s point of view and give at least one reason for your suggestion.

  9. (continued) 3. Make the suggestion definite. 4. Show the item you are suggesting. 5. Make the suggestion positive. D.Suggestion Selling Methods: Ex: Up-selling, cross-selling, special sales opportunities 1. Offering Related Merchandise 2. Recommending Larger Quantities 3. Calling Attention to Special Sales Opportunities

  10. Maintaining and Building a Clientele • After-Sales Activities: 1. Order Processing 2. Departure 3. Order Fulfillment 4. Follow-Up 5. Customer Service 6. Keeping a Client File 7. Evaluate Your Sales Efforts

  11. Customer Relationship Management (CRM): involves finding customers and keeping them satisfied. 1. Technology and CRM Ex: Customizing for their business. 2. Maintaining Contact Ex: IBM helped the National Geographic Society with its own photography e-commerce site.

  12. 3. Maintain Relationships Ex: Amazon.com’s practice of collecting information about customers’ book purchases and then e-mailing personalized information about promotions and merchandise within the customer’s established range of interest. 4. Develop Customer Loyalty Ex: Informing customers of sales by using e-mail. 5. Customer Loyalty and Reward Programs Ex: E-mailed questionnaires with prize entries.

  13. Shark Tank • Assignment – List out one strength and one weakness of each idea that is presented! • Due at the end of the hour!

  14. Individual Work/Homework • Think of a time when you have “closed a sale” in life. (i.e., gotten someone to say “yes” to go to prom with you, convinced a coach through your play that you should make the team, etc.) • Write a one-page paper (TNR, 12 pt., DS) comparing and contrasting that situation to tactics that are used to close a sale in a business setting. • Note: We will begin our Parkway North Shark Tank project next week!! (Be ready!)

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