Sales competition workshop 1: professional selling

Sales competitionworkshop 1: professional selling 5/11/2012

Professional Selling: Theory and Application “Professional selling is the interpersonal communication process in which a seller uncovers and satisfies the needs and wants of a prospect to the mutual, long-term benefit of both parties.”

Steps in the Sales Process • Lead Generation • Lead qualification • Needs Identification: SPIN Selling • Situation • Problem • Implication • Need Payoff • Feature/Benefit Presentation • Marketing Plan and Business Proposal • Close • Objection Handling

First Impression • You have only one chance to make a favorable first impression • Your looks • Your actions • Your manner of speaking • Salespeople must be conscious of the communication signals they are sending • Visual • Vocal • Verbal/Non-verbal Three V’s

Lombardi Time • Lombardi Time states: "Show up for every important business meeting 15 minutes ahead of the scheduled meeting time" • The idea is to use the 15 minutes to: • Catch your breath • Collect your thoughts • Preplan what you want to accomplish in the meeting and how you'll go about it

Courtesy and Common Sense • Ask permission to sit • Never clutter the prospect’s desk or floor without asking his/her permission • Watch the tone of your voice • Always be courteous but not overly friendly or pushy • Never be presumptuous

Look for Clues • Your prospect’s desk can provide clues about their personality, communication, and work style. • What could these clues indicate? • A clean desktop (to-the-point) • Organized piles on the desktop (project manager) • Multiple drawers and filing cabinets (detail oriented) • Papers and clutter (busy, frantic) • Boxes and piles on the floor (transition) What clues may show up for different social styles?

Social Styles Matrix • Analytical • “What I need are practical suggestions” • Industrious • Persistent • Serious • Vigilant • Orderly • Driver • “Show me bottom line results” • Determined • Demanding • Thorough • Decisive • Efficient Low • Amiable • “Show concern for me and my problems” • Supportive • Respectful • Willing • Dependable • Personable • Expressive • “I like competent, imaginative salespeople” • Personable • Stimulating • Enthusiastic • Dramatic • Inspiring ASSERTIVENESS High Low High RESPONSIVENESS

Planning Presentation Openers • Openers are introductions • All sales presentations need effective and brief introductions • Salespeople must, in the opener, introduce themselves, the company, and the reason for calling on the prospect • Show the prospect that you are aware of his/her situation and that you have a product that can help • An effective opening statement is essential to get the prospect’s attention • Salespeople sometimes find that a minute or two of friendly conversation relaxes prospects and makes for an effective opening strategy (rapport building)

Opening the Presentation What makes some salespeople standout? • The best sales professionals know: • How to emphasize benefits in their presentations • That the most effective presentations must start and finish with the prospect’s needs and wants as the focus • A key question for salespeople as they endeavor to maintain their competitive position is to ask: “What could make the customer more delighted?”

Other types of openers • Benefits • Probing questions • Third Party referral (AKA- Name dropping) • Sincere compliment Which will be best for the different social styles?

Closed Ended Questions Alternative choice Single outcome Yes or no Types of questions Open-ended Questions • Broad scoped • Diagnostic • Narrow scoped • Surgical • Who, what, where, when how, why • Can’t be yes or no Inquiring Questions

The SPIN Questioning Strategy • Situation Questions • Achieve fact-finding objectives • Have low selling impact • Useful at focus of receptivity • Problem Questions • Achieve uncovering satisfaction objectives • Have moderate selling impact • Useful at focus of dissatisfaction • Implication Questions • Achieve objectives of developing and channeling dissatisfaction • Have high selling impact • Useful at focus of dissatisfaction and focus of power • Need-payoff Questions • Achieve objectives of rehearsing and selectively channeling customer attention • Have high selling impact • Useful at focus of dissatisfaction and focus of power

Trial Closing • SOCE questions also have 'closing the sale'benefits • Trial closingis a process that helpsyou find out where a person is in thecommitment to buy • The goal of the questionsis to receive a 'Yes' commitment to moveforward in the sale • The easiest way toformulate a trial close question is by using an 'If/Then'scenario

Reacting • Be empathetic • Receiving verbal and non-verbal signals that reveal true needs • Processingthese signals to gain insight into the prospect’s situation • Using the information received from signals to develop probing questions • Convincing prospects that their needs are being communicated and understood • Uncovering latent needs (Not Evident)

Responding to Tough Questions • When your prospect asks you tough questions at this stage, you should: • Restate the question • Ask • “What do you think?” • “What makes you ask?” • Start with a general reply • Don’t fake it You must listen to be able to respond!

Effective Listening • Effective listening consists of three discrete stages in the listening process: • Sensing • The actual receipt of messages • Processing • Activities that occur in the mind of the listener • Responding • Acknowledgement of the receipt of the message

Solution Selling • Solution selling is the stage at which the salesperson • Assumes a knowledgeable role • Begins to earn the right to be an advisor to the prospect • Customizes her presentation of product features and benefits to the prospect’s specific needs and wants

Features-Benefits Inventory Form

V = Q/P Where V = Value, Q = Quality, and P = Price The value of a delivered product or service increases as the quality of that product/service increases or the price of that product/service declines

Sell Benefits Not Features • Deal only in facts • Sell the prospect results • What the product will do--not what it is!

Marketing Plan

Business Proposal

Trial Close • After answering all the prospect's questions and concerns, it is time to trial close again • The salesperson can ask the prospect any of the following questions: • “What do you think?" • "How does all of this sound?" • "How do you feel about what I’ve said so far?"

Reserving an Advantage Single Benefit Close Similar Situation Close Price Reduction Close Asking for a Trial Order Traditional Closing Techniques • Asking for the Order • Assumptive Close • Alternative Choice Close • Summarizing the Benefits • The Probability Close • Continuous Yes

Handling Objections • Effective salespeople are able to: • Anticipate objections • Answer them with confidence • Probe for more concerns • Quickly get back to motivating the prospect/customer to make a decision in favor of purchasing

Anticipating Objections • Salespeople must be able to anticipate: • Prospects’ objections and prepare answers before making sales calls • Questions concerning how the technical aspects of the product/service solution can help prevent the occurrence of problems • Value improvements

Five ClassicObjection-handling Techniques • Forestall the objection • Compensate • Counter • Boomerang • Feel, felt, found

Sales competition…next steps (1/2) • Deadline upload videos for qualification round • November 30, 2012 • Selection of participants for the Vlerick Sales Competition • December 7, 2012 • Vlerick Sales Competition • February 5, 2013 • Starting at 2pm • Ghent Campus

Sales competition…next steps (2/2) • Workshop 2: Intro in CRM systems • Monday, December 10, 2012 • 6.30PM-8.00PM • Gent Campus • Workshop 3: Selling CRM systems • Thursday, January 17, 2013 • 6.30PM-8.00PM • Gent Campus

THAnk you!DEVA.rangarajan@vlerick.com

Sales competition workshop 1: professional selling