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Mastering Sales Strategies: Identify, Understand, and Close Sales Successfully

Learn how to sell effectively by identifying buying motives, handling objections, and using specialized closing methods to secure a sale. Discover the key steps involved in the sales process and essential techniques for closing deals.

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Mastering Sales Strategies: Identify, Understand, and Close Sales Successfully

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  1. Closing the Sale Eagle Challenge Identify the steps of Selling. Learning Target

  2. Jen is trying to sell her product, Awesome IRON™. This iron can remove all wrinkles within seconds. She is located in aisle 2 showing just how the iron works. What method is she using to sell her iron? • Denial • Demonstration • Third Party • Boomerang

  3. Customer: “I don’t think my friend will like this shirt.”Salesperson: “Why don’t you think she will like it?”Illustrates what method of handling objections? • Boomerang • Questioning • Substitution • Superior Point

  4. What we talk about Selling • Personal Selling – any form of direct contact between a salesperson and a customer • Retail Selling – customers come to the store • Business-to-business Selling – takes place in a manufacturer’s or wholesaler’s showroom or a customer’s place of business • Telemarketing – selling over the telephone • National Do Not Call Registry, established by the FTC in 2003

  5. Goals of Selling • Help customers make satisfying buying decisions, which create ongoing, profitable relationships between buyer and seller. • Repeat business is crucial to the success of any company • 80/20 RULE

  6. BUYING MOTIVES • A salesperson must know what motivates customers to buy • Rational Motives – conscious, logical reason for a purchase • Emotional Motives – a feeling experienced by a customer through association with a product

  7. RATIONAL BUYING MOTIVES • Health • Comfort • Quality • Safety/Protection • Price • Gain • Economy • Convenience

  8. RATIONAL BUYING MOTIVES • Price: the purchase is a good value and priced attractively • Ex: buying groceries or home products • Gain: the purchase will earn money • ex: buying a computer to expand a business • Economy : the purchase will help save money • ex: buying an economy car to save money on gas • Convenience: To save time and to make things easier • ex: a GPS system in your car

  9. RATIONAL BUYING MOTIVES • Health: a purchase made to improve your health • ex: joining a health club to get into shape • Comfort: a purchase made to be physically comfortable • ex: owning a down comforter  • Quality: a purchase made based on quality or service • ex: buying organic produce • Safety & Protection: a purchase made to feel safe • ex: an alarm system in your home

  10. EMOTIONAL BUYING MOTIVES • Prestige • Recognition • Affection/Love • Variety • Recreation

  11. EMOTIONAL BUYING MOTIVES • Prestige: a purchase made based on desire to look and feel important • ex: owning valuable jewelry, designer handbag • Recognition: The desire to be noticed • ex: a tattoo • Affection & Love: a purchase for those we care about • ex: flowers or an engagement ring • Recreation: spending money on activities we enjoy • ex: lift ticket for snowboarding

  12. Closing the Sale

  13. – How to Close a Sale • The buying signals that a customer sends. • The rules for closing a sale. • The specialized methods of closing a sale.

  14. Closing the sale . . . . . . is obtaining positive agreement from the customer to buy.

  15. Timing the Close • Buying Signals – things customers do or say to indicate a readiness to buy. • Comments • Facial expressions • Body language • Actions

  16. Trial Close – the initial effort to close the sale. • Tests the readiness of a customer • Beneficial because you will learn, even if the customer is not ready. • Beneficial because you may reach your goal.

  17. Good salespersons . . . • Recognize closing opportunities • Help customers make a decision • Create an ownership mentality • Don’t talk too much and don’t rush a customer

  18. Specialized Methods for Closing the Sale • Which Close – encourages a customer to make a decision between two items. • Review the benefits of each item • Ask, “Which do you prefer?”

  19. Specialized Methods for Closing the Sale • Standing-Room-Only Close – used when a product is in short supply or when the price will be going up in the near future. • Use only when honestly called for • May be perceived as “high pressure” tactic • Say, “I’m sorry, but I can’t promise that I’ll be able to make you this same offer later.” • Often used with high-demand real estate

  20. Specialized Methods for Closing the Sale • Direct Close – directly ask for the sale. • Use when the buying signal is strong. • “Can I assume that we’re ready to talk about the details of your order?” • “How would you like to pay for this purchase?”

  21. Specialized Methods for Closing the Sale • Service Close – Explains obstacles that require special service in order to close the sale. • Gift wrapping • Return policy • Warranties • Bonuses or premiums • Help paying for the item – offer credit

  22. Failure to Close the Sale • Don’t despair • Invite the customer to shop in your store again • Business-to-business sales are rarely closed on the first call – ask if you can call again. • Practice and experience will help

  23. GROSS vs. NET PAY Gross pay is the total amount of money you get before taxes or other deductions are subtracted from your salary Net pay is the amount one receives after taxes and deductions have been withheld.

  24. Discretionary Income Income a person has left to spend on extras after necessities have been bought. Discretionary Income Disposable and Discretionary Income

  25. WAGES • First 40 hours is at regular pay rate. • Anything over 40 hours is deemed ‘Overtime’ • Anything over 8 hours a day at some places, too • Overtime Pay? Time and a half, Double, 7th Day Pay, Sunday Pay

  26. Hourly wage example • Jim worked 45 hours last week • He makes $8.90 an hour • What is his gross pay? (overtime is time and a half (1.5)) Regular pay 40*8.9 = 356.00 Overtime pay 5*(1.5*8.9) = 66.75 Total gross pay 356.00 + 66.75 = $422.75

  27. Now – you try…Hourly wage example • Judy worked 52 hours last week • He makes $11.90 an hour • What is his gross pay? Regular pay 40*11.90 = 440.00 Overtime pay 11*(1.5*11.90) (1.5*11.90) = 17.85 17.85*12 = 214.20 Total gross pay 440.00 + 214.20 = $654.20

  28. SALARY Exempt employees - No matter how many hours you work, you get paid the same amount each pay period. 52 weeks in a year • If paid every two weeks 26 pay periods • If paid twice a month 24 pay periods • If paid once a month 12 pay periods

  29. Salary Sean’s salary is $42,500 a year What is Sean’s gross pay if he gets paid… every two weeks bi- monthly Once a month $42,500/26 $42,500/24 $42,500/12 $3,541.67 $1,770.83 $1,634.62

  30. Incentive to works because pay is directly related to the amount of work a person does Ie. Sales person and Production workers Commission

  31. CommissionCar Sales Person earns 9% commission. Sold 2 cars Car 1 - $21,790 Car 2 - $25,650 How much does the Salesperson earn? $21,790 + 25,650 47,440 x _ .09 $4,269.60

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