bj.jaat
Bhagirath Jakhar
Hello Friends,
Here are Distance MBA Notes for Sales Managemet paper basically appears in 3rd Semester in Distance MBA.
Selling Process
Salespeople perform activities which are classified in two categories selling activities and non selling activities .The selling activities consists of various steps of selling process. While non selling activities consist of preparation of sales report, collecting information, maintaining records etc.
Stages in Selling Process
1. Pre-sale preparation: K A S H
2. Prospecting: Identifying potential buyers who have the need for the products/service offered by the company- ability to pay & adequate authority to buy. Salespersons identify three sets of customer in prospecting stage.
Lead = need & desire to purchase but no ability purchasing power.
Prospect = have demand & can get sub benefit from buying.
Qualified = need + ability to buy – but needs further persuasion about product delivery.
Process of Prospecting
Who is the prospect?
Identify & define the prospects
Where can we locate them?
Search for source of potential Accounts.
Distinguish suspect & Prospect.
Qualify the prospects from the suspects.
Methods of Prospecting
1. Cold Canvassing/ Cold Calls
2. Orphaned
3. Prospect pool: Gathering information done by source like telephone directory; mailing list; Bank account holders; Insurance etc.
4. Centre of influence: People who because of their position; personality; social responsibility influence prospect to buy. Eg: Film/sports personality; trade fairs; seminars etc.
5. Direct mail: Invitation/business letter is given directly to locate interested customer. Eg: Reader’s Digest/Sap training programme invitation projected in your email address.
6. Observation
Auto car dealer) may create a list of prospective customers/while maintaining his initial vehicle.
7. Endless Chain Customer Referral: Customer is requested to provide list of people who may be interested in the product. ( Policy used by Birla Sun Life ; Eureka Forbes; Hathway Cables)
8. Small makeshift Kiosks:
3. Pre- Approach before selling: Salesperson must understand the personal needs of prospect to know the way the prospects think.
He must study customer’s behavioural pattern by listening to him patiently, questioning him without offending and observing the non-verbal cues like body language and décor of the prospects environment.
Pre-sale planning: grouped in four categories
(i) Creating high level self confidence before meeting customer.
(ii) Developing an atmosphere of goodwill & trust.
(iii) Creating an image of professionalism.
(iv) Setting high selling targets before making a call.
Salespersons must always make FAB analysis of every prospect. Feature; Advantages and Benefit of the product to the prospect.
4. Approach to the Customer: After prospect is classified & selling strategy’s developed to satisfy customers’ need, sales comes in contact with potential customer makes effort to influence them.
Art of Convincing: Asking Right question @ right time.
Some Common mistakes made by salesperson:
Not understanding the concept of 1st impression.
Forgetting- the basic objective of sales talk.
Selling- companies image rather than product.
Not listening to customer properly.
Arguing - with customer.
Using jargons.
Asking invalid questions.
Failing to ask for orders
5.Sales Presentation: While doing Presentation the salesperson must consider following points:-Understanding the buyer’s needs by asking question related to certain aspects like- situational questions, problem identification questions, problem impact questions, solution value questions, confirmations questions. Knowing sales presentation methods -Stimuli response method (AIDAS METHOD), formula method, Need- satisfaction method (FAB APPROACH), Team selling method, and consultative method. Developing,an effective presentation by using certain guidelines- planning, use of technology, benefit plan, Prospect’s Language, etc.
6. Handling Customer Objection: Obstacles/Objection is in variable. Sales representative may be real/imagined and by voicing objection, sincere/insincere.
Salesperson must posses’ skills to make customer appraisal to motivate them accordingly.
Obstacles are not the good reason for failure in closing sale. Objection can be traced to inaccurate, vague or incomplete presentation. This is when prospect doesn’t recognize the nature of their needs or have certain doubts about the products & its fulfilment.
Prospects raise insincere objection to discourage salesperson.
# To test his competence. }
# False excuse for not buying. } SALESPERSON MUST IN UTMOST COURTESY GIVE RESPONSE TO SUCH OBJECTIONS.
# To provoke an argument }
He must gracefully retire from any argument provoked by the customer.
Some common objection faced by Salesperson during sales talk.
Doubts on product performance; Pricing objection; Denial ; Blaming; Minimizing ; Yes…but;
How to handle such situations
1. Superior feature.
2. Yes...but method:-accepts the objection & slowly turn the customer’s objection positive.
3. Indirect denial method
4. Pass out method: - salesperson does not pay attention to customer denial, but express neutral opinion.
5. Boomerang: - Turning negative talk into positive.
6. Compensation: - Customer agrees to a point & then shows compensatory point which outweighs the object ional point.
7. Price objection handling: - Breaking down price; into smaller units. Showing ROI/VFM. Stressing exclusive feature. Using comparison with similar product/service.
Hope it will help you............
Here are Distance MBA Notes for Sales Managemet paper basically appears in 3rd Semester in Distance MBA.
Selling Process
Salespeople perform activities which are classified in two categories selling activities and non selling activities .The selling activities consists of various steps of selling process. While non selling activities consist of preparation of sales report, collecting information, maintaining records etc.
Stages in Selling Process
1. Pre-sale preparation: K A S H
2. Prospecting: Identifying potential buyers who have the need for the products/service offered by the company- ability to pay & adequate authority to buy. Salespersons identify three sets of customer in prospecting stage.
Lead = need & desire to purchase but no ability purchasing power.
Prospect = have demand & can get sub benefit from buying.
Qualified = need + ability to buy – but needs further persuasion about product delivery.
Process of Prospecting
Who is the prospect?
Identify & define the prospects
Where can we locate them?
Search for source of potential Accounts.
Distinguish suspect & Prospect.
Qualify the prospects from the suspects.
Methods of Prospecting
1. Cold Canvassing/ Cold Calls
2. Orphaned
3. Prospect pool: Gathering information done by source like telephone directory; mailing list; Bank account holders; Insurance etc.
4. Centre of influence: People who because of their position; personality; social responsibility influence prospect to buy. Eg: Film/sports personality; trade fairs; seminars etc.
5. Direct mail: Invitation/business letter is given directly to locate interested customer. Eg: Reader’s Digest/Sap training programme invitation projected in your email address.
6. Observation
Auto car dealer) may create a list of prospective customers/while maintaining his initial vehicle.7. Endless Chain Customer Referral: Customer is requested to provide list of people who may be interested in the product. ( Policy used by Birla Sun Life ; Eureka Forbes; Hathway Cables)
8. Small makeshift Kiosks:
3. Pre- Approach before selling: Salesperson must understand the personal needs of prospect to know the way the prospects think.
He must study customer’s behavioural pattern by listening to him patiently, questioning him without offending and observing the non-verbal cues like body language and décor of the prospects environment.
Pre-sale planning: grouped in four categories
(i) Creating high level self confidence before meeting customer.
(ii) Developing an atmosphere of goodwill & trust.
(iii) Creating an image of professionalism.
(iv) Setting high selling targets before making a call.
Salespersons must always make FAB analysis of every prospect. Feature; Advantages and Benefit of the product to the prospect.
4. Approach to the Customer: After prospect is classified & selling strategy’s developed to satisfy customers’ need, sales comes in contact with potential customer makes effort to influence them.
Art of Convincing: Asking Right question @ right time.
Some Common mistakes made by salesperson:
Not understanding the concept of 1st impression.
Forgetting- the basic objective of sales talk.
Selling- companies image rather than product.
Not listening to customer properly.
Arguing - with customer.
Using jargons.
Asking invalid questions.
Failing to ask for orders
5.Sales Presentation: While doing Presentation the salesperson must consider following points:-Understanding the buyer’s needs by asking question related to certain aspects like- situational questions, problem identification questions, problem impact questions, solution value questions, confirmations questions. Knowing sales presentation methods -Stimuli response method (AIDAS METHOD), formula method, Need- satisfaction method (FAB APPROACH), Team selling method, and consultative method. Developing,an effective presentation by using certain guidelines- planning, use of technology, benefit plan, Prospect’s Language, etc.
6. Handling Customer Objection: Obstacles/Objection is in variable. Sales representative may be real/imagined and by voicing objection, sincere/insincere.
Salesperson must posses’ skills to make customer appraisal to motivate them accordingly.
Obstacles are not the good reason for failure in closing sale. Objection can be traced to inaccurate, vague or incomplete presentation. This is when prospect doesn’t recognize the nature of their needs or have certain doubts about the products & its fulfilment.
Prospects raise insincere objection to discourage salesperson.
# To test his competence. }
# False excuse for not buying. } SALESPERSON MUST IN UTMOST COURTESY GIVE RESPONSE TO SUCH OBJECTIONS.
# To provoke an argument }
He must gracefully retire from any argument provoked by the customer.
Some common objection faced by Salesperson during sales talk.
Doubts on product performance; Pricing objection; Denial ; Blaming; Minimizing ; Yes…but;
How to handle such situations
1. Superior feature.
2. Yes...but method:-accepts the objection & slowly turn the customer’s objection positive.
3. Indirect denial method
4. Pass out method: - salesperson does not pay attention to customer denial, but express neutral opinion.
5. Boomerang: - Turning negative talk into positive.
6. Compensation: - Customer agrees to a point & then shows compensatory point which outweighs the object ional point.
7. Price objection handling: - Breaking down price; into smaller units. Showing ROI/VFM. Stressing exclusive feature. Using comparison with similar product/service.
Hope it will help you............