© Vlerick Business School. SALES COMPETITION WORKSHOP 1: PROFESSIONAL SELLING 5/11/2012

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

1. Lead Generation

2. Lead qualification

3. Needs Identification: SPIN Selling Situation Problem Implication Need Payoff

4. Feature/Benefit Presentation

5. Marketing Plan and Business Proposal

6. Close

7. 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

1. Lead Generation

6. Close

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

Amiable“Show concern for me and my problems”• Supportive• Respectful• Willing• Dependable• Personable

Expressive“I like competent, imaginative salespeople”• Personable• Stimulating• Enthusiastic• Dramatic• Inspiring

Driver“Show me bottom line results”

• Determined• Demanding• Thorough• Decisive• Efficient

Analytical“What I need are practical suggestions”• Industrious• Persistent• Serious• Vigilant• Orderly

ASSERTIVENESS

HighLow

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?

TYPES OF QUESTIONS

Open-ended Questions

Broad scoped

Diagnostic

Narrow scoped

Surgical

Who, what, where, when how, why

Can’t be yes or no

Closed Ended Questions

Alternative choice

Single outcome

Yes or no

Inquiring Questions

1. Lead Generation

6. Close

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

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 closing is a process that helps you find out where a person is in the commitment to buy

The goal of the questions is to receive a 'Yes' commitment to move forward in the sale

The easiest way to formulate a trial close question is by using an 'If/Then' scenario

REACTING

Be empathetic Receiving verbal and non-verbal signals that reveal

true needs Processing these 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:

1. Sensing The actual receipt of messages

2. Processing Activities that occur in the mind of the listener

3. Responding Acknowledgement of the receipt of the message

1. Lead Generation

3. Needs Identification: SPIN Selling Situation

Problem

Implication

Need Payoff

6. Close

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

Product: _____________

Product Features Customer Benefits Customer Coding

1. 1a.

Customer 1

Customer 2

Customer 3

2. 2a. Customer 4

3. 3a.

Customer 1

Customer 4

FEATURES-BENEFITS INVENTORY FORM

V = Q/P

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

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

Where V = Value, Q = Quality, and P = Price

SELL BENEFITS NOT FEATURES

Deal only in facts

Sell the prospect results What the product will do--not what it is!

1. Lead Generation

Problem

Implication

Need Payoff

6. Close

MARKETING PLAN

BUSINESS PROPOSAL

1. Lead Generation

Problem

Implication

Need Payoff

6. Close

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?"

TRADITIONAL CLOSING TECHNIQUES

Asking for the Order

Assumptive Close

Alternative Choice Close

Summarizing the Benefits

The Probability Close

Continuous Yes

Reserving an Advantage

Single Benefit Close

Similar Situation Close

Price Reduction Close

Asking for a Trial Order

1. Lead Generation

Problem

Implication

Need Payoff

6. Close

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

© Vlerick Business School. SALES COMPETITION WORKSHOP 1: PROFESSIONAL SELLING 5/11/2012

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