The Selling Process
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The Selling Process Presentation Transcript

  • 1. The Selling Process Objections and Closing the Sale L8 Prepared by: Brian Rutherford
  • 2. Objectives
    • Objections
      • Why objections
      • Types of objections
      • Handling objections
    • Closing the Sale
      • When to close the sale
      • How to close the sale
      • Problems with closing the sale
  • 3. The Sales Process Prospecting/ Qualifying Preapproach/ Planning Presentation Handling Objections Closing the Sale Approach Follow up Identifying Needs Identifying Needs
  • 4. Introduction
    • Many objections should be anticipated, raised, and answered by the salesperson
    • The closing of the sale starts from the moment the salesperson greets the prospect
            • (Source: Hite and Johnston)
  • 5. Introduction
    • When closing or answering objections, the chance of losing the sale is the greatest.
    • Conflict can create a situation where no one wins
    • When the salesperson loses the sales the prospect loses the potential benefits from owning the product or service
            • (Source: Hite and Johnston)
  • 6. Definition
    • Objection- opposition or resistance to information or a request
    • Closing- step in the selling process in which the salesperson helps the prospect make a decision about the product to conclude the sale
            • (Source: Futrell)
  • 7. Introduction
    • What is an objection and how do you handle the objection?
  • 8. Objections
    • Why objections
    • Types of objections
    • Handling objections
  • 9. Why objections?
    • Why objections?
    • Prospect may be afraid of purchasing the wrong type of product
    • The salesperson should welcome objections
      • The most difficult prospect to handle is one who says “no” and gives no reason
      • Objections should not be taken personally
            • (Source: Hite and Johnston)
  • 10. Why objections?
    • Anticipating Objections
    • The salesperson should anticipating objections
    • Objections should never be ignored
    • Most of the time they should be answered immediately, but occasionally they should be put off
    • If the objections is not answered immediately, the prospect may hear little of what else is said
            • (Source: Hite and Johnston)
  • 11. Types of Objections
    • What do objections pertain to
    • Real vs. hidden
    • The stall
    • The specific objection
    • The price objection
  • 12. Types of Objections
    • Real objection- tangible
      • With a real objection, the salesperson can show that the product provides the benefits necessary and is worth the price
    • Hidden objections- when the object is not clearly state due to the prospect not wanting to clearly state it
      • Usually the prospect will not purchase the product until the hidden objections have been handled
            • (Source: Futrell)
  • 13. Types of Objections
      • The Stall
        • 1) I’ll be back
        • 2) I need to think it over
        • 3) I need to bring my spouse
      • Care needs to be taken because a stall could be a specific objection
      • (Source: Huisken 173-174)
  • 14. Types of Objections
      • The Specific objection- Prospect telling you certain information that they are concerned with
        • I am not sure about the color
        • I need to measure
        • The computer doesn’t have enough memory
            • (Source: Huisken174)
  • 15. Types of Objections
    • What do objections pertain to
      • 1) Price (discussed below)
      • 2) Product
      • 3) Timing
      • 4) Source
      • 5) Service
      • 6) Need
            • (Source: Hite and Johnston)
  • 16. Types of Objections
    • The Price Objection
    • An objection to price is one of two issues
      • 1) Value
      • 2) Budget
    • Many sales and profits are lost to the assumption that the objection is due to value as opposed to budget
            • (Source: Huisken)
  • 17. Types of Objections
    • The Price Objection
    • The price objection is often used in place of the real objection
    • The prospect may be saying, “You haven’t sold me”
    • If a salesperson reduces the price, this may or may not solve the problem
    • The salesperson should show the true economic value of the product (show that the benefits outweigh the costs)
            • (Source: Hite and Johnston)
  • 18. Handling Objections
    • Handling Objections
      • Step One- Listen carefully, sincerely, with undivided attention
      • Step Two- Repeat the objection back, in a slightly different form
      • Step Three- Provide new evidence or information without offending the prospect
      • Step Four- Answer the objection
        • 1) convert the objection into a question
        • 2) Use testimonials or third-party experiences
        • 3) Use boomerang or positive conversion techniques
        • 4) Use comparisons
            • (Source: Hite and Johnston)
  • 19. Handling Objections
    • Convert the Objection
    • Prospect: “Your price is too high”
    • Covert the statement to a question
    • Salesperson: “You have brought up a good question” or “Many people have the same question”
    • Covert the initial statement or objection to a question
    • Salesperson: “The question here is whether or not our product’s benefits are worth the additional costs, isn’t that correct?”
    • If the prospect agrees, then the question can be answered
    • If the prospect do not agree, then have the prospect restate the question
    • (Source: Hite and Johnston)
  • 20. Handling Objections
    • Use Third-Party Stories
    • Show that other people in a similar position have felt the same way
    • Allow how they felt their solution (your product or service) was the best
    • Use testimonial
            • (Source: Hite and Johnston)
  • 21.
    • The Boomerang/Positive Conversion
      • Convert the prospect’s objection into a reason why the prospect should buy
            • (Source: Hite and Johnston)
    Handling Objections
  • 22.
    • Use Comparisons
      • Best used when the prospect brings other products up
      • Let the prospect draw conclusions
            • (Source: Hite and Johnston)
    Handling Objections
  • 23.
    • What type of objection is this and how would you handle the objection?
      • 1) I don’t think it is worth what you are asking
      • 2) I don’t like the color
      • 3)I am not ready to make a decision
      • 4) You did not deliver our last order when you promised
      • 5) I don’t need to take on another brand of breakfast cereal-we have plenty now
      • 6) I thought the price of this was too high
      • 7) It is really more than we wanted to spend
    Handling Objections
  • 24. Closing the Sale
    • When do you try to close the sale?
  • 25. Closing the Sale (Introduction)
    • Viewed as part of the total selling process that will naturally occur if the salesperson meets the desires of the prospect
    • Close- a question or action by the salesperson intended to evoke a favorable decision from the prospect
            • (Source: Hite and Johnston)
  • 26. Closing the Sale (Introduction)
    • When to close the sale
    • How to close the sale
    • Problems with closing the sale
  • 27. When to close the Sale
    • When to close the Sale
      • Salespeople need to learn to recognize the clues when they occur
      • 1) Facial Expression
      • 2) Physical Actions
      • 3) Verbal Comments
            • (Source: Hite and Johnston)
  • 28. How to Close the Sale
    • How to Close the Sale
      • Direct close
      • Assumptive close
      • Summative close
      • Demonstration close
      • Negative close
      • Special concession close
            • (Source: Hite and Johnston)
  • 29. How to Close the Sale
    • Direct Close- Asks for the sale
      • Should not be used with
        • insecure prospects
        • Timid prospects
        • Indecisive prospects
            • (Source: Hite and Johnston)
  • 30. How to Close the Sale
    • Assumptive Close-three types
      • 1) Fatal alternative-series of relatively minor choices that ultimately lead to the decision to buy
      • 2) Open-ended question- assumes the prospect is ready to buy
          • “ Would you like me to deliver this unit?”
      • 3) Action close-the salesperson may simply write up the order
            • (Source: Hite and Johnston)
  • 31. How to Close the Sale
    • Summative Close- summing up the benefits and recapitulating the points of agreement-thereby encouraging the prospect to make the decision
            • (Source: Hite and Johnston)
  • 32. How to Close the Sale
    • Demonstration Close- demonstrating the product or equipment in actual use can be very effective
      • Most effective with the cautious, deliberate type of prospect
            • (Source: Hite and Johnston)
  • 33. How to Close the Sale
    • Negative Close- Normally used as a last resort
      • Product shortage
      • Price increases will follow
      • Used on procrastinators or people who want to think it over indefinitely
            • (Source: Hite and Johnston)
  • 34. How to Close the Sale
    • Special Concession Close-
      • offering a price concession
      • some additional piece of merchandise either free or at X off the price
      • Additional case free for every x amount bought
      • Can cause problems with repeat buyers
      • Prospects may feel undue pressure
      • Best used on procrastinators
            • (Source: Hite and Johnston)
  • 35. Problems with closing the sale
    • Problems with Closing the Sale
      • 1) Problems with the Prospect
      • 2) Problems with the Salesperson
  • 36. Problems with closing the sale
    • Problems with the Prospect
      • Prospects may be afraid to buy
      • Industrial buyers often face greater risks that than the seller
      • Industrial buyer must consider:
        • 1) Judge the supplier in terms of reliability, capability, and value
        • 2) Companies budget
        • 3) Goals of the firm
        • 4) Capabilities of the equipment being considered
        • 5) Complying with regulations
        • 6) The buyer’s personal reputation as an effective purchaser
            • (Source: Hite and Johnston)
  • 37. Problems with closing the sale
    • Problems with the Salesperson
      • 1) Fear of rejection
      • 2) Wrong attitude
      • 3) Talking too much
      • 4) Inadequate presentation
      • 5) Improper prospecting
            • (Source: Hite and Johnston)
  • 38. Closing the Sale
    • Which type of closing technique is this and when is it most appropriate?
      • 1) Shall I drop off a case tomorrow?
      • 2) When would you like me to deliver this unit?
      • 3)This is the last one we have in stock
      • 4) This is a limited time offer
      • 5)So what do you think, would you like to go ahead with the purchase?
      • 6) “This home has a two-car garage, fenced yard, three bedrooms, is in the school district you wanted, and in the price range you are looking for. Should we make an offer? (Huisken)”
      • 7) If you take it today I will give a surge proctor at no charge, but that is only for today
  • 39. Advance Topics in Personal Selling
    • After the sale
    • Adding-on
    • Saving the Sale (The Turnover)
    • Other forms of closing the sale
  • 40.