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5.1 basic sales process.pptx

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Covers the basic sales process as a funnel. Some discussion on closing techniques.

Covers the basic sales process as a funnel. Some discussion on closing techniques.

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  • 1. This presentation is made possible by the support of the American People through the United States Agency for International Development (USAID). The contents of this presentation are the sole responsibility of Rick Rasmussen and do not necessarily reflect the views of USAID or the United States Government. Basic Sales Process
  • 2. Sales Funnel prospect qualified closing Purchase order 100% feasibility leads 10% 30% 50% 70% 90%
  • 3. Funnel depends on business type • Individual Sales – High ticket, long cycle • Referenced Sales – Advertising model – Customer acquisition • Mass Market Sales prospect qualified closing Purchase order 100% feasibility leads 10% 30% 50% 70
  • 4. Prospects • Brand new leads • Lead Generation – Personal contacts – Network – Marketing – Advertising – Media • Fill the funnel with qualified leads prospect qualified closing Purchase order 100% feasibility leads 10% 30% 50% 70
  • 5. Qualified • Who is most likely to buy? – Former buying patterns – Familiarity – Repeat customers • Don’t waste time on unlikely prospects prospect qualified closing Purchase order 100% feasibility leads 10% 30% 50% 70
  • 6. Feasibility • Is the customer ready to buy • Timing, funding, availability • Does your product satisfy an unmet need? prospect qualified closing Purchase order 100% feasibility leads 10% 30% 50% 70
  • 7. Closing • You have a qualified lead • Feasibility to buy is high • Provide a formal offer • Apply your closing techniques prospect qualified closing Purchase order 100% feasibility leads 10% 30% 50% 70
  • 8. The Contract • Your offer for products or services • Their obligation to receive and pay • Possibility for renewal and continued relationship • Penalties for non-performance • Process on how to handle disputes prospect qualified closing Purchase order 100% feasibility leads 10% 30% 50% 70
  • 9. Selling is a Continuous Process time Customer’s Enthusiasm 1st meeting Connect, Reconnect Boost interest in product Learn when to close Closing Horizon
  • 10. Roles: Marketing and Sales Product creation Marketing Messages Sales listens to customer concerns Connecting with customer concerns crreates a better product What can I do to help?
  • 11. Classic Product Development Information Flow Engineering Marketing Sales Channel Customer
  • 12. Reporting on Sales Funnel Prospect Contact Target amount Prob. of closing Channel Long term potential
  • 13. Sales Process Simplified • Tell prospects about the benefits of your offering • Ask if any of these resonate with them • If not then ask what would • Then listen – They will tell you their needs – They will tell you how to sell them
  • 14. International Selling Product and Features Relationship 7 meetings Family, formal Family, trust Cost, speed, opportunistic History, connections Culture is so important to know and understand
  • 15. Sales Closing Techniques Pick the one(s) that are right for you • Alternative Choice close, also called the positive choice close – Offer two choices, both of which end in a sale. "Would you prefer to pay with cash or check?” • Apology close – Apologize for not yet closing the sale. "I owe you an apology. I must have left out important information, or in some way left room for doubt. We both know this product suits your needs perfectly, and so the fault here must be with me.” • Assumptive close, also known as the presumptive close – Salesperson assumes that prospect has already agreed to buy, and wraps up the sale. "Just pass me your credit card and I'll get the paperwork ready” • Balance Sheet close, also called the Ben Franklin close, – Salesperson and prospect build together a pros-and-cons list of whether to buy the product, with the salesperson trying to ensure the pros list is longer than the cons
  • 16. Closing… • Cradle to Grave close – salesperson undercuts prospect objections that it is too soon to buy by telling them there is never a convenient time in life to make a major purchase, and they must therefore do it anyway.” • Direct close – salesperson simply directly asks the prospect to buy. Salespeople are discouraged from using this technique unless they are very sure the prospect is ready to commit. • Indirect close, also known as the question close – Salesperson moves to the close with an indirect or soft question. "How do you feel about these terms" or "how does this agreement look to you?”
  • 17. Closing… • Minor Point close – salesperson deliberately gains agreement with the prospect on a minor point, and uses it to assume that the sale is closed. "Would the front door look better painted red? No? Okay, then we'll leave it the color it is.” • Negative Assumption close – salesperson asks two final questions, repeating them until he or she achieves the sale. "Do you have any more questions for me?" and "do you see any reason why you wouldn't buy this product?” This tactic is often used in job interviews.
  • 18. Closing… • Possibility of Loss close, also known as the pressure close – salesperson points out that failing to close could result in missed opportunity, for example because a product may sell out, or its price rise. • Puppy Dog close – salesperson gives the product to the prospect on a trial basis, to test before a sale is agreed upon. • Sales Contest close – salesperson offers the prospect a special incentive to close, disarming suspicion with a credible "selfish" justification. "How about if I throw in free shipping? If I make this sale, I'll win a trip to Spain.” • Sharp Angle close – salesperson responds to a prospect question with a request to close. "Can you get the system up and running within two weeks?" "If I guarantee it, do we have a deal?”
  • 19. Saying No • If someone wants to do a big deal with you it’s hard to say “no.” • No is valuable for many reasons: • Opportunity cost. – Free up time and energy to find something more lucrative or something you would enjoy more. Opportunity cost is the one BIGGEST cost in all of our lives. • Supply and demand. – If you reduce the supply of you (through “No”) then the demand for you goes up and you make more money (and have more fun).
  • 20. Fire Customers • Weigh efforts and profits vs. effort and expenses • It’s OK to say that you’re no longer interested in doing business. • Be professional. Take the high road
  • 21. Selling is a professional game • Figuring out what each side wants/needs • Working with marketing and the company to find the best solution for both • Working with the personalities involved to find the best way to influence • Closing a deal is like scoring points – only with real $