Bmgt 204 chapter_5

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Bmgt 204 chapter_5

  1. 1. BMGT 204: SALES STRATEGIES AND TECHNIQUES CHAPTER 5: SALES KNOWLEDGE: CUSTOMERS, PRODUCTS, TECHNOLOGIES
  2. 2. CHAPTER OVERVIEW: THE GOLDEN RULE: KNOWLEDGE • Be an expert on everything associated with your product(s) • Use wisdom when applying knowledge • Remember, customers rely on you to truthfully provide knowledge and wisdom • Realize that people do not care how much you know until they know how much you care
  3. 3. JOB SEARCH I M P L I C AT I O N S • Pulse provides daily stories from your industry • You can follow influencers to gain a POV • In an interview, you should ask more questions than they do • Understand their business, their challenges, before you even walk in the door
  4. 4. 2011 VIRTUAL WALLET INTERVIEW M AT E R I A L S
  5. 5. SOURCES OF SALES KNOWLEDGE • Sales training • Experience • Living and breathing your clients brand • MOOC’s
  6. 6. KNOWLEDGE BUILDS R E L AT I O N S H I P S • Knowledge increases a salesperson’s confidence • Knowledge increases a buyer’s confidence in salesperson • More knowledge leads to more sales and more relationships
  7. 7. KNOW YOUR CUSTOMERS • Find out all you can
  8. 8. KNOW YOUR C O M PA N Y • General Company Information • Company growth and accomplishment • Policies and procedures • Production facilities • Service facilities
  9. 9. COSTCO CEO INTERVIEW • http://youtu.be/ wkBGM7mkvdc
  10. 10. KNOW YOUR PRODUCT • Product knowledge may include: • Performance data • Physical size and characteristics • How the product operates • Specific features, advantages, and benefits of the product • How well the product is selling in the marketplace
  11. 11. KNOW YOUR RESELLERS • Understand the channel of distribution • Know as much about each channel member as possible • Likes and dislikes of each channel member’s customers • Product lines and the assortment each one carries • When each member sees salespeople • Distribution, promotion, and pricing policies • What quantity of which product each channel member has purchased in the past
  12. 12. ADVERTISING AIDS SALESPEOPLE • Main ingredients of a firm’s promotional effort • Types of Advertising Differ • National advertising • Retail advertising • Cooperative, or co-op, advertising • Trade advertising • Industrial advertising • Direct-mail advertising • Internet advertising
  13. 13. WHY SPEND MONEY ON ADVERTISING? • Companies advertise because they hope to: • Increase overall sales and sales of a specific product • Give salespeople additional selling information for sales presentations • Develop leads for salespeople through mail-ins and ad response • Increase cooperation from channel members through co-op advertising and promotional campaigns • Educate the customer about the company’s product
  14. 14. WHY SPEND MONEY ON A D V E R T I S I N G ? , C O N T… • Inform prospects that a product is on the market and where to buy it • Reduce cognitive dissonance over the purchase • Create sales or pre-sell customers between sales calls
  15. 15. SALES PROMOTION G E N E R AT E S S A L E S • Consumer sales promotion • Trade sales promotion • Point-of-purchase (POP) displays • Shelf positioning • Shelf facings • Premiums • Sales promotion on the Internet
  16. 16. W H AT ’ S I T WORTH? PRICING YOUR PRODUCT Maximum Profit • Price refers to the value or worth of a product that attracts the buyer to exchange money or something of value for the product Competitive Pressure Minimum Price to Break Even
  17. 17. PRICING IS OFTEN VERY PSYCHOLOGICAL
  18. 18. TECHNOLOGY IS AIDING SALESPEOPLE LIKE NEVER BEFORE https://www.salesforce.com/form/conf/crm-salesindexpage-demo.jsp
  19. 19. B E F O R E S A L E S F O R C E : W H AT SALESPEOPLE NEED TO BE SUCCESSFUL • Customer/ Prospect profile. • Lead tracking. • Call reports. • Sales forecasts. • Sales data analysis • Sales presentation. • Time/territory management. • Order entry. • Travel and expense report. • Checking inventory/shipping status.
  20. 20. KNOWLEDGE OF TECHNOLOGY ENHANCES SALES AND CUSTOMER SERVICE • Personal Productivity • Contact management • Calendar management • Automate sales plans, tactics, and tickets • Geographic information system • Computer-based presentations
  21. 21. KNOWLEDGE OF TECHNOLOGY ENHANCES S A L E S A N D C U S T O M E R S E R V I C E , C O N T… • Communications with Customers and Employer • Word processing • E-mail • Fax capabilities and support • Customer Order Processing and Service Support • Salespeople's mobile offices
  22. 22. H O W C A N A S A L E S P E R S O N U S E E - S A L E S , D I G I TA L M E D I A AND SOCIAL NETWORKING TO INCREASE SALES AND CUSTOMER SERVICE? • E-Sales is a strategic process of such as discovering the desires of customers, distributing, promoting, using digital media and digital marketing • Digital Sales uses all digital media to develop communication and exchanges with customers and prospects • Social Networking to connect for getting acquainted, keeping in touch, to build a work-related network • LinkedIn Ok - others - probably not
  23. 23. S I M P LY A S K • How do you prefer to be contacted? • Useful for sales • Useful for in a job search • Useful in your career
  24. 24. CHAPTER 5 APPENDIX: PRICING EXAMPLES
  25. 25. TYPES OF PRICES • List price – standard price • Net price – after discounts • Zone price – based on geographical
 location • FOB (Free on Board) shipping point – buyer pays • FOB destination – seller pays
  26. 26. DISCOUNTS LOWER THE PRICE • Quantity discounts • Non-cumulative • Cumulative • Cash • Trade • Consumer
  27. 27. EXHIBIT C: EXAMPLE OF MARKUP ON SELLING PRICE IN CHANNEL OF DISTRIBUTION
  28. 28. W H AT I S T H E P E R C E N T M A R K U P ? $1.00 = cost to retailer! $1.00 = dollar markup! $2.00 = selling price
  29. 29. W H AT I S T H E P E R C E N T M A R K U P ? , C O N T… • It depends on whether you use • Selling Price, or • Cost • Dollar markup is divided by either selling price or cost to retailer • Selling price = 50% • Cost = 100% • We use selling price in calculating the percent of markup

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