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selling_process
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- 2. Flow of Session Learning triangle and WTA of the session (5min) Q n A from pre and post reading (10min) 8 Stages in selling process - Pre-sales Prospecting Pre-approach Approaching customer Sales Presentation Handling customer objections Closing the sale Follow up and After sales service Conclusion (10 min)
- 3. The Learning Triangle Purpose Why Selling Process Where Why:Significance of a Concept To understand the different stages of selling process and identify which stage require what kind of effort in various sectors Student’s final Purpose: Placements > Sr. Officer Executive Sales at Anchor Electrical (4 lpa+ variables) > Sales Executive at SBI Mutual Funds (4 LPA + variables) > Demonstration Specialist at Bose (3 LPA + variables) > Sales Executive at CCD Beverage Division (4.5 LPA) Where: Application of Concept At the time of developing a sales strategy and identifying all the stakeholders involved in pre-sales, prospecting, approach, presentation and closing of sales.
- 4. Selling Process –8 Stages Presales Prospecting Pre- Approach Approach Sales Presentation Handling Customer Objections Closing the sales After Sales Support
- 5. Pre Sales Company Knowledge •History, Finances, Management, size, policies • Relevant information required for sales process Product Knowledge • Features, Benefits, Styles, Origin and Price • Extent of product knowledge sought and sales training needed Competitor’s Knowledge • Industry Structure, Market share, market behavior and other policies • Comparative information required for negotiations and closing Presales includes understand the market situation and customer needs Providing market insights to sales team so that sales process can be tailor made as per the customer expectations It is a research intensive process; also involved
- 6. Prospecting Potential Prospects (100) Qualified Prospects (50) Interviews (35) Sale (14) DistinguishingPROSPECTS from SUSPECTS Qualifying prospects on the basis of their buying capacity, financial transaction capacity, volume of transaction, special needs, location preference, future sales, etc. Identifying primary and secondary sources of accounts for new business also part of Prospecting 14% conversion rate is considered as successful prospecting MAN – Money, Authority, Need
- 7. Pre-Approach Matching needsof the Prospect with the products and services available with the Sales person Requires customized sales strategy formulation Buying routines and procedures followed by buying organization Existing business done with competitors Levels of volume possible Where, when, why and by whom the products will be used Future sales prospects
- 8. Approach Approach: Cold Callor Appointment based customer contact Customer Benefit Approach Focus on Consumer benefits – Cost, Profit & Service Product Approach Focus on physical elements of products Referral Approach Focus on Third Party recommendations Introductory Approach Focus on Company & Sales person - Relational •Selling style is extremely important •Probing or asking the right questions can provide additional customer insights •Listening to customer’s verbal and non verbal inputs •Final objective of achieving order is paramount
- 9. Sales Presentation Methods of Presentation CannedPresentation: Can’t be modified; standard material, covers all issues and information; NOT SUITABLE for multi product or repeat selling Organized Presentation: Sales person can modify presentation based on company policies and guidelines; Responses can be stereotypical Tailored Presentation: Most common in B2B selling; focuses on customer needs, demands and profile AIDA approach for all manners of Sales presentations (oral/ written) Body Language plays a vital role Complex selling – multiple decision makers and influencers
- 10. Handling customer objections Typesof objections Objection Handling methods Lack of MAN – Denial/Alibi Blaming or Justification Minimizing or Derogation No choice or helplessness Yes….but Boomerang – Basing the pitch on objections Compensating objections with superior features/ benefits Denial – Indirect and Direct Another angle method Comparison method Price objections: Breaking down price into lower units; Low price alternatives, postponing, comparing, Sharing costs,
- 11. Closing the Sale Assumptive Close – Sales is assumed and further details are worked into the closing Caution close – Customer informed about limited availability of product to initiate close Implied consent – Sales presentation is followed by close Special Induced close – Promotional schemes are offered Direct order – Inbound(not preceded by objection handling) Choice narrowing – Alternatives are presented to customer Ownership suggestion (for high involvement, status
- 12. Follow up &After Sales Service Follow up for generating referrals, repeat sales, cross selling and up-selling Relationship building and avoiding cognitive dissonance Order continuance and need for post sales support Extending warranties, installations and product related services Reverse logistics Feedback collection for sales process refinement
- 13. Conclusion Sales processentails understanding customer needs, mapping products to customer demands, resolving queries, closing sales and providing after sales support Sales process varies in B2B, B2C and Retail context Sales process varies from sector to sector Different stages of sales process can be executed by the same member of the sales team or by different members of sales team