Sale Management Main Exam Tip

Sale Management Main Exam Tip

Chapter 1

Introduction to Sales Management

The Selling Process: 8 Step

1. Prospecting

Prospecting involves identifying potential customers for a particular product or service

A prospect is a BAD Buyer

• The Money to spend
• The Authority to buy
• The Desire to buy it

1. Pre-Approach

During Pre-Approach, the salesperson tries to learn everything he can about the account.

Can take a significant amount of time.

1. Approach

Approach: Salesperson asks buyer to commit to a meeting

Opening statement must get buyer’s attention.

1. Need Identification

Need Identification: Salesperson CONFIRM prospect is MAD (Money, Authority, Desire)

Comprised of 3 elements:-

Questioning – SPIN Technique

Identification – Authority to purchase

Pre-Commitment – Agreement

1. Presentation

Presentation: Salesperson describes product and how it meets buyer’s needs through FEBA’s statements

FEATURE  - EVIDENCE  -  BENEFIT  -  AGREEMENT

1. Handling Objections

Objections: Reason a buyer offers to not buy your product

Can occur at any time

Salesperson should find out root of concern and resolve it.

1. Closing the sales

Close: When salesperson ask buyer for the sale

Good Close

• Reinforce Decision to buy
• Confirm implementation schedule
• Thank the buyer
• Ask for referral

1. Implementation / Follow- Up

Follow-Up: After delivery, ensure that the customer has good experience with the product

Training, service, policies and procedures

Chapter 2

The Sales Function and Multi-Sales Channels

The Supply Chain

Complete process of events and people needed to bring product to the customer

Sales forecast: What the salesperson expects to sell in a particular period of time.

Managing the supply chain: Passive Vs Active

Passive:-

Sales forecast influences what happens in supply chain, but salesperson is not taking active role in influencing chain’s activity

Example: Salesperson turns in sales forecast

Active:-

Salesperson actively seeks to influence what supply chain does

Example: Buyer that needs special payment terms will need the salesperson’s help in securing those term from the company

Example: Salesperson might need to arrange expedited delivery in order to meet a buyer’s needs.

Chapter 3

Leadership and the Sales Executive

Emerging Concepts:

Develop Your Followers

Principle – Centered Leadership Model

1. Be Proactive
2. Begin with the end in mind
3. Put first things first
4. Think win-win
5. Seek first to understand, then to be understood
6. Synergize
7. Sharpen the saw
8. Find your voice and inspire others to find theirs

Chapter 4

Ethics, The Law and Sales Leadership

Identifying and Responding to Ethical Breaches

Encourage Whistle-Blowing

Use technology to Identify Questionable Activities

Due Process Systems for Responding to Ethical Beaches:-

Investigation & Punishment – Upper Manager investigates potential violations, determines guilt, and assesses punishment to the guilty.

Grievance & Arbitration – Guilt and punishment investigated and discussed by progressively higher levels of management and labour

Mediator/ Counselor – Manager investigates, leads discussion, builds consensus about potential guilt of accused person and need for changes in organization’s practices or policies

Employee / Board – Mediator / Counsellor role taken on by board of accused employee’s peers

Are Managers equally lenient or strict?

When a sales rep acts unethically

• High performers tend to be treated leniently
• Even when they have acted unethically before
• Even when policy does not allow for different treatment
• Even when breach is serious
• But the act is the key to the punishment, not the excuse or reason for the act.

How can a sales leader avoid variety in punishment?

Dealing personally with Ethical Breaches:-

Quit

Take a stand

Negotiate an Alternative

Appear to Agree

Chapter 5

Business to Business (B2B) - Sales And Customer Relationship Management

Customer Lifetime Value (CLV) Strategies

Customer Lifetime value: Profitability of partnering with a buyer for an extended period of time