Wiley Pathways Selling

Part I: The Art of Selling 1 1 The Life and Career of a Professional Salesperson 1 Introduction 2 1.1 Understanding the Universal Need for Sales 2 1.1.1 Using Sales Skills 2 1.1.2 The Concept of Selling 3 Self-Check 4 1.2 Using the Approaches of the Trade 4 1.2.1 Person-to-Person 4 1.2.2 Telemarketing 5 1.2.3 Direct Mail 5 1.2.4 E-Mail 5 1.2.5 The Internet 6 Self-Check 6 1.3 Experiencing the Learning Curve 6 1.3.1 Unconscious Incompetence 6 1.3.2 Conscious Incompetence 7 1.3.3 Conscious Competence 7 1.3.4 Unconscious Competence 7 Self-Check 8 1.4 Describing the Ideal Sales Professional 8 1.4.1 Creating the Selling Triangle 8 1.4.2 The 10 Characteristics of a Successful Sales Professional 8 Self-Check 10 1.5 Shifting into High Gear: Professional Sales 11 1.5.1 Preparing Before the Sales Pitch 11 1.5.2 Maintaining Professionalism in Your Presentation 12 1.5.3 Communicating Effectively 13 1.5.4 Having Realistic Expectations 14 1.5.5 Maintaining Your Discipline and Commitment 15 1.5.6 Evaluating Yourself 15 Self-Check 16 1.6 Using Technology in Sales 16 Self-Check 18 Summary 18 Key Terms 19 Summary Questions 20 Applying This Chapter 21 You Try It 22 2 Ethical and Legal Issues in Selling 23 Introduction 24 2.1 Making Ethical Decisions 24 2.1.1 The Role of a Job Description in Ensuring Ethics 26 2.1.2 The Role of the Business Environment in Ethics 27 2.1.3 Ethics Training 29 Self-Check 29 2.2 Factors That Influence the Ethics of Salespeople 30 2.2.1 Relativism and Idealism 30 2.2.2 Machiavellianism 30 2.2.3 Conventional Morality 31 Self-Check 32 2.3 Ethical Problems Salespeople Face 32 2.3.1 Hiring and Firing 32 2.3.2 House Accounts 33 2.3.3 Expense Accounts 33 2.3.4 Gifts for Buyers 34 2.3.5 Bribes 34 2.3.6 Entertainment 35 2.3.7 Sexual Harassment 36 2.3.8 Whistle-blowing 37 Self-Check 38 2.4 Relying on Government Regulation for Sales Ethics 39 2.4.1 Reasons for Regulations 39 2.4.2 Problems with Regulation 39 Self-Check 40 Summary 40 Key Terms 40 Summary Questions 42 Applying This Chapter 43 You Try It 44 Part II: Preparing for the Sale 45 3 Why People Buy 45 Introduction 46 3.1 Uncovering Needs and Wants 46 Self-Check 48 3.2 Developing the Seven Steps of the Sales Strategy 49 3.2.1 Step 1: Prospecting 49 3.2.2 Step 2: Original Contact 50 3.2.3 Step 3: Qualification 50 3.2.4 Step 4: Presentation 51 3.2.5 Step 5: Addressing Concerns 51 3.2.6 Step 6: Closing the Sale 51 3.2.7 Step 7: Getting Referrals 52 Self-Check 52 3.3 Buying Motives 52 3.3.1 Task Motives vs. Personal Buying Motives 53 3.3.2 Transactional Relationship vs. Consultative Relationships 54 Self-Check 56 3.4 How Customers Make Buying Decisions 56 3.4.1 The Standardized Model 56 3.4.2 The Need-Satisfaction Model 57 3.4.3 The Problem-Solution Model 58 3.4.4 Thinking Outside the Models 58 Self-Check 59 Summary 60 Key Terms 60 Summary Questions 62 Applying This Chapter 62 You Try It 64 4 Communication Skills for Relationship Building 65 Introduction 66 4.1 The Importance of Communication Skills in Sales 66 Self-Check 67 4.2 Developing Communication-Style Flexibility 67 4.2.1 Believers 67 4.2.2 Wheeler-dealers 67 4.2.3 No-Nonsense Buyers 68 4.2.4 Evaders 68 4.2.5 Complainers 68 4.2.6 Analyzers 69 4.2.7 Power Seekers 69 4.2.8 Disorganized and Controlling Buyers 69 4.2.9 Cynics 70 Self-Check 70 4.3 Communication Do’s and Don’ts 71 4.3.1 Positive Nonverbal Messages 71 4.3.2 Negative Nonverbal Messages 72 Self-Check 72 4.4 Vocabulary of a Great Salesperson 72 Self-Check 73 4.5 Listening to Your Clients 73 Self-Check 75 4.6 Cultural Considerations 75 4.6.1 Unique Cultural Needs 75 4.6.2 Getting Names Right 76 4.6.3 Making an Appointment 77 4.6.4 Presenting Your Business Card 77 4.6.5 Respecting Personal Space 78 4.6.6 Meeting and Greeting People 78 4.6.7 Giving Gifts 78 4.6.8 Choosing Your Words Wisely 80 Self-Check 80 4.7 Relationship Building 80 4.7.1 The Evolution of a Relationship 81 4.7.2 Relationship Binders 81 4.7.3 Relating Skills 85 Self-Check 86 Summary 87 Key Terms 87 Summary Questions 89 Applying This Chapter 90 You Try It 92 5 Prospecting 93 Introduction 94 5.1 Prospecting: An Introduction 94 Self-Check 95 5.2 Where to Find Prospects 95 5.2.1 Current Customers 95 5.2.2 Chambers of Commerce and Public Libraries 96 5.2.3 The Internet 97 5.2.4 List Brokers 97 5.2.5 Your Current Contacts 97 5.2.6 The Yellow Pages and Toll-Free Directories 99 5.2.7 Your Colleagues and Other Professionals 99 5.2.8 The Newspaper 101 Self-Check 101 5.3 Qualifying a Prospect 101 5.3.1 Following the NEADS Formula 102 5.3.2 Questioning Your Way to Success 103 Self-Check 106 5.4 Organizing Your Prospect Information 106 5.4.1 An Organized Workspace 107 5.4.2 Technological Tools 107 5.4.3 Organization in Contacting Prospects 109 Self-Check 112 5.5 Developing a Prospecting and Sales Forecasting Plan 112 5.5.1 Qualitative Methods 113 5.5.2 Data Needed in Order to Use Qualitative Methods 113 5.5.3 Quantitative Techniques 117 Self-Check 118 Summary 118 Key Terms 119 Summary Questions 121 Applying This Chapter 121 You Try It 123 6 Planning a Sales Call 124 Introduction 125 6.1 Obtaining Knowledge 125 6.1.1 The Product 127 6.1.2 Your Customers 128 6.1.3 Your Organization 130 6.1.4 The Competition 130 6.1.5 The Environment 131 Self-Check 132 6.2 Developing a Marketing Strategy 133 6.2.1 Market Segmentation 133 6.2.2 Target Marketing 135 6.2.3 Positioning Strategy 136 6.2.4 Understanding the Purchasing Process 137 Self-Check 138 6.3 Establishing Sales Presentation Objectives 138 Self-Check 140 6.4 Advocating Skills 140 Self-Check 140 Summary 140 Key Terms 141 Summary Questions 143 Applying This Chapter 143 You Try It 145 Part III: The Selling Process 146 7 Making a Sales Call 146 Introduction 147 7.1 Getting an Appointment 147 7.1.1 Telephone Calls 147 7.1.2 In-Person Calls 150 7.1.3 Letters 150 7.1.4 Third-Party Introductions 151 Self-Check 151 7.2 Making a First Impression 151 Self-Check 152 7.3 Approaching a Customer 152 7.3.1 Managing Sales Call Anxiety and Motivation 154 7.3.2 Courtesy and Common Sense 155 7.3.3 Being Observant 156 Self-Check 156 7.4 Before Opening the Presentation 157 Self-Check 158 7.5 Using Attention-Getters 158 Self-Check 159 7.6 The Biggest Sales Mistakes 159 Self-Check 160 Summary 160 Key Terms 160 Summary Questions 161 Applying This Chapter 161 You Try It 163 8 Elements of a Great Sales Presentation 164 Introduction 165 8.1 The Importance of the Sales Presentation 165 Self-Check 165 8.2 Components of a Successful Presentation 165 8.2.1 Finding the Power Players 166 8.2.2 Keeping the Presentation as Brief as Possible 166 8.2.3 Handling Breaks 167 8.2.4 Preparing Beforehand 167 8.2.5 Customizing Your Materials 169 8.2.6 Developing Your Selling Vocabulary 169 8.2.7 Deciphering Body Language 173 8.2.8 Being Comfortable with Long-Distance Presentations 174 8.2.9 Establishing Trust 175 Self-Check 176 8.3 Solution Presentations 176 Self-Check 177 8.4 Adjuncts to a Presentation 177 8.4.1 Product Specifications 177 8.4.2 Written Proposals 177 Self-Check 179 8.5 Proof Devices for Effective Sales Presentations 179 8.5.1 The Product 179 8.5.2 Visual Aids 180 8.5.3 Demonstrations 182 Self-Check 182 Summary 183 Key Terms 183 Summary Questions 184 Applying This Chapter. 185 You Try It 186 9 Responding to Objections 187 Introduction 188 9.1 Negotiating Buyer Concerns and Problems 188 Self-Check 189 9.2 Common Sources of Buyer Concerns 189 9.2.1 Fear of Salespeople 190 9.2.2 Fear of Failure 191 9.2.3 Fear of Owing Money 191 9.2.4 Fear of Deception 192 9.2.5 Fear of Embarrassment 192 9.2.6 Fear of the Unknown 193 9.2.7 Fear of Repeating Past Mistakes 193 9.2.8 Fear Generated by Others 194 Self-Check 194 9.3 General Steps for Negotiating Buyer Concerns 194 Self-Check 194 9.4 Specific Steps in Negotiating Buyer Concerns 195 9.4.1 Listening to the Client’s Feelings 195 9.4.2 Share the Concerns Without Judgment 196 9.4.3 Clarifying the Real Issue by Asking Questions 196 9.4.4 Problem-Solving by Presenting Options and Solutions 197 9.4.5 Asking for Action to Determine Commitment 200 Self-Check 200 Summary 201 Key Terms 201 Summary Questions 202 Applying This Chapter 202 You Try It 203 10 Closing a Sale 204 Introduction 205 10.1 Guidelines for Closing a Sale 205 10.1.1 Focusing on Buying Motives 206 10.1.2 Using Trial Closes to Gauge Interest 206 10.1.3 Asking a Reflex Question 208 10.1.4 Knowing What You Can Deliver 208 10.1.5 Displaying Self-Confidence 208 10.1.6 Asking for the Order More Than Once 209 10.1.7 Recognizing Closing Cues 209 Self-Check 210 10.2 Closing Techniques 211 10.2.1 The Basic Oral Close 211 10.2.2 The Basic Written Close 211 10.2.3 The Alternative Choice Close 211 10.2.4 The Porcupine Method 211 10.2.5 The Summary Close 212 10.2.6 Sharp Angling 212 10.2.7 The Higher Authority Close 213 10.2.8 Advanced Closing Techniques 214 Self-Check 217 10.3 Dealing with “I Want to Think It Over” 217 Self-Check 218 Summary 218 Key Terms 218 Summary Questions 220 Applying This Chapter 221 You Try It 222 11 After the Sale: Service to Build a Partnership 223 Introduction 224 11.1 Building Long-Term Partnerships 224 11.1.1 Creating More Value for the Customer 225 11.1.2 Achieving Successful Sales 226 Self-Check 227 11.2 Customer Service Methods That Strengthen a Partnership 227 11.2.1 Cross-Selling and Up-Selling to Grow Sales 228 11.2.2 Following Up 228 11.2.3 Sending Thank-You Notes 230 Self-Check 231 11.3 Preplanning Your Service Strategy 232 Self-Check 234 11.4 Getting Referrals 234 Self-Check 236 Summary 236 Key Terms 236 Summary Questions 238 Applying This Chapter 239 You Try It 240 Part VI: Managing Yourself and Your Career 241 12 Time and Territory Management: Keys to Success 241 Introduction 242 12.1 Managing Yourself 242 12.1.1 Self-Discipline 242 12.1.2 Good Habits 244 Self-Check 245 12.2 Time Management 245 12.2.1 Time Traps 246 12.2.2 Professional Selling Efficiency 250 12.2.3 Productivity Gains 250 Self-Check 251 12.3 Suggestions for Time Management 252 Self-Check 255 12.4 Territory Management 255 12.4.1 What Territory Management Involves 256 12.4.2 Territory Design 256 12.4.3 Sales Call Plans 257 Self-Check 258 Summary 258 Key Terms 258 Summary Questions 260 Applying This Chapter 261 You Try It 262 13 Managing and Training Others 263 Introduction 264 13.1 Sales Management Functions 264 Self-Check 265 13.2 Recruitment and Selection of Salespeople 265 13.2.1 The Planning Process 266 13.2.2 Recruiting Salespeople 266 13.2.3 Selecting Salespeople 267 13.2.4 Interviewing Salespeople 269 13.2.5 Avoiding Nine Common Recruiting Mistakes 270 13.2.6 Validating the Hiring Process 272 Self-Check 273 13.3 Orientation and Training 273 13.3.1 The Benefits of a Training Program 273 13.3.2 Planning for Training 275 Self-Check 276 13.4 Team Building 276 Self-Check 277 13.5 Sales Force Motivation 277 13.5.1 Individual Needs 278 13.5.2 Career Stages 280 13.5.3 Incentive and Recognition Programs 280 Self-Check 283 13.6 Compensation Plans 283 13.6.1 Expense Reimbursement 285 13.6.2 Benefits 285 Self-Check 285 13.7 Assessing Sales Force Productivity 286 13.7.1 Six Insights for Evaluation and Control Systems 287 Self-Check 288 Summary 289 Key Terms 289 Summary Questions 291 Applying This Chapter 292 You Try It 294 Endnotes 295 Glossary 301 Index 312