Thảo luận nhóm TMU BUSINESS ENGLISH 2 3 topic COMMON SALE TECHNIQUES

THUONGMAI UNIVERSITY ENGLISH FACULTY BUSINESS ENGLISH 2.3 Topic: COMMON SALE TECHNIQUES Ịnstructor: Phạm Thị Xuân Hà Group: Class: 2201ENPR5411 Hanoi, 2022 0 BẢNG ĐÁNH GIÁ THÀNH VIÊN NHÓM STT Họ tên Nhiệm vụ MSV Nhóm trưởng đánh giá Nguyễễn Thảo Vân 19D170122 Sollution Selling + Target A Account Selling Conceptual Selling + Ph m Hồồng Vân A 19D170332 Conclusion Lễ Thị Thanh Xuân Nguyễễn Thị Yễến Tồ Thị Yễến 19D170055 Introduction + Definition 19D170124 SPIN selling A A The importance of sale A 19D170264 techniques 0 MỤC LỤC BẢNG ĐÁNH GIÁ THÀNH VIÊN NHÓM MỤC LỤC Introduction I II Body Definition of sale techniques The importance of sale techniques 2.1 Sales technique helps you set your goals 2.2 Sales technique identifies your target markets 2.3 Sales technique supports you to set the appropriate channels 2.4 Sales technique gives you an understanding of your competition 2.5 Sales technique helps you keep up with the trends 2.6 Sales technique guides you to stay organized Some common selling techniques 3.1 SPIN Selling 3.1.1 Definition 3.1.2 Questions in SPIN Selling 10 3.1.3 Pros and cons of SPIN Selling 11 3.2 Sollution Selling 11 3.2.1 Definition 11 3.2.2 Four essential steps of the solution selling process 11 3.2.3 Pros and cons of solution selling skill 12 3.2.3.1 Pros of solution selling skill 12 3.2.3.2 Cons of solution selling skill 13 3.2.4 3.3 Typical solution selling questions .13 Target Account Selling .14 3.3.1 Definition 14 3.3.2 Process of target account selling technique .14 3.4 Conceptual Selling 15 0 3.4.1 Definition of Conceptual Selling 15 3.4.2 Typical Utilities: 15 3.4.3 Pros and Cons of Conceptual Selling: 16 3.4.3.1 Pros of Conceptual Selling: 16 3.4.3.2 Cons of Conceptual Selling: 16 3.4.4 III How to apply this strategy in marketing: 17 Conclusion 18 0 I Introduction Everyone in the sales industry wants to make a lot of money while also growing their firm In order to accomplish so, sales strategies are critical Nowadays, sales techniques are a great advantage when conquering a client Sales is one of those vocations that is "not difficult but not easy" and has one of the greatest human resource shortages in the world Sellers face many challenges when working, ranging from establishing their own image, providing appealing products/services, and managing consumer grievances and complaints However, you may be certain that you will be "successful" if you cultivate information, are properly taught, and know how to implement sales methods as well as what you have learned To develop and apply a sales strategy must be linked with a market research process that takes into consideration the customer vision and, most of all, personal traits of the salesperson and his image over himself This information is crucial to a solid base for the sales strategy and to lead to the final objective that is the sale itself and customer retention Let's explore how interesting the sale techniques are 0 II Body Definition of sale techniques Maybe all of you have heard the word sale techniques, but have you ever known exactly what the sale technique is I am here now to help you have some knowledge about that Johnston & Marshall, 2013 have mentioned: "A professional sales person is an expert in his or her field and sales techniques are tools of the profession designed to help people get what they need” Dubinsky said that “Sales techniques encompass a range of methods used in the sales profession to exchange goods, services or other property for money Sales techniques training is often provided to sales persons with an emphasis on how to sell a higher quantity of goods, in particular those of higher value” From all of these, we have a definition is that a sales technique or selling method is used by a salesperson or sales team to create revenue and help sell more effectively The technique typically isn’t a one-size-fits all and is often refined through trial and error based on past experiences In other words, sales techniques could be the methods that you convince a customer to buy from you Have you ever had someone convince you to buy something you knew you'd never use? How they that? Did you want to buy anything else from them? Did you have a good relationship with them? These questions will help you gain insights into how a good seller makes the customer want to buy their products Key phrases like ethics, service, relationships, hard effort, performing the best job possible, and commitment to your firm appeared in early sales methods manuals (around 1900) All of this led to the concept of developing a connection and relationship with your consumers so that they would return After around ten years, new ideas started to emerge Door-to-door sellers learned that by using particular language and persuasive techniques, they could improve their sales Salers have to put themselves in the 0 customer’s shoes and then ask themselves questions that customers could think about when they want to sell about something After answering all those questions, they can come up with suitable methods and words to convince customers So you wonder how to use sales techniques well? Let me answer for you That is we must keep being confident, learning from the sales seniors and successful companies, studying more sales techniques courses, cultivating and creating more sales techniques, especially experiencing more and more After listening to the definition of sales techniques, I am sure that you understand somewhat about their importances My teamate Tô Yến will show you in detail about the importance of sale techniques The importance of sale techniques A sales technique is a way, a plan by which you try to position your business in the market and towards customers in order to gain a certain advantage over the competition Properly set sales strategy will show you the way you need to approach your target customers Unlike a marketing technique that focuses more on increasing your visibility, a welldefined sales technique focuses on making the sale and helps you make a profit If you want your sales technique to be effective then you will have to build a technique that will follow you over a longer period and from which you will not deviate after you have devised it But still, don’t treat your sales technique like something that is made just once Consider it as something alive Revise it, talk about it with your sales team and try to improve it over time In addition, it is possible to create short-term, monthly sales techniques – plans, adapted to certain times of the year, but these micro-sales techniques must be aligned with long-term sales There are important roles of sales techniques that you need to know: 2.1 Sales technique helps you set your goals 0 By setting goals, you will give your sales team a clear plan of what they need to to help your company achieve its overall goals Each goal should have specific, measurable action items that help your sales team achieve success The sales technique helps turn a company’s sales goal into sales and coordinates the day-to-day operation of the sales team in accordance with company guidelines 2.2 Sales technique identifies your target markets Sales techniques are not the same for every industry but no matter what you sell, you need to determine the target market For instance, it would be unwise for a company that sells women’s clothing to advertise its products in fishing magazines Consider factors such as the location, age, gender, and spending habits of your potential customers It will tell you where you need to direct your marketing, sales efforts and how you need to communicate with your target customers 2.3 Sales technique supports you to set the appropriate channels When developing a sales technique, make sure that you determine how you will sell and promote your products Think about how you will approach your customers Will you contact them through the mail? By phone? Or by sending out mass marketing emails? Many companies use all of those channels in their quest to meet a potential client Your sales team approach should be defined by knowing the market 2.4 Sales technique gives you an understanding of your competition A good sales technique is built with the competition in mind You have to understand what has worked for your competition and perhaps even integrate it into your own sales technique Or even better, find out what works for the competition and improve it Therefore, your business can win the other competitors in the market 2.5 Sales technique helps you keep up with the trends 0 Keep in mind that your product or service might go out of style and will need to be updated, or replaced altogether Sometimes the economy will determine how much a consumer is willing to spend on a certain product Understanding these types of trends is a big factor in developing a sales technique The best techniques prepare themselves well in advance when products become less popular or when financial markets fluctuate 1.1 Sales technique guides you to stay organized The organization plays a huge role in the overall success of any industry and sales is no different Therefore, sales techniques need to include details on the role of those making sales and how accounts and areas should be managed It is quite surprising that many companies still don’t have a sales technique It is one of those documents that is essential for your company’s success A good sales technique will teach you a lot even during the time you create it and later on it will help you grow your sales and of course your company Some common selling techniques There are many sales techniques to close deals faster and sell more effectively, thought out by incredibly clever consultants and experienced sales gurus You don’t necessarily need to choose: experiment with some of them or even apply multiple methodologies to different parts of your sales process 3.1 SPIN Selling 3.1.1 Definition SPIN sales or SPIN selling is similar to consultative selling: the approach of building a relationship with a prospect in order to explore their needs before you offer your product as the solution SPIN Selling is actually a strategy that can be employed as a 0 methodology on its own or can be used in conjunction with other methodologies – including consultative selling  SPIN selling is a sales methodology that focuses on asking prospects the right questions at the right time using active listening, a technique that involves concentration and focused effort to deeply comprehend what the other person is saying Combined with pointed SPIN selling questions, the sales rep can work out how their product will solve their prospects’ problems If used correctly, the SPIN method can highlight common themes and problems a customer is having, enabling your sales reps to position your product as a viable solution 3.1.2 Questions in SPIN Selling SPIN is an acronym for different types of sales questions designed to spark a prospect’s interest and push him or her closer to a sale: Situation, Problem, Implication, and Need-Payoff  SITUATION questions lay the very foundation of a sales cycle The goal is to understand the prospect and their situation and check whether your offering can serve their needs This information plays a vital part in the rest of your sales cycle The more legwork you put in determining which questions you should ask, the more useful the information “What’s your decision-making process for new purchases?”  PROBLEM questions help make your prospect aware of a problem that needs to be solved and identify problems that are often overlooked These pain-points will be used to accelerate a deal “What’s the biggest problem you have when managing all your office printing?”  IMPLICATION questions focus on the negative impact of issues and highlight the urgency If you don’t implement a new printing solution soon, how will this impact your business?” 10 0  NEED PAYOFF Questions about potential solutions to reveal and drive home that the product will benefit the prospect’s organization (and should thus be presented to key stakeholders and decision-makers, if the initial conversations don’t involve those making final purchasing decisions) "If you cut the amount of time spent on printing, how would that impact your business?” These questions will help you discover what your buyer needs and what the best way is for you to help him If you use SPIN as a sales tactic, asking the right questions will prospect to the right answers 3.1.3 Pros and cons of SPIN Selling 3.2 Sollution Selling 3.2.1 Definition Solution selling is a sales technique that was developed to replace traditional "product selling" methods It's a sales technique that focuses on selling a solution to a prospect's problem rather than merely selling a product Instead of selling a product, solution selling sells a solution In addition, solution selling emphasizes the significance 11 0 of first assessing and understanding a customer's needs before suggesting items and services that meet those needs 3.2.2 Four essential steps of the solution selling process Step 1: Have comprehensive product knowledge It's nearly impossible for your sales force to determine which solution is best for prospective consumers without a thorough understanding of the items or services your firm offers The finest solution-selling agents are not just product specialists when it comes to their company's products, but they also have a thorough understanding of what the competition has to offer, allowing them to make the sales process easier for the customer Step 2: Make a game plan ahead of time Make sure that each member of your sales staff conducts their homework before approaching a potential customer The seller must have a thorough awareness of the customer's demands, as well as a list of advantages, prepared ahead of time to demonstrate the value of your company's products or services that can solve these issues Step 3: Ask the appropriate questions It's crucial to ask the correct questions when meeting with a prospect for the first time to identify any difficulties they're seeking to address Solution salespeople use a series of pre-made inquiries to assess a prospect's problems, positioning them as the best solution Step 4: Offer a solution After a potential customer describes the problem they're seeking to address, the salesperson can provide a solution (one of your goods or services) that best fits the 12 0 prospect's needs Instead of emphasizing the product's or service's characteristics, explain how your solution can help the consumer, solving their problem or pain 3.2.3 Pros and cons of solution selling skill 3.2.3.1  Pros of solution selling skill Solution selling is not a hard-sell strategy It is a customer-friendly buying procedure It allows the salesman to convey a story to the prospect about how the product or service can solve their problem The prospects can then assess how much better their lives could be if they had the cure  Focus on relationship building When it comes to solution selling, the salesman doesn't merely close the deal and go away Because they have a thorough awareness of their consumers' demands, firms may utilize this practice to build long-term relationships with them As a consequence, firms may foster long-term consumer loyalty and connections  Value-centric It focuses on selling the value of a product or service rather than the bells and whistles If a salesman is selling a kitchen appliance, for example, he will not concentrate on the warranty or the manufacturing materials Instead, the salesman will emphasize the excellent cuisine that the appliance will assist the prospects in preparing This makes it easier for prospects to comprehend why they require the product or service 3.2.3.2  Cons of solution selling skill Complex knowledge requirement In order to fully sell the product or service's value proposition, the salesman must know everything there is to know about it Even if the characteristics aren't the main 13 0 selling point, the salesperson has to know about them so he may personalize the conversation to the prospects' individual needs If the salesman is pitching a new solution or product, this might be difficult  Risk of alienating the prospect During this stage of the sales process, the sales representative must ask the proper questions and guide the prospect to the desired conclusion Though he doesn't, the prospects may feel as if their difficulties aren't really understood  Challenging discussion style In order for the solution-selling approach to be effective, there is a precise question- and-answer structure that must be followed Some salespeople find it challenging to achieve this while still seeming natural 3.2.4 Typical solution selling questions Asking the correct questions at the appropriate time is one of the most critical components of solution selling These selling abilities will assist you in persuading customers that your product or service is the best option for them And questions to ask while selling a solution include:  What are your objectives?  Why are you having trouble reaching your objectives right now?  What would your ideal solution look like?  If you don’t solve your problem now, what will happen in the future?  What have you tried to overcome those challenges? 14 0 3.3 Target Account Selling 3.3.1 Definition Target Account Selling is a sales method in which teams develop systematic, wellresearched plans for targeting a specific group of highly qualified leads Target Account Selling (TAS) and Account-Based Marketing (ABM) are used in combination by businesses to convert leads using highly targeted techniques Because it demands sales professionals have a comprehensive grasp of each lead they contact, the TAS selling methodology can be difficult for beginners to understand at first Companies require comprehensive access to client data and information in order for sales agents to create sales plans that are tailored to the specific demands of target accounts TAS's goal is to create a very detailed, highly targeted list of potential clients who will then receive individualized support throughout the purchasing process The idea is to customize and optimize the resources invested in high-value accounts that are well qualified 3.3.2 Process of target account selling technique Target Account Selling necessitates strong collaboration and coordination across the customer, sales, and marketing departments Typically, the three teams will collaborate using a three-step process: Step 1: Sales and marketing collaborate to create an "Ideal Customer Profile," a set of broad qualities for the best-fit consumers Only accounts with firms that suit this ideal profile are then targeted by sales personnel Step 2: After the marketing and sales teams have created a clear profile for their ideal consumers, the sales teams continue to explore each qualifying account, gather additional data, and create distinct buyer personas for each decision-maker The buyer persona is more specific and focused than the ICP, allowing salespeople to adapt their materials and deliver a better nurturing experience 15 0 Step 3: Until the deal is closed, the sales and marketing teams continue to help each stakeholder throughout the purchasing and sales funnel process Teams may then either close the funnel or give information to the customer success team, which can then provide useful insight into the customer's post-purchase experience 3.4 Conceptual Selling 3.4.1 Definition of Conceptual Selling Conceptual Selling is a methodology for planning and executing effective customer interactions instead of dealing specifically with selling a product itself It ensures customer centric behavior and aligns sales activities with customer’s buying and decision making process 3.4.2 Typical Utilities: Increase close rate: Knowing the core problem from a potential customer will help employees understand what solution they need It also allows staff to be more confident when conducting a transaction and increases the closing rate after each transaction Shorten sales cycles by supporting the customer's decision making process: In a typical sales cycle, a manager will hand over a long list of potential customers to employees After that, each employee starts contacting and pitching to potential customers with his or her own sales method But this process often causes employees to lose potential customers for various reasons Conceptual Selling will help improve the productivity of salespeople and thereby shorten sales cycles through the process of supporting potential customers in the decision-making process Helps build long term customer relationships: Actively listening to potential customers helps employees act as experts and conduct consulting activities to customers Thanks to it, conceptual selling allows potential customers to trust the product, turn them 16 0 into existing customers and in turn, they will become brand promoters for the product and business Improves average deal size: Create opportunities to introduce and sell the products to develop into a big scale More productive sales organization: Using the conceptual selling method also helps to overcome the weaknesses of the traditional selling method Moreover a well-organized and organized sales activity helps the sales team to receive better deals in their sales operations, thereby improving productivity and generating greater revenue for the business 3.4.3 Pros and Cons of Conceptual Selling: 1.1.1.1 Pros of Conceptual Selling: Firstly, belief and transparency are very important in conceptual selling, so applying this sales method can help salespeople establish good relationships with customers Secondly, performance metrics ensure measurable results Finally, suitable for new products on the market, or requires some knowledge (e.g technical requirements) to operate 1.1.1.2 Cons of Conceptual Selling: The first disadvantage of this strategy is that this method may not work in areas where potential customers are already equipped with the information and solutions they need Next, it is about asking incorrect questions that can lead to incorrect information being collected, which in turn negatively impacts the success of the transaction 1.1.2 How to apply this strategy in marketing: 17 0  Planning and strategy Selling by Conceptual Selling method requires a clear plan and strategy with specific indicators, because this is a sales method that prioritizes performance indicators to make sales measurable  Explore customer perspectives and connect with products With conceptual selling, the sales team now needs to learn to talk less and listen more Staff listen to potential customers to fully understand their perspective on the problems they are facing The salers then ties the product or service directly to that perspective, and finds out if the prospect fits the product's "customer persona" This way, the staff will spend more time with the right leads and smooth the transaction process to close more orders in less time Unlike others marketing, this strategy guides employees to know potential customer’s awareness about products first by asking these following questions:  Getting information: Asking questions to identify what customers want  Getting opinion: Checking customer to clarify what they know and want about products  Attitude: Finding out clients and their interest in what kind of matter  Commitment: Digging customer’s effort in finding solutions  Basic problem: Considering any abilities or obstacles affecting the trading process => Conceptual selling helps salers align their selling process with customers' buying process It gives a way to view the situation from the customer’s perspective and create win-win solutions for both organizations III Conclusion 18 0 Common sales techniques are critical in businesses that rely on focusing on customers or their solved-products problems through listening, handling and exchanging their views, instead of speaking mainly to the products The ability to find potential customers in the long term, build relationships with customers, take their opinion to improve products and generate business better is at the heart of SPIN selling, Solution Selling, Target account selling and conceptual selling So depending on different selling situations and customer’s problems, salers or marketers will choose and apply different sale techniques to guide and find solutions to solve matters Thanks to common sales techniques, it will make the products better, create the belief’s buyers as well as new clients stronger and boost reputation’s businesses 19 0 ... 12 3 .2. 3 .2 Cons of solution selling skill 13 3 .2. 4 3. 3 Typical solution selling questions . 13 Target Account Selling .14 3. 3.1 Definition 14 3. 3 .2 Process... Selling 11 3 .2. 1 Definition 11 3 .2. 2 Four essential steps of the solution selling process 11 3 .2. 3 Pros and cons of solution selling skill 12 3 .2. 3. 1 Pros of solution... Definition of sale techniques The importance of sale techniques 2. 1 Sales technique helps you set your goals 2. 2 Sales technique identifies your target markets 2. 3 Sales technique