Lecture fundamentals of marketing - Lecture 25: Personal selling process. After studying this chapter you will be able to understand: The preliminary steps in personal selling process, the advance steps in personal selling process.
LECTURE25 Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 11- 11 Topic Outline Đ The Preliminary steps in Personal Selling Process § The Advance steps in Personal Selling Process Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- The Personal Selling Process The goal of the personal selling process is to get new customers and obtain orders from them Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- The Personal Selling Process § Steps in the Personal Selling Process Prospecting identifies qualified potential customers through referrals from: § Customers § Suppliers Đ Dealers Đ Internet Copyright â 2012 Pearson Education, Inc Publishing as Prentice Hall 1- Prospecting Identifying Prospects Present Customers Former Customers End Less Chain Center Of Influence Directories Mailing Lists Prospecting Services 10 Advertising 11 Personal Contacts 12 Cold Calling Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 13 Trade Shows And Exhibitions Internet/Social Media 1- The Personal Selling Process • Steps in the Personal Selling Process § Qualifying is identifying good customers and screening out poor ones by looking at: § Financial ability § Volume of business Đ Needs Đ Location Growth potential Copyright â 2012 Pearson Education, Inc Publishing as Prentice Hall § 1- Qualifying Prospects MAN APPROACH Money Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall Authority Authority Need 1- The Personal Selling Process Steps in the Personal Selling Process is the process of learning as Pre-approach much as possible about a prospect, including needs, who is involved in the buying, and the characteristics and styles of the buyers • Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- PREPARATION PRE APPROACH § § Who is the customer? § Who will be the actual decision maker? § Who will influence the decision? § Who will be the actual user? § With Whom will develop favorable relationship? What are the customer’s needs? § Identify the prospects need § Try to understand his liking or disliking What other information is required? Đ Copyright â 2012 Pearson Education, Inc Publishing as Prentice Hall 1- PREPARATION… PRE APPROACH § Where does one obtain information? § Company’s internal records § Annual reports § Catalogs § Trade publications § Advertisements § Yellow pages Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 10 Presentation technique § Visual Aids/Exhibits § Testimonials Đ Examples Đ Guarantees Đ Demonstrations Copyright â 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 20 The Personal Selling Process • Steps in the Personal Selling Process Bad Traits Good traits Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 21 The Personal Selling Process Steps in the Personal Selling Process Handling objections is the process where salespeople resolve problems that are logical, psychological, or unspoken Copyright â 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 22 Identifying and handling objections § § § Sales resistance: Actions or statements by a prospect that postpone, hinder or prevent the completion of a sale Objection: Outwards expression of a prospect’s doubts or negative feelings about a sales proposal Objections represent sales opportunities Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 23 Types of objections § Timing § Price § Competition § Source Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 24 Confronting an objections § Listen carefully: § § Ask Questions: § § Make sure you know what has been said Clarify the objection so there is no misunderstanding Respond to the objection: § Use an appropriate technique be tactful and honest § Yes But method § Boomerang method § Comparison method The compensation method Copyright © 2012§ Pearson Education, Inc Publishing as Prentice Hall 1- 25 The Personal Selling Process Steps in the Personal Selling Process Closing is the process where salespeople should recognize signals from the buyer— including physical actions, comments, and questions—to close the sale • Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 26 Closing § When to close § Looking & listening for buying signals § Verbal buying signals § Non verbal buying signals Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 27 Closing § How to close § Alternative proposal close § § Assumptive Close § § Choice between details….truck or rail shipment Prepare all documents and ask the prospect to sign Gift Close Added inducement for taking Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall immediate action § 1- 28 Closing § How to close § Action close § § One-more-yes § § Follow up with other people and the needful yourself Restate the benefits in a series of question that will result in positive response and final question ask the person to complete the sales Balance Sheet Copyright © 2012 Pearson Education, Inc § Publishing as Prentice Hall 1- 29 List reasons for action now and delaying Sales funnel § Qualification § Preparation Đ Presentation Đ Closing Copyright â 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 30 The Personal Selling Process Steps in the Personal Selling Process Follow-up is the last step in which the • salesperson follows up after the sale to ensure customer satisfaction and repeat business Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 31 Follow up § Post Sale Action § Customer Relations § Handle Complaints Promptly and Pleasantly § Maintain Contact with Customers § Keep Serving the Customers § Show Appreciation § Self Analysis § Were the plan sales objectives achieved? § What could I have done better? § What did I learn from this sales call that will 1- 32 contribute to my future success? Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall Bibliography § § § § Principles of Marketing by Philip Kotler & Gary Armstrong Fifteenth Edition, Published by Prentice Hall Marketing Management – A South Asian Perspective by Philip Kotler, Kevin Lane Keller, Abraham Koshy & Mithileshwar Jha, 13th Edition, Published by Pearson Education, Inc Principles and Practices of Marketing by Jobber, D 4th edition, McGraw Hill International Principles of Advertising & IMC by Tom Duncan 2nd Edition, Published by McGraw-Hill Irwin Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 33 The End Don’t use time or words carelessly Neither can be retrieved Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 34 ... in Personal Selling Process § The Advance steps in Personal Selling Process Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- The Personal Selling Process The goal of the personal. .. 1- 11 The Personal Selling Process Personal Selling and Managing Customer Relationships • Personal selling is transaction-oriented to close a specific sale with a specific customer § The long-term... Hall 1- 20 The Personal Selling Process • Steps in the Personal Selling Process Bad Traits Good traits Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 21 The Personal Selling