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Prospecting
Prospecting can be defined as the planning work, which is essential in eliminating calls on non-buyers.
Arranging for travel and call schedules to reduce time spent on travelling Prior appointments to avoid prolonged waiting Not wasting time trying to sell to people who cannot buy or not likely to do so.
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Selling Process

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Steps in Prospecting

Formulating prospect definitions


Prospective customers are those
who have willingness, the financial capacity the authority to buy and they must be available to the salesperson.

1. Formulating Prospect Definitions 2. Searching out potential accounts 3. Qualifying prospects and determining probable requirements 4. Relating company products to each prospects requirements
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Searching out potential accounts


After defining prospect, salesperson combs different sources for the names of probable prospects or suspects, as they are called.

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Qualifying prospects and probable requirements

determining

Overcoming Sales Resistance / Objection


While sales presentation, prospects may resist by pointing out real or imagined obstacles, by voicing objections, sincere or insincere Obstacles to Sales
Obstacles can be defined as real or apparent reasons that the prospect has for not buying. For example: temporary shortage of cash. Explain a method for financing the product
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After the information is gathered on each tentative prospect (suspect), estimate on the probable requirements of each for the types of products sold by the company, is made

Relating company products prospects requirements

to

each

Plan the strategy for approaching each prospect. Each prospects probable needs are identified with the help of information gathered about the prospects. Select the most appropriate product for a particular product.

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Sales objections
Objections divert the salespersons presentation from its main course Objections require a satisfactory answer or it may block the sale.

Two types of objections or resistances happen:


Psychological (or hidden) Logical (practical or real)

Objections should be welcomed because they show that the prospect has some interest.

Include predetermined ideas or beliefs, presence for established brands, dislike of making decisions, anxiety or resistance to spend money.

Are tangible such as quicker delivery schedules, high price, product quality, or product availability.

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Methods for handling and overcoming objections


1. 2. 3. 4. 5. Ask question Turn on objection into benefit Deny objections tactfully Third-party certificate compensation

Trial close/closing the sale


Trial close is one of the selling techniques. It checks the attitude, or asks the opinion, of the prospect. Trial close does not ask the decision of the prospect to buy. It is used after the sales presentation, after an objection is answered, or before closing the sale.

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Some of the trial close examples are:


To what extent this product meets with your needs? Which of these benefits are important to you? Out of the three models that are here, I think you like this model. Am I right?

Most of the time, prospective buyers give indications about their readiness to buy. Some of these buying signals are:
Examines the product. Asks another persons opinion. Ask question (about delivery time, price, payment terms etc) Becomes friendly.

If the prospect responds favorably to the trial close question, then the salesperson should know that it is time to close the sale.
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Closing techniques
Some of the closing techniques are:
Alternative-choice close:
Giving choice between two or more items to the prospect.

Summary-of-benefits close:
Summarize the benefits by using FAB (feature, advantages and benefits) statements and SELL sequence (Show feature, Explain advantage, Lead to benefit, Let customer talk) and then make a proposal.

Minor points close:


Prospect make decision on a products minor points.

Assumptive close:
Used when salesperson has earned the customer trust to such an extent that the salesperson prepares the order and hands it over to the customer for his signature.
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T-account (or modified T-account) or balance sheet close. Special offer close Probability close Negotiation close
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Closing Techniques and Sales Situations


Sales Situations Closing Techniques T-account/modified Taccount Summary of benefits

Follow-up and Service:


Alternative choice Minor points Assumptive

Special-offer

Negotiation

Probability

Once the sale is over, successful salespeople follow-up for a number of related tasks:
Check customer order Plan follow-up visit at the time of delivery Account penetration Relationship marketing Negotiation

Buyer is hostile Buyer is a friend Buyer is unable to make a decision Buyer is selfish or greedy Buyer has certain opinion in advance Buyer is an expert with a large ego

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When to negotiate?
The buyer puts certain conditions for buying to the seller. When the agreement between the buyer and the seller will have to take place on several factors, such as price, delivery, quality and payment terms. When the product or service to be exchanged is customized to the requirement of the buyer and may take a long-time to execute the order. When there is a zone of agreement between the two parties and the final price is to be decided through bargaining.
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Preparing for negotiation with customers


Planning Building relationships Purpose Styles of negotiation
I win, you lose Both of us win You win, I lose Both of us lose
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