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Marketing all units professional selling

by: shannon ueberfluss

Marketing all units professional selling Marketing 340

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shannon ueberfluss

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all notes for the course
into to personal selling
Ian Scharf
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This 74 page Bundle was uploaded by shannon ueberfluss on Tuesday September 20, 2016. The Bundle belongs to Marketing 340 at University of Miami taught by Ian Scharf in Fall 2016. Since its upload, it has received 6 views. For similar materials see into to personal selling in Marketing at University of Miami.


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Date Created: 09/20/16
▯ MKT 340 09/15/2016 ▯ Unit 1 ▯ Unit 1, Class 1, part 1 ▯ ▯ I. Introduction to Personal Selling ▯ ▯ A. Perceptions-typically negative for sales people due to:  history started in late 1800’s with industrial revolution, Great Depression companies not prepared for stock market crash  dark ages of professional selling (1930-1970) abuses of industry in order to compensate  people naturally remember negative qualities  laws tend to be reactive and not proactive, legislators could not reach out to sales-people because no homogenous way to reach them like BAR for lawyers o sales has so few barriers to entry and allows people to do it that shouldn’t be allowed to o easier in this country to succeed at salesman as opposed to doctor or attorney, different pool of people. Will take generations to change perception of salespeople. o Industries that are maligned, those who do well do very well o Three reasons to learn why:  1. Everyone sells: people never change their minds, they make new decisions based on new information  2. Role in marketing and communication: salespeople conduits (connectors) between companies and clients they represent, often times, face of company  3. Role that it plays in the marketing mix: Product Price Place Promotion ▯ ▯ B. Why? History and Barriers ▯ ▯ C. Can it be changed? ▯ ▯ ▯ II. Selling and Salespeople ▯ ▯ ▯ A. Why learn about it? Everyone sells, Role in Mktg. Communications, Role in Mktg. Mix ▯ ▯ ▯ B. What do they do? Sell, Service, Provide Information ▯  sellers= hunters, live for the kill  service= farmers, live for the harvest  provide information in both directions, from the company to the client and vice versa ▯ ▯ ▯ C. Describing Sales Jobs---New vs. Continuing, Order Takers vs. Order Makers, Products vs. Services, Field vs. Inside, Consumer vs. Business ▯  some sellers sell predominantly to new people or existing/continuing customers  order taker= someone who works behind a cashier, lowly position  order maker= act like business owner running a practice  Product vs. Service  Those who are good at36   one will struggle in the other  Field= to their clients (more profitable less overhead)  Inside= customer comes to them  Consumer sells to end user  Business salespeople sell to resellers ▯ D. Characteristics of Successful Salespeople–Motivated, Dependable, Ethical, Customer and Product Knowledge, Flexible, Communication Skills, Emotionally Intelligent ▯  1. Motivation: two types o External : (money power and recognition) o Internally: set of standards way above them and perform at that level (tend to do better in life and tend to have a lot of externals working for them ▯  2. Dependable: o under promising and over delivering ▯  3. Ethical o can not be changed or persuaded ▯  4. Customer and product knowledge: ▯  5. Must be flexible = function of maturity know the world is not perfect ▯  6. Communication skills = good communicator is someone who can take a complex concept and break it down so that everyone can understand it o bad communicators eat up asset of time ▯ ▯  7.Emotional Intelligence o anticipate human behavior before it happens and read it o the study of human moves ▯ Paul says to Tom, you studied the watch while I studied you ▯ ▯ E. Born vs. made? ▯  Sales people are leaning more towards the made side: It’s all about asking someone the right questions in the right setting ▯ ▯ ▯ F. Rewards – Independence, responsibility, Financial, Sales Management ▯  1. Independence- most sales people control their own calendar, people who are self employed who can not manage their time will eventually work up ending for someone else who knows how to manage theirs ▯  2. Responsibility- in charge of own destiny, middle tier most vulnerable ▯  3. Financial- no limit to how much you can make (sometimes as much as CEO) ▯  4. Sales Management- must first be a salesperson, top sales managers typically not great sales people o example: top athletes and coaches if you are truly great at what you do it can't be translated ▯ ▯ ▯ III. In Class Company Case – Justin Diamond takes a Sales Course ▯ ▯ -Don’t need a college degree but it helps ▯ -workload: ▯ ▯ IV. Video – Roerig and Wallace ▯ ▯ A day in the life, salesperson Nick Perella, pharmaceutical rep from jersey ▯ ▯ List of things he does well: ▯ - open minded ▯ - good relationships with gatekeepers ▯ -good time management skills ▯ -enjoys what he does/ good attitude ▯ ▯ What he can improve on: ▯ - Boring/ robotic ▯ ▯ ▯ Unit 1, Class 1, part 2 ▯ ▯ I. Building Partnering Relationships ▯ ▯ A. Types of Relationships  Market Exchanges o One time market exchange- why most convenient stores do not advertise  Functional o Functional relationship= when we attach ourselves to vendors o Not best relationship  Strategic Partnerships o Strategic Partnership= relationship so strong that you act like you are on the payroll of that company o Example someone who loves Colgate will not only get it for themselves but suggest it to others, invest in stock etc. ▯ ▯ ▯ B. 5 Characteristics of Successful Relationships  1. Trust (DCCHL) o Dependable o Competent o Customer Oriented- put yourself in shoes of someone else o Honesty o Likable  2. Open Communication o the ability to tell somebody anything without the fear of repercussions o worst thing you can do is lie to someone, you're sending out a symbol that you don’t respect them  3. Common Goals  4.Commitment to Mutual Gain o feel you can accomplish more together rather than alone  5. Organizational Support o Other people believe in the relationship besides the two parties ▯ ▯ ▯ C. Evolution of Personal Selling  Production Concept o People will buy if its readily available  Product Concept o People will buy based on the features available  Sales Concept o People will buy based on the amount of promotion you spend  Marketing Concept o Break up market into target market and have an offering for each, but the goal doesn’t change  Partnering Concept o Fewer clients, better service ▯ ▯ ▯ ▯ II. In-Class Company Cases---New Buyer/Old Account & One Too Many ▯ ▯ Tanita - Commodity- one person oil is no better than another, so only difference is price ▯ ▯ Difference between price and cost ▯ ▯ **never let one client have that much control over you ▯ one shampoo to many… it was edna monahan’s largest client ▯ ▯ III. Video – How NOT to Sell ▯ ▯ Rule of 80-20 ▯ ▯ Only 20% of talking by sales person and 80% by prospect for most successful sales ▯ ▯ Unit 1, Class 2, Part 1 ▯ ▯ I. Ethical Issues in Selling- Why the Dilemma?  Sales always has an issue because performance based and direct customer contact  Sales people report to three entities simultaneously : the customers the company and themselves can bring out the best or the worst in you ▯ ▯ A. Relationships With Customers ▯ ▯ Deception  Lying about the truth  If you want a long term relationship deception is not the way to do it  Omission of truth is just as bad as lying ▯ ▯ Bribes, Gifts, and Entertainment  If the only reason they purchase from you is because you give them something, it is a temporary customer waiting for a better offer (house built on sand)  If you are going to entertain than 3 things to know: o Be physically present- take someone out to dinner not give them money to go out o Check your industry for the maximum amount you are allowed to spend o Use common sense- if it feels excessive it probably is ▯ ▯ Special Treatment  Unethical for one client to benefit directly at the expense of another client  Everyone gets treated the same because you never know ▯ ▯ Confidential Information  Must not break confidentiality or else career will die ▯ ▯ Backdoor Selling  Unethical once you establish a relationship within a company to go around it  Once you initiate the relationship you honor it ▯ ▯ B. Relationships Within the Company ▯ ▯ Expense Accounts  stupid to forge an expense account o 1. You don’t go into sales to make money by stealing from your corporation, make money by helping people achieve their goals o 2. Auditors spend their whole day looking for discrepancies in corporations , given incentives to catch you ▯ ▯ Reporting Work-Time Activities  Dangerous to lie about work-time activities, open communication without fear of repercussions ▯ ▯ Switching Jobs  1. Under no conditions do you bad mouth your previous employer  2. Employer-Employee relationship, must not take customers with you – some exceptions such as : Self employed or a partner in the company with equity or if your company goes bankrupt, independent contractor  3. When you change jobs you are not to copy materials or take private equity with you ▯ ▯ ▯ C. Relationships With Colleagues ▯ ▯ Sexual Harassment  Illegal…sexual harassment second fastest growing form of litigation today  Half a dozen definitions of what it actually is, changes on number of employees present  Don’t date co-workers ▯ ▯ Taking Advantage of Other Salespeople  cowardly to step over someone else  people hire others with the same ethics as themselves ▯ ▯ D. Relationships With Competitors  Have to respect your competition and in many cases admire them  When you are in competition you always focus on what you can do as opposed to what someone else can not do  Not one company always has the best ideas, must accept that notion ▯ ▯ II. In-Class Case----Tom Winger ▯ 500$ bonus before each season given to terry from ned lutz ▯ ▯ III. Video Cases ▯ ▯ Unit 1, Class 2 , Part 2 ▯ ▯ I. Buying Behavior and the Buying Process ▯ ▯ Derived Vs. Direct Demand  Derived= secondary demand behind it, example demand for tires must know demand for cars as well  Business used derived, consumers use direct ▯ ▯ A. Steps in the Buying Process ▯ ▯ Recognizing a Need or a Problem ▯ ▯ Defining the Type of Product Needed ▯ ▯ Developing Product Specifications  Businesses buy on spec, consumers buy on what is available ▯ ▯ Searching for Qualified Suppliers ▯ ▯ Acquiring and Analyzing Proposals ▯ ▯ Evaluating Proposals and Selecting a Supplier ▯ ▯ Placing an Order and Receiving the Product  Consumers have to make another purchase/visit, business re-order ▯ ▯ Evaluating Product Performance ▯ ▯ B. Types of Organizational Buying Decisions ▯ ▯ 1. New Task  new product, new vendor ▯ ▯ 2. Straight Rebuy  same product, same vendor ▯ ▯ 3. Modified Rebuy  a change to one but not not both ▯ ▯ C. Buying Center---User, Influencer, Gatekeeper, Decider  Aggregately all players known as buying center ▯ ▯ Attorney looking to be copiers for his law firm.. ▯ ▯ 3 Players  User= actually uses the product , paralegal in law firm or employees of law firm  Influencer= people typically not on payroll, who assist in the decision(can be accountant, spouse)  Gatekeeper= control flow of info to the decider (secretary)  Decider= formal or informal buying authority (attorney) ▯ ▯ ▯ ▯ D. Video----Trade Show Video ( 2 parts) ▯ ▯ VIDEO:Name of Company ICX, new product called Solstice (software package) ▯ ▯ Margot the CEO - Driver ▯ Bill the Sales VP - Steady Relator ▯ Jennifer the VP of Finance – Analytical ▯ Howard the VP of Marketing - Amiable ▯ ▯ Scenario: Upcoming tradeshow, ICX needs help getting tradeshow expertise. Three different salespeople Sally, Jeff, and Michael ▯ ▯ Sally- Info session, Howard wants to look at past works  Talking more than she is listening  Blows off joke Howard makes in initial dialogue  When you give someone visuals, give them one at a time to have control over them  Made a remark: “blocked off 45 minutes” added pressure to the meeting ▯ ▯ Jeff- second contestant  Asks a lot of questions, very complimentary of product  Howard gets frustrated, wants examples immediately not “later” as Jeff said, ultimately killed meeting because wont listen to what comes next ▯ ▯ Michael- third contestant  Gives time stamp on meeting  Howard wants to see examples again, Michael uses visuals accordingly has control uses them as he goes along through meeting  Michael uses common technique called bridging, incorporating someone’s last remark and brings it into next remark gives Howard more confidence  Michael used term called marketing partnerships which was clever that used term he was comfortable with ▯ ▯ ▯ Michael continuously bridging conversation, taking notes ▯ ▯ 1. sign of respect ▯ 2. shows that your are listening ▯ 3. sign of fallibility- admitting memory is not perfect so you will go back and look at it later ▯ ▯ Michael less concerned about closing deal and treating Howard like a person, asks for Howards perspective (expert status)and makes him feel special ▯ ▯ Michael found out who was going to be at the meeting had a leg up on Sally and Jeff ▯ ▯ Unit 1, Class 3, Part 3 ▯ ▯ I. Introduction to Personality Types- 4 kinds for the purpose of our class, no one is 100% of a type but we all have a dominant trait all four types are represented equally in society ▯  Analytical o uses logic the most o a reason to go from point A to point B o typical occupations: finance, accounting, engineering, most of the sciences ▯  Amiable o believe more in the relationship itself o they will piggy back on your on confidence and your own recommendations o they are the first of the personality types to give up their trust o and the first ones to take it back o typical occupations: nursing, many teachers, most non-profit or caretaker type of positions ▯  Steady Relater o Moved by two things: status and image o For them it must be newest, fastest and the best o They are by far the most competitive of the personality types o Most athletes tend to be steady relators to do competition o As well as most externally motivated salespeople ▯  Driver o Moved by two things: being in control and not wasting time o Immediate answers to immediate questions o Because of the nature of the position, most CEO’s tend to be drivers o Nobody is born a driver, people become drivers o Underneath ever driver lies an amiable who has suffered a loss of faith or loss of trust ▯ ▯ II. How People Interpret Information – visual, auditory , kinetic ▯  Visually – seeing things o if you are talking to someone and they say “I don’t believe you” it is an interpretation issue o can illustrate point visually ▯  Auditory – paint word pictures o tell them a long story or tell them a long joke (multi-part) o if they have no trouble keeping up with you they are auditory, if they break it up into parts they are visual by nature ▯  Kinetically – under 5% of the population o by touching and feeling ▯ ▯ **If you are doing job correctly your personality type doesn’t mater, you must adapt to the people in front of you ▯ ▯ For the video: ▯ ▯ the tie-breaker always goes to the decider, so Margot the CEO ▯ ▯ Compensation technique- can not handle the objection so you try to minimize it in the big picture ▯ ▯ ▯ Final message the last thing you hear, Sally fucked up ▯ ▯ Matching or Modeling body language technique- when you copy someone’s body language it forms a zone of friendship ▯ ▯ III. Communication Principles ▯ ▯ A. Verbal Messages ▯ ▯ Use of Words ▯  Characteristics o can be concrete or abstract o emotional or neutral world (life and right are neutral) but when you put them together “right of life” it becomes emotional ▯  Painting Word Pictures o Take image in your brain and place it in recievers brain so they feel like they are experiencing it ▯ ▯  Tailoring Words to the Customer o Certain words appeal more to visual than auditory learners, tailor words to them o Announce, mention, listen = auditory cues o See, observe, demonstrate = visual cues ▯ ▯ ▯ Voice Characteristics ▯  Speech Rate o average person speaks at 140 words per minute o average person listens at 140 words per minute o Rule of thumb: until you know how fast someone is listening it is better to speak to fast rather than to slow ( you can always repeat yourself so speed it up) ▯  Loudness o Do not use artificial ways of enhancing voice ▯  Inflection o the human brain looks for variety o Changing pitches o if you don't change your tone when you speak to someone, they will lock in on monotone and message will be destroyed ▯  Articulation o If you have words in your presentation that are difficult to announce than slow down and hit every syllable ▯ ▯ Questions ▯  Open-ended o Can not be answered with a yes or no or alternative of choice o Purpose of these question is to collect information o Best one to use is “Why” o More than three open ended questions in a row has a negative effect  Fatigue factor for the listener ▯  Closed-Ended o Only answered yes, no or alternative of choice o “Do” good preposition “Are” “Is” o purpose is to confirm information o more than three close end question in a row becomes an interrogation ▯  Leading o Leading question is a question you already know the answer to o Rhetorical question or statement disguised as a question o If you attempt to lead a witness in the court of law you will get an objection ▯  Spacing o Combo of open and closed ended questions o Never ask more than 3 in a row of each type ▯ ▯ Listening ▯ ▯ *most human beings are reactive listeners you hear something and then respond ▯ ▯ Proactive or active listener does three things when someone is speaking to them ▯ 1. hear what is being said ▯ 2. the filter out the important info ▯ 3. they formulate a response ▯  Repeating Info o Word for word no changes ▯  Clarifying Info o Take someone’s words and put them into your own personality type o Considered weakness in professional selling o Clarify silently away from client if its not same personality type ▯  Summarizing Info o We summarize information to build emotion and get someone to mentally commit ▯  Silences o If someone goes quiet in the middle of your conversation:  Actual amount of the silence  How long it appears to the sales person  How long it appears to the person who went quiet o Rule of thumb: if someone goes quiet in the presentation you shut up as to not break their train of thought just in case they are considering buying your product ▯ ▯ ________________________________________________________________________ ______Unit 1, Class 3 , Part 2 ▯ ▯ I. Non-Verbal Communication ▯ ▯ A. Body Language ▯  Angle o if you are talking to someone and they rock back in forth in a north south manner considered a positive sign o if they are moving from side to side east-west its negative o someone leaning forward= very positive o if they are leaning back= very negative ▯  Face o When people are interest in something there eyes get bigger their pupils their eyes will dilate o Most professionals buyers of jade use shields over their eyes to hide their pupils o When someone is staring straight at you they are passively receiving the info which means they have not interpreted it yet o When they turn their eyes or head to the right even slightly, they are examining the logic of what you just said o When people turn their eyes or head to left they are examining the emotion of what you just said o When you are speaking to somebody, if they are looking straight down that means they are intensely concentrating to focus on the messages = positive o When someone blushes it is a sign of tension or anger o Tightness in the cheeks jawline or neck is typically a sign of tension = negative ▯  Arms o The greater the arm movement, the stronger their opinion o Crossed arms is extremely negative ▯  Hands o Open relaxed palms are positive o Clenched fist is negative ▯  Legs o For men and for women not wearing skirts, uncrossed legs is positive o Crossed legs is neutral o Crossed legs in addition to turning of body at an angle is negative ▯ ▯ B. Sending Messages Non-Verbally ▯  Face o Only thing you can control is your smile ▯  Eye Contact o Function of respect o People who don’t make eye contact are perceived as having something to hide; if it is perceived as true it will become true ▯  Hand Movements o try not to point at customer during presentation : simulates a aren’t scolding a child ▯  Posture o People will interpret your product the way you carry yourself o If you are overly stiff people will view your product as inflexible o If you slouch you will be viewed as lazy or underperforming ▯  Matching o Copying someones body language creates a zone of friendship  Tip 1: do not match bad body language  Tip 2: if somebody gets ahead of u don’t try to catch up just wait for the next movement to match  Tip 3: the first few times you try it your are going to be self-conscious ▯  Handshakes and Touching o Never extend hand first to shake: some people do not like to be touched, let them dictate to you how they would like to be treated ▯  Appearance o Dress professionally neutral (appearance should not pull from your message in either direction) o If you have multiple meetings in the same day, default to the most conservative ▯ ▯ ▯ II. Income Exercise ▯ ▯ -formula salespeople use to rack commission ▯ ▯ Real Estate - want to make $70,0000 annual income ▯ 1. want to make $70,0000 annual income ▯ 2. Average commission per sale = 1500 ▯ 3. Closing ration = % of people who buy from you = 10% ▯ 4. How many weeks you plan to work = 50 ▯ ▯ Step One: take annual income and divide it by weeks worked so 70,000/50 = 1400 ▯ Step Two : take the answer from step one and divide it by average commission per sale 1500 = .9 ▯ Step Three: Take answer from step two and divide by the clopsign ratio .10 = 9 people a week ▯ ▯ III. In-Class Cases---Coffee Delight, Staples, Cablevision IV. Videos ▯ ▯ --------------------------------------------------------------------------------------------------- ---------------------------- FORMAT OF EXAM ▯ ▯ Done with exam done for the night ▯ ▯ - pick 5 out of 6 short answer questions worth 20 points each ▯ - will come from 6 course document outlines ▯ -7 cases ▯ -6 videos ▯ -income exercise on the board ▯ ▯ FROM DOCUMENTS = focus on headings from course document outlines ▯ - questions phrased in one of two ways: list or list and briefly describe ▯ ▯ CASES AND VIDEOS ▯ -will be given name of case and or video ▯ -all you need to do is provide one fact unique to that case or video and can not be applied to another case ▯ ▯ Ex. Cable case ▯ ▯ -Ross and Quincy ▯ -said wrong suburb ▯ -said percentage doubled instead of increase 100% ▯ ▯ 7 CASES ▯ ▯ 1. Justin Diamond- 3 college students taking a course on sellung ▯ 2. New Buyer Old Account – Tanita Dale sold office equiptment “100 years experience” ▯ 3. One Too Many – Edna Monaham, fighting for shampoo promotion spot ▯ 4. Tom Winger – Ethics Case, Ned Luz dies “$500 bribe) ▯ 5. Coffee Delight- THINGS YOU DON’T SAY: how’s business? , and Can I take your order? ▯ 6. Staples- John chen – Driver personalty . ▯ 7. Cable division ▯ ▯ ▯ ▯ 6 Videos ▯ ▯ 1. Roehrig - Jersey pharmaceutical Rep Nick Purelo ▯ 2. How not to Sell – guy selling portable dictation machine “rule of 80- 20” guy would not shut up ▯ 3. Ethics Videos  guy knocked over pencils, looking for info on desk  guy selling lazer tron, unethical sales manager  worlds worst marriage, fur industry, eating hot dogs, woman and doesn’t want to sell ad space ▯ 6. Two Part Trade Video  one fact for each of the three sales people Jeff , Sally, and Michael  Michael matched Margot’s body language with pen  Sally called Howard unprofessional  Jeff sucked all energy out of the room ▯ ▯ Which of these 6 questions am I most weak in? ▯ ▯ You can bullet point answers ▯ ▯ Average of 15 min per answer ▯ ▯ ▯ MKT 340Unit 2, Class 1 (1)  ▯ ▯ I. Prospecting  ▯ ▯ If you were to ask 100 salespeople what they liked least about their jobs, their  most honest answer would be prospecting or the art of finding new people ▯ ▯ Warm end of water out to coldest beginning with most effective way to meet most people…… ▯     Referrals   When an existing client introduces you to someone else  A transfer of trust or a transfer of friendship (in its most basic form)  Ratio for referrals 1/3, so for every 3 referrals you should get one new client ▯  COI   stands for centers of influence  COI’s are people who have not bought from you but are in a position to  introduce you  Example COI’s for real estate would be: contractors, landscapers, mortgage  brokers, interior designers  A lead group is a form of a COI­ a group of non­competing professionals who  exchange names o The goal was to get the best salespeople in south Florida in the same room o 8 people for breakfast every month, admission three names that could benefit  someone in that room  effectiveness ratio for COI’s is 1/10 o staying in warm end saves you time (referrals) ▯     Networking   People who get together for a common purpose (civic marketing)  Can be chamber of commerce, alumnae association, fraternity anything that  gathers for a common purpose.  Common characteristics o 1. Meet once a month in a social setting (alcohol usually involved) o 2. They all charge fees or dues ( making it more reputable) o 3. Tend to have multiple committees o 4. Tend to have different levels of membership  Only two types of people who joining networking o rganizations o 1. People who are there just to drink or date o 2. Those who do part of their prospecting plan  effectiveness ratio of networking is 1/50 ▯ ▯ Tips ▯ ▯ 1. How to conduct yourself in those organizations  only join those that you believe in, interested in   limit the number of organizations that you join,  o 2 is appropriate and  o 3 is pushing it  o do not skip meetings o join the membership committee because you meet new people all of the time o try to join at the highest level possible o be patient­might take two years to get a new client from this  ▯ ▯ 2. How to conduct yourself at the actual function  try to make one new friend at each meeting  do not discuss business at networking functions  give a personalized mission statement if someone asks what you do for a  living= benefit statement of what you do for a living  do not bring business cards with you at networking functions o a business card is irrelevant you must sell yourself first  o job is to collect cards not pass them out o if you get business card, jot down fact about person to make conversation better when you contact them  ▯     Mailings   Effectiveness Ratio is 1/100  Very few people buy things of value marketed by this  ▯     Cold Calling  The art of calling people unannounced   Average effectiveness ratio is 1­250  Does not build character ▯ ▯ ▯ II. Approaches For Developing Knowledge  ▯     Tap the Knowledge of Sales Experts    1. High sales numbers make you an expert  2. you have to do it for a long period of time.  ▯       Read    Read for 30 minutes day on something related to your industry or competition  to stay informed ▯     Ask For Feedback on What You Are Doing   Get feedback on others from how you are doing but from people who don’t  love you so they are honest ▯ ▯ Analyze Successes and Failures   You will always learn more from failures  Success = 2 factors, skill and luck  When you fail at something it forces you to learn from it  ▯ ▯ ________________________________________________________________ ______ ▯ Unit 2, Class 1, (2)  ▯ ▯ I. Planning the Sales Call  ▯ ▯ Why Plan?  2 reasons… ▯ ▯ 1. To increase our productivity ▯ 2. To not waste time  ▯ ▯ Obtaining Pre­call Information  ▯ ▯  6 Mandatory pieces of pre­call info before first appointment (NATOIF)  ▯ ▯ 1. Name ▯ 2. Address ▯ 3. Telephone # ▯ 4. Occupation ▯ 5. Income  ▯ 6. Family status ▯     Optional Additional Info    Demographics, hobbies, interests ▯     Call Objectives­­­Visionary, Primary, Minimum ▯  Visionary o Exceeds expectations if goal is 1,000 then visionary is 2,000 ▯  Primary o Equals expectations ▯  Minimum o The least you can walk away with ▯ ▯ ▯ Paradigm Shift  ▯ ▯ *all human beings tend to settle into comfort zones unless it is shifted and do not  stray away more than 10% away from it ▯ ▯ A GOOD SALES MANAGER SHIFTS PEOPLES COMFORT ZONES UP ▯ ▯ II. Stage One­­­Discovery Meeting (Of the sale cycle)  This meeting should be no more than 15 to 20 minutes in length  Never try to sell anything at first meeting  Will not stay longer than 20 minutes unless asked to ▯     Purpose ▯ ▯ 1) is there a need? ▯ 2) Is it a single need or are there multiple needs? ▯ 3) What is our next step? ▯     Components­­­­5 ▯  Intro o Normal or standard introduction = name and company and that’s it o Referral introduction = name, company and the referring source ▯  Rapport    o  have first appointments at clients office or home, build convo from things on  walls or desk o Rules:  1) only build rapport sincerely  2) under no conditions do you build rapport under religion  politics and sex o Some people to good at building rapport, you don’t want to kill too much time so  you must break to pivot away ▯  Personalized Mission Statement  o  Benefit statement of what you do for a living o Example if you sell chairs… o Can break down into to components  Feature­ wheels  Benefit (what feature does) mobile o Start statement with: I am in the business of solving for my clients “        “  needs ▯ ▯ Come up with personalized mission statement with physical object in classroom ▯ ­pick five features and benefits should flow from those features ▯  Survey   ▯ ▯  Next Step    ▯ ▯ ▯ III. Mission Statement Exercise  ▯ ▯ ▯ ▯ IV. Joint Work  ▯ ▯ Good Partnerships ▯ ▯ 1. Complementary Personalities  cover more ground with personality types ▯ ▯ 2. Orderly Agenda  work out in advance who is going to talk about what  people buy based on emotion so the fewer breaks the better ▯ ▯ 3. Ego on Shelf  must set aside ego ▯ ▯ Presenting to multiple people tips: ▯ ▯ 1. Have prospects sitting next to each other, set the table up in advance  ▯ 2. You take the head of the table, you are expert so take position of authority  ▯ ▯ ▯ V. Videos – THE JOINT WORK VIDEO ▯ ▯ Denis and Rudy salespeople ▯ ▯ 2 Prospects= Tom and Pat  ▯ ▯ First find decider and then determine personality types... ▯ Tom Hong = Decider  How does he interpret information? Tom interprets visually, so Dennis shows him maps which he rejects so he needs to find a different visual…he like lists or text based visuals Tom says “Oh H&B is one of our clients…” has a lot of weight since he is decider Tom also puts time in units of weeks  ­Rudy was prepared to find form for Pat and did not break emotion of room which is vital ***treat arguments the same way you treat silences DO NOT GET INVOLVED let them  work it out While Tom and Pat are looking at the computer, Dennis should not stand beside them  as he is, he should go around and face them to read their body language while Rudy  had his back towards them ▯ Unit 2, Class 2 (1)  ▯ ▯ I. Discovery Meeting ( Ctd.)  ▯ ▯ Survey Exercise ­ series of close ended statements or questions to determine if  there is a need or not from the client ( in first appointment with client, presented after  mission statement)  ▯ ▯ Rules:  ▯ ▯ 1.Do not mention name of product in statement ▯ 2. Cannot be leading statements or leading questions ▯ 3. Strongly agree or disagree scale ▯ ▯ Ex. Projector:  ▯ Costs $5,000 “My budget for equipment this year is…” ▯ ▯ Put statements to determine need ▯ ▯ If they don’t have a need you terminate the business relationship ▯   ▯ II. Stage Two­­­Profile Meeting (not a 25 minute meeting always longer) ▯ ▯ Agenda  a written outline of things to be covered ▯ ▯  Purpose  to gather enough info to make a presentation  to begin the process of getting referrals  ▯      Components (5)  recap the discovery meeting or previous meeting (Bring them back to emotion of first meeting because people act on emotion)  a thorough and complete fact find: o names of all decision makers o budget info o set a date and time for stage 3 which is the strategy meeting o referrals and introductions  make it interactive  ▯ ▯ III. Types of Presentations  ▯     Standardized /Memorized  ­ same for everybody never changes   Forces you not to forget everything  Relatively inexpensive   No flexibility   Most people do not buy things of value that are presented like this ▯     Outlined – a combo or hybrid of standardized, customized, and memorized  Part of the presentation is the same for everyone and does not change  The rest of it is personalized for the client in front of you  Some customization, relatively inexpensive  Not personal enough for some people ▯     Customized ­ has a shelf life of one use  Advantage looks like it was made at your strategic partner’s office (amazingly  authentic)  Disadvantages: Time and money  Do it for high net worth client or heavy competition (usually both) ▯ ▯ IV. Characteristics of a Strong Presentation (not all have to be in place to  help..soft list) ▯      Keeps the Buyer’s Attention  schedule plenty of breaks   no more than an hour without a break ▯     Improves Buyer’s Understanding  but not to the point where they can sell it themselves  ▯ ▯ Helps Buyer Remember What Was Said   by speaking in their own personality type ▯     Offers Proof of Salesperson’s Assertions   Assertive people have conviction in their beliefs which translates through to  the listener ▯     Creates a Sense of Value   The residue of effective time management  ▯ Unit 2, Class 2 (2)  ▯ ▯ I. Characteristics of a Good Prospect (all five must be in place or over) ▯ ▯ Need  client must have need ▯ ▯ Affordability  may have greatest product in the world , but doesn’t mean they can afford it  ▯ ▯ Authority  all decision makers must be present no exceptions, otherwise reschedule  China eggs?  “you cant want it more for them then they want it for themselves” ▯ ▯ Favorably Approached   if you can see there is an interference, reschedule  time must be respected ▯     Eligibility   If they don’t qualify they can get it regardless of if they fulfill all of the other  characteristics  ▯ ▯ *If you have a strong profile and everything is in place, it is on you as the  personal seller for not doing your job* ▯ ▯ II. Tools and Aides ▯ ▯ One general message: treat like your appearance  ▯ ▯  Visual Tools ▯ ▯              Charts     good for analyticals and visual learners ▯ Models, Samples, and Gifts o good for kinetic ▯ Catalogs and Brochures o Must make perfect brochure extension of yourself  ▯ Testimonials o Written by somebody of the highest credibility o Very few people maintain that for a long period of time, most peoples careers  fluctuate  o Never written for the purpose at hand they need help Electronic­­­DVD, Tapes, Powerpoint  ▯ ▯ ▯ III. Stage 3­­­­­Strategy Meeting  ▯     Purpose  1) to implement the product or service  2) to get referrals  ▯     Components   1) Recap the profile bring them emotionally back  2) assess each need individually and make a recommendation   3) steps for qualification and implementation (payment and or signatures)  4) set a date and a time for stage 4 (confirmation meeting)  5) referrals and intoductions  6) making it interactive with things they'd like to add.  ▯ ▯ ▯ Next Step  ▯ ▯ ▯ IV. Videos  ▯ ▯ The Fred Hernandez Video ▯ Prospect: Dr. Charlotte Walters – she’s amiable and auditory st ▯ 1  thing to find out = personality type ▯ ▯ Fred has a lot of open ended questions and causes fatigue (he’s a tad slow) ▯ ▯ She uses the same four words again ▯ 1. challenging ▯ 2. interesting. ▯ 3. boring ▯ 4.routine ▯ ▯ she ends up buying… ▯ ▯ ________________________________________________________________ ______ ▯ Unit 2, Class 3 (1)  ▯ ▯ ▯ I. Responding to Objections  ▯ ▯ *Objections not necessarily negative in sales because it shows they are  interested  ▯ ▯ When?  ▯  Setting up Initial Appt.  o Make 15­20 min in length o Hesitant bc of time and unfamiliarity  ▯  Presentation o Proposing something new o Human beings share fear of change and procrastination ▯  Attempting to Obtain Commitment  o Through a signature ▯  After the Sale  o Buyers remorse­ sometimes when sales person leaves, emotion gets taken with them and is replaced by fear, logic o Naturally occurring phenomena: issue is when salespeople lose courage of own  conviction’s  ▯ ▯ ▯ 9 Common Objections  ▯  I Don’t Need the Product o Why would someone say they don’t need product?   You never get combative and say you definitely need it  o Never ask “Why”?  Make it close ended, “what do you feel that you don’t need  about it?” ▯  I’ve Never Done it That Way Before o Fear of change  Make fun of the way they are currently doing it  “It’s time for a change” o That you are proposing is the next evolutionary step from where they are  coming  ▯   I Don’t Like the Product o because you or your loved one had a bad experience  get the story out of prospect o when someone tells you story  listen with unbiased ears  under no conditions do you grant credibility to the story  3 sides to every story ▯   I Don’t Understand o wrong personality type   wrong thing to so is stay the same way o solution switch to a different type  ▯  I Need More Information o wrong learning type  wrong way to handle is stay in same learning style  correct way is to switch ▯  I Don’t Like Your Company o bad experience   wrong way to handle: Do not say things have changed   do not say I’ll take care of it (overpromises and under delivers) o “Tell me what happened and I’ll investigate it” ▯  I Don’t Like You o not necessarily personal­ could be age, language, background  You never get a second chance to make a first impressions  “If I were removed from the picture, would you still want to  speak from someone in my company?”  for every one that you give away at your career you will  get one back, focus on client everything takes care of  itself  ▯  No Money o Thye may not be a good buyer­ they actually cant afford it o Ask them, “How much too much is it?”  Solution: A partial product for a partial price  If you get a numeric answer, you have the sale at a certain point ▯  I Need to Think it Over  o most common, due to procrastination “What do you think question” fucks this up o this objection has 95% kill rate, only 5% think it over  unsuccessful because no emotion o get out of it by: “This only works if the product you are selling has a qualifying  component to it” …so someone has to apply to get it  o “I assume you wouldn’t be thinking about it unless you are extremely interested” o “So far all we’ve discussed is one scenario of what might happen. We need to  get an offer to my company to see if you qualify. There are three things that can  happen to an offer. 1) Accepted 2) Rejected 3) Modified  o “As of now the possibility exists that you may be rejected. If it turns out that at  the end of this process that you weren’t even eligible for it in the first place who’s time would you have wasted? So until we find out whether or not you qualify,  there is really nothing to think over is there?” o “With all due respect, my company had not been in business by x number of  years by taking everyone.” ▯ ▯ Preparing to Respond  ▯  Positive Attitude ▯  Anticipate Objections o have answers ready to go for common objections ▯  Relax, Listen, Don’t Interrupt ▯   Forestall Known Concerns o you bring it up before they do ▯   Evaluate Objections  o is it real? Or something we call an excuse o excuses hide objections behind them they are not real ▯ ▯ ▯ Response Methods  ▯  Direct Denial o A hard no for a hard objection ▯   Indirect Denial  o softer no for a softer objection ▯  Compensation  o You can not handle the objection so you try to minimize it in the big picture ▯  F­F­F  o Feel – I can see how you would feel that way o Felt­ Others felt similarly o Found­ I can see how you feel that way others felt similarly, this is what they  found o If going to use, use different terminology  ▯  Boomerang  o The objection becomes the reason to purchase  ▯  Postpone  o When you are going to handle the objection later on in your presentation but say specifically when  ▯ ▯ ________________________________________________________________ ______ ▯ Unit 2, Class 3 (2)  ▯ ▯ I. Obtaining Commitment  ▯ ▯ Importance of Closing ­ the old model said closing should be 40% ▯ The new model of professional selling says closing should be no more than 10%  of the sale cycle/ nothing more than the next step for your customer to take. ▯ ▯ ▯     When to Attempt it  ▯  Buyer Comments – when somebody talks as if they already own the product  o Can close early with one condition: if there is anything left of material nature you must tell them ▯  Nonverbal Cues – when someone’s body language suggests that they are  ready to purchase ▯     How To Successfully Obtain It  ▯  Positive Attitude ­ Expect it to happen, only be surprised when it doesn’t ▯  Let the Customer Set the Pace –  ▯  Be Assertive, Not Aggressive ­ assertive people have conviction in their  beliefs which translates through to the listener  ▯  Sell the Right Item in the Right Amounts – “ Bulls make money, Bears make  money, Pigs get slaughtered”...if you get piggish when trying to make a sale  then: For every dollar that you sell above the need the chances for buyers  remorse increase exponentially ▯     Methods  ▯  Qualification (see previous lecture)  ▯  Yours Vs. Ours – For visual people only, when they don’t buy it becomes your problem again ▯     Post­Closing Behavior to Embrace  ▯  No Surprises – act like you’ve been there before, expect it to close and it will  close. Professionals do as they do. ▯  Congratulate on the Choice  find an on­cheesy way to bring them into your  corporate family that doesn’t sound rehearsed  ▯  Referrals – never a better them to get them than after someone has bought  from you ▯     Post­Closing Behavior to Avoid  ▯  Super Bowl – the salesperson that after making the sale is overly enthusiastic ▯  World’s Fastest Human – salesperson that after making a sale breaks he  world record of running ( can’t wait to get the hell out of there/ hunters  mentality to move on) ▯     Reasons For Failure  ▯  Poor Attitude – energy is contagious in either direction, do not expose clients  to this because they did not sign on for it  ▯  Poor Presentation – no discovery meeting, no profile meeting, how do you hit  a target you can’t see? Leas to poor presentation ▯   Poor Habits – poor appearance, poor time management, not using a written  agenda ▯ Unit 2, Class 4 (1)  ▯     I. Referrals ▯ ▯  Importance of Them – half of all sales people do not ask for referrals  ▯ Why?....Fear­ people may change their mind about the original sale ▯ No existing system that forces them to do it ▯ ▯ *Of the half that do ask, 3 quarters of them ask the wrong way ▯ Ex. Do you know anyone who could help me? ▯ Ex. Can you pass my business card out to people? ▯ Ex. I could tell you are extremely busy, can you make a list for me that I will get a week later?...removes emotion from it ▯ ▯ Methods  ▯  Isolate Faces – for people to see, means pay attention during the rappore  building  ▯   Urgency – How would you like to do what I do for a living? WRONG o If you did do what I do, who would be the first five people you would contact  immediately without hesitation ? ▯   Letterman ­ method of listing descending order 5. 4. 3. 2. 1. Instead of 1­5  because on a referral  card because it psychologically makes someone want  to complete the list ▯ ▯     II. Stage 4­­­Confirmation Meeting (after someone buys from you) ▯ ▯  Purpose­1) to deliver or install the product or service or 2) get referrals  ▯   Components  o 1) review what they purchased o 2) ensure the initial use of the product o 3) create systems for re­ordering o 4) set up a review schedule o 5) referrals and introductions o 6) a blank line ( make It interactive with client) o typically 15 – 30 minutes in length ▯     III. Stage 5­­­­Review Meeting  ▯   Purpose & Components o 1) to see what has happened since we last met o 2) to anticipate changed going forward o 3) to get referrals  How often should you conduct them? o After someone buys from you for the first time,  ▯ ▯     IV. Managing Your Career  ▯  Understanding Your Needs­­­­­Structure, Motivation, Stress  o How much structure do I need? – If you need a lot of structure in your life, sales  is not for you o How are you motivated? Internally or externally­ internally motivated people do  better in life and have externals working for them o How do you handle Stress? Two types: situational stress when the event passes so does the stress  Felt stress; can’t be changed quickly more severe  ▯  What You Have to Offer­­­­Skills, Knowledge, Qualities  o What are you're skills? – things you acquire but if you don’t maintain them they  go away o What is your knowledge? – will be passed up by someone who surpasses your  level if you choose to stop o What are your qualities?­ things that are only unique to you ▯ ▯  The Company­­­Their Needs, What They Have to Offer o What are they missing? o What do they have to offer? ( can be found in mission statement )  ▯ ▯   Resumes Interviews­­­Stress, Panel Group Follow­Up  o Resumes need to be one­sided one page o Make your resume easy to read o No objective statement  o Do not list references by name on a resume but have them available to give if  they ask for one ( should have four references all with different personality types ) o Special skills, make sure they are actually special, computer skills of  intermediate nature or more put down o Do not list GPA on a resume, but if you made Dean’s List (Fall 2015, Spring  2015, etc.) o Have a ten minute story for anything on that resume o Stress Interview and Panel Interview­for Panel Interview collect all business  cards , and find the leader who  asks the least amount of questions o Group Interview­ resist temptation to top the annoying person, listen first not talk o Generic tips:  Research the company you want to work for but see if there an  UM alumnae working there and reach out to them directly to  gauge corporate culture   Bad form to turn down a student request  Get a good nights sleep the night before don’t alter habits  Under do not conditions do you arrive late to an interview  Do not arrive more than 20 minutes early for an interview, if you  are early go for a walk o Safe Questions for Interview:  What do you lobe most about what you do?  What are your greatest challenged?  How did you get started? o Follow up rules: 10 days  ▯ ________________________________________________________________ ______ ▯ Unit 2, Class 4 (2)  ▯ ▯ ▯ I. Formal Negotiating – less than 25% of all formal sales are negotiated  ▯     Are You A Good Negotiator? Exercise  ▯     Planning For the Negotiation Session  ▯  Location­ should be neutral   Time Allotment i. do not set deadlines a. Best times of the weeks to do negotiations are Tuesday,  wed, thurs in the morning  Negotiation Objectives­­­Target, Minimum, Opening   Target = what you hope to achieve  Minimum= what you hope to accept  Opening= initial proposal  ▯     Individual Behavior Patterns   Competing – highly assertive and highly uncooperative   Accommodating – highly unassertive and highly cooperative ( believe in win lose  scenario)  Avoiding­ highly unassertive and highly uncooperative   Compromising – people who compromise are in the middle of assertiveness and  cooperativeness , compromised agreements partially satisfy both sides   Collaborating – highly assertive and cooperative, dig into watch issue and try to  maximize both sides      Win­Lose Negotiators –when people negotiate in bad faith they make you  emotional and the goal is to make you give a concession ▯  Good Guy—Bad Guy Routine=  2 sales people working together one appears to be  flexible the other appears to be very inflexible  Lowballing­ when two people are negotiating and one person gives the impression  the negotiation is over when in reality they are still negotiating  Emotional Outbursts­ Somebody to the point where they say yes I need help and its  through a concession  Budget Limitation Tactic ( Budget Bogey) = minimize price in the big picture but in  reality it’s the big picture   Browbeating = take away someone's enthusiasm at the start of the negotiation  session ▯     How to Handle Win­Lose Strategies  ▯  Detach Yourself = Don't say a word, let the emotion you are feeling be replaced by  logic or reason  Acknowledge Their Position and Then Respond= make them repeat the behavior  word for word a second time  Build Them a Bridge = take the good of what they said and incorporate that into your final solution  Warn, But Don’t Threaten = a threat is what will happen if you do not get your way, a warning is what will happen if they do get their way.     5 Tips on concessions o 1) do not make a concession until you have heard all of the other persons  demands o 2) every time you make a concession get one back and don’t feel guilty about  it  o 3) concession should gradually decrease over time o 4) If a concession does meet your objectives just say no o 5) all concession are tentative until the final agreement is signed  ▯ ▯ EXAM  5­6 SHORT ANSWER 8 outlines instead of six 2 videos and NO CASES 2 VIDEOS  1)JOINT WORK­ dennis and rudy selling to tom and pat Tom =v isual and driver  2) Fred Hernandez video AMIABLE AUDITORY (just know those two words) **two weeks from tonight not class on campus March 30  7:00 Pm  8:15 in the grove  ▯ Unit 3, Class 1 (1) ▯ I. Time Management (Four Stages) ▯ ▯ Setting Goals (stage 1) ▯  Need o 1) to increase productivity o 2) not waste time ▯  Nature---Specific, Measurable, Reachable, Challenging, Time Based o 1) Should be specific, general goals get general outcomes o 2) Measurable should have quantitative component to it o 3) Reachable, people who set goals that are not reachable don’t reach them and stop getting goals o 4) Challenging and stretch to reach goals o 5) Deadline on goals keep them time-based o other tips: Written down & Accessible ▯  Types----Performance, Activity, Conversion o Performance=total sales revenue  Advantage = easy to administer  Disadvantage= cant see effort, activity, or skill set, leaves out o Activity = total number of appointments completed  Advantage=only thing you can control is how busy/active you want to be


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