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M330 Week 4 Lecture Notes

by: Lauren Detweiler

M330 Week 4 Lecture Notes BUS-M330

Marketplace > Indiana University > Business > BUS-M330 > M330 Week 4 Lecture Notes
Lauren Detweiler
GPA 3.98
Consultative Selling
Dick Canada

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About this Document

These notes cover lecture material from week 4.
Consultative Selling
Dick Canada
Class Notes
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This 3 page Class Notes was uploaded by Lauren Detweiler on Wednesday February 4, 2015. The Class Notes belongs to BUS-M330 at Indiana University taught by Dick Canada in Spring2015. Since its upload, it has received 79 views. For similar materials see Consultative Selling in Business at Indiana University.


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Date Created: 02/04/15
M330 Week 4 Lecture Notes Day 1 I 3 Types of Statements a Feature Advantage Bene t b Buyer s probable reaction in a big sale i Feature price concerns ii Advantage objections iii Bene t agreement c Signi cance of this i Too many advantage statements not enough bene t statements mean seller hasn t developed enough Explicit Needs ii Do this through Implication and Needpayoff Questions d People object because you ask them to pay for something that isn t important to them 11 3 Steps in Commitment Stage a Check for key customer concerns don t make a fool out of yourself attempting to close the sale when there s something on the other person s mind b Summarize the agreed upon bene ts c Request an appropriate commitment Tips for Success in the Business World Guest Speaker Jennifer Whaley from Altria First sales job I Transitioning a Be ready to start day 1 Complete any paperwork prior to day l and bring all requested material Finalize all living arrangements and logistics well in advance Find ways to network in potential new geography Your attitude plays an important role i Try to remain upbeat enthusiastic courteous exible etc 11 Personal Development a Meeting w your manager i Discuss your role and goals for the position ii Create a formal development plan outlining your objectives and track your progress iii Schedule regular checkins with your manager iv Con rm hisher preferred way to communicate b Who owns your development You do Prono0quot III New Salespeople Traps a Don t just jump in build rapport and make the connection i ii Address customer needs prior to getting to your own agenda Before I get to my agenda for the day do you have anything else for me b Do your homework and know their business i You won t earn respect if you ask questions they believe you should already know c Don t ask too many situation questions i The questions you ask may be important to you but not the customer d Follow up on all commitment made to the customer i Biggest way to lose credibility e Support your sell with data and consumer insights IV Tips for Building a Customer Presentation a Step 1 Plan 1 ii iii iv V b Step 2 i1 iii iv v1 vii viii iX c Step 3 ii How does your account analyze data What information is important to your account How does your account like to view data What types of concerns do you anticipate them having Tips for planning 1 Con rm your allotted time 2 Know who will be in your audience a Will it only be your main contact or will other decision makers be present b Know everyone s role and hot buttons 3 Does the meeting room have a projector andor screen 4 Plan for the appropriate number of handouts Build Utilize a clean professional template If using logos of the account review all compliance rules Keep information concise Use appropriate data to illustrate key info Key takeaways should be easy to locate Use horizontal format Bullet points The 6X6 rule 1 6 bullets per slide 6 words per bullet Graphs and charts keep them simple and avoid data dumps Use animation effectively avoid the need to overclick Save data spreadsheets and details for handouts Deliver Practice 1 Ask your manager or a peer to observe and give feedback Be confident in delivery iii Appropriate gesturing iv Use the slides to support what you are saying V Have backup info accessible to help answer any followup questions vi Keys to success 1 Tell them what you are going to tell them 2 Tell them 3 Tell them what you told them vii Set the ground rules for questions 1 Will you take questions throughout the presentation or ask the audience to take a note and ask at the end viii Her opinion wait to give handouts until the end M 071 the exam Monday Feb 16 Section on the book Implied vs Explicit Feature vs Advantage vs Bene t Transcript of sales call 9 label types of questions implied vs explicit I Implied or explicit a I want to have fun implied i Why Fun is not clear The seller doesn t know what the customer s de nition of fun is Ask for example What is fun to you this is a clari cation Needpayoff Question Once they de ne that for themselves it becomes an explicit need b Fun would be nice implied i Same as rst statement You don t know the de nition of fun If the customer said A computer would be nice that would be an explicit need c Got issues with having fun implied II SPIN a Are your car payments expensive situation i If this were a problem question you would have to ask Are your car payments TOO expensive ii Seller has not discovered if this is a problem for the customer yet They are not drawing an inference that the car payments are TOO expensive b You complain is that something you would like to change about yourself i Identi cation Needpayoff


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