1. © Vlerick Business School

2. SALES COMPETITION WORKSHOP 1: PROFESSIONAL SELLING 5/11/2012

3. © Vlerick Business School PROFESSIONAL SELLING: THEORY AND APPLICATION Professional selling is the interpersonal communication process in which a seller uncovers and satisfies the needs and wants of a prospect to the mutual, long-term benefit of both parties. 3 |

4. © Vlerick Business School STEPS IN THE SALES PROCESS 1.Lead Generation 2.Lead qualification 3.Needs Identification: SPIN Selling Situation Problem Implication Need Payoff 4.Feature/Benefit Presentation 5.Marketing Plan and Business Proposal 6.Close 7.Objection Handling 4

5. © Vlerick Business School FIRST IMPRESSION You have only one chance to make a favorable first impression Your looks Your actions Your manner of speaking Salespeople must be conscious of the communication signals they are sending Visual Vocal Verbal/Non-verbal Three Vs

6. © Vlerick Business School LOMBARDI TIME Lombardi Time states: "Show up for every important business meeting 15 minutes ahead of the scheduled meeting time" The idea is to use the 15 minutes to: Catch your breath Collect your thoughts Preplan what you want to accomplish in the meeting and how you'll go about it

7. © Vlerick Business School COURTESY AND COMMON SENSE Ask permission to sit Never clutter the prospects desk or floor without asking his/her permission Watch the tone of your voice Always be courteous but not overly friendly or pushy Never be presumptuous

8. © Vlerick Business School STEPS IN THE SALES PROCESS 1.Lead Generation 2.Lead qualification 3.Needs Identification: SPIN Selling Situation Problem Implication Need Payoff 4.Feature/Benefit Presentation 5.Marketing Plan and Business Proposal 6.Close 7.Objection Handling 8

9. © Vlerick Business School LOOK FOR CLUES Your prospects desk can provide clues about their personality, communication, and work style. What could these clues indicate? A clean desktop (to-the-point) Organized piles on the desktop (project manager) Multiple drawers and filing cabinets (detail oriented) Papers and clutter (busy, frantic) Boxes and piles on the floor (transition) What clues may show up for different social styles?

10. © Vlerick Business School SOCIAL STYLES MATRIX 10 | Amiable Show concern for me and my problems Supportive Respectful Willing Dependable Personable Amiable Show concern for me and my problems Supportive Respectful Willing Dependable Personable Expressive I like competent, imaginative salespeople Personable Stimulating Enthusiastic Dramatic Inspiring Expressive I like competent, imaginative salespeople Personable Stimulating Enthusiastic Dramatic Inspiring Driver Show me bottom line results Determined Demanding Thorough Decisive Efficient Driver Show me bottom line results Determined Demanding Thorough Decisive Efficient Analytical What I need are practical suggestions Industrious Persistent Serious Vigilant Orderly ASSERTIVENESS Low High Low RESPONSIVENESS

11. © Vlerick Business School PLANNING PRESENTATION OPENERS Openers are introductions All sales presentations need effective and brief introductions Salespeople must, in the opener, introduce themselves, the company, and the reason for calling on the prospect Show the prospect that you are aware of his/her situation and that you have a product that can help An effective opening statement is essential to get the prospects attention Salespeople sometimes find that a minute or two of friendly conversation relaxes prospects and makes for an effective opening strategy (rapport building)

12. © Vlerick Business School OPENING THE PRESENTATION What makes some salespeople standout? The best sales professionals know: How to emphasize benefits in their presentations That the most effective presentations must start and finish with the prospects needs and wants as the focus A key question for salespeople as they endeavor to maintain their competitive position is to ask: What could make the customer more delighted?

13. © Vlerick Business School OTHER TYPES OF OPENERS Benefits Probing questions Third Party referral (AKA- Name dropping) Sincere compliment Which will be best for the different social styles?

14. © Vlerick Business School TYPES OF QUESTIONS Open-ended Questions Broad scoped Diagnostic Narrow scoped Surgical Who, what, where, when how, why Cant be yes or no Closed Ended Questions Alternative choice Single outcome Yes or no Inquiring Questions

15. © Vlerick Business School STEPS IN THE SALES PROCESS 1.Lead Generation 2.Lead qualification 3.Needs Identification: SPIN Selling Situation Problem Implication Need Payoff 4.Feature/Benefit Presentation 5.Marketing Plan and Business Proposal 6.Close 7.Objection Handling 15

16. © Vlerick Business School THE SPIN QUESTIONING STRATEGY 16 | Situation Questions Achieve fact-finding objectives Have low selling impact Useful at focus of receptivity Problem Questions Achieve uncovering satisfaction objectives Have moderate selling impact Useful at focus of dissatisfaction Implication Questions Achieve objectives of developing and channeling dissatisfaction Have high selling impact Useful at focus of dissatisfaction and focus of power Need-payoff Questions Achieve objectives of rehearsing and selectively channeling customer attention Have high selling impact Useful at focus of dissatisfaction and focus of power

17. © Vlerick Business School TRIAL CLOSING SOCE questions also have 'closing the sale' benefits Trial closing is a process that helps you find out where a person is in the commitment to buy The goal of the questions is to receive a 'Yes' commitment to move forward in the sale The easiest way to formulate a trial close question is by using an 'If/Then' scenario

18. © Vlerick Business School REACTING Be empathetic Receiving verbal and non-verbal signals that reveal true needs Processing these signals to gain insight into the prospects situation Using the information received from signals to develop probing questions Convincing prospects that their needs are being communicated and understood Uncovering latent needs (Not Evident)

19. © Vlerick Business School RESPONDING TO TOUGH QUESTIONS When your prospect asks you tough questions at this stage, you should: Restate the question Ask What do you think? What makes you ask? Start with a general reply Dont fake it You must listen to be able to respond!

20. © Vlerick Business School EFFECTIVE LISTENING Effective listening consists of three discrete stages in the listening process: 1.Sensing The actual receipt of messages 2.Processing Activities that occur in the mind of the listener 3.Responding Acknowledgement of the receipt of the message

21. © Vlerick Business School STEPS IN THE SALES PROCESS 1.Lead Generation 2.Lead qualification 3.Needs Identification: SPIN Selling Situation Problem Implication Need Payoff 4.Feature/Benefit Presentation 5.Marketing Plan and Business Proposal 6.Close 7.Objection Handling 21

22. © Vlerick Business School SOLUTION SELLING Solution selling is the stage at which the salesperson Assumes a knowledgeable role Begins to earn the right to be an advisor to the prospect Customizes her presentation of product features and benefits to the prospects specific needs and wants

23. © Vlerick Business School Product: _____________ Product FeaturesCustomer BenefitsCustomer Coding 1. 1a. 1b. 1c. Customer 1 Customer 2 Customer 3 2.2a.Customer 4 3.3a. 3b. Customer 1 Customer 4 FEATURES-BENEFITS INVENTORY FORM

24. V = Q/P The value of a delivered product or service increases as the quality of that product/service increases or the price of that product/service declines Where V = Value, Q = Quality, and P = Price

25. © Vlerick Business School SELL BENEFITS NOT FEATURES Deal only in facts Sell the prospect results What the product will do--not what it is!

26. © Vlerick Business School STEPS IN THE SALES PROCESS 1.Lead Generation 2.Lead qualification 3.Needs Identification: SPIN Selling Situation Problem Implication Need Payoff 4.Feature/Benefit Presentation 5.Marketing Plan and Business Proposal 6.Close 7.Objection Handling 26

27. © Vlerick Business School MARKETING PLAN 27 |

28. © Vlerick Business School BUSINESS PROPOSAL 28 |

29. © Vlerick Business School STEPS IN THE SALES PROCESS 1.Lead Generation 2.Lead qualification 3.Needs Identification: SPIN Selling Situation Problem Implication Need Payoff 4.Feature/Benefit Presentation 5.Marketing Plan and Business Proposal 6.Close 7.Objection Handling 29

30. © Vlerick Business School TRIAL CLOSE After answering all the prospect's questions and concerns, it is time to trial close again The salesperson can ask the prospect any of the following questions: What do you think?" "How does all of this sound?" "How do you feel about what Ive said so far?"

31. © Vlerick Business School TRADITIONAL CLOSING TECHNIQUES Asking for the Order Assumptive Close Alternative Choice Close Summarizing the Benefits The Probability Close Continuous Yes Reserving an Advantage Single Benefit Close Similar Situation Close Price Reduction Close Asking for a Trial Order

32. © Vlerick Business School STEPS IN THE SALES PROCESS 1.Lead Generation 2.Lead qualification 3.Needs Identification: SPIN Selling Situation Problem Implication Need Payoff 4.Feature/Benefit Presentation 5.Marketing Plan and Business Proposal 6.Close 7.Objection Handling 32

33. © Vlerick Business School HANDLING OBJECTIONS Effective salespeople are able to: Anticipate objections Answer them with confidence Probe for more concerns Quickly get back to motivating the prospect/customer to make a decision in favor of purchasing

34. © Vlerick Business School ANTICIPATING OBJECTIONS Salespeople must be able to anticipate: Prospects objections and prepare answers before making sales calls Questions concerning how the technical aspects of the product/service solution can help prevent the occurrence of problems Value improvements

35. © Vlerick Business School FIVE CLASSIC OBJECTION-HANDLING TECHNIQUES Forestall the objection Compensate Counter Boomerang Feel, felt, found

36. © Vlerick Business School SALES COMPETITION…NEXT STEPS (1/2) Deadline upload videos for qualification round November 30, 2012 Selection of participants for the Vlerick Sales Competition December 7, 2012 Vlerick Sales Competition February 5, 2013 Starting at 2pm Ghent Campus 36

37. © Vlerick Business School SALES COMPETITION…NEXT STEPS (2/2) Workshop 2: Intro in CRM systems Monday, December 10, 2012 6.30PM-8.00PM Gent Campus Workshop 3: Selling CRM systems Thursday, January 17, 2013 6.30PM-8.00PM Gent Campus 37

38. THANK YOU! DEVA.RANGARAJAN@VLERICK.COM