The Power of Selling, 2010a

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uild a deeper trust. [18] Just as with other objections, asking questions is important to understand why the prospect is stalling and what kind of information will help him feel more comfortable. In reality, this objection is one that is a signal for you to work on improving your relationship with the prospect: Prospect: I need some time to think about it. You: I want to give you the time you need to think about it. But let’s talk specifically about your reasons for buying now versus later. This type of approach will help you engage the prospect in conversation so you can understand more specifically what the barriers are to the sale. Video Clip Ultimate Stall This video, featuring Jeffrey Gitomer, highlights how to deal with the “I have to think about it” objection. KEY TAKEAWAYS There are six strategies that will help you handle any objection: view the objection as a question, respond to the objection with a question, restate the objection before answering the objection, take a pause before responding, use testimonials and past experiences, and never argue with the customer. There are six major types of objections: product, source, price, money, need, and thinking about it (which is actually a stall). EXERCISES 1. Assume you are a sales rep for an interactive advertising company. Your prospect is learning about how social networking works and has responded to your presentation with the following comment: “I’m not sure this is really for us.” What type of objection is this? How would you respond? 2. Imagine that you are a sales rep for a commercial landscaping company. You have just finished a presentation that includes a five-year landscaping plan for your client’s property. She responded by saying that she doesn’t think there’s enough money in the budget for the plan. What kind of objection is this? How would you respond to her? 3. Assume you just presented your ideas to help your prospect increase traffic to his store by adding a sign on the side of the building. The customer was polite and listened to the presentation but said that he’s Saylor URL: http://www.saylor.org/books Saylor.org 535
not sure he really needs the additional sign since there is already one in front of the store. What type of objection is this? How would you respond? 4. Choose a type of car that you might like to own. Review the company’s Web site along with Edmonds.com to identify the elements that create value for the car. How does the value relate to the price? 5. Assume you work for the school you are attending and are responsible for selling sponsorships of campus events to local companies such as restaurants, gyms, and retail stores. If your prospects say the price is too high, how would you overcome this objection? 6. Visit a retail store that engages in personal selling. Assume you are a customer for the product and present an objection to the salesperson. Record how she responds to it. Is it an effective handling of your objection? If so, why? If not, what you would suggest to make it more effective? 7. Read the objection outlined in this article:http://blogs.bnet.com/salesmachine/?p=5207&tag=content;col1. Then, take the quiz to identify the correct answer. 8. [1] Pam Lontos, “10 Strategies for Dealing with Objections,” FrogPond,http://www.frogpond.com/articles.cfm?articleid=plontos12 (accessed October 24, 2009). 9. [2] Keith Rosen, “Respond to your Prospect’s Objections,” AllBusiness,http://www.AllBusiness.com/sales/selling-techniques-active-listening/4019422- 1.html(accessed May 16, 2010). 10. [3] Pam Lontos, “10 Strategies for Dealing with Objections,” FrogPond,http://www.frogpond.com/articles.cfm?articleid=plontos12 (accessed October 24, 2009). 11. [4] Felice Philip Verrecchia, “How to Identify and Overcome Objections,” Edward Lowe Peerspectives, August 11, 2004,http://www.bankseta.org.za/downloads/faisII/benefits/objections.pdf (accessed October 24, 2009). 12. [5] Felice Philip Verrecchia, “How to Identify and Overcome Objections,” Edward Lowe Peerspectives, August 11, 2004,http://www.bankseta.org.za/downloads/faisII/benefits/objections.pdf (accessed October 24, 2009). 13. [6] Bob Bly, “Overcoming Objections,” http://bly.com/blog/general/overcoming-objections (accessed January 6, 2010). Saylor URL: http://www.saylor.org/books Saylor.org 536
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This text was adapted by The Saylor
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helping you learn and succeed. In f
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Sales professionals (left to right)
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Andrew Sykes, Pharmaceutical Sales
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Chapter 1 The Power to Get What You
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Pearson-Bernard, the president and
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Mac and fries, and you always know
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Personal selling is a powerful part
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But the bigger story is the fact th
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understand the power of collaborati
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departments, according to Dennis J.
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At times, however, sales and market
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6. [4] Bureau of Economic Analysis,
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Chapter 6 "Why and How People Buy:
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Resource Description information. J
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Choosing a career direction and wri
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managed your costs and time. Every
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Now that you have read this chapter
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2. Write your personal mission stat
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garage in 1976. Jobs said, “I was
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Contrary to popular belief, speakin
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evealed that boomers are more likel
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many can put it all together.” [2
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phone?” No techno-talk, no slick
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A good salesperson does more than s
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18. [13] Margaret Norton, “Is the
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Toshiba to manufacture laptop compu
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Types of B2B and B2C Selling When y
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outside salesperson. Inside salespe
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Title Description Industries manage
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Selling Power Magazine “50 Best C
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You’ve now seen how B2B, B2C, and
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want to focus on making a contribut
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14. [7] Justin Sorkin, “AT&T Urgi
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lasting impression. If you think yo
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Figure 2.8 Standard Résumé Incorp
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Now, it’s time to put your brand
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Step 4: Write Your Bullet Points On
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Consider the difference between the
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1. First paragraph. Introduction an
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Step 3: Write Your Cover Letter Wit
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Saylor URL: http://www.saylor.org/b
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KEY TAKEAWAYS Your résumé and co
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Now it’s time to put what you’v
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The Power of Building Relationships
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ather than what you want to sell he
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single man could and should be nurt
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For example, many companies offer l
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Trust Me “The check is in the mai
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No one likes to deliver bad news. B
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according to Tim Conner, sales trai
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irthday celebration went, or even j
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A solid relationship is essential,
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29. [24] Tom Reilly, “Relationshi
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than your friends? Do you speak to
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opinions in their decision making.
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Expressives are creative and can se
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thanks.” It’s important to note
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16. [13] Barton A. Weitz, Stephen B
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providing an excellent method to ne
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Jon: Have you talked to anyone at U
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down an otherwise promising job can
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Search the social networking job bo
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7. [3] Meredith Levinson, “How to
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Role: Pharmaceutical sales manager
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7. Be professional; focus on facts
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eliefs and moral conduct. [6] Your
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marketing at the University of Notr
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Ethical Dilemmas in Business Not al
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just like personal ethics, mean doi
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attached. You might miss the opport
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Religion Values provide your person
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You learned about creating your per
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These ten things are the principles
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Ludwig, author ofPower Selling, exp
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At some point in your selling caree
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o o Simon Cowell Angelina Jolie 4.
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21. [19] Julie Creswell and Landon
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44. [42] FedEx, “Company Informat
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Conduct, for example, explains when
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Family interests create a conflict
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documents related to that fact, led
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come face-to-face with these differ
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9. [3] Starbucks, Business Ethics a
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Selling Yourself versus Stretching
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You: Well, I’ve been trying to ge
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Figure 4.4Sample References Letters
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Now that you have read this chapter
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2. What influences your values? Mak
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has often been referred to as a sof
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The same thing can happen in a sell
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Figure 5.3 Letter of Apology from J
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you receive the check. Specificity
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Take notes. While it may seem like
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Figure 5.4 The Impact of Intonation
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Touch Space or proximity Dress Mul
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Touch neck: insecurity Crossed legs
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extra time to review before you sen
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EXERCISES 1. Choose an advertisemen
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22. [13] Patricia M. Buhler, “Man
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and established practices aren’t
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Etiquette Tips for Conversations, M
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The purpose of a business breakfast
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Now, we’re seeing a bit of a reve
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Don’t leave a long, rambling voic
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Proper etiquette is a necessity in
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10. [4] Kim Richmond, “Poll: Entr
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31. [25] Patrick Welsh, “Txting A
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An informational interview is exact
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Informational interviews are usuall
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Bring extra copies of your résumé
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Your interviewee will most likely s
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13. [8] “Informational Interviewi
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You are meeting with a potential cu
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and is best used for communicating
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The science of consumer behavior de
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what anyone did for a living, or if
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Although recovery will be going on
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to retailers such as Foot Locker, w
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and your decisions don’t put you
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Figure 6.7 Comparison of B2C and B2
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technology will not only be expensi
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The September 2009 issue of Vanity
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An individual such as a buyer, purc
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Content,http://www.associatedconten
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The Traditional View of the Seven S
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6. Evaluating proposals. After the
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world to solve the problem. This is
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Norm Brodsky is the owner of an arc
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Traditional Seven Steps of Selling
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Figure 6.10 Nutritional Information
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Source:http://www.thedailyplate.com
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Table 6.3 FAB in Action Product Fea
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The traditional B2B buying process
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15. [10] Bryan Eisenberg, “Buying
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40. [36] Bryan Eisenberg, “Want T
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Brand Positioning Point Feature Adv
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Choose a few work samples. Select s
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A word of caution: Your professiona
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6. [2] “Job Search: Back Up Your
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You are a salesperson for an advert
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Chapter 7 Prospecting and Qualifyin
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Saylor URL: http://www.saylor.org/b
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If you’re satisfied with his resp
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happens if the customer is not inte
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and prospecting for new customers.
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16. [13] Dave Dolak, “Sales and P
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good fit. Sometimes you aren’t ac
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1. Describe the ideal customer for
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It costs five times more to attract
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If you’re a member of the America
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Forget Google for a minute. It migh
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Database or Directory Good source f
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Business journals such as the Phila
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As a salesperson, you can use trade
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isn’t a qualified prospect. For t
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egin prospecting for another lead a
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latest Google search results based
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KEY TAKEAWAYS Prospecting takes c
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21. [15] Paige Palmateer, “Inaugu
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employment agencies. This is a fair
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you might or might not find later o
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Local business journals, like the P
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Business Directories and Databases
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sites to gather stats. Publicly hel
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3. When a customer says, “It’s
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9. There are several business journ
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service in order to make a decision
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Listing your goals in writing befor
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Sporting Goods, Dick’s Sporting G
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presentation. For instance, you mig
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the company also has a communicatio
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companies or people he has worked w
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13. [7] Marcel Sim, “Leveraging Y
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play MP3s, store a day planner, sur
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for instance—can often be a surpr
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question early on in the sales call
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8. [2] Mark Anthony, “The Psychol
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According to Gary Duncan, principal
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SMART objectives give you the power
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3. Assume you are a financial advis
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order. For example, Szaky knows tha
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2. Assume you are the director of d
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tool, in combination with five othe
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on your part. If one of your target
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SMEI http://smei.associationcareern
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Internships and professional organi
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Use networking sites like LinkedIn
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You can determine SMART precall obj
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TEST YOUR POWER KNOWLEDGE ANSWERS 1
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The Approach: The Power of Connecti
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Communication Customization Collab
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taste in shoes. As long as the appr
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you will read more about the dos an
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included fifteen-second audio spots
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7. [4] Brian Johnson’s Philosophe
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9.2 How to Start Off on the Right F
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Approaching by Telephone Establishi
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uilding up your wardrobe so that yo
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prospect’s name in the heading an
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new contacts: “I thought you migh
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stop by on Tuesday morning so we ca
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in the retail environment as it is
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Customers can’t seem to stop sayi
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1. Take the listening quiz by click
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19. [12] Sharon Drew Morgan, “Thi
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43. [36] Donna Siegel, “Relations
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fewer paper jams than any other cop
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contact you. She thought your compa
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ing out several products for custom
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move straight into a question or cu
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9.4 Overcoming Barriers to Success
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to go through the gatekeeper first.
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2. Imagine that you are a sales rep
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Your elevator pitch is critical bec
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ask the person for their business c
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Power Wrap-Up Now that you have rea
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3. Use your elevator pitch in a pro
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about to connect in an exciting way
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presentations to their prospect’s
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will you have to find a parking gar
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EXERCISES 1. You are preparing for
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to take off a jacket and tie than t
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EXERCISES 1. Review the clothes tha
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A good salesperson can read group d
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keeping an eye on group dynamics du
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When the five executives arrived, W
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It is also important to resist the
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salespeople who are starting out an
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won’t get read. [30] Don’t rely
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A cost-benefit analysis asks the qu
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through but (b) establishing a conn
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2008,http://www.completeselling.com
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36. [29] Geoff William, “The Perf
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prospect you have already met.) [4]
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You: So your IT people have regular
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In smaller sales, obtaining commitm
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unstated needs: situation, problem,
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1. Learn the five steps of a succes
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Page 490 and 491: information you are presenting and
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Page 494 and 495: Timing: When to Deliver Your Propos
Page 496 and 497: The most important ingredient of a
Page 498 and 499: 18. [10] Kelley Robertson, “How t
Page 500 and 501: 10.6 Selling U: Selling Yourself in
Page 502 and 503: Does this company deal in B2B or B2
Page 504 and 505: important to be honest when you res
Page 506 and 507: Interviewers often ask this questio
Page 508 and 509: Step 8: Prepare Your Wardrobe Your
Page 510 and 511: A job interview is like a sales pre
Page 512 and 513: 18. [15] Kim Richmond, Brand You, 3
Page 514 and 515: PUT YOUR POWER TO WORK: SELLING U A
Page 516 and 517: Chapter 11 Handling Objections: The
Page 518 and 519: What Are Objections? Objections, al
Page 520 and 521: what you can deliver and by when. I
Page 522 and 523: When Prospects Object While you may
Page 524 and 525: identifying his problem, and presen
Page 526 and 527: 2. Try to sell your professor on co
Page 528 and 529: 11.2 Types of Objections and How to
Page 530 and 531: Don’t say anything negative about
Page 532 and 533: When a prospect has a source object
Page 534 and 535: car has what you want. At this poin
Page 538 and 539: 14. [7] Felice Philip Verrecchia,
Page 540 and 541: This is another opportunity to refe
Page 542 and 543: Mention something specific that you
Page 544 and 545: Do proof your thank-you e-mail or n
Page 546 and 547: Thank-you notes are a reflection of
Page 548 and 549: You understand how to use a follow-
Page 550 and 551: 3. A prospect may object at any tim
Page 552 and 553: salesperson who continues to follow
Page 554 and 555: Relationship selling doesn’t work
Page 556 and 557: http://www.bestsampleletters.com/sa
Page 558 and 559: Web site so unique is that you can
Page 560 and 561: a negative impact on the company’
Page 562 and 563: 6. Imagine that you are a sales rep
Page 564 and 565: 28. [22] Tamara Monosoff, “Focus
Page 566 and 567: asking customers what they think ca
Page 568 and 569: (scores of 7 to 8), reflect poorly
Page 570 and 571: 14. [8] Rob Markey, Fred Reichheld,
Page 572 and 573: Plan your route. Even though you pr
Page 574 and 575: 1. Assume you just accepted a job o
Page 576 and 577: You can identify ways to add value
Page 578 and 579: 2. Identify someone who already wor
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Page 582 and 583: his insights to help you be success
Page 584 and 585: Procurement or product development
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Figure 14.3 Activities of Salespeop
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Poor planning. Avoid getting caught
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Being successful in sales doesn’t
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one of the components of the compen
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draw. This is an advance against fu
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some performance KPIs and conversio
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KPI Name Calculation KPI Goal Avera
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Activity Color (Red, Yellow, Green)
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Activity Comments Time to complete
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[10] Data from Gerald L. Manning, B
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[32] Jim Kahrs, “Sales Compensati
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passion and desire he played with,
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It may seem counterintuitive, but t
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It’s virtually impossible to be s
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3. Assume you are a designer and yo
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2005,http://kansascity.bizjournals.
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find the right internship to help y
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Your campus career center and facul
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eight hours for every twenty-four-h
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Professional Organization Informati
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8. [5] Kim Richmond, Brand You, 3rd
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7. Is it possible for an employer t
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sites and review the mission, event
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15.1 The Power of Entrepreneurship
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Approximately 75 percent of new job
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These facts reflect the importance
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Tech-savvy teenagers are starting o
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Best Social Entrepreneurs View the
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View Entrepreneur magazine’s list
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2008, http://www.america.gov/st/bus
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43. [40] Scott A. Shane, “Failure
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a business plan are standard. The f
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Private investors may want to have
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When you present your business plan
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Entrepreneur: Noah Lehmann-Haupt Ho
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Entrepreneur: Jeremy Bloom Article:
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Resource Name and Web Site Descript
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Resource Name and Web Site Descript
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You can describe the impact that en
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3. Free market system is an economy
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