The Power of Selling, 2010a

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28. [22] Tamara Monosoff, “Focus on Core Customers,” Entrepreneur, October 21, 2009,http://www.entrepreneur.com/article/printthis/203774.html (accessed November 23, 2009). 29. [23] George Hedley, “Customer Care = Cash,” American Salesman, March 2009,http://www.hardhatpresentations.com/CustomerCareCash.htm (accessed March 16, 2010). 30. [24] Alister Cameron, “Dell IdeaStorm—Ultimate Customer Feedback Example,” WebProNews, February 27, 2007,http://www.webpronews.com/blogtalk/2007/02/27/dell-ideastorm-the-ultimate-customerfeedback-example (accessed November 23, 2009). 31. [25] Starbucks, http://mystarbucksidea.force.com (accessed November 24, 2009). 32. [26] Jeffrey Gitomer, “Objection Prevention & Objection Cure,” video, May 18, 2009,http://www.youtube.com/watch?v=CgfmcuE_06w (accessed November 24, 2009). 33. [27] Jeff Schmitt, “The Personal Touch: Make the Sale…after the Sale,” Sales & Marketing Management, September 9, 2009, http://www.salesandmarketing.com/article/personal-touch-making-salex2026aftersale (accessed November 23, 2009). 34. [28] Michael Eisenberg, “Yahoo!—Great Customer Feedback Loop,” March 13, 2007,http://sixkidsandafulltimejob.blogspot.com/2007/03/yahoo-great-customer-feedbackloop.html (accessed November 19, 2009). 35. [29] Chia-Chi Chang, “When Service Fails: The Role of the Salesperson and the Customer,”Psychology & Marketing 23, no. 3 (March 2006): 204. 36. [30] Gabriel R. Gonzalez, K. Douglas Hoffman, and Thomas N. Ingram, “Improving Relationship Selling Through Failure Analysis and Recovery Efforts: A Framework and Call to Action,” Journal of Personal Selling & Sales Management 25, no. 1 (Winter 2005): 58. 37. [31] Ilan Mochari, “What You Learn on the Other Side,” Inc., November 1, 2002,http://www.inc.com/magazine/20021101/24833.html (accessed November 23, 2009). 38. [32] Gabriel R. Gonzalez, K. Douglas Hoffman, and Thomas N. Ingram, “Improving Relationship Selling through Failure Analysis and Recovery Efforts: A Framework and Call to Action,” Journal of Personal Selling & Sales Management 25, no. 1 (Winter 2005): 58. 13.2 Customer Satisfaction Isn’t Enough Saylor URL: http://www.saylor.org/books Saylor.org 563
LEARNING OBJECTIVE 1. Understand how customer satisfaction relates to customer loyalty. Customer loyalty and retention are the holy grail in sales—and in all areas of business, for that matter. Loyal customers are how successful businesses are built. Not only is it easier to sell more to existing customers, it is financially prudent to do so. Some companies have increased their profit by as much as 100 percent by focusing on retaining an additional 5 percent of customers. Since it costs about five times more to acquire a new customer than to retain an existing customer, companies are well served to focus on retaining existing customers and making them into advocates for their brand. [1] In other words, “Customer acquisition is an investment, but customer retention delivers profitability.” [2] Follow-Up, Feedback, and Fans Earlier in this chapter, the five elements of follow-up were discussed including getting feedback from customers. This concept is so important, it’s worth drilling a little deeper into it. It is loyal customers who buy more from you in the form of more products and services more often. Companies that focus on creating customer loyalty usually invest in developing an effectivecustomer feedback loop, a formal process for gathering, synthesizing, and acting on customer feedback. The most successful customer feedback loops are simple, focus on understanding what is important to customers, and empowerfrontline employees (i.e., those who interact with customers on a day-to-day basis, such as salespeople). For example, Charles Schwab, an online investment services company, has a process whereby managers review customer feedback daily from comments on the company Web site, transactions, and other communications with the company. Managers and sales reps respond personally to negative customer comments. Cheryl Pasquale, a branch manager, says she looks forward to customer calls to follow up on complaints or less-than-positive comments. She feels she has an opportunity to turn “critics into fans.” [3] There are several different types of customer feedback loops that companies use such as mystery shopper programs, customer satisfaction surveys, and other measurement tools. Some of these methods are expensive, require elaborate reporting, and take a long time to compile and act on the data. [4] Simply Saylor URL: http://www.saylor.org/books Saylor.org 564
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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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that shows how outsourcing your bac
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to make sure you understand and hav
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information you are presenting and
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a call to action that asks the pros
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Timing: When to Deliver Your Propos
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The most important ingredient of a
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18. [10] Kelley Robertson, “How t
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10.6 Selling U: Selling Yourself in
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Does this company deal in B2B or B2
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important to be honest when you res
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Interviewers often ask this questio
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Step 8: Prepare Your Wardrobe Your
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A job interview is like a sales pre
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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 536 and 537: uild a deeper trust. [18] Just as w
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 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
Page 580 and 581: unstructured, and sometimes unpredi
Page 582 and 583: his insights to help you be success
Page 584 and 585: Procurement or product development
Page 586 and 587: Figure 14.3 Activities of Salespeop
Page 588 and 589: Poor planning. Avoid getting caught
Page 590 and 591: Being successful in sales doesn’t
Page 592 and 593: one of the components of the compen
Page 594 and 595: draw. This is an advance against fu
Page 596 and 597: some performance KPIs and conversio
Page 598 and 599: KPI Name Calculation KPI Goal Avera
Page 600 and 601: Activity Color (Red, Yellow, Green)
Page 602 and 603: Activity Comments Time to complete
Page 604 and 605: [10] Data from Gerald L. Manning, B
Page 606 and 607: [32] Jim Kahrs, “Sales Compensati
Page 608 and 609: passion and desire he played with,
Page 610 and 611: It may seem counterintuitive, but t
Page 612 and 613: 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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