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MKT 2243 Retail and Sales Management: Session 02

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6 views

MKT 2243 Retail and Sales Management: Session 02

Uploaded by

dukshan warawaththa
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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MKT 2243 Retail and Sales

Management
Session 02
Personal Selling & Sales
Process
Introduction to Personal Selling
• Personal Selling is a direct form of communication between a
salesperson and a potential buyer with the objective of making a sale.
Unlike mass marketing, it is a two-way communication process where
salespeople can tailor their message based on customer needs,
address concerns, and build long-term relationships.
Key Characteristics of Personal Selling:
• Interactive: Allows for immediate feedback between the buyer and
the seller.
• Customized: Messages and sales approaches are tailored to individual
customer needs.
• Relationship-Oriented: Builds long-term relationships beyond a single
transaction.
• Persuasive: Involves convincing the customer that the product or
service is the best solution for their needs.
Importance of Personal Selling in the
Marketing Mix
• Personal selling is crucial in the B2B (Business-to-Business) context
and high-value B2C (Business-to-Consumer) purchases because:
• It involves complex products that require explanation or
demonstration.
• Customers expect personalized service and attention.
• It creates opportunities for relationship-building, essential for
customer retention.
Importance of Personal Selling in the
Marketing Mix
Example:
• Selling machinery to a manufacturing company or high-end real
estate requires detailed information and negotiation, which is best
handled by personal selling.
Roles of a Salesperson in Personal Selling

Salespeople serve several critical roles, including:


• Communicator: Sharing information about products and services.
• Relationship Builder: Creating trust and long-term connections with
clients.
• Problem Solver: Understanding customer needs and providing
appropriate solutions.
• Persuader: Convincing the customer that their product or service
meets the customer’s needs better than competitors.
The Sales Process
• The sales process is a structured, systematic approach to selling. It typically
involves several steps that lead to closing a sale. Each stage requires
different skills and techniques.
• Prospecting and Qualifying
• Pre-Approach
• Approach
• Presentation and Demonstration
• Handling Objections
• Closing the Sale
• Follow-Up
Prospecting and Qualifying
• Prospecting is the process of identifying potential customers
(prospects) who might be interested in the product or service.
Qualifying involves assessing whether these prospects are likely to
become customers, based on factors such as their needs, buying
power, and decision-making authority.
• Methods of Prospecting:
• Cold calling
• Referrals
• Networking events
• Social media (LinkedIn, Twitter)
• Online inquiries
Prospecting and Qualifying
Qualifying Criteria:
• Need for the product
• Financial ability to purchase
• Authority to make buying decisions
• Readiness to buy
• Example: A software salesperson may identify prospects by attending
industry conferences and then qualify them based on their company
size and technology budget.
Pre-Approach
• The pre-approach stage involves researching the prospect and
planning how to approach them. This step is critical because it helps
the salesperson understand the prospect’s business, potential needs,
and challenges.
Pre-Approach
Key Activities:
• Gathering information about the prospect's business and industry.
• Identifying key decision-makers.
• Preparing the sales pitch or presentation to address specific needs.

Example: A car salesperson may research a potential buyer's financial


situation, lifestyle, and preferences before suggesting suitable car
models.
Approach
In the approach stage, the salesperson makes the first contact with the
prospect. The first impression is crucial, as it sets the tone for the rest
of the interaction.
Types of Approaches:
• Introduction Approach: Basic greeting and self-introduction.
• Product Approach: The salesperson offers a free sample or
demonstration immediately.
• Question Approach: Asking a question to engage the prospect and
stimulate interest.
Approach
Key Tips:
• Be professional, confident, and prepared.
• Build rapport quickly by showing genuine interest in the prospect’s
needs.

• Example: A B2B software salesperson might start by asking, "How do


you currently manage your customer data?" to initiate a conversation.
Presentation and Demonstration
The presentation is the core part of the sales process, where the
salesperson demonstrates how the product or service solves the
prospect's problem or fulfills their needs.
Presentation and Demonstration
Key Points:
• Focus on features and benefits that matter most to the prospect.
• Customize the presentation based on the prospect’s specific
requirements.
• Use visual aids, product demonstrations, or case studies to strengthen
the presentation.
• Example: A medical device salesperson may demonstrate how their
product can increase surgical precision during a presentation to a
hospital.
Handling Objections
• Handling objections is one of the most challenging parts of the sales
process. Objections are concerns or doubts the prospect raises, which
need to be addressed before they agree to make a purchase.
Handling Objections
Common Types of Objections:
• Price: “It’s too expensive.”
• Need: “I’m not sure we need this.”
• Trust: “I’m not familiar with your company.”
• Timing: “We’re not ready to buy yet.”
Handling Objections
Techniques for Handling Objections:
• Listen carefully to the objection without interrupting.
• Clarify to ensure you understand the concern fully.
• Acknowledge the objection and show empathy.
• Respond by providing additional information or alternative solutions.
Handling Objections

• Example: If a prospect says, “Your product is too expensive,” the


salesperson might respond by highlighting the long-term cost savings
or value added by the product.
Closing the Sale
• The closing stage is where the salesperson encourages the prospect
to make a purchase decision. Different closing techniques can be used
depending on the situation.
Closing the Sale
Common Closing Techniques:
• Assumptive Close: Act as if the decision has already been made, e.g.,
“Would you like this in red or blue?”
• Urgency Close: Create a sense of urgency by highlighting limited-time
offers or availability.
• Summary Close: Summarize the benefits of the product and ask for
confirmation, e.g., “Would you agree that this solution fits your
needs?”
• Example: A car salesperson might say, “If you sign today, we can offer
you a special discount on this model.”
Follow-Up
• After closing the sale, the follow-up is essential to ensure customer
satisfaction and build long-term relationships. This stage helps reduce
post-purchase dissonance and increases the likelihood of repeat
business.
Follow-Up
• Key Follow-Up Activities:
• Sending a thank-you note or email.
• Providing after-sales support or assistance.
• Asking for feedback and addressing any concerns.

• Example: A real estate agent may follow up with a client a week after
the sale to ensure they are satisfied with their new home and offer
help with any questions.
Benefits of Personal Selling
• Personalized Solutions: Salespeople can tailor solutions to meet
individual customer needs.
• Building Trust: Personal interaction helps build strong customer
relationships.
• Immediate Feedback: Salespeople can handle objections and adjust
their pitch in real time.
• Adaptable: Personal selling can be effective in both B2B and B2C
markets, especially for high-value or complex products.
Thank You..!

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