SEL Selling [OVERVIEW]

Selling

Introduction

If you major in marketing in college, you will likely enter into the workforce as a sales representative. In the U.S., the U.S. Department of Labor estimates that over 14 million or about 11% of the overall labor force are directly involved in selling and sales-related positions. Worldwide this figure may be closer to 100 million. This figure under-estimates the number of people who are actually engaging in selling as part of their job! Lots of people are in a sales position but many more people engage in selling activities as a part of their daily work duties. For instance, corporate executives are constantly selling their company to customers, stock investors, government officials and the public. Business managers might have a laundry list of job duties like balance the budget or motivate employees, but spend 75% of their time seeking out new clients. These higher level positions use the same techniques sales representatives use to sell specific products to a small customer. The potential to make over $100K year in sales is there; check out this article Links to an external site.to see what types of sales jobs could earn you the most money with only a bachelor's degree.

Essential Questions

  1. What is the nature and scope of the selling function and the role of marketing as a complement to selling?
  2. What factors and motivational theories influence customer/client/business buying behavior?
  3. What is the role of customer service as a component of selling relationships?
  4. What are sales channels?
  5. What is the selling process?
  6. What are the various sales techniques?
  7. What are the key factors in building a clientele?
  8. What is the importance of company selling policies?
  9. How can product information be acquired and used in selling?
  10. How is product information analyzed to identify product features and benefits?

Key Terms

  • Approach - The initial stage in a sales interaction. The objectives of the approach are securing approval for the sales call, getting the prospect's attention and interest, and building rapport with the prospect.
  • Boomerang Method - A method used by salespeople to respond to customer objections by turning the objection into a reason for acting immediately.
  • Business-to-Business Selling (B2B) - A business that markets and sells its products or services to other businesses.
  • Buying Signals - A verbal or visual cue that indicates a potential customer is interested in purchasing a product or service. A buying signal indicates that a salesperson should begin to close the sale.
  • Buying motives - The forces causing a buyer to seek satisfaction of a specific need. Buyers are influenced by rational appeals (e.g., economic factors such as cost, quality, and service) and emotional appeals (e.g., status, security, and fear).
  • Closing the Sale - The culmination of a sales presentation in which a salesperson attempts to get a customer to commit to buying a product or service.
  • Cold Canvassing - A method of prospecting under which a salesperson calls on totally unfamiliar organizations and prospects.
  • Consultative Selling - A customized sales presentation approach in which the salesperson is viewed as an expert and serves as a consultant to the customer. The salesperson identifies the prospects' needs and recommends the best solution even if the best solution does not require the salesperson's products or services.
  • Customer Relationship Management (CRM) - Customer relationship management creates more meaningful one-on-one communications with the customer by applying customer data (demographic, industry, buying history, etc.) to every communications vehicle.
  • Endless Chain Method - A method of prospecting in which a salesperson asks customers to suggest other customers who might be interested in the salesperson's offerings.
  • Objections - A concern or question raised by a prospect to a salesperson.
  • Personal Selling - Selling that involves a face-to-face interaction with the customer.
  • Pre-approach - The activities preceding the sales call that include prospecting, collecting information, and planning the sales presentation.
  • Prospect - A potential qualified customer who has the willingness, financial capacity, authority, and eligibility to buy the salesperson's offering.
  • Referrals - A lead for a prospect given to the salesperson by an existing customer
  • Sales Quotas - A sales goal or objective that is assigned to a marketing unit.
  • Selling - The personal or impersonal process whereby the salesperson ascertains, activates, and satisfies the needs of the buyer to the mutual, continuous benefit of both buyer and seller.

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