Relationship Selling Exam 2

Front 1

Explain a Lead.

Back 1

-A potential buyer.
-Can be anyone
-Unqualified
-Most are probably not going to buy.
-We don't sell to leads.

Front 2

Define Prospect.

Back 2

Leads who qualify as potential customers.
Very likely potential customers.

Front 3

Define Qualifying the Prospect.

Back 3

Process of analyzing a lead to see if he qualifies as a prospect.

Front 4

Define Prospecting.

Back 4

Following leads that you hope will turn into customers as a way to fill in future business.

Front 5

Define Referral.

Back 5

When an existing customer send business to his salesperson.

Front 6

Define Customer Advocacy.

Back 6

When a customer is satisfied and willing to spread the word that he is pleased with you.

Front 7

Define Word of Mouth.

Back 7

Source of leads that can result in qualified prospects.

Front 8

Define Endless Chain Referral.

Back 8

When salesperson asks an open-ended question during customer contact to try to get names of potential prospects who can provide more leads.

Front 9

Define Networking.

Back 9

Using contacts to make leads.

Front 10

Define Centers of Influence

Back 10

People who are in the position to persuade a salesperson's potential customers.

Front 11

Define Bird Dogs aka Spotters.

Back 11

People who come into contact with a large number of people during their day.

Salespeople use them as their eyes and ears in the marketplace.

Front 12

Define Directories.

Back 12

Books of contacts that can give leads.

Front 13

Define Telemarketing.

Back 13

Selling by phone.

Front 14

Define Outbound Telemarketing.

Back 14

Making unsolicited phone calls to leads to try and qualify theme as prospects.

Front 15

Define Inbound Telemarketing.

Back 15

Gives prospects a way to get more information from sales organizations via phone.

Front 16

Explain Cold Calls.

Back 16

-Calling or seeing potential prospects without invitation.

-Overcome fear
-Telemarketing
-Telephone prospecting

Front 17

Define Call Reluctance.

Back 17

When salespeople resist prospecting because it involves cold calls.

Front 18

Define Preapproach.

Back 18

Planning the sales call before actually doing it.

Front 19

Define Sales Presentation.

Back 19

Delivering information relevant to solve the customer's needs/problems.

Can involve product demonstration.

Front 20

Define Formula Presentation.

Back 20

Prepared outline.

Front 21

Define Needs Satisfaction Presentation.

Back 21

Presentation that focuses on customers and satisfying their needs.

Front 22

Define Needs Identification.

Back 22

Asking questions to find out customer's needs.

Front 23

Define Problem Solving Presentation Approach.

Back 23

-Most complex and difficult sales presentation strategy.

-Based on the customer's problems getting solved by a win win situation.

Front 24

Define Approach.

Back 24

-First part of the sales presentation.

-Goes from greeting to main part of presentation where sales message is delivered.

Front 25

Define FAB.

Back 25

-Features, Advantages, Benefits.

-Salespeople can make the company's products and services relevant for the customer by using this approach.

Front 26

Define SPIN.

Back 26

A selling approach based on a series of 4 questions about the Situation, Problem, Implication, and Need payoff.

Front 27

Define Active Listening.

Back 27

Carefully monitoring the conversation with the customer and watching for verbal and nonverbal buying signals.

Front 28

Define Features.

Back 28

Any important characteristic about the product or service.

Front 29

Define Advantage.

Back 29

A product/service benefit characteristic that helps meet the customer's needs.

Front 30

Define Benefit.

Back 30

The favorable outcome to the buyer from the advantage from a product feature.

Front 31

Define Value Proposition.

Back 31

Communication of value (bundle of benefits to customer)

Front 32

Define Nonverbal Communication.

Back 32

Communication that doesn't involve words, like someone's facial expressions, posture, eye contact, gestures, dress.

Front 33

Define Public Space.

Back 33

12+ feet around a person.

Most accessible space around the customer.

Front 34

Define Social Space.

Back 34

4-12 feet

Space between customer and salesperson in the personal sales presentation.

Front 35

Define Personal Space.

Back 35

2-3 feet around a person. should not be violated.

Front 36

Define Intimate Space.

Back 36

2 or less feet.

Family and close friends

Front 37

Define Mentor.

Back 37

Sales managers who work the salespeople to enhance their effectiveness.

Front 38

Define Negotiation.

Back 38

When a salesperson works with a customer to develop a win win solution to their problems.

Part of the relationship selling process.

Front 39

Define Stall.

Back 39

Happens when customers ask for more time because they want to delay the final decision.

Front 40

Define Trial Offer.

Back 40

Lets customer use a product without a commitment to purchase.

Front 41

Define Direct Denial.

Back 41

Immediate rejection of a customer's statement.

Front 42

Define Indirect Denial.

Back 42

Less threatening than direct denial.
Involves agreeing with customer and validating their objection before explaining why it is untrue,

Front 43

Define Compensate for Deficiencies.

Back 43

Moving customer from focusing on a poor product feature to a great one.

Front 44

Define Bounce-Back.

Back 44

When a salesperson turns customer concern for reason to action. Effective in appointment setting, negotiating and closing.

Front 45

Define Defer.

Back 45

Postponing the customer concern until salespeople have had the chance to explain other material.

Front 46

Define Closing the Sale.

Back 46

Getting a commitment from the prospect or customer to a make a purchase. Important sales call goal.

Front 47

Define Buying Signals.

Back 47

Verbal and nonverbal cues that a customer is ready to buy.

Front 48

Define Empathy.

Back 48

Salesperson's ID with and understanding of a buyer's situation. feelings and motives.

Front 49

Define Silence.

Back 49

A closing tool where a salesperson sits back and lets the customer talk.

Front 50

Define Assumptive Close.

Back 50

-Lets salesperson verbalize the assumption to see if its correct.

-Vocalize an assumption that they are buying.

Front 51

Define Minor Point Close.

Back 51

-Focuses a buyer on a small part of the decision.

-What color do you prefer?

Idea: Agreeing on something small shows commitment to the purchase and lets the salesperson move forward with the deal.

Front 52

Define Alternative Choice Close.

Back 52

-Gives buyer multiple options

-Do you want this monday or tuesday?

Front 53

Define Direct Close.

Back 53

Most straightforward closing approach. Where the salesperson just asks for the order.

Front 54

Define Summary of Benefits Close.

Back 54

-Restate product benefits and elements.

Front 55

Define Balance Sheet Close.

Back 55

Salesperson develops a pros and cons list.
-Reasons for buying
-Remaining questions

Front 56

Define Buy Now Close.

Back 56

Creates a sense of urgency with the buyer.

If he doesn't buy today there will be none left.

Front 57

Define Rejection.

Back 57

Not the way a salesperson should take the failure of not getting an order. Not a personal rejection.

Front 58

Define Attitude.

Back 58

State of mind or feeling about a person product or service.

Front 59

Define Tenacity.

Back 59

Sticking with a task

Front 60

Define Trial Close.

Back 60

Anytime during the sales process the salesperson tries to close by detecting buying signals.

Front 61

Define Follow up.

Back 61

Adds value after sale.

Front 62

Define Performance Gap.

Back 62

The difference between what a salesperson promised and what he or she delivers to a buyer. Results in customer complaints.

Front 63

Define Customer Complaints.

Back 63

Customer concerns voiced.

Front 64

Define Service Recovery.

Back 64

A good follow up to customer problems that solidifies long term customer relationships.

Front 65

What are the 5 Questions that you ask to determine whether a person is a Qualified Prospect?

Back 65

1- Does the he have a need for the product?

2- Does he get added value from the product?

3- Can you get in touch with the ppl you need to?

4- Do they have the means $ or authority to buy?

5- Do they have enough money to buy?

Front 66

Explain MAD to apply to prospects.

Back 66

-Money to buy?
-Authority to buy?
-Desire to buy?

We don't sell to anyone who doesn't have all 3/3.

Front 67

What process do we use to assess leads?

Back 67

MAD

Front 68

Prospecting is a priority when...

Back 68

-Customer goes out of business
-Contacts leave
-Firm needs to increase revenue

Front 69

Technology may be most _____ but is it always ________ communicating?

Back 69

Efficient
Effective

Front 70

Explain Lombardi Time.

Back 70

Show up to meetings 15 minutes early to prepare and get comfortable.

Front 71

Explain the 4 Characteristics of a Great Sales Presentation.

Back 71

1- Explains value proposition

2- States advantages and benefits of product

3- Enhances customer's knowledge

4- Creates a memorable experience

Front 72

Name the 4 Sales Presentation Strategies.

Back 72

1- Memorized

2- Formula

3- Need Satisfaction

4- Problem Solving

Front 73

What is the AIDA Formula for presentations stand for?

Back 73

Awareness

Interest

Desire

Action

Front 74

What are the 3 Stages for Needs Satisfaction Presentations?

Back 74

1- Identify

2- Analyze

3- Satisfaction


of needs

Front 75

What do Situation questions discover?

Back 75

Discovers facts about a customer's current situation.

Front 76

What do Problem questions discover?

Back 76

Discovers customer's problems.

Front 77

What do Implication questions discover?

Back 77

Discovers the effects of a customer's problems.

Front 78

What do Need Payoff questions discover?

Back 78

Discovers the value of a proposed customer solution.

Front 79

In the SPIN approach what 4 questions do you ask?

Back 79

1- What's going on?

2- What are your problems?

3- What is going to happen if you don't fix your problems?

4- This is your solution.

Front 80

What are the things you sell when you sell the FAB concept?

Back 80

1- Feature

2- Advantage

3- Benefit

of the product

Front 81

Name the 7 steps of the Standard Sales Process.

Back 81

1- Mkting / Strategic Planning

2- Preapproach

3- Approval
<--- needs assessment
4- Presentation

5- Objections

6- Close

7- Follow up

Front 82

What does RFP stand for?

Back 82

Request for proposal.

Specifies everything they need.

Front 83

What are the 4 parts of the Trial Close Loop?

Back 83

1- Trial close - ask the question

2- Customer y/n

3- Handle objection - respond

4- Close

Front 84

What is the formula for Value?

Back 84

V = Q / P