C H A P T E R 5 : S A L E S K N O W L E D G E : C U S T O M E R S , P R O D U C T S , T E C H N O L O G I E S

B M G T 2 0 4 : S A L E S S T R A T E G I E S A N D T E C H N I Q U E S

C H A P T E R O V E R V I E W : T H E G O L D E N R U L E : K N O W L E D G E

• Be an expert on everything associated with your product(s)

• Use wisdom when applying knowledge

• Remember, customers rely on you to truthfully provide knowledge and wisdom

• Realize that people do not care how much you know until they know how much you care

J O B S E A R C H I M P L I C AT I O N S

• Pulse provides daily stories from your industry

• You can follow influencers to gain a POV

• In an interview, you should ask more questions than they do

• Understand their business, their challenges, before you even walk in the door

2 0 1 1 V I R T U A L W A L L E T I N T E R V I E W M AT E R I A L S

S O U R C E S O F S A L E S K N O W L E D G E

• Sales training

• Experience

• Living and breathing your clients brand

• MOOC’s

K N O W L E D G E B U I L D S R E L AT I O N S H I P S

• Knowledge increases a salesperson’s confidence

• Knowledge increases a buyer’s confidence in salesperson

• More knowledge leads to more sales and more relationships

K N O W Y O U R C U S T O M E R S

• Find out all you can

K N O W Y O U R C O M PA N Y

• General Company Information

• Company growth and accomplishment

• Policies and procedures

• Production facilities

• Service facilities

C O S T C O C E O I N T E R V I E W

• http://youtu.be/wkBGM7mkvdc

K N O W Y O U R P R O D U C T

• Product knowledge may include:

• Performance data

• Physical size and characteristics

• How the product operates

• Specific features, advantages, and benefits of the product

• How well the product is selling in the marketplace

K N O W Y O U R R E S E L L E R S

• Understand the channel of distribution

• Know as much about each channel member as possible

• Likes and dislikes of each channel member’s customers

• Product lines and the assortment each one carries

• When each member sees salespeople

• Distribution, promotion, and pricing policies

• What quantity of which product each channel member has purchased in the past

A D V E R T I S I N G A I D S S A L E S P E O P L E

• Main ingredients of a firm’s promotional effort

• Types of Advertising Differ

• National advertising

• Retail advertising

• Cooperative, or co-op, advertising

• Trade advertising

• Industrial advertising

• Direct-mail advertising

• Internet advertising

W H Y S P E N D M O N E Y O N A D V E R T I S I N G ?

• Companies advertise because they hope to:

• Increase overall sales and sales of a specific product

• Give salespeople additional selling information for sales presentations

• Develop leads for salespeople through mail-ins and ad response

• Increase cooperation from channel members through co-op advertising and promotional campaigns

• Educate the customer about the company’s product

W H Y S P E N D M O N E Y O N A D V E R T I S I N G ? , C O N T…

• Inform prospects that a product is on the market and where to buy it

• Reduce cognitive dissonance over the purchase

• Create sales or pre-sell customers between sales calls

S A L E S P R O M O T I O N G E N E R AT E S S A L E S

• Consumer sales promotion

• Trade sales promotion

• Point-of-purchase (POP) displays

• Shelf positioning

• Shelf facings

• Premiums

• Sales promotion on the Internet

W H AT ’ S I T W O R T H ? P R I C I N G Y O U R P R O D U C T

• Price refers to the value or worth of a product that attracts the buyer to exchange money or something of value for the product

Maximum Profit

Minimum Price to Break Even

Competitive Pressure

P R I C I N G I S O F T E N V E R Y P S Y C H O L O G I C A L

T E C H N O L O G Y I S A I D I N G S A L E S P E O P L E L I K E N E V E R B E F O R E

https://www.salesforce.com/form/conf/crm-sales-indexpage-demo.jsp

B E F O R E S A L E S F O R C E : W H AT S A L E S P E O P L E N E E D T O B E S U C C E S S F U L

• Customer/ Prospect profile.

• Lead tracking.

• Call reports.

• Sales forecasts.

• Sales data analysis

• Sales presentation.

• Time/territory management.

• Order entry.

• Travel and expense report.

• Checking inventory/shipping status.

K N O W L E D G E O F T E C H N O L O G Y E N H A N C E S S A L E S A N D C U S T O M E R S E R V I C E

• Personal Productivity

• Contact management

• Calendar management

• Automate sales plans, tactics, and tickets

• Geographic information system

• Computer-based presentations

K N O W L E D G E O F T E C H N O L O G Y E N H A N C E S S A L E S A N D C U S T O M E R S E R V I C E , C O N T…

• Communications with Customers and Employer

• Word processing

• E-mail

• Fax capabilities and support

• Customer Order Processing and Service Support

• Salespeople's mobile offices

H O W C A N A S A L E S P E R S O N U S E E - S A L E S , D I G I TA L M E D I A A N D S O C I A L N E T W O R K I N G T O I N C R E A S E S A L E S A N D C U S T O M E R S E R V I C E ?

• E-Sales is a strategic process of such as discovering the desires of customers, distributing, promoting, using digital media and digital marketing

• Digital Sales uses all digital media to develop communication and exchanges with customers and prospects

• Social Networking to connect for getting acquainted, keeping in touch, to build a work-related network

• LinkedIn Ok - others - probably not

S I M P LY A S K

• How do you prefer to be contacted?

• Useful for sales

• Useful for in a job search

• Useful in your career

C H A P T E R 5 A P P E N D I X : P R I C I N G E X A M P L E S

T Y P E S O F P R I C E S

• List price – standard price

• Net price – after discounts

• Zone price – based on geographicallocation

• FOB (Free on Board) shipping point – buyer pays

• FOB destination – seller pays

D I S C O U N T S L O W E R T H E P R I C E

• Quantity discounts

• Non-cumulative

• Cumulative

• Cash

• Trade

• Consumer

E X H I B I T C : E X A M P L E O F M A R K U P O N S E L L I N G P R I C E I N C H A N N E L O F D I S T R I B U T I O N

W H AT I S T H E P E R C E N T M A R K U P ?

$1.00 = cost to retailer!$1.00 = dollar markup!$2.00 = selling price

W H AT I S T H E P E R C E N T M A R K U P ? , C O N T…• It depends on whether you use

• Selling Price, or

• Cost

• Dollar markup is divided by either selling price or cost to retailer

• Selling price = 50%

• Cost = 100%

• We use selling price in calculating the percent of markup