Sales Concepts – Assignment Example
Sales Concepts First Last Dr. TeacherFirst TeacherLast Number 28 May Sales Concepts EQ: EQ, or Emotional Quotient, is a measure of a person’s emotional intelligence. Emotional Intelligence is the ability of to manage one’s emotions individually and in relationships. Emotional Intelligence is found to be critical in selling situations as it helps to augment confidence, understanding, positive attitude, initiative and general social skills (Manning & Reece, pp. 52-53). These traits come in handy in creating new relationships, transforming them into business and then maintaining these relationships.
Adding Value: In an increasingly competitive world where many products and offerings are similar, adding value to one’s selling proposition becomes essential. A value added sale reassures the customer that the relationship is responsive to customer’s changing needs. It also gives him or her comfort that the vendor will act as a “partner” in solving issues rather than simply being a seller. A value added relationship has a much higher change of generating repeat business (Manning & Reece, pp. 53-56).
Four key groups in relationship strategies: An all round relationship with the customer, secondary decision makers, support staff and management is important for converting relationships into new or repeating business. Inculcating a feeling of mutual trust, contact and partnership with the customer builds a comfort zone for sales success. The customer may even take the advice of salesperson in future plans. However, there are several people involved in the decision making process. For that, it is important to build relationship with secondary decision makers as well such as technical or finance teams. These stakeholders may supplement the prime customer’s comfort while taking buying decisions. Another important group is the support staff. They are involved in the day to day working. The ability to influence their priorities, decisions, opinions, and the way their complaints are handled can make a difference to the overall relationship. Finally, the management team may have the highest influence on the organization and one must maintain a continued relationship based on mutual respect, trust and the confidence that sales team responds to customer needs proactively and swiftly (Manning & Reece, pp. 57-58).
Marketing concept: A marketing concept is to dedicate the salesperson and the company’s energies in engaging the customer in a relationship, determine their needs, match them with products or services and continue to partner in developing and following a roadmap. In essence, the sales organization equates their own success with that of their customer. In following the marketing concept, firms use a marketing mix of four groups of strategies: product, place, price and position. A unique blend of strategies in these groups may translate into successful sales (Lamb, Hair, McDaniel, 2009, p. 46).
Win-win relationships: Developing win-win relationships is an approach that leaves a feeling of accomplishment for both the salesperson as well as the customer when a sale is closed. The customer knows that he has not been taken advantage of. A win-win relationship lays the foundation for a positive future engagement (Manning & Reece, p. 60).
Self-improvement: Through self-improvement techniques the salesperson effectively makes an effort to bring continuous improvement in the sales process itself. The key technique is to set realistic goals, work on steps to achieve them and monitor progress. Then, through the process of self-visualization, imagine success in achievement of these goals thereby instilling a positive attitude. Employing self-talk, the process of countering internal negative critique with positive mental conversation with oneself, reinforces belief and the urge to succeed. Finally, it is important to repeat these processes, and along the way, reward oneself for actual success (Manning & Reece, pp. 70-72).
Lamb, C.W., Hair, J.F., & McDaniel, C. (2009). Essentials of Marketing Edition (6th ed.). Mason, OH: Cengage Learning.
Reece, B.L., & Manning, G.L. (2004). Selling Today, Creating Customer Value (9th ed.). Upper Saddle River, NJ: Pearson Education Inc.