...10 Ways to Close a Sale Faster The objective is to add tools to your closing toolbox: 1. Recommendation Close Works great when you are seen as a valued asset by the customer. You merely state what the customer should buy. 2. 3-Option Close For larger deals with a lot of variables, this is a great one to use. Three options are given to the customer. Typically, the first one is very high price, but includes everything. Second one is the middle of the road, and the third is bare-bones and is far too skinny. Objective is customer selects the second one, as it’s neither the high-priced one nor the one that is simply too weak. 3. Deadline Close Very easy to use, but only should be used when it’s a real deadline. Merely saying there is a deadline when there isn’t will always come back to work against you. 4. Solution Close You drive the close by recapping the discussion as to the outcomes the customer desires, and it leads directly into you saying how the solution you’re recommending is the right one. 5. Expert Close Easy to use when the customer trusts an expert who is already using what you’re selling. 6. Best Option Close You guide the discussion by allowing the customer to respond to questions you pose, and you use the answers to narrow the selection to where the customer then feels they have the best option. 7. Outcome Close Present the close wrapped around you sharing with the customer the outcome they’ll achieve when they do buy. Works...
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...established by parties outside the entity affect its accounting practices. Answer B is incorrect. External policies tend to moderate such management tendencies. [pic] C. Management is dominated by one individual who is also a shareholder. Answer C is correct because these noted factors tend to have an especially significant influence on the control environment when management is dominated by one or a few individuals. Such a circumstance allows management to effectively implement aggressive financial reporting and emphasize meeting profit goals. [pic] D. Internal auditors have direct access to the board of directors and entity management. Answer D is incorrect. Internal auditors tend to mitigate management's aggressive attitude. close Control environment. The control environment factors set the tone of an organization, influencing the control consciousness of its people. The seven control environment factors, which you may remember using the mnemonic IC HAMBO, are |I |- |Integrity and ethical values | |C |- |Commitment to competence | |H |- |Human resource policies and practices | |A |- |Assignment of authority and responsibility | |M |- |Management’s philosophy and operating style | |B...
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...afterwards. PREPARATION APPROACH NEED AND PROBLEM IDENTIFICATION PRESENTATION AND DEMONSTRATION NEGOTIATION CLOSE FOLLOW-UP AND AFTER SALES SERVICE Figure 1 The selling routine or sales sequence 6.1 Preparation At this stage the sales interview has been arranged and the prospect has been qualified. However, long before the interview takes place, there are a number of matters in which the sales representative must be versed. Essential information at this stage is: 0 Company knowledge about the latest commercial procedures relating to such matters as price, payment terms, complaints and returned goods. 1 Product knowledge in relation to technical performance and specifications of current and proposed products and services. This should also include knowledge of the limitations of products in order that false claims will not mistakenly be made. 2 Market knowledge relates to the activities and product offerings of competitors including the terms and conditions they are giving. 3 Customer knowledge relates to knowledge of the customer’s organisation, its spending patterns and types and volume of purchases and personal knowledge in relation to the buyer. A ‘customer record card’ can be used here which details knowledge of the customer and details of the sales visit. 4 Aids to selling includes sales literature that describes the company’s products or services, current price lists, samples or models. 5 Dress and demeanor include...
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...PROF. SALES THE CLOSE Closing the Sale Closing is a sales term which refers to the process of making a sale. The term can also be used to refer to the achievement of a desired outcome, such as the exchange of money or the acquiring of a signature. Salespeople are often taught to think of targets not as strangers, but rather as prospective customers who already want or need what is being sold. Such prospects only need to be "closed.” REASONS FOR FAILURE TO CLOSE 1) Fear of Rejection 2) Think that pressure is a bad thing. 3) Unwilling to deal with emotions 4) Lack of Belief in the Product 5) Incorrect of Estimation of Effort 6) Being Reasonable 7) Know Financial Plan in Place 8) Handling Objections that are only complaints 9) Shortage of Closing Material 10) Believe customer is the reason why they can’t sale. BASIC CLOSING TACTICS * Direct Close: "May I write this up for you?" or "Should I forward a contract so you can get started?“ * Indirect Close: "How do these terms look to you?" "Is this agreeable to you?" TRADITIONAL CLOSING METHODS Traditional closing sales techniques usually employ some psychological tricks designed to give that final nudge. Here are two of the best. Now or Never This is where salespeople make an offer that includes a special benefit that prompts immediate purchase. For example: * “This is the last one at this price.” * "We’ve got a 20% discount just for customers who sign up today.” The Summary Close Salespeople who use this closing technique reiterate...
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...Technological Institute of the Philippines PERSONAL SELLING AND SALES MANAGEMENT Submitted to: Dr. Danilo Vidal Submitted by: Vincent Mina January 17,2013 Personal selling is where businesses use people (the “sales force”) to sell the product after meeting face-to-face with the customer. The sellers promote the product through their attitude, appearance and specialist product knowledge. They aim to inform and encourage the customer to buy, or at least trial the product. A good example of personal selling is found in department stores on the perfume and cosmetic counters. A customer can get advice on how to apply the product and can try different products. Products with relatively high prices, or with complex features, are often sold using personal selling. Great examples include cars, office equipment (e.g. photocopiers) and many products that are sold by businesses to other industrial customers. Point-of-sale merchandising can be said to be a specialist form of personal selling. POS merchandising involves face-to-face contact between sales representatives of producers and the retail trade. A merchandiser will visit a range of suitable retail premises in his/her area and encourage the retailer to stock products from a range. The visit also provides the opportunity for the merchandiser to check on stock levels and to check whether the product is being displayed optimally. Advantages | Disadvantages | High customer attention Message is customised Interactivity ...
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... Equipped with excellent negotiation skills, market insight and business acumen necessary to guide companies to financial success. Driven and adept at business prospect research, marketing research, product promotion and account expansion. Calm under any pressure. Motivate employees to perform at maximum potential. Dedicated to efficiency and customer service. Train employees and increase profit. Highlights Highlights Excellent sales techniques Excellent communicator Reynolds, Dealer track and CMS expert Contract review Top-ranked Finance and Manager Customer service Excellent sales techniques Excellent communicator Reynolds, Dealer track and CMS expert Contract review Top-ranked Finance and Manager Customer service Coaching and staff development Adept multi-tasker Financial analysis Consultative sales techniques Analytical problem solver Legal implications knowledge Coaching and staff development Adept multi-tasker Financial analysis Consultative sales techniques Analytical problem solver Legal implications knowledge Accomplishments Accomplishments Produced over $100,000.00 from new opportunities in quarter. Manage total of 12 Outside and...
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... 5 9 12 14 15 16 2. General country information 3. Structure of the 10 steps professional selling sales cycle 4. Professional selling behavior in Spain according to the 10 steps 6. Conclusion 7. Sources 8. Appendices 5. The unique characteristics of the Spanish (selling) business culture The 10 step selling process refers to a sequential series of actions by the salesperson that leads towards the customer taking a desired action and ends with a follow-‐up to ensure purchase satisfaction. We will provide the reader with a thorough understanding of the 10 steps of the professional selling sales cycle and will apply this to the 3 1. Introduction summary The following report is written as part of...
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...Case Study Questions: Avaya 1. Why do marketing and sales not work well together in this firm? The Marketing Funnel and the Sales Funnel cannot work well together because both parties work independently like two individual entities. They have different goals and some of their job responsibilities are overlapped. The goal of the Marketing Funnel is to create leads, meaning that they care more about quantity of the leads than quality of the leads. They are judged by the amount of leads they can hand over to the Sales Funnel. Meanwhile, the Sales Funnel needs quality leads in order to close the sales. As noted in the case, there is a gap between Sales and Marketing. The leads aren’t always qualified when they come from Marketing but Marketing says it’s their ‘win regardless. When and if a sale is made, Sales takes the credit. From this statement, whether it is true or not, we can see that the Sales team does not trust the marketing team. Even worse, they can put the blame on the Marketing team even though it is their own fault that they cannot close the sales. Furthermore, the Marketing does not get reward from a closed sale, discouraging them to create qualitied leads. Secondly, the certain job functions of both teams are overlapped. The Sales team has their own marketing team to generate their own leads. They also believe that their leads have a higher quality than those of the Marketing. 2. What is the best demand generating engine? Why? The best demand generating engine...
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... | | (5) | Advertising Expense | 1,320 | | | | Cash | | 1,320 | | | Paid $1,320 for advertising. | | | | | | | | | (6) | Wages Expense | 935 | | | | Cash | | 935 | | | Paid salary of employees, $935. | | | | | | | | | (7) | Office Supplies Expense | 1,100 | | | | Cash | | 1,100 | | | Purchased suppplies for cash, $1,100. | | | | | | | | | (8) | Utilities Expense | 275 | | | | Cash | | 275 | | | Paid utilities expense amounting to $275. | | | | | | | | | (9) | Cash | 38,000 | | | | Sales | | 38,000 | | | Cash sales for September $38,000 | | | | | | | | | (10) | Accounts Receivable | 14,850 | | | | Sales | | 14,850 | | | Credit sales for September $14,850 | | | | | | | | | (11) | Cash | 3,614 | | |...
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...of Merchandise (periodic) Purchases on Credit Purchases DR Accounts Payable CR Purchases Returns and Allowances Accounts Payable DR Purchases returns and allowances CR Freight-In Freight-In DR Accounts Payable CR Payments on Account Accounts Payable DR Cash CR Collecting Cash from Customer (In Discount Period) Cash DR Sales Discounts CR Sales of Merchandise (periodic) Sale on Credit Accounts Receivable DR Sales CR Sales Returns and Allowances Sales Returns and Allow. DR Accounts Receivable CR Receipts on Accounts Cash DR Accounts Receivable CR Purchases of Merchandise (perpetual) Purchase of Goods on Credit Merchandise Inventory DR Accounts Payable (Cash) CR Record the Sale of Goods on Credit Accounts Receivable DR Sales CR Cost of Goods Sold DR Merchandise Inventory CR Closing Entries Close Revenue Account Revenue DR Income Summary CR Close Expense Account Income Summary DR Salaries Expense CR Utilities Expense CR Rent Expense CR Tax Expense CR Close Income Summary Account (Net Loss=switch) Income Summary DR Retained Earnings CR Close Dividends Account Retained Earnings DR Dividends CR Accounting Cycle 1....
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...⋅ PROBLEM ⋅ IMPLICATION ⋅ NEED-PAYOFF By Neil Rackham 1. Sales Behavior and Sales Success Small Sales Selling Techniques • The traditional selling techniques that most of us have been trained to use work best in small sales – a sale which can normally be completed in a single call and which involves a low dollar value. These selling techniques don’t work for major sales and in fact can hurt your success as the sales grow larger. Longer Selling Cycle - Whereas a simple low-value sale can often be completed in one call, a major sale may require many calls spread over a period of months. Building Value is Critical to Sales Success - As the size of the sale increases, successful salespeople build up the perceived value of their products or services. The building of perceived value is probably the single most important selling skill in larger sales. On-going Relationship – As the sales grows larger, the customer puts more emphasis on the salesperson as a factor in the decision. In a large sale, product and seller may become inseparable in the customer’s mind. The Risk of Mistake – Customer’s become more cautious as the decision size increases. Purchase price is one factor, but fear of making a public mistake may be even more important. • Characteristics of Major Sales • • • • simplest to the most sophisticated, goes through four distinct stages: • The Four Stages of a Sales Call - almost every sales call, from the Preliminaries – These are the warming-up events...
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...⋅ PROBLEM ⋅ IMPLICATION ⋅ NEED-PAYOFF By Neil Rackham 1. Sales Behavior and Sales Success Small Sales Selling Techniques • The traditional selling techniques that most of us have been trained to use work best in small sales – a sale which can normally be completed in a single call and which involves a low dollar value. These selling techniques don’t work for major sales and in fact can hurt your success as the sales grow larger. Longer Selling Cycle - Whereas a simple low-value sale can often be completed in one call, a major sale may require many calls spread over a period of months. Building Value is Critical to Sales Success - As the size of the sale increases, successful salespeople build up the perceived value of their products or services. The building of perceived value is probably the single most important selling skill in larger sales. On-going Relationship – As the sales grows larger, the customer puts more emphasis on the salesperson as a factor in the decision. In a large sale, product and seller may become inseparable in the customer’s mind. The Risk of Mistake – Customer’s become more cautious as the decision size increases. Purchase price is one factor, but fear of making a public mistake may be even more important. • Characteristics of Major Sales • • • • simplest to the most sophisticated, goes through four distinct stages: • The Four Stages of a Sales Call - almost every sales call, from the Preliminaries – These are the warming-up events...
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...promotional and advertising skills. PERSONAL SKILLS * Excellent written and verbal communication skills * Highly organized and efficient * Ability to work independently or as part of a team * Proven leadership skills and ability to motivate PERSONAL SKILLS * Excellent written and verbal communication skills * Highly organized and efficient * Ability to work independently or as part of a team * Proven leadership skills and ability to motivate EDUCATION Bachelor of Science in Real Estate Management (2004 - 2008) *** University EDUCATION Bachelor of Science in Real Estate Management (2004 - 2008) *** University ACHIEVEMENTS/RESPONSIBILITIES * Awarded Highest Gross Sales in a Month for New Broker in 2011 * Developed close relationships with area realtors, boosting referral network and promotion of neighborhoods and builders...
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...practice which contributes to the sale of products to a retail consumer. at a retail in-store level, merchandising refers to the variety of products available for sale and the display of those products in such a way that it stimulates interest and entices customers to make a purchase. Business that sell a product are called merchandiser. The operating cycle of merchandiser: it begins when the company purchases inventory from a vendor and the company sells the inventory to the customer. Finally the company collects cash from customers. Objectives of merchandising operations Account for the sale of inventory Use sales and gross profit to evaluate a company Adjust and close the accounts of a merchandising business Prepare a merchandiser’s financial statements Use gross profit percentage and inventory turnover to evaluate a business Accounting inventory Merchandising companies use several accounts that service companies do not use. The balance sheet includes an additional current asset called merchandise inventory, or simply inventory, which records the cost of merchandise held for resale. On balance sheets, the inventory account usually appears just below accounts receivable because inventory is less liquid than accounts receivable. Merchandising companies also have several specific income statement accounts designed to provide detailed information about revenues and expenses associated with salable merchandise. Recording sales Sales invoices are source documents that...
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...lysis for SoxSelam Kate Naode Tayler *Follow the basic outline below to construct your paper and sales presentation. * Introduction * Brief history of your product/service (be creative, a few photos throughout this paper is always nice).SELAM * Product/Service (see chapter 2) * Identify product attributes. * Identify and explain customer marketplace. * Identify and explain competition. * Other general research including distribution (how is this product sold through a direct sales channel) and promotion * Strategic Plan * Prospect universe (where to find prospects). * Target prospect (who has potential to buy your product/service-Ch. 7). SELAM * Prospect List-ideal prospects, economic bracket, kinds of organizations they belong to, their characteristics, married, single, children, political leanings, occupation, education, hobbies, illnesses. * Ideal customer profile (p.264 Exhibit 8-6, numbers 1-9). Tayler * Identify single selling objective (be SMART p.263, Ch. 8). Naode * -Identify buyer modes, customer wins and results, red flags and strengths. * Customer Benefit Plan (p.264-266) * FABs, why should buyer purchase your product? * Marketing Plan-how product is most effectively used, or if you are selling to wholesalers or retailers, explain how they will price, sell, promote, display (includes shelf spacing and positioning), and...
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