Podcast
Questions and Answers
What determines what is valuable in a salesperson's role?
What determines what is valuable in a salesperson's role?
What are the three factors that determine a buyer's willingness?
What are the three factors that determine a buyer's willingness?
Why do many companies focus on improving salespeople's time and territory management?
Why do many companies focus on improving salespeople's time and territory management?
How do salespeople demonstrate competence?
How do salespeople demonstrate competence?
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What is perceived purchase satisfaction?
What is perceived purchase satisfaction?
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What is a characteristic of key accounts?
What is a characteristic of key accounts?
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What is a common behavior of sales people prone to, in terms of escalation of commitment?
What is a common behavior of sales people prone to, in terms of escalation of commitment?
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What is the purpose of asking customers 'Do you prefer us to other companies? If so, why?'?
What is the purpose of asking customers 'Do you prefer us to other companies? If so, why?'?
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What is the term for the amount of a customer's total spending that a business captures?
What is the term for the amount of a customer's total spending that a business captures?
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What is a key objective of a sales person at the beginning of the buying cycle process?
What is a key objective of a sales person at the beginning of the buying cycle process?
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What is the primary goal of storytelling in sales, according to the client-to-advocate video?
What is the primary goal of storytelling in sales, according to the client-to-advocate video?
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What does the acronym TALE stand for in the context of storytelling in sales?
What does the acronym TALE stand for in the context of storytelling in sales?
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Study Notes
Sales and Customer Relationships
- Long-term relationships with customers increase efficiency in the sales cycle, create social bonds, and reduce uncertainty.
Escalation of Commitment
- Escalation of commitment is a phenomenon where individuals, including salespeople, continue to invest in a decision despite negative consequences, such as lowering prices significantly to beat out competitors.
Customer Loyalty
- Salespeople can determine customer loyalty by asking questions like "Do you prefer us to other companies? If so, why?"
Building Credibility
- Salespeople demonstrate value by solving customer problems and building credibility through these actions.
Customer Wallet Share
- Customer wallet share is the amount of the customer's total spending that a business captures, and increasing it is often a less expensive way to boost revenue compared to increasing market share.
Customer Feedback
- Seeking customer feedback is one method businesses can use to find out how they are performing with their customers, but getting truthful and detailed responses can be challenging.
Building Trust
- To gain the trust of customers, salespeople must develop knowledge of their business and external factors that impact their operations.
Customer Advocacy
- The client-to-advocate strategy suggests that salespeople should satisfy customers and then exceed their expectations to delight them.
Buying Cycle Process
- The two main objectives of salespeople at the beginning of the buying cycle process are building credibility and understanding the buying company's situation.
Storytelling
- Storytelling, when done correctly, moves the customer closer to the purchase by showing empathy towards their problems and challenges.
Sales Acronym
- The acronym TALE stands for the elements of telling a story in a sales environment.
Salesperson Role
- A salesperson's role is to create value, which is determined by the customer.
Buyer Relationships
- According to Dr. Kent, buyer relationships have three factors of willingness: honesty, competence, and benevolence.
Time Management
- Many companies work on improving salespeople's time and territory management because time is always limited.
Demonstrating Competence
- Salespeople demonstrate competence by maintaining knowledge of how products and services work and their company's procedures.
Perceived Purchase Satisfaction
- Perceived purchase satisfaction is the difference between a product's expected and actual experience.
Lifetime Value
- The way a salesperson develops and maintains a relationship is a key determinant of lifetime value, and it's possible to keep the customer but ruin the account.
Competitive Advantage
- Using low pricing as a competitive advantage can leave a business easily replaceable and put downward pressure on profits.
Key Accounts
- A unique characteristic of key accounts is that business decisions regarding key accounts require extensive information gathering at the beginning of relationships.
Time Management Quadrant
- Steve Cubbie's 2x2 is a quadrant that allows individuals to characterize their use of time, categorizing tasks based on high and low urgency and importance.
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Description
Test your understanding of sales principles, including creating value, building buyer relationships, and managing time and territory. Learn how salespeople demonstrate competence and what factors determine a successful sale.
