Salesperson Responsibilities and Preparation

Study Notes

Prospecting is the process of identifying and reaching out to potential customers.
- It involves searching for and contacting individuals who haven't previously purchased from the company.
- Common prospecting sources include existing customers, trade directories, enquiries, press/internet resources, and cold canvassing.

Product Knowledge and Benefits: Salespeople must understand the features, benefits, and advantages of their products, to effectively communicate them to potential customers.
Knowledge of competitor’s products and their benefits: Understanding competitors' offerings helps salespersons differentiate their product and effectively address customer concerns regarding alternatives.
Sales presentation planning: Crafting compelling and persuasive presentations is crucial to showcasing the value proposition of the product to prospective buyers.
Setting sales objectives: Salespeople should establish clear and measurable goals for each sales interaction, including targeted revenue, customer acquisition, or specific product focus.
Sales cycle (steps between first contact to final order placement): Understanding each stage of the sales cycle - from initial contact to closing the deal - provides a framework for effective sales management.
Understanding buyer behavior: Learning about customer needs, motivations, and decision-making processes enables salespeople to tailor their approach and connect with potential customers.

Assessment of the balance of power: Analyzing the relative strength of each party involved in the negotiation helps determine potential leverage and influence.
Determination of negotiating objectives: Defining specific goals and desired outcomes guides the negotiation process and ensures a successful conclusion.
Concession analysis: Understanding potential compromises and concessions allows salespeople to strategize and maximize their negotiating position.
Proposal analysis: Carefully reviewing and analyzing proposals submitted during negotiations helps ensure fairness and identify potential opportunities for improvement.

BATNA represents the best alternative outcome a party could achieve if the current negotiation fails.
Understanding BATNA in a sales scenario helps determine acceptable negotiating terms and avoid settling for unsatisfactory agreements.

Prospecting involves searching for and contacting potential customers who have not purchased from the company.
Prospecting sources include existing customers, trade directories, inquiries, the press and internet, and cold canvassing/cold calling (e.g., door-to-door).

Product knowledge and benefits: Thoroughly understand the features and benefits of the products being sold.
Knowledge of competitors' products and benefits: Research and stay informed about competitors' offerings and their advantages.
Sales presentation planning: Structure and rehearse persuasive sales presentations to effectively convey product value.
Setting sales objectives: Establish clear and measurable sales goals for each interaction and the overall sales process.
Sales cycle: Define the key steps involved from initial contact to final order placement, enabling a systematic approach to sales.
Understanding buyer behavior: Analyze and anticipate customer needs, preferences, and decision-making processes.

Assessment of the balance of power: Determine the relative negotiating strengths and weaknesses of both parties.
Determination of negotiating objectives: Clearly define and prioritize the desired outcomes of the negotiation.
Concession analysis: Identify potential concessions and their potential impact on the negotiation.
Proposal analysis: Carefully evaluate and understand the proposals presented by both sides during the negotiation.

A BATNA represents the best alternative option available to a party if a negotiated agreement cannot be reached.
It plays a crucial role in determining the minimum acceptable outcome of a negotiation.
By having a strong and clear BATNA, negotiators can make informed decisions and effectively advocate for their interests.