How I Raised Myself from Failure to Success in Selling Ch 31
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Questions and Answers

What percentage of sales were closed during the first interview according to the seller's findings?

  • 23%
  • 7%
  • 50%
  • 70% (correct)

What significant change did the seller make after analyzing their call records?

  • Focused solely on cold calls.
  • Increased the number of follow-up calls.
  • Stopped visiting prospects beyond the second interview. (correct)
  • Started giving discounts to close sales.

What was the cash value increase per call after the seller implemented changes based on their findings?

  • $3.00
  • $2.80
  • $5.00
  • $4.27 (correct)

What did the large industrial concern discover about their lower-bracket salesmen?

<p>They often stopped calling after failing to sell before the fifth interview. (C)</p> Signup and view all the answers

What main issue was the seller originally facing that prompted them to analyze their sales results?

<p>High number of follow-up calls with few closures. (A)</p> Signup and view all the answers

What is the first rule mentioned for closing a sale?

<p>Save closing points for the close (B)</p> Signup and view all the answers

How does summarizing benefit the selling process according to the content?

<p>It provides a natural climax in selling (C)</p> Signup and view all the answers

What is suggested about handling objections during the sales process?

<p>Treat objections as signals for further engagement (B)</p> Signup and view all the answers

What role does the phrase 'In addition to that' play in the sales process?

<p>It is a final strategy to overcome resistance (A)</p> Signup and view all the answers

Why is it important to get several 'yes's' from the prospect?

<p>To build consensus and commitment toward a sale (A)</p> Signup and view all the answers

What is the main focus of 'Appeal for Action' in closing a sale?

<p>To convert engagement into commitment (C)</p> Signup and view all the answers

What method does the salesman use to initiate the closing process with the prospect?

<p>Asking direct questions to fill out forms (C)</p> Signup and view all the answers

What does suppressing excitement do during the sales process?

<p>It enhances the prospect's enthusiasm at the close (D)</p> Signup and view all the answers

What does the expert suggest about the summary's length?

<p>It should be brief and to the point (B)</p> Signup and view all the answers

What approach should be taken when a prospect expresses objections?

<p>Use them as a cue for further discussion (C)</p> Signup and view all the answers

Flashcards

Closing Rate by Interview

Sales closed on the first interview (70%), second interview (23%), and subsequent interviews (7%).

Time Management in Sales

Focusing on new prospects and efficient follow-up to maximize sales return per visit, reducing wasted time on unproductive follow-ups.

Importance of Sales Records

Analyzing sales data (like interview results) reveals patterns for improvement, helping sales teams optimize their strategies and increase efficiency.

Second Interview Rule for Sales

A conclusion based on the study of sales data showing that the majority of sales occur in the first two interviews.

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Sales Performance of Salesmen

Sales success analysis revealed that a significant percentage of sales (75%) from one industrial concern was concluded after the fifth interview, while a high percentage of lower-bracket salesmen abandoned clients before the fifth interview.

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Closing Points

Key arguments or benefits used to persuade a prospect to take action at the end of a sales presentation.

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Sales Stages

The four steps a successful sale typically goes through: Attention, Interest, Desire, and Close.

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Summarizing Benefits

A brief and focused recap of the advantages of a product or service, presented to reinforce the prospect's desire.

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Magic Phrase

A simple question used to gauge the prospect's interest after a sales pitch, like 'How do you like it?'

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Welcoming Objections

Recognizing objections as opportunities to address concerns and further clarify the value proposition.

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Why? in Addition to That...

Questions used to explore the prospect's underlying motivations and uncover any hesitation in making a decision.

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Sales Resistance

Obstacles or objections raised by prospects during the sales process.

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Persistence in Sales

The ability to patiently and persistently address concerns and advocate for the value proposition.

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Buying Signals

Positive cues or indications from a prospect that they are interested in making a purchase.

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Closing the Sale

The final step in the sales process where the prospect commits to making a purchase.

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Study Notes

Seven Rules for Closing a Sale

  • Rule 1: Save Closing Points for the Close

    • The average successful sale involves four steps: attention, interest, desire, and close.
    • Delaying closing points until the close allows the prospect to consider the plan without resistance.
    • This enables more powerful punchlines and allows excitement to naturally build (suppressed excitement is a key here).
  • Rule 2: Summarize

    • A good summary is a strong climax. A great test is to summarize while holding a burning match (keeping it brief and potent).
    • Ideally the prospect summarizes the advantages of the product. This puts them directly into the decision-making process.
    • Repeat the summary in bullet points to encourage engagement and buy-in.
  • Rule 3: The Magic Phrase "How Do You Like It?"

    • Asking "How do you like it?" after the presentation works!
    • If the prospect says "I think I like it," it’s an indicator to move to the close and ask necessary questions.
    • Begin with less critical questions and gradually move towards more important ones.
    • Encourage "yes" responses throughout the presentation (e.g., "Don't you think that's a good idea?")
  • Rule 4: Handle Objections as Opportunities

    • Objections are actually often buy signals
    • Common objections such as "I can't afford it," "see me in January" are just ways prospects are expressing interest and willingness to buy.
    • Sales success comes from handling a prospect's concerns quickly and professionally.
  • Rule 5: The "Why? ... In Addition to That?" Technique

    • Use the phrases "why" and "in addition to that" to uncover deeper reasons for objections from a prospect.
    • This approach helps salespeople understand the real barriers to purchase.
    • This technique was used successfully by a salesman who used a hypothetical example and worked through the prospect's rationalizations to the point of final sale.
  • Rule 6: Get the Prospect's Signature

    • Have necessary paperwork ready with the prospect's name filled in.
    • Physically hand the prospect a pen and have them manually sign the documents. This adds that "finality" touch.
  • Rule 7: Get Paid Upfront

    • Collecting payment at the time of the sale is an important factor in securing a deal.
    • This feeling of ownership through payment often makes the prospect feel more secure about their decision.
  • The Right Time To Close -The best time to close a sale varies, some sales happen in the first minute, some take more time.

    • The approach is to constantly test and gauge the prospect, looking for cues that they are open to purchasing.
    • Be proactive, but also be responsive to the prospect, and understand when the moment has passed.

Pocket Reminders

  • "THIS IS GOING TO BE THE BEST INTERVIEW I EVER HAD."
    • This is useful to remind yourself to focus on the sale.
    • It is used to help reflect and learn after the interaction in what can be improved.

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Description

Explore the essential techniques for effectively closing a sale. This quiz covers strategies such as the importance of timing in closing points, the power of summarization, and how to engage prospects with the right questions. Master these rules to enhance your sales performance and increase your success rate.

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