2_ CHAPTER_Building Trust & Sales Ethics.pdf

2 2 Building Trust and Sales Ethics ©2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website...

2 2 Building Trust and Sales Ethics ©2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.  Learning Objectives 2 L 1 Explain what trust is. L 2 Explain why trust is important. L 3 Understand how to earn trust. L 4 Know how knowledge bases help build trust and relationships. L 5 Understand the importance of sales ethics. ©2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. What is Trust? 2 Ethical Dilemma 2  Why is Trust Important? 2 A fundamental competitive strategy of a growing number of organizations is to build long-term mutually beneficial relationships with their customers. The ability of those organizations’ salespeople to earn their customers’ trust is essential to the success of that strategy.  How to Earn Trust 2 Dependability Customer Candor Orientation Expertise Trust Compatibility ©2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.  Expertise 2 The ability, knowledge, and resources to meet customer expectations. Expertise must translate into observable results and contribution for the buyer. ©2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.  Dependability 2 Predictability of a person’s actions. The salesperson must also demonstrate an ability to handle confidential information.  Candor 2 Honesty of the spoken word. It means being upfront with others, especially with regard to issues/factors that may impact those others. It takes only one misleading event to lose all credibility.  Customer Orientation 2 The act of salespeople placing as much emphasis on the customer’s interests as their own. Salespeople with a customer orientation advise rather than “sell”.  Compatibility 2 A salesperson’s commonalities with other individuals. Customers generally like to deal with salespeople whom they can feel a bond. Ethical Dilemma 2 Readiness to Earn Trust 2 Training 2  Industry Knowledge 2 Knowledge Need: the dynamics, structure, culture, and forces that affect the industry or industries in which they work. Benefit: ability to 1) develop and execute effective selling strategies, and 2) be viewed as a market information resource.  Company Knowledge 2 Knowledge Need: understand their company’s culture, mission, goals, policies, and procedures. Benefit: ability to effectively and accurately represent the company when interacting (e.g., negotiating) with its prospective and current customers.  Product Knowledge 2 Knowledge Need: a thorough understanding of their product offerings and the various sources of value they provide Benefit: be perceived (by the customer) as experts and capable of accurately matching solutions to the needs of the customer  Service Knowledge 2 Knowledge Need: understand their company’s service capabilities, including limitations, fees, time-frames, and the value they add Benefit: ability to match their company’s service capabilities to the needs of their customers Service Knowledge Areas 2 Promotion and Price Knowledge 2 Knowledge Need: understand the details of, and how to manage, promotional programs and the pricing policies of their products Benefit: ability to 1) facilitate their customers’ participation in promotional programs and 2) effectively negotiate terms ©2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Market and Customer Knowledge 2 Knowledge Needs: understand the markets they serve and their customers, including needs, personalities, and communication styles. Benefit: ability to 1) develop and implement effective selling strategies, and 2) clearly communicate relevant solutions.  Competitor Knowledge 2 Knowledge Need: their competitors and respective market offers and how they are perceived in the market. Benefit: to position their products against those of their competitors’.  Technology Knowledge 2 Knowledge Need: understand how utilize sales technology hardware and software (e.g., internet, CRM, laptops, smart phones) Benefit: to leverage technology to me more competitive... work smarter not harder Technology in the Sales Effort 2  Ethics 2 Ethics refers to right and wrong conduct of individuals and institutions of which they are a part. ©2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Unethical Behavior 2 Advice for Salespeople 2 ©2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Non-Customer-Oriented Behavior 2 Categories of Unethical Behavior 2