Negotiation, Closing, and CRM PDF

BPSU Balanga Campus NEGOTIATION, CLOSING, AND CUSTOMER RELATIONSHIP MANAGEMENT "Successful businesses understand that negotiation isn't about winning or losing, Professional...

BPSU Balanga Campus NEGOTIATION, CLOSING, AND CUSTOMER RELATIONSHIP MANAGEMENT "Successful businesses understand that negotiation isn't about winning or losing, Professional it's about finding common ground and creating mutually beneficial outcomes. Salesmanship When you pair that with strong customer relationships built on trust and understanding, you lay the foundation for long-term success."  Learning Objectives Understand and apply key principles of Recognize the importance of Customer negotiation to achieve mutually beneficial Relationship Management (CRM) in agreements in sales situations. fostering long-term customer loyalty, increasing sales, and driving business Identify and utilize effective negotiation growth. strategies and tactics to overcome objections, create value, and reach Develop strategies for handling rejection successful outcomes. and stalls in a professional and positive manner, maintaining relationships and Master various closing techniques such seeking future opportunities. as the direct close, assumptive close, and alternative close to confidently secure sales.  Negotiation and Closing Negotiation is a give-and-take process aimed at reaching a mutually beneficial agreement. Closing refers to the final stage where the agreement is finalized and the deal is sealed. Key Principles: Preparation is the key Focus on interests, not positions Maintain open communication and build rapport Common Negotiation Strategies and Tactics: Anchoring Framing Active Listening Concessions Creating Value  Closing Techniques TYPES OF CLOSING TECHNIQUES: 1. Direct Close - Directly asking for the sale 2. Assumptive Close - Assuming the sale is already made and proceeding CLOSING with next steps is the culmination of the sales 3. Alternative Close - Offering the process - asking for the customer's commitment customer a choice between options, both leading to a sale  Handling Objection and Stalls “Rejection and stalls are common in sales - don't take it personally” HANDLING REJECTION: HANDLING STALLS Maintain professionalism and composure Identify the underlying concerns causing the Try to understand the reasons behind the stall rejection Address those concerns and provide Use it as a learning opportunity for future reassurance interactions Reiterate the value proposition and benefits CRM Customer Relationship Management WHAT IS CUSTOMER RELATIONSHIP MANAGEMENT (CRM?) DEFINITION PURPOSE Customer Relationship The primary goal of CRM is to Management (CRM) refers to improve customer the strategies, practices, and relationships, leading to technologies that businesses increased customer loyalty, use to manage and analyze retention, and ultimately, interactions with their business growth. customers throughout the customer lifecycle.  "It is not the employer who pays the wages. Employers only handle the money. It is the customer who pays the wages." - Henry Ford, Founder of Ford Motor Company  Importance of CRM Increases customer retention and loyalty Improves customer satisfaction Boosts sales and revenue Provides valuable customer insights  CRM STRATEGIES FOR CUSTOMER RETENTION AND LOYALTY 1. Personalized communication and 4. Proactive problem-solving offers 5. Building emotional connections 2. Excellent customer service 3. Loyalty programs and rewards CRM Strategies  CRM FOCUS ON CREATING VALUE FOR THE CUSTOMER BEYOND Building THE INITIAL SALE Long-Term STAY IN TOUCH AND PROVIDE ONGOING SUPPORT Customer Relationship SEEK FEEDBACK AND CONTINUOUSLY IMPROVE "Your most unhappy customers are BUILD TRUST AND BECOME A your greatest source of learning." TRUSTED ADVISOR Bill Gates KEY METRICS TO TRACK Measuring CRM Effectiveness CUSTOMER SATISFACTION CUSTOMER RETENTION AND LOYALTY SCORES RATE KEY METRICS TO TRACK Measuring CRM Effectiveness RETURN ON CUSTOMER INVESTMENT REFERRAL RATE LIFETIME VALUE (ROI) ON CRM EFFORTS WHAT WILL YOU DO? Sample Scenarios CASE #1 NEGOTIATION A customer wants a discount, but you need to maintain profit margins. How would you negotiate a win-win solution? WHAT WILL YOU DO? Sample Scenarios CASE #2 CLOSING A customer seems interested but hesitant. Which closing technique would you use, and why? WHAT WILL YOU DO? Sample Scenarios CASE #3 CRM How would you use CRM to improve customer retention for a subscription- based service?