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Marketing Essentials. Customer Buying Signals. Customer Buying Signals. What You'll Learn. The buying signals that a customer sends The rules for closing a sale The specialized methods of closing a sale. Customer Buying Signals. Why It's Important.
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Marketing Essentials Customer Buying Signals
Customer Buying Signals What You'll Learn • The buying signals that a customer sends • The rules for closing a sale • The specialized methods of closing a sale
Customer Buying Signals Why It's Important • At a certain point in the sales process, your customer will be ready to make a purchase. Sometimes the decision to buy is quick and easy. At other times, it's more difficult. In this section, you will learn how to recognize customer buying signals and how to close a sale.
Customer Buying Signals Closing the Sale Closing the sale is obtaining positive agreement from the customer to buy. All your efforts up to this step of the sale have involved helping your customer make buying decisions.
Customer Buying Signals Timing the Close Close the sale when your customer is ready to buy. Some customers are ready to buy sooner than others, therefore you must be flexible.
Customer Buying Signals Buying Signals • Look for buying signals, the things a customer doesthat indicate a readiness to buy, such as facial expressions, actions, and comments. • Example:A customer is holding merchandise and smiling, or making comments that imply ownership.
Customer Buying Signals Trial Close • A trial close is an initial effort to close a sale. • Attempt a trial close to test the readiness of the customer and your interpretation of a positive buying signal.
Customer Buying Signals General Rules for Closing the Sale • You will find it easier to attempt trial closes and to close more sales if you follow a few simple guidelines: • Recognize opportunities. • Help customers make a decision. • Create an ownership mentality. • Don't talk too much. • Don't rush a customer.
Customer Buying Signals General Rules for Closing the Sale • Recognize Closing Opportunities Use major objections that have been resolved to close the sale. Take advantage of high customer interest after a dramatic presentation. • Help Customers Make a Decision When a customer is having difficulty making a buying decision, stop showing additional merchandise and remove those things that are no longer of interest.
Customer Buying Signals General Rules for Closing the Sale • Create an Ownership Mentality Use words that indicate ownership, such as you and your. Look for minor agreements from the customer on selling points. • Don’t Talk Too Much If you think the customer is ready to make a buying decision, stop talking about the product. • Don’t Rush a Customer Be patient, courteous, polite, and helpful.
Customer Buying Signals Specialized Methods for Closing the Sale • Certain selling situations warrant the use of specialized methods: • which close • standing-room-only close • direct close • service close
Customer Buying Signals Specialized Methods for Closing the Sale • Which Close Encourage a customer to make a decision between two items. • Standing-Room-Only close Use this when a product is in short supply or when the price will be going up in the near future. • Example:“This is the last pair of shoes I have in your size.”
Customer Buying Signals Specialized Methods for Closing the Sale • Direct Close Ask for the sale with non-threatening questions or statements that get the customer ready for the close. • Example:"Based on what I've shown you, how do you feel about this product?" Service Close Explain services that overcome obstacles or problems: gift-wrapping, a return policy, special sales arrangements, warranties and guarantees,bonuses or premiums, and credit or payment terms.
Customer Buying Signals Failure to Close the Sale Don't despair if your initial attempts to close a sale are unsuccessful. In a retail setting, invite the customer to shop in your store again. In business-to-business sales, it may be possible to negotiate further. Remember that even a customer who does not make a purchase is still a prospect for future business.
Specialized Methods to Close the Sale Which Close ClosingThe Sale Standing-Room-OnlyClose ServiceClose Direct Close
ASSESSMENT Reviewing Key Terms and Concepts • 1. Why are trial closes beneficial? Trial closes are beneficial because if they do not work, customers will most likely tell you why they are not ready to buy, and if they do work, you will close the sale.
ASSESSMENT Reviewing Key Terms and Concepts • 2. Why should a salesperson stop talking about a product once a customer gives strong buying signals? After a customer has decided to buy, a salesperson should stop talking about the product because it may have a negative effect on the sale.
ASSESSMENT Thinking Critically • A customer seems to be frustrated because she likes three of the items you have shown her. What can you do to help make her buying decision easier? You would use the which close specialized closing method, where you would make her buying decision easier by narrowing the selection of items to two and review the benefits of each.
Marketing Essentials Effective Selling
Effective Selling What You'll Learn • Why suggestion selling is important • The rules for effective suggestion selling • Specialized suggestion selling methods • The concept of relationship marketing and how it is related to the sales process
Effective Selling Why It's Important • The goal of selling is to help customers make satisfying buying decisions so they buy from you again. In this section you will learn how to create a relationship with your customers, so they will continue to do business with you in the future.
Effective Selling Suggestion Selling Suggestion selling is selling additional goods or services to the customer, items that will ultimately save time and money or make the original purchase more enjoyable.
Effective Selling Benefits of Suggestion Selling • Suggestion selling benefits salespeople because customers will want to do business with them again. • Suggestion selling benefits customers because they are more pleased with the purchase. • Suggestion selling benefits the company because it saves time and cost.
Effective Selling Five Rules of Suggestion Selling 1. Do suggestion selling after the customer has made a commitment to buy, but before payment is made or the order written. • 2. Make your recommendation from the customer's point of view and give at least one reason for your suggestion. • 3. Make the suggestion definite, rather than asking, “Will that be all?” • 4. Show the item you are suggesting. Don’t just talk about it. • 5. Make the suggestion positive. “This scarf will complement your coat beautifully.”
Effective Selling Suggestion Selling Methods • There are three methods used in suggestion selling: • offering related merchandise • recommending larger quantities • calling attention to special sales opportunities
Effective Selling Suggestion Selling Methods Offering Related Merchandise Related merchandise can increase the use or enjoyment of the customer’s original purchase. Introducing related merchandise is probably the easiest and most effective suggestion selling method.
Effective Selling Suggestion Selling Methods Recommending Larger Quantities This usually works in retail settings when selling inexpensive items or when money, time, and/or convenience will be saved.In business-to-business sales, purchasing larger quantities allows customers to take advantage of discounts.
Effective Selling Suggestion Selling Methods • Calling Attention to Special Sales Opportunities Salespeople are obligated to communicate special sales opportunities to their customers. Some opportunities include: • the arrival of new merchandise • special sales • holidays
Effective Selling Relationship Marketing • Relationship marketing involves the strategies businesses use to stay close to their customers. Think of after-sale activities as part of an ongoing dialogue with customers in preparation for future sales. • Example:Harley Davidson’s club for motorcycle owners offers insurance and travel assistance.
Effective Selling Taking Payment/Taking the Order Take payment or the order with courtesy. Work quickly to complete the paperwork. Avoid saying or doing anything to irritate your customer at this stage of the sale.
Effective Selling Departure • Before the customer departs or before you leave your client's office: • Reassure the person of their wise buying choices. • Take the time to educate your customer about any special care or specific instructions for their purchase. • Thank the customer, even if they don’t buy.
Effective Selling Follow-Up The follow-up includes making arrangements to follow through on all promises made and checking on customer satisfaction.
Effective Selling Evaluation Some businesses send questionnaires or call customers to check on how well they were treated by the sales and service staff. The results of such surveys are passed on to salespeople so they can improve their techniques.
ASSESSMENT Reviewing Key Terms and Concepts 1.Explain how suggestion selling can increase a firm’s net profit. Less time and effort are required for suggestion selling compared to the initial sale. Also, despite the extra sales, certain business expenses, such as utilities and rent, remain the same.
ASSESSMENT Reviewing Key Terms and Concepts 1.List three related items that could be used for suggestion selling after a customer’s decision to buy a bicycle. Bicycle-related items like a helmet, basket, special seat, or apparel.
ASSESSMENT Thinking Critically • Assume you work for a bank and are in charge of selling commercial loans. You just sold a real estate developer a $3.5 million loan for a new shopping center. What could you do now to solidify your relationship with this customer?
