Unit 39-LO3 Analyse and apply principles of successful selling-BTEC-HND-level 4 & 5

Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business

There’s a lot to say about “successful selling,” but one could distill it down to two important principles – the importance of the buyer and the importance of a strong presentation.

First, the buyer is always right. This means that you should be thinking about how you’re helping them rather than what they’re going to help you with. Furthermore, this goes far beyond just being polite and displaying basic courtesy levels; your communication mustn’t be at cross-purposes with them or push any agenda (e.g., purchasing something). It comes back to exactly that point again – presenting value in such a way that benefits both parties collaboratively.

Second, presentation is key! Sellers today are expected to move with the times, and this comes with a whole host of new expectations. This means that you must be able to present yourself in a clear way across multiple mediums – e-mail, telephone, face to face, etc.. Also means updating your professional profile and LinkedIn constantly.

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Also Read: Demonstrate an understanding of the finance of selling

Turning customer information into knowledge:

Classification of sales leads: hot, warm, and cold

A hot lead is a person who will buy your product or service because they already need it.

Cold leads are people who don’t need what you sell now but might want it later.

Warm prospects are in the middle. They are not as easy to get as hot prospects, but they also require less work than cold prospects.

The cold vs warm approach

The cold approach is talked about a lot, but it’s not very prevalent. It’s essentially a one-time approach. On the other hand, the warm approach is done repeatedly over time that leads to eventual high performance and sustainable business practices.

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Long-term success for a company relies on the customers. You need to manage their expectations. You do this by creating relationships with them and providing great service at every turn. To do this, you need some skills. Skills like understanding, empathy, and language skills are important if you want to be successful in sales.

Successful pitching and positioning

Successful positioning and pitching are all about increasing the likelihood that customers will follow through with their decision to purchase your product or service. On a basic level, this means making sure that you are communicating value in what your company does for customers. But think beyond price. What other valuable benefits does your company offer? And make sure to keep it focused on what customers want, too – not just what you would like them to have. Getting and retaining new clients starts with knowing how they think!

A “value proposition” is “what makes us different from our competitors.” It tells customers why they should do business with us as opposed to buying from some other vendor who offers similar products at lower pricing or better service guarantees. And the more benefits you offer, and the better you deliver those benefits to customers – regardless of price – the more likely they will be to buy from you.

Negotiation techniques and tactics: closing sales, handling objections, when to say ‘no’, ethics of behavior and overpromising

Successful negotiation techniques and tactics encompass a simple core philosophy – always be the one to say “no”! Salespeople must understand that sales are all about value exchanges, and when they are able to convincingly articulate their product’s benefits in relation to your requirements, it becomes easier for you to determine a fair price.

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Setting clear expectations before meeting with customers will increase the likelihood of closing business deals where all parties walk away feeling satisfied. At a trade show, you should not over-promise by saying things that can’t happen or people will be unhappy. When you are in an online store, do not play the auction game. After the sale is made, contact the customer and agree on delivery date.

Building and managing relationships

Relationships are the foundation of everything in sales and so I want to devote a couple of minutes to this subject. Not everyone has expressed the importance of relationships the same way, but they all agree that it’s key to develop strong relationships with your clients and prospects.

Anne Fadiman once said, “Few things make people feel as impotent as a bad relationship”. A study found that a bad relationship can have a negative impact on people’s quality of life. 86% of people thought so.. So how do you create these relationships? Well, one word comes up more than any other piece of advice: communication. Great communicators help us reach out to our partners and create strong relationships.

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Exit and terminating relationships

Exit Relationships

There are a few important things to do before you go into an exit strategy-

  • First, be aware that it may not always be possible for the best reasons. You have to be able to know when it is time for you and don’t just walk away because everything seems bad.
  • Check-in with your partner or potential future one if there is abuse or disrespect going on- finding out how someone has treated my loved ones can provide helpful clues about what I might deal with too!
  • Have closure- tell their friends, family members- goodbye, let them know where they’re coming from so that they can share your journey of leaving with you even though they can’t physically be there.

Terminating relationships

Terminating a relationship is hard, but it should make things easier in the future. It’s better to let go of resentment. One important thing to remember: when ending a relationship, always be sure that your partner is ready first. This way, you and your partner are not stuck in a back-and-forth phone call or text message for an emotional drain on both of you.

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