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Important Legal Aspects associated with Sales 5/2/2016

14810053 Rahul Dogra Sales and Customer Relationship Management 5/2/2016


14810057 Ravi Role of Information Technology in Sales 5/2/2016
14810079 Vignesh G Buying Decision Models 5/2/2016
11214007 Dede Shubham Pandurang Designing the Sales Force 5/2/2016
11214013 Kaushal Chandra Roka IP & Sales Management 5/2/2016
11214025 Shashank Rawat
Marketing performance measurement and
management.: By Robert Shaw

The six model of consumer buying decision process are as follows: 1.


Problem Identification 2. Information Search 3. Listing Alternative Brands 4.
Evaluation of Alternatives 5. Purchase Decision 6. Post-purchase Behaviour.
Philip Kotler presents a six-stage model involving consumer buying decision
process.
The live-stage model of consumer buying process is stated as follows:
1. Problem/need identification
2. Information search
3. Listing alternative brands
4. Evaluation of alternatives
5. Purchase decision
6. Post-purchase behaviour

1. Problem Identification:

Powered By CoronaBorealisThe consumer buying decision process begins with


the identification of needs. These needs can be triggered by internal and
external stimuli. For example, a person may have the desire to wear
fashionable clothes from internal stimuli or by getting suggestions from
friends, which act as a form of external source. The marketer tries to stimulate
the needs and help people in identifying these needs by intelligent use of the
marketing mix variables.

2. Information Search:
When consumers identify a need, they may look for information about how to
satisfy it.
A consumer may look for information from five general sources:
1. Internal sources:
By recalling from memory, if they have satisfied a similar need in the past.
2. Group sources:
By consulting other people such as family members, friends and others.
3. Marketing sources:
Through sales people, advertisement and packaging.
4. Public sources:
Through media publicity, reports of research firms.
5. Experiential sources:
By experiencing products, that is, by handling them or by consuming or using
them. For example, a consumer may taste a particular item of fast food, and if
they likes it may make a purchase decision.

3. Listing Alternative Brands:

Powered By CoronaBorealisIn this stage, the consumer analyses the information


available with them to select the right product or brand. A consumer may list
out a few alternative brands that are available in the market. The brands may
be listed after collecting necessary information from various sources.
The information of alternative brands may include the following factors:
1. Features
2. Price
3. Model
4. After-sale service
Powered By CoronaBorealis
5. Warranty

4. Evaluation of Alternatives:
On the basis of the available information, consumers identify and evaluate
ways to satisfy their needs. A consumer may identify the products or brands
that effectively satisfy their needs or solve their problems, and then evaluate
each brand/product against certain criteria such as features, price, reputation
of the company, and so on.

5. Purchase Decision:
Once the consumer has narrowed down the possible alternatives to just a few,
there may make a decision to purchase. The consumer will decide whether to
buy, and if so, then what, where and when to buy. Consumers may also
postpone or forgo purchase decision, if none of the shortlisted alternatives
meet their needs.

6. Post-purchase Behaviour:

A marketers job is not complete with the purchase decision by the buyer. After
purchasing and consumption, the customer will experience some level of
satisfaction. If the product meets the expectations of the consumer, then the
consumer will be satisfied. If the performance of the product exceeds
customers expectations, then they will be delighted, and if it falls below the
expectations, then they will be dissatisfied.
A satisfied consumer may involve in repeat purchases. A delightful customer
propagates a positive image of the brand, whereas a dissatisfied consumer
may spread a bad image of the product or the brand. Thus, a study on the
post-purchase behaviour gives a learning of the way the product is used and
disposed, and helps the marketer to design their marketing mix.

Customer relationship management (CRM) is an approach to managing a companys interaction


with current and futurecustomers. The CRM approach tries to analyze data about customers' history
with a company, in order to better improve business relationships with customers, specifically
focusing on retaining customers, in order to drive sales growth.[1] One important aspect of the CRM
approach is the systems of CRM that compile information from a range of different channels,
including a companys website, telephone, email, live chat, marketing materials, social media, and
more.[2] Through the CRM approach and the systems used to facilitate CRM, businesses learn more
about their target audiences and how to best cater to their needs. However, the adoption of the CRM
approach may also occasionally lead to favoritism within an audience of consumers, leading to
dissatisfaction among customers and defeating the purpose of CRM. [3]

Types of CRM[edit]

Operational CRM[edit]
The primary goal of CRM systems is to integrate and automate sales, marketing, and customer
support. Therefore, these systems typically have a dashboard that gives an overall view of the three
functions on a single page for each customer that a company may have. The dashboard may
provide client information, past sales, previous marketing efforts, and more, summarizing all of the
relationships between the customer and the firm. Operational CRM is made up of 3 main
components: sales force automation, marketing automation, and service automation. [4]

Sales force automation works with all stages in the sales cycle, from initially entering contact
information to converting a prospective client into an actual client. For example, in August,
2000, Oracle released a CRM software package, OracleSalesOnline.com, which makes
contacts, schedules and performance tracking available online so that a customer's information
is easily accessible for all employees working at the office or remotely.[5] Sales force
automation implements Sales promotion analysis, automates the tracking of a client's account
history for repeated sales or future sales and coordinates sales, marketing, call centers, and
retail outlets. It prevents duplicate efforts between a salesperson and a customer and also
automatically tracks all contacts and follow-ups between both parties. [citation needed]

Marketing Automation focuses on easing the overall marketing process to make it more
effective and efficient. For example, by scoring customer behavior, Salesforce'sMarketing Cloud
allows a business to adapt marketing campaigns to how engaged customers are with a
business.[6] CRM tools with marketing automation capabilities can automate repeated tasks, for
example, sending out automated marketing emails at certain times to customers, or posting
marketing information on social media. The goal with marketing automation is to turn a sales
lead into a full customer. CRM systems today also work on customer engagement through social
media.[7]

Service automation is the part of the CRM system that focuses on direct customer service
technology. Through service automation, customers are supported through multiple channels
such as phone, email, knowledge bases, ticketing portals, FAQs, and more. [4] For example,
Microsoft's Dynamics CRM Software tracks call times, call resolution and more in order to
improve the efficiency of customer service within a business.[8]

Analytical CRM[edit]
The role of analytical CRM systems is to analyze customer data collected through multiple sources,
and present it so that business managers can make more informed decisions. [citation needed] Analytical
CRM systems use techniques such as data mining, correlation, and pattern recognition to analyze
the customer data. These analytics help improve customer service by finding small problems which
can be solved, perhaps, by marketing to different parts of a consumer audience differently.[4] For
example, through the analysis of a customer base's buying behavior, a company might see that this
customer base has not been buying a lot of products recently. After scanning through this data, the
company might think to market to this subset of consumers differently, in order to best communicate
how this company's products might benefit this group specifically.[9]

Collaborative CRM[edit]
The third primary aim of CRM systems is to incorporate external stakeholders such as suppliers,
vendors, and distributors, and share customer information across organizations. For example,
feedback can be collected from technical support call, which could help provide direction for
marketing products and services to that particular customer in the future. [10]

Khadi Gram Udyog has been set up in order to boost the khadi and other traditional
handicrafts industry in the country. Khadi Gram Udyog has been set up in the various
states of India due to the initiative taken by the several state governments.

The various objectives of Khadi Gram Udyog are to make the khadi cloth and also
various other rural traditional handicraft items more popular in the domestic and
international markets. For with the passage of time, the people of the country has
stopped using all these items and this affected the rural people who depended on these
items for their livelihood. Further the various objectives of Khadi Gram Udyog are to
increase the production of khadi and other traditional handicraft items so that they are
sold all over the country and are even exported abroad.

Khadi Gram Udyog objectives include the process of increasing the employment
opportunities for the rural people in the country. The rural people who work in the rural
handicraft industry are mainly women and those from the weaker sections of the
society. Also its objectives are to open Khadi Gram Udyog Bhawans in foreign countries
such as United States, Germany, United Kingdom, and South Africa. This will further
boost the rural handicraft industry in India with the increase in the export of the
industry's items. The various schemes started by Khadi Gram Udyog to boost the rural
handicraft industry are:
Integrated Cluster Development Programme
Margin Money
Marketing Assistance
Technical Training To Board Staff
Rural Craftsmen Training (Training to artisans)
Spinning Subsidy
Rebate on Khadi Cloth Products
Raw Material Assistance

The various products sold in Khadi Gram Udyog are:


Khadi
Wood crafts
Terracotta
Stone crafts
Papier Mache
Hand looms
Jewelery
Bamboo craft
Leather craft
Metal craft
Jute
Tribal Paintings

The various advantages of Khadi Gram Udyog are that it has given a major boost to the
rural handicraft industry by marketing it in such a way that it has become famous not
only in India but also in foreign countries. Further the various advantages of Khadi Gram
Udyog are that it has increased the employment opportunities for the rural people. This
has helped to improve their economic condition and has made them financially
independent.
Khadi Gram Udyog thus has done much in order to boost the rural traditional handicraft
industry of the country. It must continue with its efforts for then the condition of the
industry as well as that of the rural people will be improved further in the future. - See
more at: http://business.mapsofindia.com/rural-economy/handicraft-industries/khadigram-udhyog.html#sthash.ESFBjJmV.dpuf

Detailed 16 Step Guide to an Irresistible Sales


Pitch
64
inShare

Its never like this. You have to earn your prospects attention.

Attention is at a premium. You are just one of the many fighting for a piece of your
prospects mind.
It doesnt matter how good your product is, if your prospects are unaware of it.
All of your sweat, blood and tears have come down to this: how effectively can you paint
a picture of a better world in your prospects minds eye?
And will they sign (up)?
Its not something to leave to chance. Regardless of medium a promo video, alanding
page, a presentation deck your pitch needs to be carefully constructed, finely tuned
and in perfect shape.

What follows are 16 key ingredients for creating an irresistible sales pitch, guaranteed to
capture the attention and imagination of your prospect, and convert promotion into
sales.

Step #1. Hook Them


Without hooks, there are no sales. I am not talking about the painful, metal hooks used
on a fishing trip. Im talking about the emotional, personal and highly targeted mental
hooks that are going to get into the minds of your audience and stay there. When
looking to reel in potential customers, think about making an emotional connection.
Positive emotions increase long-term conversions and customer lifetime value.
Google Chromes ads do an exceptional job. The ad below This ad lists no features, but
instead tells a story filled with the most emotional moments in your familys life.

Tap into prospects deepest emotion

What emotions can you tap into? Those can be positive emotions like in Googles ad, but
could as well be linked to a deep frustration or a problem.

Step #2. Push Where It Hurts


Solving the right problem can make you rich. So, in your pitch, push where it hurts the
most.
Wherever possible, use the customers own words to describe their problems and
frustrations. In the United States, beginning in 2002, Verizon Wireless milked the
simple phrase Can you hear me now? for almost a decade, to describe the frustrations
that their customers were having with other networks. And get this: in the first year
alone:
this lead 10% increase in new customers and a reduction in churn rate from 2.5% in
2000 to 1.8% in 2002

Step #3. Add Salt to The Wound


Describe the impact the problem has on your prospect. Chocolate manufacturer M&Ms
began using this principle as early as 1954, with their now famous slogan, The milk
chocolate melts in your mouth, not in your hand.

What mess will you prospect get into unless they address their problem?

Where relevant, use numbers to quantify the problem. Google Chrome ad says even
the fastest computers still need 45 seconds to start. 45 seconds! Thats enough to make a
sandwich.

Step #4. Set them Up


Get them ready for your pitch: point out the problems with rival solutions. CrazyEgg
does this well:
Analytics tools will not tell you why your visitors arent buying, subscribing, calling
this is where most businesses get stuck, and stay stuck.

Where do existing solutions fall short?

Step #5. Theres Got to be a Better Way!


This is where you take the stage. After setting up the headache, the cause of frustration,
the painful reminder, its time to rush to the rescue with the cure: your solution.
First, just stoke their desire.
This is the job of your UVP (unique value proposition). As Steve Blank puts it:

UVP is a single, clear and compelling message that states why you are different and
worth buying.
Here are some great examples:

Hot fresh pizza delivered to your door in 30 minutes or its free (Dominos). Notice the
structure: end result your prospect desires + specific period of time + remove objections

User research results in 1 hour: get videos of real people speaking their thoughts as they
use your website or mobile app (UserTesting.com). Notice how their subheading explains
exactly what you get (the videos).

Not More Numbers, But Actionable Metrics (USERcycle). Notice how the differentiation
(against competing solutions) is built into this UVP.

Step #6. Deliver on Your Promise


Dont let it be too good to be true. In plain language, and as simply as you can, explain
exactly how your service works.
Your solution needs to be simple and easy to understand. No buzzwords. No jargon.
UserTesting.com does this twice above the fold of their landing page! In a short video,
they show you an example of a what you get (a usability testing session). Then they use a
classic 3-step approach to describe how their service works.
The 1-2-3 approach is a classic. Just look at what Unbounce does with it:

Unbounce smacks their visitors with it the moment they land land: the 3 steps right below their headline.

Step #7. Dazzle Them with Your Genius


Why should the prospect buy from you, and not your competitors?
Give your prospect a glimpse of your secret sauce: the special ingredient that make
your product stand out from the crowd.
This is where you surprise and delight your prospect.
Apple are exceptional at doing this. In 2001, when they launched their first generation
iPod, they announced that it gave their customers the ability to keep 1,000 songs in
your pocket; a concept which was unheard of at the time.

What makes you unique?

Step #8. Show Them the Value


Creating an irresistible sales pitch is all about making your prospect acutely aware of the
value that they will derive from your product or service, in a clear and quantifiable way.
As Dave McClure likes to say:
Help your customers get paid, made or laid.

Which of the following value patterns does your product fit into?

For B2B products: making money, saving money, reducing the time and effort or
reducing risk?

For B2C products: addressing a human need (e.g. increasing social status, entertaining,
helping make connections, helping in personal development), saving money or time, or
increasing convenience?

And dont just use generic wording like We help our customer increase their
competitive advantage. Yawn!
Make the value as explicit, concrete and as quantified as you can.

Doubling conversion rates is a no-brainer value for any online business.

The landing page of the landing page experts Unbounce doesnt miss the opportunity to
pepper visitors with value statements.

Step #9. Bring Out Your Evangelists


If pictures are worth a thousand words, then credible customer testimonials are worth
even more.
Build up quality testimonials to ground your promotional copy in real-world results and
experiences.

37signals go as far as to use their customers testimonials as the headline and the main graphics.

Watch out: the more embellished your product by your testimonials, the less credible
it sounds. Heres an interesting technique from Sean D Souza, an internet
marketeer: reverse testimonials.

Step #10. Unearth Your Prospects Fears


There is no sales without sales objections. Every single prospect is anxious about making
a purchase.
People are not afraid of spending money. They are afraid of looking dumb. Or being
cheated.
So you need to address these objections head on.
And you have to start by identifying them. Objections are often hidden in the form of
questions. So every time youre talking to a customer, listen carefully to questions they
may have.

Make sure that anywhere you touch your customer, whether its a website, phone call
or presentation, you always give them the option to raise questions. Install a chat
function, put up a number, invite them to raise questions.

Step #11. Turn Objections into Reasons to Buy


Pre-empt questions and objections. The most successful companies use this to their own
advantage. Bar chain Hooters, for example, rather than taking exception to some
customers preconception that their bars were tacky, decided to deal with the issue head
on, with the strapline delightfully tacky, yet unrefined.
Below are some common objections and how you might address them.
Objection

Counter argument

Financial: will I get my ROI (return on


Facebook does an exceptional job of
investment)? The I part of the ROI
promising a specific return on
formula is clear: its the fat figure on the investment, with Brad Smallwood, head
last page of your contract. Your prospect is of measurement and insights at
anxious if the investment will really bring Facebook, asserting that just advertising
the promised return. And: how fast this
on Facebook gives companies a 22% lift
will happen?
in ROI.
The easiest way to deal with this
Product-needs risk. Your prospect might particular objection is to outline the
be thinking yes your product may work
features of your product in detail, so that
for , but will it work for me?
your prospects can see how they would
benefit. And give them a free trial.
Competitor risk: fear of choosing the
wrong option. In his TED talk, Barry
Schwartz points out the problems
prospects face when given too much
choice. Help your prospect by making the
choice a no-brainer.

When it comes to competing for


customers in the UK, Virgin Media and
Sky have a huge rivalry. Virginhas no
problem detailing how their service is
better than that of Sky, to great effect.

Compatibility risk: how does your


When addressing this, like Dropbox, its
solution fit into the way your prospect
important to emphasise that movement
works today? How much will they have to
to your service will have only a minimal,
change their way of working? Or if
if any, impact on your prospects
youre selling software how well does it
business.
integrate with their existing systems?

Step #12. Show Value for Money


The price of your product will play a significant part in how many customers you
ultimately end up with.
But before you make the big reveal, prepare the ground accordingly.
First of all, make sure price is the last issue on the table. Talking about price before
validating the need, demonstrating value and addressing objections is a recipe for failed
sales.
A good practice therefore is to repeat the major benefits on your pricing slide / page.
Vimeo used to re-list all of the benefits and features of paying plans front and center,
while they left the price at the very bottom.

Step #13. Set Up An Anchor


An anchor price can be a higher value that plants the seed in your audiences mind that
this is an expensive, premium product:

You could emphasize all of the different components in your service, for example, and
how much they would cost individually.

Another tactic is to first talk about how much does it cost your prospect today

Reveal the true price, and it suddenly seems much less expensive.

Headspace, a mindfullness meditation app, anchors their price by comparing it to 2 daily lattes.

You can also underline the value by comparing the cost of your product with the cost of
something insignificant.

Step #14. Ask For Business


According to Richard Fenton, Retail News, a staggering 85% of sales interactions
between prospects and salespeople end without the salesperson asking for the sale.
Dont let this be you, not after youve come this far!
The end of your pitch or presentation isnt the time to wind down: finish with a call to
action and a distinctive next question or way forward. When making a call to action,
ensure that you ask for something specific there is no room for confusing your
prospect about what they should do next. Make your offer is clear, concise,
communicates value and reduces anxiety on the part of your prospect.
Dropbox does this well. The home page is pretty empty and white. Next to an animated
drawing, dead center in the screen is a big blue Sign up button. No doubt about whats
next.

How clear is it for your prospects what they should do next?

Step #15. Dont Celebrate Too Early!


And dont assume you got them once they click on the order button. Look what AWeber
does at their order page, which lists new customers in a scrolling column on the right as
they sign up.

How can you ensure your customer doesnt bail out?

Unbounce goes even further. If you start filling in the form, and you abandon the page,
they will send you an email with a subject Oops! Did we do something wrong? trying
to convince you to come back and finish the signup process.
If youre selling face to face, this translates to follow up:
Did you know that 80% of sales (in business-to-business) happens only after youve
followed up more than 5 times?

Step #16. Experiment. Iterate. Repeat.


If you want a scalable, growing business, you cant leave sales to chance or work on them
on a whim. You need a tried and trusted sales process that succeeds in multiple areas
and can be repeated over and over again.
If youre just starting out in business, the sales process comes with a steep learning
curve. Dont expect to get it right at the first attempt, even if youre already an
experienced professional.

Creating an irresistible sales pitch is all about trial and error. As you make mistakes, you
should use these lessons to develop and validate your sales methods, honing your pitch
ever so more.