The Essential Retail Sales Cycle

TELECO

TELECOESSENTIAL RETAIL

SALES CYCLE

Customers by the Numbers 70% of buying experiences are based on how the customer feels they are being treated 78% of consumers have bailed on a transaction or not made an intended purchase because of a poor service experience It is 6-7 times more expensive to acquire a new customer than it is to keep a current one For every customer who bothers to complain, 26 other customers remain silent It takes 12 good experiences to make up for one unresolved bad experience 80% of Americans agree that smaller companies place a greater emphasis on customer service than large businesses Resolve a complaint in the customer's favor and they will do business with you again 70% of the time

What goes into a happy customer experience?

Sources: American Express Survey, 2011; White House Office of Consumer Affairs; “Understanding Customers” by Ruby Newell-Legner; Lee Resources; “The Cost of Poor Customer Service” by Genesys Global Survey, 2009.

CONSUMER SALES PROCESS6-STAGE SYSTEM

To ensure you deliver the best customer experience possible, it is necessary to understand how the sales process works.Each product and service has their own

unique sales process whether it is B2C or B2B. Each stage has its own functions that must be

performed successfully to complete the sale. This leads to a sustainable business through retention and growth.


1. ESTABLISH RAPPORT2. NEEDS ASSESSMENT3. VALUE PROPOSITION4. CLOSING5. PROCESSING6. POST-SALES

1. ESTABLISH RAPPORT

Establishing rapport is the first and most critical stage in the sales process. By establishing rapport with a customer, you lay

the foundation of your relationship with them. It is this relationship that allows the customer

to want to get to know you, trust you and be influenced by you. Without trust, they will not consider your recommendations and they will not commit to the sale.

1. ESTABLISH RAPPORT

There are 4 areas we focus on when establishing rapport during the sales process. They all lead to the customer wanting to do business with you.

First ImpressionShowing You CareActive Listening

Being A Trusted Advisor

1. ESTABLISH RAPPORT1. Stand, smile, make eye contact and greet. 2. Introduce yourself. 3. Use their name – it always makes people feel good

hearing their name and it helps you to remember it. 4. Ask qualifying questions and be open to where the

customer takes the sales interaction. 5. Build on what the customer says. 6. Look for ‘things in common’ to talk about. 7. Keep your comments positive and opinions neutral.

2. NEEDS ASSESSMENT

You will continue to build rapport with your customer by properly discovering the nature of the opportunity. It is your job to have the customer tell you

everything you need to know to help make them happy with their purchase, keep them coming back and referring their family and friends to you.

2. NEEDS ASSESSMENT

The Needs Assessment can be broken down into 2 categories:

Buying MotivatorsQualifying Questions

2. NEEDS ASSESSMENT

Buying Motivators

• Price• Value• Quality• Selection• Customer Service

2. NEEDS ASSESSMENT

There are 3 Categories of Qualifying Questions:

1. Assess the Opportunity (General Questions)2. Product Qualifying (Specific Questions)3. Service Qualifying (Specific Questions)

2. NEEDS ASSESSMENT

Customer Qualifying Method Model

BUYING MOTIVATORS

BUYING MOTIVATORS

SPECIFIC QUESTIONSPRODUCT QUALIFYINGSERVICE QUALIFYING

GENERAL QUESTIONS

GENERAL QUESTIONS

3. VALUE PROPOSITION

Once you’ve built rapport and fully assessed the customer’s needs, you will make a recommendation to them in the form of a sales presentation. The merit behind your recommendation will

need to be clear to the customer. A well-polished presentation will highlight the

product/service as well as value added features and benefits.


What are the 3 main questions the value proposition should answer to the customer?

What need does the product address?How do the features of the product/service

benefit me?Why should I buy from you and not elsewhere?


The Value Proposition can be applied in a logical sequence with 3 parts:

• Know Your Customer• Know Your Product• Know Your Competition


Know Your Customer

Treat each customer as the unique individual that they are and recognize that different features and benefits in your product are of different value to different people.


Know Your Product

• Device• Plan• Extended Service Plan• Accessories• Complimentary Products


Know Your Competition

Knowledge of the alternatives is the key to being able to proactively demonstrate value in your product/service to your customer.

You can eliminate any perceived doubt they may have in your ability to fulfill their needs by demonstrating your thorough knowledge of the market for the product/service you sell.


Why you need to be able to articulate your value proposition to your customer for short and long term implications:

• Increase your referral activity• Gain market share over competitors• Enhance your sales presentation

4. CLOSING

Closing the sale is a two step process that involves the customer committing to the sale and the actual processing of the sale. Commitment is achieved when the customer

verbally agrees to the sale. Processing is the signed contract and

exchange of money. This is a separate stage.

4. CLOSING

Commitment

In order for the customer to commit to the sale you must ask for the sale. This can take many forms.

You must also overcome the objection a customer may have for any of your products/services.

4. CLOSING

Asking For the Sale

The following are the main techniques used to ask for the sale:

• Direct Close• Indirect Close• Comparative Close

4. CLOSING

Overcoming the Objection

The following are the main reasons why a customer may object:

• Lack of funds• Lack of need• Lack of priority• Lack of authority

5. PROCESSINGOnce the customer has committed to a sale you need to process the transaction. The processing is the finalization of the contract,

the exchange of funds for the product and the establishment of the service level agreement (SLA).

At this point, an important stage of the overall sales process comes back into play.

What stage is it and why is it important?ESTABLISHING RAPPORT

6. POST-SALES

The final stage of the sales process is the post-sales service.When a certain level of service is expected

you always want to exceed expectations in order to win repeat business.

Post-sales service can be divided into two categories: reactive and proactive.

6. POST-SALES

Reactive

This type of post-sales service would include any occurrences where a customer would need to return to the point of distribution or call for technical support.

This could include warranty processing, troubleshooting, product learning and account maintenance.

6. POST-SALES

Proactive

This type of post-sales service would be any way in which you continue your relationship with your customer.

This should include, at a minimum, a follow-up call, and can also include but not limited to emails on product news/information and social media efforts.


1. ESTABLISH RAPPORT2. NEEDS ASSESSMENT3. VALUE PROPOSITION4. CLOSING5. PROCESSING6. POST-SALES

The Essential Retail Sales Cycle

Retail

Transcript of The Essential Retail Sales Cycle