The Importance of a Sales - Speech or Presentation Example

?Sales Presentation Report Introduction: Sales Presentation is very crucial to almost any business. Likewise, it is a very potent tool in marketing and every salesperson must be able to do this properly. Mc Neil (2000) states the changes in the techniques used in doing sales presentations throughout the years. There has been a natural demand for change especially since the business landscape has evolved throughout the years. From being mere peddlers prior to the industrial age, companies slowly gathered these early sellers to be able to form a more systematic sales force. From then on marketing has also been introduced to the academe and has since evolved to become the driving force companies usually rely on today. With the advent of the information age, marketing have drastically increased its contribution to the growth of the company. Thus, sales presentations have seen various improvements and different styles of prospecting, presentation and closing have been mixed up to provide a strong selling proposition. Aside from the technological improvements that revolutionized communication, marketers are now more informed since clients themselves have found the very potent use of websites for their products. Thus, sales representatives nowadays are more informed when they meet up with clients. However, it is important for them to note that their competitors likewise have basically the same preparation. Thus, it is important for the sales representatives to be able to clearly grasp the selling techniques that they will be using. As illustrated in the case, being SMART about the objective of the sales call is also key to making a successful sales presentation. Product: Major Oil, Inc Heating Oil: Supply and Service Prospecting Method: Cold Calling Prospect Company Description and Sales Call: The sales presentation will be a follow-up for a previous phone call that initially introduced the product, company and has set a meeting for formally presenting the products and services of Major Oil Inc and probably closing the deal. Thomas Automotive is a vehicle service and repair shop that has been in existence for about two and a half decades already. The business is owned by Mr. Ed Thomas and is a sole proprietorship. Initially, the business was known as Torringford Automotive and had an initial business address at 1795 East Main Street, Torrington and was there until the mid 90’s. After which, the business moved out of Torrington area to Main Street and likewise changed their business name to adeptly present the change as they are no longer in the area. Thomas Automotive stayed there for a little less than a decade and subsequently moved on to their current address. Being a sole proprietorship, Thomas Automotive do not advertise much but relies on customer feedbacks to spread the word of the quality of their work. Likewise, the business puts in a little extra by giving customers a ride to and from the shop and even picks up their vehicles for repairs so that those that are working need not worry about bringing their vehicles to the shop for repairs. Furthermore, Thomas Automotive ensures that the work they do substantiate their claim of quality through the retest they provide. Likewise, their business is also certified for emission repairs by the State of Connecticut. We pride ourselves on doing the little extras for our customers. We do very little actual advertising but have a large customer base due to all the word-of-mouth advertising by our other satisfied customers. We take our customers home within a ten-mile radius, pick them up also. We even pick up the vehicle at your place of business so we can repair it while you are at work. We are certified by the State of Connecticut for Emission Repairs. When we complete the required repairs we take it back for retest for our customers. Customer Profile: Business Name: Thomas Automotive “Service and Repair at a Price that’s Fair” Address: 54 Brook St. Torrington, CT 06790 Website: www.thomasautomotive.com Contact Person: Mr. Jason Odell, Sr. Buyer The following shows the business transaction showing the product sold, profile of the client and an excerpt of the conversation between the seller and the buyer: Part 2 Dialogue: Student (Seller): Good morning Mr. Odell, I am _________ from Major Oil, Inc. I called to you regarding our product offering of heating oils. Mr. Odell: Oh yes, I am glad you were prompt since I also have many things to do. Well, you said that you have a good deal that you want to offer us so maybe we could consider you since we are looking for heating oil suppliers. Student (Seller): Thank you sir. I really appreciate the time that you are giving me. Mr. Odell: Well, I am looking for a good supplier. If you can present something worthwhile then the time will be an initial investment in the part of our business. I am quite familiar with Major Oil but would you please refresh my memory? Student (Seller): Okay sir, Major Oil is a branch of HOP Energy and we have been around for quite some time now. We provide automatic fuel oil delivery that we are proud to say our customers can rely on. We also have a 24 hour emergency service and we take pride in its reliability. You can really bank on our quality sir since we have been in the business for almost a century now and have grown very adept with regards to heating and cooling equipments. Mr. Odell: You guys have really been around. Student (Seller): Yes sir. Now I am pleased to offer you our Comprehensive Comfort Plans that I am sure you will find worth investing in. As I have discussed on the phone the other day, I am here to present to you the Gold Comfort Plan. Here, you are assured of a 24 hour emergency service and we give you coverage on service and labor. Moreover, we believe that we are not just suppliers but we make it a point to partner with our customers to ensure that they get the most from our products and services. Hence, we do not just give you coverage when your heating and cooling unit breaks down but we also provide preventive maintenance to ensure that you have a system that is safe, reliable and that you will enjoy your investment in the years to come. With our service, you can see that your maintenance costs will drop by 10-15%. Hence, you can expect a return in your investment after three years wherein you will note a significant drop in your General and Administrative Expense. Mr. Odell: Oh really. But, basically, all of you guys have been promising savings and it seems that has been the norm in your industry. Here at Thomas, we bank on quality and excellent customer service. That is what we give our customers, not just promises and I think it is only fair that this time, we being on the receiving end, we demand just the same. Student (Seller): I understand that concern sir. I know that there are other suppliers and the new ones are practically eager to the point of lowering their offers just to capture market share. Mr. Odell: Well I am inclined to agree on that but as you may know the economy is not that good. Hence, we are really keen on something that can provide value for our money. Student (Seller): Of course sir. And that is why we are offering the Gold Comfort Plan. The heating oil that we are going to be providing you is one of the best in quality. I am quite sure Watson Fuels and OJ Williams are going to tell you the same. What differentiates us initially is the quality of service that comes with the Gold Comfort Plan. As mentioned we have been there for almost a century and these players are only half our age at best. Mr. Odell: Okay, that seems reasonable. Student (Seller): I am glad you see that sir. Anyway, that century old existence assures you of the quality that you will truly get from the Gold Comfort Plan. As mentioned, you are assured of the 24 hour customer service and you get absolutely good deals on parts and labor. This, allow me to reiterate, is backed up by almost a century of business relationships. Three Closes: Closing 1 (Adjournment Close): So Mr. Odell, I am sure this is a weighty matter because of the economic situation but I am sure you will see how beneficial our offer to you is. I’ll be calling again to finalize our deal. Closing 2 (Assumptive Close): Thank you Mr. Odell, would you prefer to start this week or the next? Closing 3 (Compliment Close): Well I am sure that a businessman of your stature sees the benefits of this deal sir. I am glad to have the opportunity to someone who talks the same real language of quality service. Can we begin this tomorrow? Part 2: Written Report Prospecting However, despite the rewarding features of sales, this is something that is very hard to do especially the prospecting and closing part. It is not a very easy task and usually, according to the Information Brief of Birmingham-Southern College, most prospects results from cold calling. This is the method used in the foregoing example wherein the salesperson of Major Oil, Inc contacts a previously unknown prospective company – Thomas Automotive. This is not a very easy task since the sales call is being made on a complete stranger and basically, background information is inexistent. However, with the increased capability of communications, a sales person need not start from scratch as he can do market research or check the target company’s, in this case Thomas Automotive, website. After prospecting, it is important to be able to present a well articulated presentation in order to win over a client. Duncan (2006) asserts that every time a sales representative makes a sales call, there must be an objective and a decision has to be made. Basically, a “no” answer is better than no answer since it is important for the salesperson to be able to move on in order to capitalize on opportunities that might be available on other companies. However, it is of course better if the answer is a yes. SMART Objectives This has a better chance if the sales representative clearly knows his or her objectives. Objectives must be set properly so that the presentation will not be cluttered and the sales presentation will exude a general feeling of being systematic and professional which the client will definitely consider when he makes the buy decision. Therefore, objectives of the sales presentation must be SMART meaning they must be Specific, Measurable, Attainable Realistic and Time-bound (Virtual Strategist 2008). The seller must be able to plan the presentation and be direct when stating what he or she is selling and must be able to highlight its benefits. In the presented dialogue, the seller likewise used the FAB Method wherein he explains the features of the Gold Comfort Plan then followed this up with the advantages of having 24 hour quality service as well as the coverage on parts and labor. These are concrete features that the client can identify with especially the service quality. The seller then highlighted the benefits of having the plan especially since they provide preventive maintenance. In all, the presentation was adequately planned to exude a level of professionalism since the seller was able to attain the targeted objective of showing the client a real and timely presentation complete with a comparison to competitors. In the foregoing presentation, the sales representative was able to plan well the presentation since this was a follow-up after an initial phone call. The quick follow-up is important. Greco (2007) highlights this need since the sales representative cannot let the trail “go cold” lest the prospective buyer loses interest. Likewise, other sales representatives from rival companies are also targeting the client. As shown in this case, the Sr. Buyer Mr. Odell had been contacted by two competitors. As a result, the sales representative had to highlight the competitive advantage that they have especially the fact that their company had been in existence for almost a century already. Persuasion Being persuasive is a key attribute of a good sales person. (Cherry 2011) lists some of the psychological buttons a sales person can press to make their prospective client say yes to the presentation that they are making. One would be to make a need wherein the seller entices the client by targeting the inherent needs of a person such as those shown in Maslow’s hierarchy of needs. This may be the easiest part since most products or services that will be probably be sold using this technique is practically useful and is really needed by the intended recipients. Another is to appeal to social needs wherein this targets the “wants” of the person. The client may be enticed by highlighting their desires to maintain prestige or by giving them access to products and services enjoyed by others in a seemingly exclusive way. Usually, commercials are utilized to be able to capture one’s desire to be able to have what other people have by demonstrating in their advertisements the use and some benefits of the products. This method becomes more powerful through the use of celebrities who endorse their products making more people, especially those that are fans or likes the endorser, buy the product. Following this line, persuasive methods also use loaded words and even images. In the sales presentation case, the sales representative highlighted the quality of service being provided by Major Oil, Inc which presents to the buyer that they have a similar selling proposition wherein the need to maintain prestigious servicing quality is important in both their businesses. Closing techniques There were three closing techniques given. The first one is the adjournment close wherein the client has been given some time to consider the offer that was presented by the sales representative to him. Through this closing style, the client is not pressed for time and is seemingly given a chance to consider the offer. The client will not feel that he is being pushed into a decision and the probability of future communications have been prominently displayed. However, this may also give the client time to reconsider the deal and may go back to the negotiating table with rival sellers. The second technique is the assumptive close wherein the seller assumes that the client is already keen on taking the deal and that an order will be placed for delivery. This is a very fast and at some point assertive simple because of the fact that this type of closing gives the client the decision on the product’s delivery date and not on whether he wants the deal to push through or not (Straker 2011). Finally, there is the compliment close wherein the seller appeals to the inner pride of the buyer to be recognized. It is this technique that closes the deal with the Major Oil, Inc and the target Thomas Automotive. The client has been in existence for almost three decades and the client takes pride in being able to satisfy their customers through quality service. In the presentation, the seller has already used this as a common ground by highlighting their almost century old existence which seem to give off a long and strong track record of quality service. Through this technique, the compliment on the quality service of the client becomes very crucial to make the client give in (Straker 2011). Thus, the seller has been able to push the deal forward first by finding a common ground and persuading the client that they are both keen on the delivery of quality service and closing strongly by complimenting the client when the seller implied the high quality of their client when he closed using “a businessman of your stature”. Inadvertently, buying from Major Oil, Inc turned out to be a compliment for Thomson Automotive. References Birmingham-Southern College 2011, “Information Brief: Prospecting Techniques” Available at: http://www.bsc.edu/campus/career/pdfs/Prospecting.pdf Cherry, K 2011, “The psychology of persuasion” Available at: http://psychology.about.com/od/socialpsychology/a/persuasiontech.htm Duncan, G 2006 “Every sales call requires an objective and decision,” Denver Business Journal, Available at: http://denver.bizjournals.com/denver/stories/2006/10/16/smallb8.html  Greco, S 2007 “The need for speed,” Inc., Available at: http://www.inc.com/magazine/20070401/salesmarketing-smart-selling.html Major Oil, Inc 2011, Welcome to Major Oil. Available at: http://www.majoroil.com/ McNeill, R 2000 “The consultative selling presentation” Available at: http://www2.nau.edu/~rgm/ha400/class/presentation/need/textP3S5T1.html OJ Williams, Topsham Depot/Marsh Barton Farm, Clyst St. George, Exeter, EX3 0QH Available at: http://www.ojwilliams.co.uk/Texaco%20OJWilliams/default.html Straker, D 2011 “Changing Minds”, changingminds.org, Available at: http://changingminds.org/books/changingminds_book.htm Virtual Strategist 2008, “How to Set SMART goals,” video, M3 Planning, Available at: http://www.youtube.com/watch?v=uThBb3kGf4k Watson Fuels 2011, Welcome to Watson Fuels. Available at: http://www.watsonfuels.co.uk/ Read More