SALES MANAGEMENT & BUSINESS DEVELOPMENT

GROUP 3

REFLECTIVE NOTES
SESSION 1 TO 8

Submitted To: Submitted By:

Mr. Rahul Meena Abhishek Bhootna
(PGFA2002)
The opening lecture of SMBD was taken by Prof. Rahul Meena and Nitin Malik Sir (Guest),
they provided us with all the insights and experience from working in the corporate world which
were extremely insightful and talked about the benefits of taking Marketing (Sales) as a
profession.
We have covered the following concepts till session 8: -
Selling Process: - Selling process is defined as identifying and locating prospects, separating
prospects from suspects, approaching them and making a sales presentation, handling objections,
and closing a sale.
The selling Process include following steps: -
 Identification of the Prospects
 Separate the Prospects from the Suspects
 Approach them
 Discovering and Understanding
 Make a Sales Presentation
 Handling Objection
 Close a Sale
 Follow Up
Presentation Methods: -
The four basic Presentation Method: -
1. Memorized Method: - This type of sales presentation is well-organized. In this situation,
the salesperson does most of the talking. The buyer's role is typically limited to
responding to the salesperson's questions. It's a canned presentation, which means every
potential buyer will hear the same basic message.
2. Formula Method: - This Method is based on stimulus response thinking. In this method,
the salesperson assumes that most buyers can be influenced through Mental Stages and
hence AIDA (Attention, Interest, Desire, Action) is used.
3. Need Satisfaction Method: - The need satisfaction method is a question-and-answer
method for convincing the client of the need for your product or service. This leads to the
client agreeing that they have a need that needs to be met, and you are demonstrating how
your offer can meet those needs. This method is built on the concept of a win-win
situation for both the salesperson and the client.
4. Consultative Selling Method: - It is also known as Problem Solving Method. It's similar
to the need-satisfaction method in that it aims to uncover specific buyer demands or
problems before providing an appropriate solution. The main difference is that the
Consultative Selling Method is designed to deal with situations where the buyer may not
even be aware of the problem or how to solve it.
SPIN Approach: -
The SPIN stands for Situation, Problem, Implication and Need Payoff. The SPIN approach
essentially follows a procedure in which the first step is to gather information, which is followed
by the identification of the problems that the customers are experiencing, followed by the
highlighting of why those problems need to be addressed immediately, and the final step is to
lead them to reach that conclusion on their own.
SPANCO Approach: -
The SPANCO stands for Suspect, Prospect, Approach, Negotiation, Close, Order.
In this approach, you first identify a list of leads who are suspected to be potential customers,
then you identify a few prospects from these leads, and in the third step, you meet the clients you
identified during the Prospecting stage. This meeting can take place virtually using phone and
video calls or physically by meeting in person, and then we negotiate with the clients on the
pricing aspect of the deal and its associated terms and conditions, and if the client agrees to the
terms and conditions, the deal will be closed, and the order fulfillment will be completed.
In this approach Closure of sales is the most important and there are different techniques of
closure of sales. The following are some types of closures: -
1. Now or Never Close: - Now or Never Close is a traditional sale close in which the
prospect is promised additional benefits if they act now. It's effective when the candidate
is having trouble moving from yes to yes; they're interested but not sold.
2. Something for Nothing Close: - In this type of Closure, Additional Profit is added to
make the customer purchase the product.
3. Option Close: - Option close is a traditional sales closing technique in which the prospect
selects one of your products. It's best used when you think that easing the prospect into
the closing process will benefit the connection.
4. Empathy Close: -In Empathy close, you Empathize with the Product and demonstrate
how it adds value to the customer's life.
5. Ben Franklin Close: - This closing technique is particularly effective with clients who are
unsure or have difficulty making decisions. So, we have to show the client more
advantages than disadvantages of the Product.
6. Question Close: - Question Close is a sales technique in which the salesperson uses
questions to generate solutions for prospects while also uncovering their objections. It
builds on the qualification process used by salespeople to close the deal.