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Contemporary Selling 2016 Dr. Carlos Valdez Integrated Business Program College of Business Administration University of Central Florida
Activities for today Social Selling In-class Activity Study Guide Final Exam IB competition Case 11 (Last case) Quiz 11 (Last quiz) Exam 3 (Due April 26 at 6: 00 P. M. ) Next session (no mandatory attendance) Study guide revision
Sales process B 2 B Pre-sale ▪ Contact ▪ Approaching ▪ Assessment Customer engagement (Sale) ▪ Presentation ▪ Handling objections ▪ Commitment Post-sales ▪ Follow-up
What is social selling?
In-Class Activity week 14 project
Linked. In best practices Meet with your team and write in the board the best practices for the action assigned by the instructor: Rachel: Professional photo Jessica: Headline Nathalie: Search optimized summary Carla: Search optimized skills Kenneth: Recommendations that build trust 6: Personalize your Linked. In URL
CRM Customer Relationship Management
http: //www. salesforce. com/small-business-solutions/ https: //www. youtube. com/watch? v=m. DP 3 g. Pf 3 Mkw
Study Guide Final Exam
Outline Module 1 Module 2 Module 3 Sales Math Sales tools
Module 1: Introduction to Sales How Consumers and Companies buy products Sales Fundamentals The Power of your process The ultimate customer-engagement model
How consumers buys products/services Grewal and Levy (2014)
How companies buys products/services Grewal and Levy (2014)
The power of your process: Sales stages Presale activities Customer engagement Make a list about your prospect Test your product knowledge Create a written call strategy Practice your call Create connection Identify and prioritize customer issues Create credibility Solve the problem Gain commitment Post-sale activities Make a list of implementation steps Create a process for customer-service contact and resolution Create a feedback questionnaire
The Ultimate Customer-Engagement model 1. Create a genuine connection My why story ▪ A 90 second to 2. 5 minutes story introducing yourself. 2. Discuss problems/issues (consultative quantifying) The 4 I’s ▪ Identify, Impact, Invasiveness, Iceberg 3. Share a company story The company WHY story ▪ Shows why your company does what it does ( belief, how and what you do) 4. Solve the problem 5. Overcome the objections 6. Ask: What do you want to do?
Module 2: The B 2 C sales process Targeting high potential customers The customer acquisition Customer service and improving the relationship
Targeting High potential customers Building Customer Loyalty Identifying your best customers ▪ Value pyramid, 80/20, Customer lifetime value, RFM Leveraging your best customer ▪ Retaining, customer behavior, platinum question Instituting Customer Loyalty ▪ Loyalty stages, Action plan (6 steps)
Customer acquisition Set business goals SMART goals, determining leads and future sales, KPI for web, social, search and email Entice customers Key demographics, Content, SEO, keywords Convert prospects in qualified leads Compelling offer, CTA, Landing Page and database
Customer acquisition Digital Marketing Strategy Website, SEO, Search, social, Video, Email and Display Paid, owned and earned
Customer Service Fundamentals The value of outstanding customer service Customer service vision Building rapport In person, by the phone and email Solving problems Ownership Measuring your success Performance metrics, perception metrics and outcome metrics
Module 3: The B 2 B sales process Sales Skills How to communicate and influence others Strong presentations and good negotiations Social selling
Sales Skills The 8 steps of the sales process
How to communicate and influence others The 18 methods of influence
Making great sales presentations Connecting with the audience Mannerisms Appearance
Public speaking fundamentals Preparing your speech Warming up Opening Delivering Closing
Negotiation fundamentals Framing Anchoring
Social selling Up and running with social selling 6 ideas to improve your Linked. In profile Up and running with Linked. In Sales Navigator What is Linked. In Sales Navigator?
Sales Math Gross profit margin Profit Cost per Acquisition Basic Customer Lifetime Value formula Retention
Gross profit margin Formula= sales price – cost of good Sales price Calculate the gross profit margin for the following smart phones sold at a local store. i. Phone, sales price $600 and cost of good $200. Samsung Galaxy price $590 and cost of good $160
Profit Sales or revenue Revenue-costs= Profit If in the month of March, they sold 6 i. Phones and 5 Samsung Galaxy in which type of phone they made more profits?
Cost per Acquisition Formula= Average revenue per customer = yearly revenue/yearly customer count What was the average revenue per customer for the month of March? And if you going to assign 10% of the average revenue per customer for covering the cost per acquisition, then how much money can you assign to bring one customer?
Basic Customer Lifetime Value Formula CLV = m * L – AC m= contribution margin generated from a customer in a year L= expected purchasing life of a customer AC= up-front cost of acquiring a customer Calculate the CLV for a high-end customer that will stay for three years with a contribution margin of $500 per year. Use the same acquisition cost calculated on the previous problem.
Retention Churn rate= percentage of existing customers who stop purchasing your product, often measured in a year. What is the retention rate and churn rate for the business if in the month of April, 7 March customers return to the store to buy a product or service?
Answers GPM: i. Phone: 67% and Samsung 73% Profit: i. Phone $2, 400 and Samsung $2, 150 Revenue per customer: $595 and CPA: $59. 54 CLV: $1, 440. 46 Retention rate: 64% and Churn rate: 36%
Tools Social Explorer Simply Map Google Adwords Mailchimp Qualtrics Linked. In social Navigator Salesforce. com
Professional Development Plan Competition
Professional Development Plan Competition The Integrated Business program is proud to announce a competition for IB majors in their final semester. We plan to launch the contest in fall 2016. Entry instructions and deadlines will be provided then.
Overview The purpose of this competition is for an IB student to create a detailed professional development plan that highlights the skills and knowledge he or she gained in the program’s coursework. A graduating student will enter the contest by submitting a link to an electronic portfolio created in Canvas ([email protected]). The portfolio will include required components from each of the eight required IB classes, and will also reflect the student’s restricted elective class. Each component will demonstrate skills and knowledge acquired in that course. In total, the portfolio will contain a plan describing the student’s professional motivations, goals, and intended activities for the five years after graduation.
Course Components Instructions for the individual course-related components will be provided in IB classes. Included with the instructions will be the rubric that will be used to evaluate the component in the first round of the competition. Opportunities to learn how to create an electronic portfolio in Canvas will be provided.
Competition Structure A team of faculty will score each entry using the rubrics provided in the instructions. The five students earning the highest total scores (added up across the portfolio’s components) will advance to the final round. Finalists will make 15 minute presentations to the Integrated Business Advisory Board, who will determine 1 st, 2 nd, and 3 rd place winners. Scholarship prizes will be awarded.
Last Case And last chalk talk exercise
Last case Take a picture of your individual profiles today. Then apply all the profile changes from the video to your Linked. In profile and then take a photo and write a brief explanation of what you did. Write “recommendations that build trust” in your classmates Linked. In profiles and vice versa. Recognize “skills” in your classmates Linked. In profiles and vice versa. Create one Power Point to show do you improve your Linked. In profile following the 6 recommendations covered today. Include photos of then and after. Also include photos of the “recommendations that build trust” and “skills” that you created for your classmates.
Last quiz (Individual activity)
Quiz 11 Create a free salesforce. com account at http: //www. salesforce. com/small-businesssolutions Take the tours and in a Power Point include the following: A screenshot of salesforce. com with your username. In one slide explain how salesforce. com can help to bring new customers. In one slide explain how sales force. com can help you to retain customers.
Thank You Q&A