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RE-DEFINING THE SPIN STRATEGY
SPIN Selling Technique Cont. …. Especially in an ‘Era of Quality’ business and driven by the passion to take over 41% market share of the Life Assurance industry in Ghana, your use of SPIN in selling is extremely paramount now.
What comes to your mind, when you here the word…. SPIN.
Spin is a selling tool which stands for four types of questions: • Situation Analysis, • Problem Identification • Implication, and • Need-payoff Questions
The SPIN Strategy Situation Analysis Need Pay-off SPIN Implication Question Problem Identification
THIS WEEK’S FOCUS SITUATIONAL ANALYSIS.
SPIN Selling Technique Cont. …. SPIN, Primarily Is About Questioning. These questions come into play during the lengthy "investigation" or ‘fact-finding’ phase of any sales meeting.
SPIN Selling Technique Cont. …. If a scenario like this shows up at the hospital, what would be the expected professional reaction(s) of the doctor?
SPIN Selling Technique Cont. …. No doctor worth his sort, would just prescribe based on sight. Even with children, they will ask questions…. Plenty questions.
SPIN Selling Technique Cont. …. The same must apply to you, the “Life Insurance Doctor” Which is what you are…. as a Sales Representative Of Enterprise Life.
Situation Questions - (Analysis) For you to sell a quality case, you must dig deep to understand the full situation of your prospect. Different situations require different recommendations and the types of policy the client must have/buy. NB: Remember you want commission from the policy for 5 years.
Situation Questions - (Analysis) Questions about the following, reveal different risks for each individual. Let us discuss the different risks that specific situations can bring up. Employment, e. g. Soldier, nurse, mason? Occupation - Permanent / temp, Marital status, Children, Parents, (in-laws), Home, Car, Dreams, Direct dependents, Hobbies…. etc.
Situation Questions - (Analysis) Facts about the background of the customer and what the customer is doing. In some cases do your research before the meeting, to find answers to these sorts of questions. Situation questions sometimes bore the prospect – So knowing them beforehand is your advantage.
Situation Questions - (Analysis) Fact-Finding is important here! Primary: Client, Secondary: spouses, friends, family, school mates, Internet, books etc. Tertiary: Revelation from prayer. NB: Discern unnecessary information and discard them.
Advantages of SPIN. § Gives you control over the sales § It builds a relationship between you and the buyer § It Provides direction for the sale § Brings out the buyer’s background information § Reduces tension (If any) § It increases your self-confidence – An arsenal.
Situation Questions Cont. … • In most sales, there is the need to minimize the small talk (If it is interfering with your objectives) and focus on finding background details that can be used to make sense of the buyer's situation. • Chat with them about what interests them, but make sure you are focused on the chat that will lead you to the case.
Situation Questions Cont. … Ask questions to build a relationship between the prospect and yourself. Ask questions. Always ask relevant questions in order to obtain relevant and accurate information. Ask for more background information about the person.
Situation Questions Cont. … If you misunderstand the clients situation, you are very likely to give wrong advice that will not benefit the client in the long run. Ensure you do a diligent work at the situation stage and you are set up for a great sales experience, with quality cases.