Acronyms
A method of describing a product or service where salespeople mention the feature, provide evidence that the feature actually does exist, explain the benefit (why that feature is important to the buyer), and then ask whether the buyer agrees with the value of the feature and benefit.
What is FEBA?
General data-gathering questions about background and current facts
What are Situation Questions?
Approach in which the salesperson begins the sales call by complimenting the buyer in some fashion.
What is a Compliment Opening?
The way in which a salesperson’s product or service will meet the prospect’s needs and how that is different from the offerings of competitors, especially the next-best alternative.
What is Customer Value Prop or CVP?
Close, harmonious relationship founded on mutual trust.
What is Rapport?
The selling process, consisting of acknowledge, acquire, advise, and assure.
What are the Four A's?
Are problem Centered
What are Need Payoff Questions?
Approach method in which salespeople simply state their names and the names of their companies.
What is an introduction opening?
The investment minus the net value today of future cash inflows (discounted back to their present value today at the firm’s cost of capital).
What is NPV or Net Present Value?
Questions the salesperson asks to take the pulse of the situation throughout a presentation.
What is a trial close?
Logical sequence of questions in which a prospect’s needs are identified. The sequence is situation questions, problem questions, implication questions, and need payoff questions.
What is SPIN?
What happens if you miss a deadline?
What is an Implication Question?
Approach in which the salesperson actually demonstrates the product features and benefits as soon as he or she walks up to the prospect.
What is a product opening?
Statement issued by a potential buyer desiring bids from several potential vendors for a product.
What is an RFP or Request for Proposal?
The act of hearing what we want to hear, not necessarily what the other person is saying.
What is selective perception?
CBP
What is Customer Benefit Proposaition?
Is your current machine difficult to repair?
What is a Problem question?
Beginning the conversation with a question or stating an interesting fact in the form of a question.
What is a question opening?
Net profits (or savings) expected from a given investment, expressed as a percentage of the investment.
What is ROI?
When salespeople engage in very short talks that take place totally while walking. The goal is often to give a quick overview of your offering and get a business card in order to secure an office appointment.
What is a walking pitch?
CBA
What is Cost Benefit Analysis?
Works well for Buyers that have a real problem.
What is SPIN selling?
Approach in which the name of a satisfied customer or friend of the prospect is used at the beginning of a sales call.
What is a referral opening?
When salespeople describe the features, advantages (why that feature is important), and benefits of their product or service.
What is FAB or Features Advantages and Benefits?
A description of the seller and his or her company, offered to buyers to show that the seller can meet their needs.
What is a credibility statement?