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Sales & Negotiation

78 cards · 🇺🇸 English

The sales process and core negotiation concepts.

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Sales

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  1. 1Sales
    Activities related to selling goods or services, involving exchange of value between buyer and seller for a price
  2. 2sales vs marketing
    Marketing creates demand and awareness, sales converts that interest into actual purchases and closes deals
  3. 3Sales process
    A structured series of steps: Prospecting, Qualifying, Approach, Presentation, Handling Objections, Closing, Follow-up
  4. 4Prospecting in sales
    The first step of finding potential customers (prospects) through lead generation, research, and networking
  5. 5Qualifying a lead
    Determining if a prospect has the need, financial ability, and authority to make a purchasing decision
  6. 6Cold calling
    Making unsolicited contact with potential customers who have had no prior relationship with the salesperson
  7. 7Warm calling
    Contacting prospects who have shown some interest or had previous contact with the company
  8. 8Sales funnel
    A visual representation of the customer journey from initial awareness to final purchase, narrowing at each stage
  9. 9Closing in sales
    The stage where the salesperson asks for the prospect's commitment to purchase and finalizes the deal
  10. 10Trial close
    A technique to test readiness to buy by asking questions that gauge interest without requesting final commitment
  11. 11Assumptive close
    A closing technique where the salesperson acts as if the prospect has already decided to buy
  12. 12Urgency close
    Creating time pressure by highlighting limited availability or time-sensitive offers to encourage immediate decision
  13. 13Objection handling
    Addressing prospect concerns and doubts during the sales process to move toward a positive decision
  14. 14Feel-felt-found method
    An objection-handling technique: 'I understand how you feel, others felt the same, but they found...' to empathize and reassure
  15. 15BANT
    A qualification framework: Budget, Authority, Need, Timeline - used to assess if a prospect is worth pursuing
  16. 16Consultative selling
    A sales approach focused on understanding customer needs and acting as an advisor to provide tailored solutions
  17. 17Solution selling
    Identifying customer problems and presenting products/services as solutions rather than just features
  18. 18SPIN selling
    A questioning technique: Situation, Problem, Implication, Need-payoff questions to uncover and develop customer needs
  19. 19Relationship selling
    Building long-term relationships with customers based on trust rather than focusing solely on individual transactions
  20. 20Transactional selling
    A sales approach focused on individual transactions and quick closes rather than long-term relationships
  21. 21Upselling
    Encouraging customers to purchase a higher-end product, upgrade, or add-on to increase order value
  22. 22Cross-selling
    Selling complementary or related products to existing customers alongside their primary purchase
  23. 23Inside sales
    Selling remotely from an office location, primarily via phone, email, or online channels
  24. 24Outside sales (field sales)
    Selling through in-person meetings at customer locations, traveling to meet prospects face-to-face
  25. 25Sales quota
    A target or goal set for sales representatives to achieve within a specific time period
  26. 26Commission
    Variable compensation paid to salespeople based on the sales they generate, usually a percentage of revenue
  27. 27Sales pipeline
    A visual snapshot of where prospects are in the sales process, showing potential revenue at each stage
  28. 28Lead generation
    The process of attracting and identifying potential customers interested in your products or services
  29. 29Sales pitch
    A presentation or proposal designed to persuade a prospect to buy a product or service
  30. 30Elevator pitch
    A concise, compelling summary of your value proposition deliverable in 30-60 seconds

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