Sales and Negotiation

By Support

Sales and Negotiation

In re-establishing the relationship with the pharmacies, medical clinics, and other previous customers, several need discovery questions would be important to consider (Scott, 2019). First, ask them what they want in a pharmaceutical company or what their dream seller is. That way, one will get the perfect descriptions and strive to fit in. Second, ask them about the good qualities and services they enjoyed when working together. Although it has been 12 months, the buyers may still reminisce about what had attracted them to the brand. The manager will be able to discover their strengths and weaknesses in the eyes of the buyers. Having established the rapport, he should now let the customers correct him. Ask them what they would want different. Given that these are customers that once had very high sales, the manager will cohesively learn why the buyers withdrew themselves and what is stopping them from buying from this company. The Pharmaceutical Business Development Manager has to strategically manage this phone conversation demonstrating proper sales and negotiation skills. Below is an outline of how he would do it to secure a follow-up meeting with the contacted customers.

  1. Establish a perfect relationship at the beginning
  2. Ask well thought of need discovery questions and address them to satisfaction
  • Create a positive impression and show the company’s great changes over the year
  1. Assure the customers of surpassing their expectations
  2. Propose the next step after every successful one by setting up timely meetings

Finally, the manager has to plan and prepare for his first sales meeting with the customers. A sales meeting has to be planned for and the clear agenda set to promote clarity and save time (Calendly, 2020). The first step before attending a sales meeting will require that the manager researches about the prospective customer or company (Finder, 2020). This will be an easy task as the two companies have worked together before. Besides, relevant information relating to the company’s needs and expectations can be drawn from the need discovery questions. In setting the agenda, it is important to know the meeting attendees ( Rhorer, 2019). For instance, if the decision-maker is present, the manager should be ready to close a deal or propose the same.

Question 2

The consultative sales method is a customer-centered selling approach that aims at providing efficient and satisfying solutions to the buyers (Brudner, 2020). The technique involves establishing a rapport and maintaining a perfectly professional relationship to make the sale process smooth. However, the method is defined by a set of principles and guidelines. Drawing from personal experience, I have previously used the consultative sales method with the medical practices that I have visited. One of the particular instances that stand out is when I was working with a personal doctor at his suburban medical practices. We initially knew each other through the product-based selling approach where I was just a vendor. Slowly, the relationship grew and began to diverse to consultations, advice, and a friendly relationship. Initially, I used to market my brand’s products and services with no further interactions. Therefore, the shift to the consultative sales method can take quite some time as it is based on trust and loyalty, and how well the parties know each other ( Wood, 2018). Consultation involves giving advice, recommendations, and correcting the health practitioner. Once a sales agent has identified and proven himself as being more than just a representative, negotiation and consultation partnerships become unavoidable (Ripsam & Bouquet, 2016).

In the training session, below are the four steps recommended in partnering to create value that would benefit the sales team. First, before contacting prospective buyers, it is important to conduct adequate research on their companies. That way, one will be able to understand the needs and tailor their services to fit and offer relatable solutions. While at the sales or consultancy meeting, it is equally important to take the lead of the conversation (Bosschem, 2017). This is the opportunity where one throws in many questions and listens carefully. This is the only way to understand a prospect’s needs in a consultative sales method. Besides, it helps one to develop the most suitable solution to the prospect’s needs. Lastly, the most critical step and which encompasses all the above activities is about how one portrays himself. As stated earlier, a sales agent has to not only serve his purpose as a representative but also show expertise skills and knowledge (Alfred, 2020). Through this, the buyer can develop trust and comfort depending on the seller.

Below is a personal selling philosophy to follow in partnering and creating value for Quest Apartments. Different strategies will be used to meet the company’s requirements as outlined in the partnership proposal. First, the product strategy would be used to define the unique features, qualities, and designs of the products (Luenendonk, 2020). The product strategy is often used to align a company’s products with the prospective buyer’s requirements. Mark will be assured of amazing beds having high-quality mattresses, bedding bases, bed heads, and a wide array of bedding accessories. The beds will be custom designed to meet the health needs and general comfort of all customers. The customer strategy will be more Slumbercorp-centered where the supplier company will want to work with expert customers. It is not always about what is best for the buyer. Sometimes, suppliers tend to be choosy and only want to deliver to innovative customers. By delivering high-quality mattresses and bedding solutions, Slumbercorp mattress manufacturer will in turn use Quest Apartments’ innovativeness and influence to promote themselves. Having this pre-requisite as a supplier is a great marketing approach as it will assure Mark of a high standard and quality products. The relationship strategy will come in handy in promoting more of a consultative sale approach (Wilson, 2018). It is important to establish a good relationship with Quest Apartments purchasing manager that is bound by trust and loyalty. While Quest Apartments can ask for guidelines, advice, and take recommendations from the sales manager, the ultimate goal of the former will be achieved. Through consultations and partnership, the manufacturer company will be able to customize value-add services and a wide range of aesthetic designs and styles of bedroom color schemes and layouts. Finally, Slumbercorp Company will use the presentation strategy that entails developing a visual plan comprising the assurances and promises on how to meet Mark’s requirements based on the initial discovery call. Below is an overview of the formulated visual Customer Value Proposition.

 

Title: Customer Value Proposition (CVP)

 

Customer Value Proposition (CVP)

 

Retrieved from: https://www.toolshero.com/marketing/customer-value-proposition-cvp/

Based on the above CVP and presentation proposal, below are the possible objections that Mark could raise. He could question how Slumbercorp’s products will meet the emotional and symbolic value of customers. He could also complain about the pricing strategy and insist that it does not meet the economic value of Quest Apartment customers. Therefore, proper approaches and negotiation strategies should be used in overcoming these objections and showing priority for the security of Quest Apartment Business ( STAFF, 2020). The emotional value of customers will be met through the attractiveness and emotional attachment to the apartment amenities (MULDER, 2014). For instance, using this comfortable mattress will leave a nostalgic feeling in the morning due to the nice rest, comfort, and quality sleep. Slumbercorp’s products are also symbolic due to the fame and power carried by its brands. Using high-quality mattresses and aesthetic bedding accessories brings out the prestige feeling of satisfaction. The products are customized to meet personal preferences relating to their culture and beliefs. In addition, the presence of our brands in the customized products will certainly meet the symbolic value of customers as their expectations are met. Finally, the economic and financial aspect has been set to meet the value for all customers. This is because the products are designed out of the great experience and innovative practices. The mattress manufacturing company employs high technology in production and uses locally available raw materials. Every client is guaranteed a Good Night Sleep and value for their money. Slumbercorp is therefore the best innovative manufacturing company that will adequately secure the Quest Apartments business.

References

Rhorer, K. (2019). Establishing Data-Driven 1:1s as a Sales Manager. Retrieved July 15, 2019, from Open View: https://openviewpartners.com/blog/establishing-data-driven-11s-as-a-sales-manager/#.Xz1LQVQzbIU

STAFF, P. ( 2020). Ethics and Negotiation: 5 Principles of Negotiation to Boost Your Bargaining Skills in Business Situations. Retrieved June 11, 2020, from Program on Negotiation: https://www.pon.harvard.edu/daily/negotiation-training-daily/questions-of-ethics-in-negotiation/

Wood, A. (2018). Enter the New Era of Consultative Selling. Retrieved September 26, 2018, from Copper: https://www.copper.com/blog/consultative-selling

Alfred, L. (2020). 15 Skills Every Sales Associate Needs to Crush It. Retrieved July 23, 2020, from SALES: https://blog.hubspot.com/sales/sales-associate-skills

Bossche, J.-M. (2017). Sales techniques: 5 highly effective modern sales methods. Retrieved December 01, 2017, from Teamleader: https://blog.teamleader.eu/sales-marketing/sales-optimisation/sales-techniques

Brudner, E. (2020). Sales techniques: 5 highly effective modern sales methods. Retrieved February 17, 2020, from SALES: https://blog.hubspot.com/sales/6-popular-sales-methodologies-summarized

Calendly. (2020). How to run effective meetings that drive business results. Retrieved June 1, 2020, from Calendly: https://calendly.com/blog/effective-meetings/

Finder, S. (2020). Sales Meetings: 16 Ideas to Make Your Sales Team More Motivated. Retrieved February 7, 2020, from AUTOKLOSE: https://autoklose.com/ideas-to-make-your-sales-team-more-motivated/

Luenendonk, M. (2020). Marketing Mix/ Product in Four P’s. Retrieved July 28, 2020, from Cleverism: https://www.cleverism.com/product-four-ps-marketing-mix/

MULDER, P. (2014). Customer Value Proposition (CVP). Retrieved JANUARY 6, 2014, from toolshero: https://www.toolshero.com/marketing/customer-value-proposition-cvp/

Ripsam, T., & Bouquet, L. (2016). 10 Principles of Customer Strategy. Retrieved September 26, 2016, from LEADERSHIP: https://www.strategy-business.com/article/10-Principles-of-Customer-Strategy?gko=534a0

Scott, J. (2019). 24 Open-Ended Sales Questions Your Reps Should be Asking. Retrieved July 01, 2019, from Xactly: https://www.xactlycorp.com/blog/importance-open-ended-sales-questions

Wilson, M. (2018). The 5 Steps in the Consultative Sales Process. Retrieved FEBRUARY 15, 2018, from Cleaning and Mantainence Management: https://www.cmmonline.com/articles/the-5-steps-in-the-consultative-sales-process