Trade promotion: sales promotion tools used to persuade the resellers to carry a brand, give it shelf space and promote it in advertising
o Energized fans with a unique product, brand personality and event-marketing approach
o Holds hundreds of events designed to bring community together
o Extreme sports events and athletes with off the grid experiences
o Red Bull Stratos project with extreme skydiver jumped from a helium balloon breaking the sound barrier and numerous other records
o Sales promotion: short-term incentives to encourage the purchase or sale of a product or service
§ Freestanding insert in the newspaper with a coupon
§ Ad offering "buy 1 get 1 free" and other discounts
§ Supermarket deals
§ Buy a new phone and get a free memory upgrade
§ Frequency marketing programs and loyalty cards
o Personal selling:
o Relationship oriented sale: engage the customer over the long term in a mutually profitable relationship
o Transaction oriented sale: aim is to make sales
o Prospecting and Qualifying
§ Identifying qualified potential customers. Financial ability, volume of business, special needs, location, possibilities for growth
o Pre-approach
§ Learn as much as possible about a prospective customer before calling
o Approach
§ Meet the customer for the first time
o Presentation and Demonstration
§ Tell the value story to the buyer, show how it solves problems
o Handling objections
§ Seek out, clarify, and overcome any objectives to buying
o Closing
§ Ask the customer for an order
o Follow-up
§ After the sale to ensure customer satisfaction and repeat business
o Sales quota: standard stating the amount a salesperson should sell and how sales should be divided among the company's products. Compensation often related to how well they meet quotas
o Organizational climate: valuing the salespeople
o Sales contests: spur efforts to go above and beyond what is expected
o Fixed amount: usually a salary, stable income
o Variable amount: commissions or bonuses based on sales performance, reward for greater effort and success
o Expenses
o Fringe benefits
o Using teams of people from sales, marketing, engineering, finance, tech support and upper management to service large complex accounts
o Multiple minds of experts in different areas can solve problems better/faster
o Salespeople are competitive and have been trained and rewarded for outstanding individual performance, may have trouble learning to work with others, can confuse those used to working with one person, difficulty evaluating individual contributions
o Inside: conduct business from their offices via phone, online and social media or visits from prospective buyers. Provide support, learn about customers
o Outside: travel to call on customers in the field, face-to-face collaboration and relationship building
o Represent the company to customers
§ Find and develop new customers and communicate info about the company's products and services
§ Sell products by engaging customers and learning about their needs
o Represent the customers to the company
§ Acting inside the firm as "champions" of customers' interests and managing the buyer-seller relationship
o Salesperson: individual who represents a company to customers by: prospecting, communicating, selling, servicing, information gathering, and relationship building
§ Order taker: department store salesperson standing behind the counter
§ Order getters: position demanding creative selling, social selling, relationship building for products and services