Sales
A sale is the act of selling a product or service in return for money or other compensation. Signalling completion of the prospective stage, it is the beginning of an engagement between customer and vendor or the extension of that engagement.
Sales process
- Prospecting / Initial Contact – Identifying potential customers and making first contact.
- Pre-approach / Planning the Sale – Researching the prospect and preparing strategy.
- Approach – Making a strong, positive first impression.
- Need Assessment – Understanding the customer’s requirements and problems.
- Presentation – Showcasing the product/service as a solution.
- Meeting Objections – Addressing doubts or concerns of the customer.
- Gaining Commitment – Closing the sale and securing agreement.
- Follow-up – Ensuring satisfaction and building long-term relationship.
The seller or salesperson
The provider of the goods or services completes a sale in response to an acquisition or to an appropriation to a request. There follows the passing of title (property or ownership) in the item, and the application and due settlement of a price, the obligation for which arises due to the seller's requirement to pass ownership. Ideally, a seller agrees upon a price at which he willingly parts with ownership of or any claim upon the item. The purchaser, though a party to the sale does not execute the sale, only the seller does that. To be precise the sale completes prior to the payment and gives rise to the obligation of payment. If the seller completes the first two above stages (consent and passing ownership) of the sale prior to settlement of the price, the sale remains valid and gives rise to an obligation to pay.
Sales agents
Agents in the sales process can represent either of two parties in the sales process; for example:
- Sales broker, Seller agency, seller agent, seller representative: This is a traditional role where the salesman represents a person or company on the selling end of a deal.
- Buyer’s broker or Buyer brokerage: This is where the salesman represents the consumer making the purchase. This is most often applied in large transactions.
- Disclosed dual agent: This is where the salesman represents both parties in the sale and acts as a mediator for the transaction. The role of the salesman here is to oversee that both parties receive an honest and fair deal, and is responsible to both.
- Transaction broker: This is where the salesperson represents neither party but handles the transaction only. The seller owes no responsibility to either party getting a fair or honest deal, just that all of the papers are handled properly.
- Sales outsourcing involves direct branded representation where the sales representatives are recruited, hired, and managed by an external entity but hold quotas, represent themselves as the brand of the client, and report all activities (through their own sales management channels) back to the client. It is akin to a virtual extension of a sales force (see sales outsourcing).
- Sales managers aim to implement various sales strategies and management techniques in order to facilitate improved profits and increased sales volume. They are also responsible for coordinating the sales and marketing department as well as oversight concerning the fair and honest execution of the sales process by their agents.
- Salesperson: The primary function of professional sales is to generate and close leads, educate prospects, fill needs and satisfy wants of consumers appropriately, and therefore turn prospective customers into actual ones.
- Questioning – to understand a customer's goal and requirements relevant to the product – and the creation of a valuable solution by communicating the necessary information that encourages a buyer to achieve their goal at an economic cost comprise the functions of the salesperson or of the sales engine (for example, the Internet, a vending machine, etc.). A good salesperson should never mis-sell or over-evaluate the customer's requirements.
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