Sales Technology Final Exam, Exams of Business Finance

Download Sales Technology Final Exam and more Exams Business Finance in PDF only on Docsity! Course Careers - Sales Technology Final Exam Study set with Answers What is a Sales Cadence? - ✔ A sequence of touch-points you do to attract your prospect to establish a connection to start an engagement or sale. What is the Sales Process (Sales Cycle)? - ✔ A set of Specific actions you follow from start to finish to close a new customer. What are the stages of the Sales Cycle?` - ✔ Research > Outreach > Discovery > Present > Follow Up > Close What is a Sales Funnel? - ✔ A visual representation of sales processes with defined stages that every potential client goes through as they are led toward a final decision. - Give salespeople a repeatable framework of actions to follow - Creates a baseline for comparison and forecasting What is a CRM? - ✔ A Centralized database that manages and maintains your relationships and interactions with customers and potential customers. Ex. Salesforce and Hubspot What is Sales Engagement? (Sales Acceleration) - ✔ Tracks the interactions and exchanges that occur between you and your prospects or customers. Ex. Salesloft, Hubspot Sales, Outreach What is Sales Data Software? (Sales Intelligence) - ✔ Collects and makes sense of company info from millions of data sources to help you understand things like organization structure. It provides on two parts of the sales data market, Company Data and Contact Data. Ex. LinkedIn Sales Navigator, Apollo, Zoominfo What is Step 1 in the Research Process? - ✔ Building company lists based on your Ideal Customer Profile (ICP) What is Step 2 in the Research Process? - ✔ Building contact lists based on buyer persona What is Step 3 in the Research Process? - ✔ Find contact info for each contact What is Step 3 in the Research Process? - ✔ Finding relevant ways to personalize outreach What is the Cold Calling formula? - ✔ Intro > Reason > Qualify > Ask What are the four stages of Discovery Call? - ✔ Preliminaries, Investigating, Demonstrating Capabilities, Obtaining Commitment What is SPIN? - ✔ A sales methodology developed by Neil Rackam, where the reps organize sales calls using a question framework that touches on four categories. What do the acronyms in SPIN stand for? - ✔ Situation, Problem, Implication, Need-payoff What does the S in SPIN stand for? - He yelled at him for being a bad mechanic and fired him. He told him he would have his mechanics license revoked. He criticized him for being so careless, but forgave him. He told him to service his F-51 plane tomorrow since he's sure he won't make this mistake again. - ✔ He told him to service his F-51 plane tomorrow since he's sure he won't make that mistake again. What's the main difference between mankind and animals? The desire to be loved The desire to feel important The desire for food The desire for sex - ✔ The desire to feel important The only way on earth to influencer other people is how? Talking about what they want and showing them how to get it Making them feel bad for you Showing them how much something they can do will help you Using reverse psychology to tell them they don't need something - ✔ Talking about what they want and showing them how to get it You can make more friends in two months by doing what? trying to get them interested in you showing them how cool of a person you are becoming interested in them getting them to try your hobbies - ✔ Showing interest in them You should always smile because of what reason? it makes people like you it makes you happier it costs you nothing All of the above - ✔ All of the above The sweetest sound to a person in any language is what? a lady singing that person's name that person's favorite song a bird singing - ✔ That person's name What do people love to talk about the most? Themselves Other people Politics All of the above - ✔ Themselves When should you argue with someone? When you know you can win When you know they are wrong When it's an important matter Never because you can't win - ✔ Never because you can't win By telling someone they're wrong you are... making them feel unintelligent making them feel they have a bad sense of judgment hurting their pride and respect All of the above - ✔ All of the above What should you do if you realize you're wrong? Find someone you can blame Defend your position by trying to convince them you're not wrong Admit you're wrong Avoid talking to the person who is right - ✔ Admit you're wrong When trying to convince someone of something you should... try to push hard for an agreement where they must start telling you "No" since it brings all the objections to the surface get them to agree to small things by telling you "Yes" since it gets them in the mode of saying yes and agreeing - ✔ Get them to agree to small things by telling you "Yes" since it gets them in the mode of saying yes and agreeing. What do people prefer more? Listening to others talk Having others listen to them talk - ✔ Having other listen to them talk ✔ Tell them how important what they're doing is and how you'll benefit What's the #1 reason for failure in sales? Lack of closing skills Lack of prospecting Inferior product Subpar presentation skills - ✔ Lack of prospecting Is cold calling necessary? No, companies generate enough leads through marketing No, cold calling is outdated because prospects can do their own research on the internet Yes, most companies don't have enough leads to keep their salespeople busy and the best prospects are used to having salespeople go to them Yes, salespeople need more practice talking to prospects that don't matter - ✔ Yes, most companies don't have enough leads to keep their salespeople busy and the best prospects are used to having salespeople go through to them The main reason salespeople are afraid of cold calling is because they don't know their product well enough the prospect doesn't know who they are they think they'll be rejected they don't want to interrupt prospects - ✔ They don't want to interrupt prospects What's the best prospecting technique? Cold call Email Social A balance of many different techniques - ✔ A balance of many different techniques What's the most important daily imperative of a successful salesperson? Improving your prospecting techniques Learning more about your product Keeping a pipeline full of qualified prospects Researching new accounts - ✔ Keeping a pipeline full of qualified prospects What is the formula for predicting sales? Efficiency + Performance = Effectiveness Efficiency + Effectiveness = Performance Effectiveness + Performance = Efficiency - ✔ Efficiency + Effectiveness = Performance When is spending time doing research in advance to calling a good idea? When you have some extra time When you need to make more sales When you need to schedule more appointments When you're calling C-level prospects selling a high-value product/service - ✔ When you're calling a C-level prospects selling a high-value product/service What are your Golden Hours as a salesperson? The time you use to learn more about your product The time you use to do sales activities such as prospecting and qualifying The time you use to research your prospects The time you use to improve your sales skills and knowledge - ✔ The time you use to do sales activities such as prospecting and qualifying Should you schedule your work in time blocks? No, salespeople are much more efficient when they combine different activities together to accomplish multiple goals at the same time. Yes, salespeople are much more efficient when they focus on a single activity and set one goal at a time. - ✔ Yes, salespeople are much more efficient when they focus on a single activity and set one goal at a time. What's your objective as a B2B sales development rep on the first contact with a new prospect? Set an appointment Gather information and qualify Close a sale Build familiarity - ✔ Set an appointment What does your job as a sales development rep consist of? Set appointments with the prospects that are highly qualified and/or in the buying window Nurture the prospects that you've qualified but are not in the buying window Gather information on the prospects for which you have some or no data so you can qualify their potential and learn their buying windows All the above - ✔ All of the above What is a touch? Phone Email Social In-person - ✔ Phone What's the correct order for the cold-calling framework? Identify-Attention-What you want-Bridge-Ask What you want-Attention-Identify-Ask-Bridge Bridge-Identify-Attention-What you want-Ask Attention-Identify-What you want-Bridge-Ask - ✔ Attention-Identify-What you want-Bridge-Ask What shouldn't you say on a cold call? The reason for my call is How are you doing? Hi, (first name) Because - ✔ How are you doing? What's the correct order for the voice-mail framework? Identify-Phone number twice-Reason for call-Reason to call back-Phone number twice Reason for call-Phone number twice-Identify-Reason to call back-Phone number twice Identify-Reason for call-Phone number twice-Reason to call back-Phone number twice Phone number twice-Reason for call-Identify-Phone number twice-Reason to call back - ✔ Identify-Phone number twice-Reason for call-Reason to call back-Phone number twice Should you time your calls based on the best answer rate of your prospects? Yes No - ✔ No What's the correct order for the RBO framework? Disrupt-Anchor-Ask Anchor-Disrupt-Ask Ask-Disrupt-Anchor Disrupt-Ask-Anchor - ✔ Anchor-Disrupt-Ask What is the gatekeeper's most important job? Remember who everyone is at their company Protect their people's time Help salespeople get in touch with right people Schedule meetings for their executives - ✔ Protect their people's time What's the secret to get past gatekeepers? Convince them you already have a meeting with someone Offer them some money through cash app/venmo There is no secret technique Lie to them about who you are - ✔ There is no secret technique Can inside sales reps, such as SDR's, use in person prospecting? Yes No - ✔ No What should you avoid including in a prospecting email? Images Hyperlinks Spammy words and phrases All of the above - ✔ All of the above The best emails include Long important sounding pitches with lots of industry jargon History of your company How you can solve a relevant problem they have All of the above - ✔ How you can solve a relevant problem they have What's the correct order for the email framework? Relate-Hook-Bridge-Ask Hook-Relate-Bridge-Ask Bridge-Relate-Hook-Ask Ask-Relate-Bridge-Hook - ✔ Hook-Relate-Bridge-Ask What's the most important factor when texting prospects? What are the four stages of a sales call in order? Preliminaries - Investigating - Demonstrating Capability - Obtaining Commitment Obtaining commitment - Demonstrating Capability - Investigating - Preliminaries Preliminaries - Demonstrating Capability - Investigating - Obtaining Commitment Investigating - Preliminaries - Demonstrating Capability - Obtaining Commitment - ✔ Preliminaries - Investigating - Demonstrating Capability - Obtaining Commitment Which stage of the sales call is the most important? Demonstrating Capability Investigating Obtaining Commitment Preliminaries - ✔ Investigating What is a good definition for SPIN? A framework for asking questions that lead to satisfactory results A questioning model for the investigation stage of the sale A guide on how to use open and closed questions A framework for demonstrating capabilities of your product or service - ✔ A questioning model for the investigation stage of the sale What does SPIN stand for? Situation - Prospect - Importance - Necessities Situation - Problem - Importance - Need-payoff Situation - Problem - Implication - Need-payoff Simple - Problem - Person - New - ✔ Situation - Problem - Implication - Need-payoff What's SPIN selling's definition of closing? Getting a order from a customer A behavior used for a buyer which signals that they are ready to buy, which allows the seller to ask for the order A signed contract or money in hand from a customer A behavior used by the seller which implies or invites a commitment, so that the buyer's next statement accepts or denies commitment - ✔ A behavior used by the seller which implies or invites a commitment, so that the buyer's next statement accepts or denies commitment Do more closing techniques improve sales success in larger sales? Yes No - ✔ No Do more sophisticated buyers react well to closing techniques? Yes No - ✔ No Is it a failure if you don't get an order during your meeting for a large sale? Yes No - ✔ No What are the successful outcomes in a large sale? Order or Continuation Order or Advance Order, Advance, or Continuation Continuation or Advance - ✔ Order or Advance What's the most common objective in a large sale? Continuation Advance Order No-sale - ✔ Advance What are successful actions of a sales meeting? Investigating and demonstrating capability Checking that key concerns are covered Proposing a commitment All of the above - ✔ All of the above What's SPIN selling's definition of a need? An objective requirement a project has Any statement made by the buyer which expresses a want or concern that can be satisfied by the seller A statement made by the buyer which expresses a strong emotional desire to purchase a product or service A functional requirement necessary for a business - ✔ Any statement made by the buyer which expresses a want or concern that can be satisfied by the seller Should you always use the SPIN model in sequence? Yes, SPIN is a formula that always works and should always be used in order No, SPIN is a formula that normally works, but should be altered based on different situations - ✔ No, SPIN is a formula that normally works, but should be altered based on different situations Should you plan your questions in advance? Yes, it's hard for good questions to spring up in your mind when your talking No, you don't want to sound like you're reading from a script and come off as ingenuine - ✔ Yes, it's hard for good questions to spring up in your mind when your talking When shouldn't you use need-payoff questions? Towards the end of the call Early in the call When the customer raises a need you can't meet Both early in the call and when the customer raises a need you can't meet - ✔ Both early in the call and when the customer raises a need you can't meet What's the definition of a feature? Show how a product or service can be used or can help the customer Fact or characteristic of a product or service Show how a product or service meets an explicit need expressed by the customer Show how a product or service isn't of value to the customer - ✔ Fact or characteristic of a product or service What's the definition of an advantage? Show how a product or service can be used or can help the customer Fact or characteristic of a product or service Show how a product or service meets an explicit need expressed by the customer Show how a product or service isn't of value to the customer - ✔ Show how a product or service can be used or can help the customer What's the definition of a benefit? Show how a product or service can be used or can help the customer Fact or characteristic of a product or service Show how a product or service meets an explicit need expressed by the customer Show how a product or service isn't of value to the customer - ✔ Show how a product or service meets an explicit need expressed by the customer What is this? Seller: And another thing about the system is that it has balanced voltage stabilization. Buyer: Oh, what does that do? Feature Advantage Benefit - ✔ Feature What is this? Seller: It protects you from current surges so that you won't lose valuable data if you have a voltage fluctuation. Buyer: That isn't necessary here. This building is wired for scientific use, so there's inbuilt voltage protection. Feature Advantage Benefit - ✔ Advantage What is this? Seller: But I'm sure you'll find the backup memory useful. It means that even in the event of an operator error wiping out your main files, you'll always have automatic backup - so you'll never run the risk of losing key data. Buyer: And how much does this configuration cost? Feature Advantage Benefit - ✔ Advantage What is this? Seller: The basic core system costs $78,000 Buyer: And is it compatible with our optical readers? I need to be able to read source data straight into memory. Feature Advantage Benefit - ✔ Feature Do more objections result in more sales? Yes, they indicate interest from the buyer No, they indicate dissatisfactions with the buyer - ✔ No, they indicate dissatisfactions with the buyer What's the root cause of most objections? Lack of compatibility Not enough interest in solution Not enough perceived value Lack of time to talk - ✔ Not enough perceived value Are first impressions a large factor with success in large sales? Yes, they set the rest of your interaction up for success or failure