The FAB Sales Technique - How to Close More Sales

Importance of FAB 

The FAB sales technique means features, advantages, and benefits that are supposed to give good enough sales. A feature is a prominent characteristic of a product. An advantage is to have superiority over other products. The advantage helps us comprehend how to derive a benefit from a feature. The benefit is how the feature is helpful to the user (Komaromi, 2016). It is what service it can offer to a customer. 

FAB Chart 

SAMSUNG GALAXY NOTE 10 Plus
Features	Advantage	Benefits
Screen Size	6.8 inches screen that’s curved on the side	Great for watching videos, reading on the phone, and playing games.
Screen Resolution and Quality	A Dynamic 120Hz display	Provides a realistic view and aids efficient use of apps.
Camera	16Mp ultra-wide-angle lens,  12Mp wide-angle lens,12megapixel telephoto lens, Depth sensing Camera, 10-megapixel front-facing camera	It takes excellent photos and has a beautiful standalone night mode.
Software Features	It is an Android 9.0 that comes with a Spen Stylus	The stylus is very easy to use and avoids accidental button presses.
Battery life	4300mAh with a battery life of about 12 hours.	Usage is for a more extended period.
Memory (RAM ) and processing power	12GB with a Snapdragon 855 plus processor.	Fast execution of commands
Storage	512GB	I can store school work documents, apps without an extra purchase of a USD card.
Design and Build Quality	It has a prismatic Aura Glow color with right size of 6.39 by 3.04 by 0.31 inches and 6.91 ounces of weight. It is made of metal and glass and supports expandable storage		It is light in weight, sleek that makes it attractive to use in public.
Internet connections	Provides 4g support		Easy access to the internet
Accessories	It has a 25-watt charger that charges the phone to 100% within 65 minutes.  Other accessories, such as screen protectors, cases, and headphones can be purchased.		Readily available in the market

Four Characteristics of Samsung that makes it sell 

Global Availability; It’s easy to buy Samsung phones and their accessories in any part of the world, attracting them to a diverse customer base. 

Wide-ranging Portfolio; Samsung offers various quality products that meet customers’ needs. With the changing technologies, Samsung strives to meet customers’ needs by releasing new, improved products to the market. 

Carrier Partnerships; Samsung has forged partnerships with network carriers to operate on those companies’ networks. Carrier partnerships help Samsung users get service and help quickly. 

Marketing techniques; Samsung has focused on storytelling while advertising, thus engaged customers more on why Samsung was the phone they need. 

Key Performance Indicators (KPIs) 

They are defined as financial and non-financial pointers that brands use to estimate or gauge their productivity. Using the right KPIs, an organization can optimize sales and ensure that the team focuses on the right strategies (Teau & Protopescu, 2015). After meeting customer demands, the sales department is expected to increase sales volumes. A salesperson’s essential skills are analyzing market demands, studying consumer psychology, market changes, and preparing sales budgets. Popular performance indicators used in the sales department for organizations include quota fulfillment, closing ratio, prospecting activity, and retaining customers. 

Quota fulfillment : its objective is to give salespeople a realistic goal. Quotas are set based on a company’s revenue targets, previous revenue generation, and sales members’ performance over a certain period. 

Closing Ratio : It measures the ability of salespeople to convert potential clients into actual sales. Organizations need to train salespeople to help them achieve high closing skills frequently. 

Prospecting : A salesperson is considered to have a high prospecting ability if they can maintain a steady number of prospects. An organization can help the sales department meet its prospecting goals by having a running website, social media handles, an efficient customer care desk, and striving to offer excellent customer service to generate referrals. 

Customer retention : Salespeople can secure the initial sale, but low at after-sale follow up. Customer retention is essential as a satisfied customer often brings in several prospects who can be converted to actual sales. 

Question 2 

Benefits of three prospecting sources 

Prospecting is the process of identifying potential users of a product and systemically communicating with them to maintain sales. Sales personnel’s ability to prospect efficiently ensures that they can maintain a steady stream of potential customers (Komaromi, 2016). Sources of prospects include referrals, cold –calling, networking, telemarketing, and emails 

Referrals –By giving existing customers excellent customer service and provide great after-sales services, they are most likely to refer to the product or service to a friend or family. Existing customers generate word of mouth that no media entity can create. A satisfied client does not bring in business once, thus the need to ensure customer retention. 

I nquiries -inquiries are useful as the customers are already in the mindset to purchase. By handling customers well and presenting the right information to them, the customer can purchase the product and retain them. Having accessible inquiry channels like websites, social media handles, and an effective customer care center is comfortable stimulating sales through inquiries. 

Online sources –Online searches and online directories are other efficient prospect sources. Ensuring that an organization’s website, office, and customer care number can take in inquiries from potential customers. 

Sales funnel application in Prospecting 

A sales funnel is a visual representation of the process of acquiring a prospect’s contact to the point of securing a purchase from them. Each stage of the funnel is a step closer to achieving an actual sale ( OÜ, 2020). Salesperson knowledge of sales funnels helps them address the customers’ wants while providing the right information. They can estimate their sales process, predict revenue, and quickly achieve set targets. The stages of a sales funnel from top to bottom are; 

Awareness and Discovery : Potential customers are often looking for information regarding a product to help them know if it solves their problem or fulfills their needs. From a marketing perspective, new prospects are now turned into contact –made prospects or leads. The salesperson is now expected to ask relevant questions that lead the prospect to your product. 

Researching solutions : the salesperson must create good customer support over the medium provided in the first stage. The lead is most likely to have given specifics of the problem they need a solution to. In-depth guides, information that portrays the competitive edge the product has over other products, is essential to help them settle on your product. 

Making an educated purchase decision : the salesperson’s role is to help the client make an informed decision based on the information given to them. The information on the specific product should show that it meets their exact needs and budget. When the leads go through the proposal presented and negotiate, a business deal is made. 

Difference between customer relationship management and contact management system 

Customer relationship management (CRM) is used by organizations to manage and review customer interactions and information. The objective is to improve customer service, ensure customer retention, and stimulate more sales (Chai et al., 2020).CRM systems rely on contact points between the customer and the company, such as websites, phone calls, emails, and social media networks to help compile data. On the other hand, the contact management system(CMS) is how information regarding customers and potential clients is stored, organized, and monitored. A CRM is mostly used as it offers a broader scope in terms of functionality. A business can use a CMS to schedule meetings with clients, while a CRM can help track how customers and prospects engage with various marketing campaigns. 

Question 3 

Characteristics of a right salesperson 

Some of the characteristics of a good salesperson are: 

Ability to create empathy ; People often buy products that can relate to their emotions. They want to be associated with brands they can trust. The salesperson’s role is to connect the brand’s values to those of a prospect (Komaromi, 2016). 

Ability to listen and inquire ; Salespersons should be able to ask provoking questions to comprehend the specific needs of a client. The answers to the questions arm them with the knowledge needed to close the deal and to get the prospective customer to trust the product. 

Patience; while a potential client might be genuinely interested in a product, they might not purchase it immediately. A salesperson is therefore required to be patient to avoid ruining the deal too early. 

I believe I can listen to customers’ needs and exercise patience with them. However, I am keen to hone my salesperson empathy skill to understand the customer’s needs effectively. 

Consultative Selling 

It is a sales approach that highly prioritizes interaction and communication to help identify and solve clients’ needs. The goal is to help sales personnel understand customer challenges to position themselves as the better option. In comparison, transactional selling focuses on one-time sales to make the highest sales. In contrast, consultative selling is based on the customer’s value and building a relationship with them and the product. 

Salespeople are communicators, not manipulators 

This statement relates to due to the various skills that are important to salespeople. They must have the ability to precisely listen to what a customer needs and ask the right questions from what they absorb from a client. They can then connect and engage the prospect in a way that leads them to a product. It is ultimately the ability to build relationships and trust with the customer that is defined as a successful sale. 

References 

Bhasin, H. (2016). Service Marketing Mix–7 Ps of marketing. Marketing91. com-[Elektronnyy resurs].-http://www. marketing91. Com/service-marketing-mix. 

Chai, W., Ehrens, T., & Kiwak, K. (2020). What is CRM (customer relationship management)?. Retrieved 16 November 2020, from https://searchcustomerexperience.techtarget.com/definition/CRM-customer-relationship-management 

Komaromi, K. (2003). Building brand communities. URL: http://cdgroup. blogs. com/design_channel/brand_communities. pdf. 

OÜ, P. (2020). Sales Funnel Definition, Process, Stages and Examples. Retrieved 16 November 2020, from https://www.pipedrive.com/en/blog/sales-funnel 

Teau, A. M., & Protopopescu, C. E. (2015). Key performance indicators–management tools for sales improvement.  Romanian Statistical Review Supplement ,  63 (6), 65-71.