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Ethical practices in business
Ethics in business present day society
Ethical practices in business
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A company develops a “sales pitch” based on its understanding of the customers’ expectations and its approach to meeting these expectations. Wikipedia defines a sales pitch as a planned presentation of a product or service designed to initiate and close a sale of the same product or service. Sales Pitches and Company Service Promises are the company’s commitments to deliver a certain level of product or service. Both sales pitches and service promises can be personal or non-personal but either ways, an explicit pitch or promise almost always raises customer expectations.
Sales pitches or service promises are personal when they are made by a salesperson or a service person or technician directly to a customer. Non-personal pitches come in the form of published
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Although there may be several different reasons for promises being broken, the end result for the customer is always the same – a feeling of dissatisfaction and a lowering of the perceived value of the company.
To avoid customer dissatisfaction companies must learn to manage their customers’ expectations by painting a true picture of the scenario and future deliverables. Companies should factor in all customizations and special circumstances when making their service promises. Companies should avoid the trap of over-promising or promoting themselves as something they are not. In the current competitive market, although it is extremely tempting to pad ones achievements, a customer that makes realistic promises and delivers on them is more likely to retain its customers than one that makes big promises but is unable to deliver. It is never about just closing the sale. Closing a sale has no meaning when the follow up to this is an unhappy customer or a cancelled
Without good customer service and keeping your promises, your company would have loyal customers. According to 5 Focusing Steps, “If you’re not yet sold on the idea, consider that a 2 percent increase in customer retention has the same effect as decreasing costs by 10 percent. Not only that, but it costs over six times more to get a new customer than it does to keep one.” Customer satisfaction should be a golden rule of all companies.
At [company name], customer satisfaction is something that we take very seriously and would never compromise under any circumstances. Unfortunately, sometimes unavoidable mistakes happen. In such rare cases, a satisfactory solution is always in place and preventable measures are introduced.
the customers’ expectations must be fulfilled or they will not buy the product, and without
Furthermore, a tiered customer service plan may cause conflict among customers. It is important to treat all customers equally, to maintain good moral. A successful customer service will focus on constantly increasing customer satisfaction. In addition, while increasing satisfaction, no matter how little or how much a customer spends the reputation of the company will rely on “word of mouth”. . “As customers, we know how we respond to poor service: We go elsewhere, and we often tell our friends and colleagues to do the same.” (Goodman, 2009) Therefore, encouraging customers to participate in customer feedback survey’s will help to build a great rapport, enforcing the value that each customer brings to the company. Retention, of unhappy customers can help a company to build a reputation of a company that makes all of its customers feel equally important.
You’re sitting down on your coach and you see an attractive girl winking at you, men are aroused, woman want to be her, and it is followed by a famous phrase, “got milk”, now you suddenly want milk! This is just one technique that advertisers use to manipulate customers into purchasing their product. Charles A. O’Neil wrote an essay that discusses advertisement and its ability to persuade a targeted audience. Frank Luntz also evaluates advertisers and their methods of persuasion. O’Neil however captures readers with his effective way of applying pathos, while Luntz gives readers credibility and applies logos.
In selling, there are three different types of selling. They are consultative, transactional, and strategic. The consultative selling process takes place in which the salesperson determines the problem a customer is having by spending time with the person and trying to solve and recommend a solution that will specifically address that problem. This involves meeting customers’ needs by asking specific questions, listening actively and giving feedback, understanding their problems, creating the appropriate solution, creating a sales presentation, and following through after the sale. To be most successful, a salesperson should think of the sales presentation as a four-part process. This process includes discovering the needs of the customer,
In the world of business-to-business marketing, the exposure of an organization depends on many actions taken by it. Some companies go towards personal marketing and sales, while others might prefer mass media advertisements. But nonetheless, all organizations need to set their foot in the market by creating ”hype” about their company and brand name. It is true that personal selling is one of the very important mediums of making a sale in the business-to-business marketing world, but where do companies get the contacts from to conduct personal selling? Contacts can be acquired by conducting a meeting with a company’s manager and carrying out a sales pitch, or even by the customer reaching out for the company because of the firm’s good reputation in the market, etc.
Over the past few years, the increasing dynamism and competition in the business operating environment has led to a lot of changes in how the companies conduct themselves with respect to its customers. Customers being the focal point of revenue; manufacturers are increasingly taking interest in being focused on customer satisfaction by delivering the products and services on time.
Wasserman, Michael. 15 Techniques When Dealing With Customers. My Success Company. 25 January 2005. .
People Value Honesty: Be truthful about your product and company. Address the concerns before the prospective customer has the chance to come up with them. For instance, if your company is new, you can talk about the apprehension that people have in giving a chance to companies that have not built a strong brand. You can then talk about how your company has advantages over your most established competitors.
Consumer offerings vary in customer interaction functions to fulfill a different need or want of their target market. The way the consumer interacts with the offering is mostly based on what category of offering it falls under, because the process of a consumer buying a product out of convenience is highly different than one who buys an unsought product (after being convinced of its value, generally). The marketing required to sell these vastly different types of consumer offerings are also hugely varied in approach and expectation. The four accepted types of consumer offerings are convenience, unsought, specialty, and shopping.
Personal selling involves the human interaction rather than other forms of communication in selling process. It incorporates the direct, face to face contact and communication in between persons or perspectives buyers and sellers. The basic underlying ability of developing personal selling skill is to identify, understand and respond the need and0 emotional communication of the customer in the selling situation. For e.g. if the customer is confused with what to buy, then the particular sales person can assist them to choose the right product explaining them about the features of the products and services that generates the value to the amount of money they spend.
My favorite part of reading Perfecting Your Pitch was considering all the future situations I expect to be in during which I will certainly be compelled to use Shapiro’s three D’s to script my conversation to achieve my desired outcome. The repetitiveness of this book, however, was slightly hard to bear. Instead of giving four examples related to sales, six examples related to management, five examples related to employment, two examples related to media, eight examples related to family, seven examples related to friendship, and seven examples related to consumers, I would have preferred that he just give on example for each
A business pitch is basically intended to be either an acquaintance of a product with a crowd of people who knows nothing about it, or an illustrative extension of a product that a group of people has communicated with the product. In spite of the fact that an effective deals pitch will leave few inquiries unanswered, the moderator must have the capacity to answer any inquiries that emerge as a consequence of provoked interest among their consumers. Regardless of the fact that a business pitch is conveyed viably, the moderator must be arranged to defeat any snags that may evade the end of the deal (Solomon, et al., 2010).
Persuasive Promotion: It is used when an attraction is in its early stages of growth, so its owners put very much promotional effort in devising persuasive messages and sending them through several channels.