Building Trust and Sales Ethics

Building Trust and Sales Ethics Module Two

Learning Objectives • Explain the importance of trust. • Discuss the distinguishing characteristics of trust-based selling. • Discuss how to earn trust.

Learning Objectives • Explain how the knowledge bases help build trust and relationships. • Understand the importance of sales ethics. • Discuss three important areas of unethical behavior.

Setting the Stage The Importance of Trust • What were the characteristics Gwen Tranquillo possessed and demonstrated that helped her earn her customer’s trust? • How did Gwen demonstrate she was customer oriented and that Hershey wants what’s best for its customers?

Trust refers to the degree to which one person can rely on another when the former is dependent on the latter.

A fundamental competitive strategy of a growing number of organizations is to build long-term mutually beneficial relationships with their customers. The ability of those organizations’ salespeople to earn their customers’ trust is essential to the success of that strategy. Why is Trust Important?

Trust Develops When the Salesperson is: Candid Dependable Customer Oriented Trust Compatible Expert

The extent to which a salesperson possesses relevant knowledge and capability. Trust Builder – Expertise Expert The salesperson knows what he/she needs to know. The salesperson and his/her company have the ability andresources to get the job done right.

Trust Builder – Dependability The extent to which a salesperson consistently and predictably follows through on commitments he/she makes to others. Dependable Buyers can rely on the salesperson. The salesperson keeps his/her promises.

Trust Builder – Candor The extent to which a salesperson is honest and upfront with others, especially with regard to issues/factors that may impact those others. Candid The salesperson is honest in his/her spoken word. The salesperson’s presentation is fair and balanced.

Trust Builder – Customer Orientation The extent to which a salesperson values and protects the interests of his/her customers. Customer Oriented The salesperson truly cares about the partnership. The salesperson will go to bat for the customer.

Trust Builder - Compatibility The extent to which a salesperson’s behaviors, actions, and personality are consistent with and/or appreciated by his/her customers. Compatible The buyer likes doing business with the salesperson. The buyer likes doing business with the salesperson’s company.

Knowledge Bases • Industry • Company • Product • Price and Promotion • Service • Market/Customer • Competitor • Technology

Industry Knowledge In order to develop and execute effective selling strategies, and to be viewed as a market information resource, salespeople must understand the dynamics, structure, culture, and forces that affect the industry or industries in which they work.

Company Knowledge Salespeople must understand their company’s culture, mission, goals, policies, and procedures so that they may effectively and accurately represent the company when interacting (e.g., negotiating) with its prospective and current customers.

Product Knowledge Salespeople must have a thorough understanding of their product offering(s) so that they are perceived (by the customer) as experts and capable of accurately matching those offerings to the needs of the customer.

Service Knowledge Closely tied to the market offer is the service and support an organization provides its customers. Salespeople must know their company’s service capabilities and then match those to the needs of their customers.

Promotion and Price Knowledge Salespeople must be capable of administering promotional programs and answering related questions in order to facilitate their customers’ participation. In addition, salespeople must understand the pricing structure of their products so that they may negotiate accordingly with the buyer.

Market and Customer Knowledge Salespeople must possess knowledge of the markets they serve in orderto develop and implement effective selling strategies. In addition, salespeople must understand their customers, including needs, personalities, and communication styles so that may be able to create and clearly communicate relevant solutions.

Competitor Knowledge Salespeople must posses knowledge of their competitors so that they know how to position their products against those of their competitors’.

Technology Knowledge Salespeople must understand how to take advantage of technology (e.g., internet, computer, and telecommunications) that may help them be more competitive.

Ethics Ethics refers to right and wrong conduct of individuals and institutions of which they are a part. Clearly Wrong Ethical Dilemma Clearly Right

Image of Salespeople

Exaggerate Withhold Deceive Hustle Scam Bluff Misuse Company Assets Defraud Con Pushy Hard Sell Fast Talking High Pressure Areas of Unethical Behavior Deceptive Practices Illegal Activities Non-Customer-Oriented Behavior

Building Trust and Sales Ethics