Case breakdown: Movie Joy
The scene that you just saw shows Neil Walker (played by Bradley Cooper) is showing Joy (played by Jennifer Lawrence) how a sales process works. He is showing her how the necklace sale is being presented on TV which is triggering phone calls for the salesperson.
Necklace is priced at a value of $100, and it is being sold $39,99. Sales pitch is being presented in a way that makes people call and buy the product.
What is a Sales Process?
Sales process helps the organization makes more money. Sales process consists of the following steps:
Prospecting
Preparing
Approaching
Presentation
Objection handling
Closing
Follow-up
Generally sales development handles two types of leads. The first is often referred to as inbound leads which is given by the marketing department. These are in the form of marketing campaigns and content creation that bring visitors to the website. Marketers leverage social media to form a connect with the client and build trust.
📷 Another type of leads are the outbound leads that pushes message out to the audience. It can also be called ‘in-your face’ advertising such as TV advertisements, bill-board ads, print ads etc. The scene shown is a form of outbound advertising, people are not specifically looking for necklaces but they are being advertised on TV and demand is being created for them. Women are calling in to talk to celebrities who are selling the product. Both inbound and outbound method require deep understanding of the segmentation of the target audience.
Prospecting:
In this stage, organization finds potential customers who are interested in the product or the service and whether they can afford the same or not. Understanding whether the customer requires your product/service or not means qualifying.
Preparation:
This means preparation for the initial contact with the customer. Researching the market and tailoring the product to the need of the customer.
Approaching:
This is the first contact with the customer, it means talking to the potential client either face-to-face or on phone.
Presentation:
Demonstrating to the client how your product matches their need and giving them a sales pitch. Actively listening to the customer and then responding to their demands works wonders for your product.
Objection Handling:
This means understanding and handling any objections raised by the customer. These could be in the form of cost, time, fear, product features etc. Carefully listening to the customer and solving their worries is advisable.
Closing:
This is a stage where the client confirms about buying the product or the service. Some decisions that need to be made in this stage includes paying upfront the entire amount or paying through equated monthly installments. Providing discount for a specific period of time and creating a sense of urgency for the customer also forms part of this stage.
Follow-up:
Once the customer has brought the product or service from you, understanding his/her customer service needs is important. Retention of customers gets the organization repeat orders and also referrals for future.