On Entrepreneurial Selling MGT 709 New Venture Creation

Questionnaires  Your attitude toward selling  Self-confidence scale  Communicating your best image  Psychology of selling

Exercise  You have 30 minutes to:  Create a product or service using the resources you brought to class  Sell your product or service to the community outside this room  Bring the money back to me  The person bringing the most money back to me wins all the money  Rules  Nothing illegal or unethical, you must sell something to raise the money (i.e. there must be an exchange), you cannot sell to the class, you may work in teams

What it takes to succeed in sales  Empathy  The ability to sense the reactions of other people (emotional intelligence)  Drive  Getting people to say ‘yes’ gives you a thrill and ‘no’ gives a challenge  Conscientiousness  You are self-motivated to follow through  Resilience  You have an ability to bounce back from rejection

Some Empathy Exercises  From “How to talk to anyone: 92 little tricks”  Flooding smile  Sticky eyes  Epoxy eyes  Hang by your teeth  Big baby pivot  Hello old friend  Han’s horse sense  Watch the scene before you make the scene (visualize)

InPart  What sales and pricing strategy should InPart use?

CTS  What do you think of the underlying innovation?  How has CTS done to date on selling the innovation? Why?  What should the adoption process look like?  How should CTS define success?

Adams On Selling  Partners as sales force?  Sounds great – but isn’t  Partners may carry hundreds of products  No knowledge, no incentive to sell yours  You need a track record before a big company will adopt your product  Market momentum – pull from the market  You must own and manage your sales process  Sales validate your product  Sales enable you to evolve your product through customer feedback and ongoing validation  Sales is everyone’s business  You have to earn the right to grow!

Four sales models  Direct face to face  Large ticket items, slow sales cycle, multiple decision makers  Sophisticated corporate customers  Need sophisticated team  OEM sales  Stable income stream because of lock-in,  Co-evolve together (e.g. Intel and MS)  Need tech-savvy, flexible sales team to win business  Need ways to stay close to the customer  Sales with consulting services  Benefits of being able to gain economies of scale from service solutions  Telesales  Extends to , website, video etc.  Good for simple products or lead generation

Selling as a Systematic Process  Process  Generating attention and interest  Identifying requirements  Gaining conditional commitment  Developing the sale  Closing  Baseball metaphor  HIT, PITCH, CURVES, SCORE  Takeaways  Closing tactics