Join Christopher Matthew Spencer for an in-depth discussion in this video Defining the range of sales transactions, part of Sales Skills Fundamentals.
This course is decidedly broad because I'll be sharing my experience in the field of sales, and I am tailoring this to fit virtually any career that involves selling. If you're already in a sales career, then I'll be opening your eyes to different perspectives. If you're new to the field, let's first explore the different types of sales activities and customers. Business to business, or B2B, describes sales between two businesses such as between a manufacturer and a wholesaler. Business to consumer, or B2C, defines a transaction between a business and an individual.
Business to government, or B2G, refers to sales from a business to a government agency. In some instances you have customer to business, or C2B, transactions. Think of a person who goes to a music store and sells their used music. With the proliferation of eBay and other online selling platforms, consumers also sell directly to other consumers once they no longer want an item. In theory, this is a B2C transaction hybrid, because the consumer is operating an online business, but they rarely have a business entity or a license and they're just casually selling in a virtual garage sale.
So I just refer to those sales as C2C. Each type of business transaction involves various emotional or actual needs. For example, a B2C transaction can involve emotional motivations when the consumer is buying luxury goods for personal enjoyment. A vacation, a luxury watch, or a diamond ring would be considered emotional or prestige purchases. In the business supply chain such as B2B sales, often subcomponents for manufacturing can be involved.
A manufacturer, or a distributor, sells to a factory to assemble a product and provides them with the raw materials. There are opportunities to sell at every stage in the process. For example, a tire maker has to buy raw rubber from plantations and add other raw materials that they purchase in B2B transactions before finishing a tire to sell to a car maker. Here you can imagine multiple B2B transactions occurring in that supply chain before that actual car is sold to the end consumer and they drive off with their brand-new car.
I find that B2C sales often involve far more time and handholding than sales to businesses. Businesses have very specific needs and purchasing agents are exceptionally experienced with buying. Consumers on the other hand tend to be more skeptical, or emotional, when they are purchasing items. Depending on the career path you're choosing, you'll want to be prepared to explore and understand the different types of sales and the best approach.
This course also covers the basics of connecting with prospective clients, making convincing presentations, understanding and maximizing the sales cycle, measuring sales abilities, and practicing sales skills in role-playing scenarios.
- Becoming acclimated to selling
- Understanding common sales terminology
- Honing communication skills
- Conveying passion and thoughts
- Listening actively
- Winning the confidence of others
- Asking for referrals
- Making cold calls
- Setting realistic sales targets and achieving them
- Keeping good sales records