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Marcus Smith is one of Liberty Mutuals most productive sales representatives ( HYPERLINK http//www.libertymutual.com www.libertymutual.com). Smith uses the consultative relationship-selling approach exclusively. He believes that excellence in selling starts with establishing a mutually rewarding relationship and then gaining an in-depth knowledge of what customers value most. After gaining a careful understanding of their needs, he works closely as a partner with his customers in selecting the right products that will solve their buying problems and satisfy their long-term needs. Founded in 1912, Liberty Mutual is an important player in the highly competitive insurance markets. The three pillars of the companys culture include behaving with integrity, treating people with dignity and respect, and providing superior products and services. Smith is a strong believer in those corporate values. Yet implementing this relationship-oriented selling approach represents a challenge, given the constraints of resources and the competitive intensity of the insurance market. Smiths strategy is simple, yet effective placing emphasis on tracking and forecasting market information, focusing on identifying profitable customers, and directing resources to those customers. Smith does not start his conversations with new customers with a sales pitch. He instead spends time building rapport with each customer and finding some beliefs and opinions that he and the customer have in common. These icebreakers go a long way in making customers feel comfortable in sharing with Smith what their actual needs are. Then he requests permission to ask questions to fully understand his customers unique needs. After confirming what the customer needs, he presents a balanced comparison between his offers and those of competitors. Being empathetic and honest with customers lies at the heart of his consultative relationship-selling philosophy. INCLUDEPICTURE http//devry.vitalsource.com/books/9781269929301/content/image/S29301_com_f0001.jpg MERGEFORMATINET At the beginning of this chapter, you were given an introduction to Marcus Smith, employed by Liberty Mutual, a successful insurance company. Smith is responsible for introducing a very large number of products and services, and he must always keep one eye on the competition. He must be prepared to answer questions about his own products and services and those of the competition. He must also be ready to discuss the intricacies of the insurance terms, and possible bundles of insurance policies to offer his customers the best value. Like every other professional salesperson, Smith is constantly involved in learning. We now know that the principles of selling can be learned and applied by people whose personal characteristics are quite different. Most successful salespeople spend considerable time acquiring product knowledge, keeping up to date in their industry and related industries, and learning more about their customers. Smith acquired his formal training in professional selling from the Program in Excellence in Selling at the University of Houston. In the insurance industry, salespeople often go through industry-related training and a formal exam to acquire a license to sell personal and property insurance. Smith also undergoes a rigorous Liberty Mutual training program that covers courses in four concentrations products and services, company, competition, and quoting. Smith realizes the importance of a relationship strategy that is built upon a win-win philosophy. In addition to building a strong relationship with the customer, he must be able to work effectively with others who directly or indirectly influence the sale. He shares market information with his peers periodically because a broad view of the market as a whole is crucial in the highly competitive insurance industry. The salesperson who is honest, accountable, and sincerely concerned about the customers welfare brings added value to the sales. (See the chapter opener on HYPERLINK http//devry.vitalsource.com/books/9781269929301/content/id/pg29 page 29 and Reality Selling Today Role-Play 2 in HYPERLINK http//devry.vitalsource.com/books/9781269929301/content/id/app01 Appendix 1 for more information.) Questions 2-16 Value-added selling is defined as a series of creative improvements in the sales process that enhance the customers experience. Describe the various ways that Marcus Smith can create value for his customers.
Reality Selling - Marcus Smith

Reality Selling - Marcus Smith

Question # 00133538 Posted By: reble1235 Updated on: 11/13/2015 02:41 PM Due on: 11/15/2015
Subject Marketing Topic Marketing Tutorials:
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Please see these 2 attachments - I have a case study. Hoping to get it by Sunday please. Thank you
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