Sales Meeting - Meaning, Importance, Types & Example
Published by MBA Skool Team, Last Updated: August 24, 2021
What is Sales Meeting?
Sales meeting is a coming together of sales representative of the company selling the product or the service and the potential buyer to discuss a possible lead, quote or an order. Usually it is in a presentation format, but it can be a telephone call or an online meeting as well. Sometimes the sales meeting can also be a review or a follow up after a sales has been made.
During a sales meeting, the salesperson provides a description of the product and explains the ways in which it will meet the needs of the buyer. It is important during the meeting, for the sales person to focus on the features that solve the user’s problems or else she may lose the buyers attention if the service or the product offers too many irrelevant features.
A famous approach to sales meeting is following the order of features, evidence, benefits and agreement. The sales person should have a collection of impressive and effective statements for each of the above objectives.
Let us discuss these:
The most important aspect of a good sales meeting is that how well a sales representative is able to explain and sell the features of the product and how these features are modern and differentiated as per the market.
In sales meeting, data and facts would add a lot of weight to the features. Any feature if backed up by data can help it establish well with the customer. e.g. The AC is able to adjust the temperature without consuming too much power. If this is backed by an energy rating or a comparative study, then the customer would actually agree to it.
3. Benefits to the Customer
Customers need to understand the benefits these features will have for them. The benefit from the previous example can be that the electricity bill of the customer will come down as compared to the current product being used or considered. This is now a real benefit to the customer.
The sales meeting can be called successful only if it converts into a deal or at least takes to next step in the sales cycle e.g. customer asking for a quote.
The ultimate objective of the sales meeting is to close the sale and make sure that the customer understands the features and benefits well.
Types of Sales Meetings
Sales meeting can be classified on the basis of where it happens:
1. Client Side
In this type, the customer has invited for sales meeting at their venue. This is a good opportunity for the sales team to present the features well. This meeting already shows that customer trusts the product or brand and is willing to know more about the product or service. Make sure you can show a demo or an example which is customized as per the customer
In the modern business many a times sales team would get an opportunity to present the product virtually through video conferencing. This is again a very good opportunity. In this meeting , technology can be used to give a good virtual presentation with clear storyline and objectives. Even a audio visual demo of the product can be shown using the best of technology.
Many times the sales meeting can be really impromptu and can happen when you meet a customer.
The sales team should always be prepared for such meetings in advance and should have some material and demo handy to be shown to customer on demand.
4. Review Meetings
Sales meeting may not always happen with potential customer but can also happen with existing customers for reviewing how the product is performing and if the customer is happy with the performance, service and support. These meetings can be good for upselling and cross-selling.
Sales Meeting Agenda
Every sales meeting should have a clear agenda. Some of the points which need to be ready are:
1. The objective of the meeting should be very clearly defined. Is it for a new sale or upsell?
2. The content of the presentation should be well prepared and rehearsed as this may be the only chance with the customer.
3. Only the required key sales people should be part of the meeting
4. A demo or a showcase should be presented to the customer to add value to the meeting and give customer the idea of the product
5. The duration of the meeting should be respected as per client's convenience.
6. Sales team should request for a follow up if required.
7. If possible, share some reference material, presentation with customers so that they can revisit them to make more informed decision.
Importance of Sales Meeting
Sales meeting plays a very important role in the sales of B2B products as well as in high involvement products. A customer needs to be sure about buying a product if it is costly and is required for business or long term.
The customer needs to understand everything relate to the offering before they decide to place an order with a company.
Sales meeting gives that opportunity for the company to explain the features and benefits well so that customer can make an informed decision.
Examples of Sales Meeting
Let us consider the 2 scenarios:
1. Financial planners would conduct a sales meeting to talk about retirement plans, engage the potential buyer and convey her about how the company’s investment products will help her meet her goals for the future.
2. A car dealer during a sales meeting explains various features of a car along with other models and options available to the customer. The customer might ask questions and might have queries and concerns related to features and price of the car. If the sales meeting is able to address all the queries, it can lead to a strong opportunity or a potential close of sale.
Hence, this concludes the definition of Sales Meeting along with its overview.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
Browse the definition and meaning of more similar terms. The Management Dictionary covers over 2000 business concepts from 5 categories.