In this competitive and globalized market each organization needs an aggressive and smart sales team so as to hit the numbers without fail and increase the bottom line of the company. Hence each organization tries to build their sales team like that and they give them lot of trainings. They spend lot of money on trainings to motivate their team and do sales well. In this scenario they learn different process and there is a process to follow in sales for reaching the numbers. And from those one of the key points is FAB. Then what is FAB? FAB can be abbreviated as Features, Advantages and Benefits of the product for sale.
All these are necessary for a salesperson to know before sale. He or she must know this for their product line. Remember one thing we are human being and we never buy anything without benefits. It is important for a sales guy to note the three things before going to close a deal.
Let's go through an example. A sales man is trying to sell a projector to a customer (Commercial Manger of that organization) for their conference hall. Sales man gives a sales pitch to him sir we have a projector with 2600 lumens and 5000 hrs. of lamp life. But the customer in return asks him it is ok but let me know the price of that; I cannot spend much on that. Then the sales man tries to match the price of the projector with customer's budget but he cannot for other reasons too and lose the deal.
Let's go through other example of same scenario, Here the sales man probes the customer and came to know his need. Then he delivers the statement as sir we have a projector of 2600 lumens and 5000hrs of lamp life. Which can help you for not changing the lamp for long time; if you use the lamp for four hours per day on an average then the life of lamp will come for a rough of 3 and ½ year. You can save Rs.30k on your lamp for the rest of two years. The customer asks him if I go for competitive product then , The sales man replies him back that they will not offer you that much of lamp life. Here the salesman can convince the customer as he found the exact need of the customer. He knows the FAB and Competitive market.
In the second example the salesman has used the concept of FAB and related it to the monetary value as the customer discussing with him is a commercial guy of that organization who will look for ROI. He has taken 5000 hrs. Of lamp life as feature, lamp life, which will give duration for 3and ½ years, is as advantage and relating to the monetary value he has showed him the benefit of saving. It depends upon customer to customer. If a technical customer is there instead of commercial then the statement should change. It will get modified accordingly. Hence it is necessary for a salesman to know the FAB of the product line to close the deal.
If a salesman follow the process and can make a report for him or herself that what are the feature, Benefit and Advantages of their product then they can modify according to the customer and can sell their product without pending.
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The mentioned example is not related to any one. This is to understand the concept.