1 the mabs extra challenge: dream! believe! survive! sales skills training
TRANSCRIPT
2
What’s in it for me?
Why is it important for me to learn about selling skills?
What would I gain from learning and employing selling skills?
3
What’s in it for me?
Ensure professional and systematic approach to your work as an account officer
Improve delivery of your performance targets Produce clients that are satisfied Generate more income for the bank and thereby, increase your
chances of having better salaries and benefits
4
Outline
Knowing Your Sales Cycle From Suspects to Prospects Win your Clients by Benefits Selling Handling Objections Closing the Sale Asking for a Referral
5
Typical Sales Cycle
1
Prospecting
2
Sales Interview
5
Negotiate
7
Referral
3 Demonstration/
Proposal/
Presentation4
Substantiate
6
Transaction
Closure
6
Sales Cycle
The term given to a series of sequential steps that comprise a sales process.
It consists of several logical steps that a sales person(the account officer) has to do from beginning to end of the cycle.
Individually, each step within the sales cycle is called a stage.
7
Sales Cycle
Each sales cycle stage has two basic components: 1) the predominant activity and 2) the compression objective.
The predominant activity is the basic task the account officer needs to perform within each stage of the sales cycle.
The compression objective is the primary focus of each stage of the sales cycle. This refers to what desired action the account officer would like the customer to make to move the sale to the next stage.
8
Stages Predominant Activity
Prospecting Determine who are suspects and who are prospects
Sales Interview Fact & emotion finding about your prospects
Demonstration/Presentation Present and reinforce the benefits of certain features of your product
Substantiate Establish credibility which gives your customers confidence and comfort in purchasing your product
Negotiate Keep the negotiations going until sale is close
Transaction Closure Get the commitment of the customer
Referral Gather other leads
Typical Sales Cycle
9
The Sales Cycle for a Microenterprise Loan Product
6
Loan Disbursement
2
Client Orientation
3
CIBI/Cash Flow Analysis
4
Credit Committee
5
Present Loan Package & Close transaction with Customer
1
Prospecting
7
Ask for a Referral
10
Exercise: Knowing your MF Loan Product Sales Cycle Stages
Sales Cycle Stage Predominant Activity Compression Objective
1. Prospecting
2. Client Orientation
3. CIBI
4. Credit Committee
5. Negotiation/Close sale
6. Loan Disbursement
7. Referral
12
PROSPECTING
The first stage or beginning of the sales cycle.
The predominant activity here is to determine who are the prospective clients and getting as much information as possible about them.
13
PROSPECTING
3 important elements present in a qualified prospect:
1. The authority to make a buying decision.
2. Control over the budget.
3. A need or want for your service or product.
If one of these elements are missing, then what you have is just a suspect.
14
Prospecting
Steps in identifying potential customers
Leads
Individuals who possibly fit your loan product’s client
eligibility criteria. Prospects
Those that have already an interest in the product Qualified Prospects
Those that want the product, can afford to buy it and have the authority to make the purchase decision.
15
Prospecting Techniques
A. Existing Customers B. Former Customers C. Directories & Souvenir Programs D. Newspapers & Magazines E. Yellow Pages F. Seminars G. Networking H. Direct Mail / Advertising I. Public Relations J. Associations K. Cold Calls L. Referrals
16
“It is a game of numbers” Know your ratios and strive to improve them Quality prospects Make every day a prospecting day
Some things to remember about prospecting
17
Weekly Prospecting List FormABC LOAN PRODUCT
WEEKLY PROSPECTING LIST Week 1 :January 5-9, 2004
1. New Accounts
Market Segment: Wholesale & Retail Trade Sector
Name of Business
Address Projected
Loan Amoun
t
Call Date
Follow-up Date
Remarks
1.2.3.4.5.
Prepared and Submitted by: _______________________________________ Signature over Printed Name of Account Officer _______________________________________ Date of Submission *To be prepared in duplicate copies; 1 for the account officer 1 for the MF Supervisor
19
When does selling take place?
The client orientation is comparable to the
sales presentation stage of a sales cycle. The predominant activity of this stage is to
teach your customer the benefits of doing
business with your bank. The objective here is to be able to sell the
product’s benefits and support these with
product features.
20
Selling Benefits: The heart of a winning presentation
Buying Motive
- The reason why a product user buys.
- It is his/her motivation to buy and own a
specific product.
- The buying motive must always be the focus of the
selling activity. A client will be motivated to “listen” if
the discussion on the product will meet his/her
objective in buying.
21
Selling Benefits: The heart of a winning presentation
The Buying Market
1. Effectiveness
2. Supply
3. Convenience
4. Availability
5. Pride
6. Economy
22
Selling Benefits: The heart of a winning presentation
FEATURES:
An element of a product that delivers a benefit. It is the inherent characteristic of a product. It is the quality that makes it competitive with other lines. It always answers the question “what is it?”
23
Selling Benefits: The heart of a winning presentation
BENEFITS:
It is the performance of the product to promote the well being of the user.
It answers the question “What can it do for me?” (WIFM)
24
Selling Benefits: The heart of a winning presentation
Some examples:
Feature Benefit
Airbags Lowered risk of serious injuryLarge type Ease of readingDigital recording Hiss-free listeningSoft leather sneakers More comfortable walkingMercedes Benz logo Increased self-esteem based on
status
25
Selling Benefits: The heart of a winning presentation
BENEFITS WRITING EXERCISE(Converting your loan product features into benefits)
27
Handling Objections
Process:Step 1. Hear the full objections(listen before reacting)
Step 2. Make an accurate diagnosis
Step 3. Review the objection with the client
Step 4. Answer with proof (whenever possible)
Step 5. Seek agreement with the client that his
objection has been answered and
overcome
28
Handling Objections
Methods in Handling Objections
“YES-BUT” METHODBOOMERANG METHODQUESTION METHODCOUNTER BALANCED METHODTHIRD PARTY METHODDIRECT DENIAL METHOD
29
Handling Objections
1. “YES-BUT” METHOD
The account officer acknowledges understanding of why the prospect is making the objection and then shows the prospect why he does not have adequate information.
2. BOOMERANG METHOD
The account officer using this method turns the objection into a reason for buying.
30
Handling Objections
3. QUESTION METHOD
The account officer prods the prospect to answer his own objection by asking him a series of question.
4. COUNTER BALANCED METHOD
The account officer uses this method when the prospect’s objection is valid and cannot be truthfully denied. However, it can be compensated for by some other overbalancing benefit.
31
Handling Objections
5. THIRD PARTY METHOD
The account officer can answer a prospect’s objection by calling on the testimony of a third person.
6. DIRECT DENIAL METHOD
The account officer uses this method when the prospect leaves you no other choice. If the salesperson has been generally pleasant and agreeable throughout the interview, his denial will be all the more convincing.
32
Closing the Sale
Objective: To know when to close the sale
When to close the sale (situations) When the client agrees to the answer to his objection When the client is sold on the benefit of the product When non-verbal signs show satisfaction with the
product When the client offers a hidden benefit of the product When all sales resistance shown by the client is
contained
33
Closing the Sale
Step 1. Shoot a temperature question
A temperature question will seek the real feelings of the client about a product proposal. The account officer has to review the benefits which can really convince the client to buy. In short, the
client is sold or half-sold on the sales proposal.
Step 2. Close the sale
Step 3. Leave with a reminder
34
Closing the Sale
Things to remember:
1. Closing is the name of the game.
2. Business requires new money coming in or it fails. Therefore, CLOSE MORE SALES.
3. Closing is sweet success.
4. A CHAMPION has the habit of closing sales most of the time.