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Lecture – 9

Parveen Sharma

Marketing of
Financial
Products

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MoFP
TKW’s

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Contents
 Sales Force Management







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Salesmanship
Sales Force
Function of Sales Manager
Sales Representatives Types
Sales Force Designing & Sales Management
Designing the Sales Force
Sales Process: Relationship Approach
Ethical & Unethical Sales

MoFP
TKW’s

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MoFP TKW’s for .NN Salesmanship 3  The art of successfully persuading prospects or customers to buy product or service from which they can derive suitable benefits thereby increasing their satisfaction.

NN Salesmanship  Individual with desirable sales trait. Empathetic Self Motivated Organized Competitive Sales Person Adaptive Enthusiastic Customer Oriented 4 Goal Oriented MoFP TKW’s for .

NN Sales Force  Sales department is the maximum revenue generating department for any organization. Sales creates Win – Win for both organization & customers 5 MoFP TKW’s for .  Sales department establishes a link between the company and its customers(its bread & butter).

Budgeting and Planning sales operations 6 MoFP TKW’s for .NN Function of Sales Manager  Higher sales at increased profit  Greater satisfaction for customers  Managing other sales members(Team Management)  Ensuring profitability level of distributors & traders  Execution of organization vision  Forecasting.

NN Sales Representatives Types       7 Deliverer Order taker Missionary Technician Demand creator Solution vendor MoFP TKW’s for .

NN McMurry Distinction of Sales Positions  Deliverer: Major task is to deliver the product/service  Order taker: Act predominantly as inside & outside order taker  Missionary: Major task is to build goodwill or to educate actual or potential customer  Technician: High level of technical/product knowledge  Demand creator: More creative while selling tangible/intangible products/services  Solution vendor: Expertise in solving customer problems with the existing product/service basket 8 MoFP TKW’s for .

NN Personal Selling Prospecting Pre-approach Approach Closing & Follow up Need Identification Gaining Commitment 9 Handling Objection Presentation MoFP TKW’s for .

NN Sales Force Designing & Sales Management Designing Sales Force Sales Force Objective Design the Sales Organization Sales Force Strategy Developing Sales Force Sales Force Structure Directing Sales Force Sales Force Size Sales Force Compensation 10 Develop a Sales Strategy Sales Management Activities Determine Effectiveness & Performance MoFP TKW’s for .

NN Designing the Sales Force Steps in Process  Objectives & Strategy  Structure  Sales force size  Compensation 11  Objectives – – – – – – – Sales volume and profitability Prospecting Communicating Servicing Information gathering Product Allocations Customer satisfaction  Strategy – Account manager – Acting ways: selling in person. seminar MoFP TKW’s for . conference. group.

NN Designing the Sales Force Steps in Process  Types of sales force structures:  Objectives & Strategy  Structure  Sales force size – Territorial: clear definition of responsibilities – Product: structuring along product lines – Market: structuring along industry or customer lines – Complex: diverse product lines to many customers  Compensation  Key accounts 12 MoFP TKW’s for .

NN Designing the Sales Force Steps in Process  Workload approach: – Group customers by volume  Objectives & Strategy  Structure  Sales force size – Establish call frequencies – Calculate total yearly sales call workload – Calculate average number of calls/year  Compensation – Calculate number of sales representatives 13 MoFP TKW’s for .

NN Designing the Sales Force Steps in Process  Objectives and strategy  Structure  Sales force size  Compensation 14  Four components of compensation: – – – – Fixed amount Variable amount Expense allowances Benefits  Compensation plans – Straight salary – Straight commission – Combination MoFP TKW’s for .

NN Developing Sales Force  Recruiting and Selecting  Training: Initial and Continual  Directing the Sales Force – Motivation – Supervision – Leadership 15 MoFP TKW’s for .

NN Sales Process: Relationship Approach RoE = Return on Equity Bad RoE & Sales Force Perception But Return on Experience 16 MoFP TKW’s for .

NN Sales Process: Relationship Approach Salesperson Attributes: • Customer-oriented • Honest • Dependable • Competent • Likeable Initiating Customer Relationships: • Prospecting • Precall Planning • Approaching customer Developing Customer Relationships: • Sales Presentation Delivery • Gaining Customer Commitment Enhancing Customer Relationships Selling Strategy: • Sales Territory • Each Customer • Each Sales Call 17 MoFP TKW’s for .

Salespeople should be honest in their dealings with customers and be informed of relevant laws governing their business situation. and they must lead by example. 18 MoFP TKW’s for . Sales managers must take responsibility for the proper behavior of their salespeople.NN Ethical & Legal Issues in Personal Selling Strict codes of ethics for sales people.

NN Unethical Sales Behaviors  Exaggerating features and benefits  Lies about availability & competition  Sells something people don’t need  Giving false answers to questions  Falsifying product testimonials  Passing blame for their own mistakes  Pose as market researcher while calling  Misrepresent warranties & guarantees  Make nonbinding oral promises  Bending company rules  Selling dangerous or hazardous products 19 MoFP TKW’s for .

NN Q ? ueries Contact me @ +91-9050050288 or Email to parveen_72@yahoo.in 20 20 MoFP TKW’s for .

Thank You 21 21 MoFP TKW’s for .