by the retail team of ENG Nigeria


 Attitude

and Aptitude.  Understanding the potentials of the target market.  Selling & Sales process.  Call planning & Territorial management.

Effective selling will require
 Attitudes 

(the psychology of selling).

Aptitudes (Knowledge and skills required)

 80%

of your sales success will be determined by your attitude and only 20% by your aptitude A positive mental attitude, or a constructive and optimistic way of looking at yourself and your work, goes hand in hand with sales success Developing the attitude of unshakable self confidence and enthusiasm, no matter what is going on around you is your passport to greatness is selling

 The



20% of sales effectiveness that comes from product knowledge and professional selling skills is extremely important too. (Aptitude) Aptitude (skills) is the basis of your self confidence and self assurance upon which a positive mental assurance depends

Positive Attitude

Attitude is the way you communicate your mood to customers or co-workers It is a mindset or the way you look at things mentally When you are optimistic and anticipate successful encounters with others, you transmit a positive attitude and people respond favorably. When you are pessimistic and expect the worst, your attitude often is negative and customers tend to avoid you.

 

Self confidence
 Can



you convert strangers into friends quickly and easily?  Do you love new situations?  Are you intrigued with the psychology of meeting and building relationship with someone you do not know?  Do you mind using a telephone to make appointments with people you do not know?  Do you feel intimidated by others

What affects self-confidence?
The Self -Concept The bundle of beliefs you have about yourself and your world Beliefs formed from your first experiences as a child, culminating over the years to a complex series of: Interwoven Ideas, Doubts, Fears, Opinions, Attitudes, Values, Expectations, Hopes, Phobias, Myths etc

The self concept contd:

That which you have taken into your mind and accepted as true and have become the operating instructions of your subconscious computer They control every thing you think, do, say and feel In the absence of a deliberate change you will continue doing, thinking, saying and feeling very much the same way indefinitely It provides you with a composite idea of who you are and what you can do

 

Personal Skills
      

Good communication skills Presentation skills Good interpersonal skills Good influencing skills Confidence without appearing arrogant Self driven personality A reasonable sense of aggression

Qualities of a good sales-person.
 You
Enthusiastic Attentive Persistent Confident Self Committed

must be:

motivating Good listeners Team players Disciplined

Characteristics of good sales people.
 Ambitious

with a compulsive need to win.  A chronic hunger for money.  Enjoy Recognition and the affection of others.  Self starter and entrepreneurial  A mind set that regards each objection, rejection or obstacle as a challenge.  Energetic and Problem Solver  Not Easily Frustrated  Good Communicator  Like people

Human Psychology Skills
 Ability

to understand and anticipate human (customers’) behaviour

Ability to read non verbal communication
 Identifying

and respecting sensitivities, e.g. religion, ethnic sentiments etc

Company & Product knowledge  Company history

Business objectives and role of the sales force in meeting it

Company policies and procedures  Technical product knowledge
   

Product composition, features, Product benefits to the

usage, maintenance

consumer product to the

Strengths and limitations of consumer

Key market features  Market size and trends  Key drivers of the market  Market segments/structure  Key drivers of customer purchase behaviour  Customer personality and motivational  triggers  Potential of customers

Market & Customer knowledge Key market features

Competitors’ Knowledge
        

Competitor strengths and weaknesses Competitor performance Future activities of competitor Any ongoing promotion or campaign Anticipated competitive activities Performance of their new or existing products Interest rates, prices, other consumer benefits New branches or new banks opened Other financial institution activities e.g. insurance companies. Mortgage banking etc

Evaluating the market.

It is an attempt to do a forecast of the aggregate of the market you have the potential to compete in. Evaluating individual bank’s market potential is an attempt at estimating the size of the market the bank is interested in. Total market demand gives a fair representation of marketing opportunities that exist in the market The total market potential is the maximum amount of sales( in units or Naira) that might be available to all the competing banks during a period under a given level of industry marketing efforts and given environmental conditions

Market Selection.
 This

is driven by Segmentation  Segmentation will enable a bank either:

its market broadly enough to ensure that it is better focused and that its costs for key activities are competitive


its markets in such a way that it can develop specialized skills in serving them by providing superior value proposition.

How do we segment our market
 For

Retail Customers
family size, etc. group, age, education,



Evaluating Customer Market Segment
 Segment

size  Segment rate of growth  Segment profitability  Customer price sensitivity  Stage of industry life cycle  Likelihood of new entrants  Compatibility with corporate mission  Customers’ service needs

Mass market.
 Cluster

Sales (Association & Artisans).  Alliances e.g. Powa, Naowa, Nurtw, Okada riders,  Markets- A market storm per week per market branch for effective coverage as well as Cluster sales (through market associations)  Small Businesses  Salary Accounts.  Drive for referrals as a major initiative for customer growth.

Selling is ….

complex process of teaching, influencing, persuading, positioning and overcoming natural buying resistance to bring a prospect to a point where he or she becomes a customer. The process of persuading a person that your product or service is of great value to him than the price you are asking for

Selling is …..
 Is

about persuading customers to acquire the product which best match their needs. facilitates selling(6ps of Marketing)

 Marketing  Personal

Selling is an aspect of promotion (others are Advert,PR,Sales promo, Direct marketing, Personal selling etc) is the consummation of marketing’s effort to match what the org. is offering with what the customer wants

 Selling

The Selling Profession ….
 One

of the most important jobs in society.

 Nothing  When  Sales

happens for your company until a sale is made. sales slow down and stop, businesses also slow down and grind to a halt. people are the true heroes of our business and social system.

The Selling Profession contd
 The

job of selling can be tough and difficult, the more the economy is growing, the more competitive the market, the tougher it becomes. is hard work, it always has been and it always will be. need continuous personal and professional development. got you to where you are today is not enough to keep you there

 Selling

 You

 Whatever

There is need for Professionalism in selling because ……
 The

buying public is more sophisticated and better educated than it used to be, and aware of the relative strengths and weaknesses of products and services. is more intense and proficient. customers are impatient and demanding customers are drowning in details, options and choices, that they are in no hurry to make decisions.

 Competition  Today’s  Today’s

Selling has both an art & science to it
 The

science part of selling is the disciplined processes you have to follow in order to achieve success in selling. art is how you handle the unexpected situations you meet in the process of selling.

 The

Needs & Wants
 Need

is often logical and measurable  Want is emotional and intangible – desire for status, respect, recognition, prestige, etc  There is need for convergence between want and need for a sale to take place  A prospect may want a product/service but may not necessarily need it  There might even be some unrealised needs that a customer might be aware of.

Personal Selling.
 Personal

sales and making personal presentations are the most important and most expressive stimulants for a company’s sales and profits  It is becoming more of relationship building  It is now more long term than transaction driven  A successful sale requires that a sales person understand thoroughly the company’s products and how it meets needs

In face to face selling ….
      

The focus is on the customer, his situation, needs issues, so as to solve his problems Don’t sell products! Sell to customers The customers want your help Sales success depends on understanding your customer needs and expectations Failure to meet expectations, negatively affects customers opinion of you and your company Selling entails a systemic and standardized set of practices that should be followed Top salespeople sell in a specific way

The Basic sales process.
 Establish



 Qualification


(Qualify Customers 20% 30% 10%

 Present  Close

a Solution

the Sale

The sales process …
 Focus

on building a relationship by establishing trust  Build trust by focusing attention on the customer and his genuine needs by questioning and listening carefully  Prospects buy from people they have emotional connection with  If the emotional credits are high enough, you cannot lose a sale

Stages in the Selling Process
 Prospecting  Pre-approach  Sale

presentation  Handling Objections  Closing the sale  After Sales Service

 The

act of obtaining the names of potential customers  The first step in selling is to identify and qualify prospects  Companies are now taking responsibility for finding/qualifying leads and letting salespeople do the selling

Sources of Prospects
 Cold

calls, Trade Associations  Trade/Road shows (Market storms)  Publications, networking, datamining  List vendors, social clubs, professional bodies  Referrals, existing customers  Friends, relatives and acquaintances

The Pre Approach
 The

salesperson should know as much as possible about the prospect  Set call objectives  Decide on the best approach which might be personal visit, telephone call or a letter  Best timing should be considered because many prospects are busy at certain times  Customer Profiling is key in the preapproach.

The Pre-Approach-Customer’s Profile
 

customer’s profile should tell you:
What is the buyers background and the company’s background? The buyers’ expectations of you. What are the desired business terms and needs of the buisness such as credit, delivery and technical service? What competitors successfully do business with them? Why?

 

What is the history of the account? With your sales call objectives and what you know about your prospect, you develop a customer benefit plan What competitors successfully do business with the account? Why? Select the features, advantages, and benefits of your product/service to present to your prospect

THE APPROACH-Sales Presentation involves…..

Connecting To establish a bond with the customer

To keep the customer participating in the sales call  Encouraging To get in-dept information about the situation, problems and needs of the  Questioning customer To make the progress of the sales call explicit


To give information to the customer in a clearer picture of the product and services.


Useful in establishing a personal bond with customer
• • •

Eye contact Small Talk:

: Helps to develop trust . Helps to set a climate for further discussions

Adapting/Positioning : Use speaking patterns, gestures and body posture compatible with those of the customer Building Rapport : Smile, compliment ,Find areas of mutual interest and have up to date info on his interest. Helps to get them interested in talking to you.

To keep the customer participating in the sales call
Reinforcing : Short verbal and non-verbal signals. Supportive questions and phrases to indicate that you want to hear more. Show you understand how the customer feels Show that you have received the information communicated

Empathizing: Accepting

To get in-depth information about the situation, problems and needs of the customer. Open questioning: Questions that require more than a yes or no answer. Questions that require customer to think, analyse, speculate

High- gain Questioning:

Fundamental in Selling is-Basic Questioning skills
CLOSED-ENDED QUESTIONS Invite a yes or no answer e.g Do you have expansion plans? OPEN-ENDED QUESTIONS Used to elicit more explanation /in-depth information from the customer. Typically begin with – who, what, how, when, where and why e.g What are your expansion plans?

High gain questions
High-gain questions that require the customer to:
1. 

Evaluate or analyse How would you compare X with Y?

2. Speculate  If you could organize this operation in any way you desired. How would you do it? 3. Express feelings  How do you feel about the trend towards “X” in your company?

To make the progress of the sales call explicit
Summarizing : Restate or paraphrase what the customer has said. Checking : Check for customer agreement by watching for non-verbal signals or by asking directly. Confirming helps to assure you are hearing the customer and lets them know you want to get it right.

Giving information to the customer in a way that creates a clear positive image of you, your organization, its products and services. Let them know you can address their needs in a clear, concise manner. Stating benefits Explain how a feature of the product or service will satisfy a specific customer need. Speaking concisely Speak briefly and to the point. Provide headlines and go into details only if asked to do so by the customer. Using Enthusiasm Show excitement and conviction in your company and its products and services.

Objections and how to handle them
 Should

be viewed as potentially beneficial  Natural part of the buying process  Good opportunity for educating customer and getting more information from the customer  Reveals customer’s concerns and provides opportunity to encourage customer to be involved in the sales call  Shows that customer is actively interested

Handling Objections
Objections and responses fall into 4 categories : If Misconception :- clarify , explain Skepticism :- prove : give solid evidence through examples, references, statistics that your product is valid. Real drawback :- show the big picture. show how the advantages outweigh the disadvantages.(e.g Pricing) Real complaint :- Show action. have plan to address the complaint.

Handling Objections-Contd
 Stalling

customer-This is a cover. There is something the customer is trying to hide. Probe for the customer to exhibit any of the highlighted points.

Note: ‘Concluding’ is not the same as ‘Closing’. Concluding is getting closure on a particular call. Closing entails trying to get the order KEY POINTS Summarize key points of the call and check your understanding with the customer  Suggest an action plan and check for the customer’s agreement. You might: o Offer to suggest meeting with other people in your company or suggest the agenda and date for your next meeting Accomplishes 4 things:  ends the call with an action step  Forces you to summarize and check your understanding of the customer’s situation to see if you are on target.  Ends the call in a professional way showing you have listened  Keeps the rapport open between you and the customer

Asking the Customer for the Business
 It


is a natural outcome of the sales process  Should be simple, direct request for business  May lead to loss of order if not done properly or not done at all.  May not go smoothly as expected i.e. objections or hardtimes

Next determine:
There still is a legitimate reason not to move ahead There is no longer any reason To delay the decision

IF :

suggest action plan that keeps you involved with the client. ask for the business again in a direct manner Or summarise and close or



review the pros and cons and

 Ask

for the business  Use a direct close  Do not be afraid of silence  If the customer does not buy find out why.  Handle his objections to determine the reasons for not buying .

Closing guidlines
 Summarise

the needs, consequences and payoffs & tie them to the benefits your solution can provide.  Use a direct close- ask for the order  Be concise  Close with confidence establish eye contact and ask in a friendly way  Do not be afraid of silence  Reaffirm the decision

In summary the driving principles in sales presentation are:
 Focus  Earn

on the customer

the right to advance through involvement

 Persuade

Focus on the customer
      

Customer is the centre of the buying process Listen intensely Building customer’s trust - important part of sales process Concentrate on the customer’s buying needs Everything you say or do should be vital to the sales interaction and of benefit to customer Always ask yourself “what’s in it for the customer?” Promise only what can be delivered


 Gain

customer’s trust, interest & respect at each stage before proceeding the customer’s concerns at each step of the buying process before advancing to the next step a problem solver and not a peddler

 Address

 Be

Persuade through involvement


 Talk

less and listen more is a sign of involvement

 Opposition  Involve

customers in determining their needs and exploring options for solutions

LISTENING-A tool in selling.
 As

the salesperson asks questions, he/she needs to engage in active listening  Several heuristics related to listening:
 Seek

first to understand, than to be understood (Covey)  Listening efficiency rate of most people is 25%  Most salespersons talk too much, listen too little

Sales Call planning & Territorial management.

What is Sales Call planning

deliberate attempt at making the sales effort interesting and measurable  A systematic approach to organize, monitor, and control the sales effort  An attempt to distribute the sales territory for effective coverage of each territory

The sales territory.

sales territory is usually thought of as a geographic area that contains customer accounts  These territories may consist of both present and potential customers who are assigned to a particular account officer  Customers and prospects are grouped in such a way that the sales person serving these customers can call on them as conveniently and economically as possible

The sales territory contd
 The

total market of a micro finance bank is usually too large to manage efficiently (mass market) so territories are established to facilitate easy directing, evaluating and controlling of the sales efforts  Markets are measured in the number of customers and purchasing power  Assigning sales territories helps the sales manager achieve a match between sales efforts and sales opportunities

Why establish sales territories:  To enhance market coverage
 To

facilitate the planning and controlling of the selling function  To keep selling costs at a minimum  To strengthen customer relations Properly designed sales territories allow sales people to spend more time with customers and less time on the road  Telemarketing is becoming an alternative to face-to-face selling

Why establish sales territories?
 To  It

build more effective sales force

stimulates and motivates sales personnel, improves morale, increase interest and build more effective sales force  To evaluate the sales force better  To coordinate selling with other marketing functions

Call Planning
 After

establishing sales territories and assigning sales people, it will be time to plan the schedule and routing the sales force within territories  Call planning is important to reduce cost To do call planning  Decide which accounts to call on  Allocating time between present customers, prospective customers calls  Allocating time to be spent with the overly demanding customers or prospects.  Deciding time between selling and paperwork

Maximizing Salespeople Time
 Set

weekly and daily goals The salesperson and the sales manager should work together to develop a weekly action plan. Weekly sales goals set targets for planned days  Manage time during sales calls Spending extra time with customers is not neceassarily always going to lead to additional sales  Allocate Time and avoid time traps Decide on the principal tasks to do, then determine time to be allocated to each

Defn - It is formally setting a pattern for a salesperson to use when making calls Advantages: time and selling costs: It reduces traveling
It reduces travel time and costs thereby giving more time to spend productively with customers Improved territory coverage: It helps improve the coverage of territory Improved communication: When the sales manager always knows where the sales people are, it is easier to give them last minute information or instructions

Setting up a routing plan
Requirements:  Number of calls to made each day  The call frequency for each class of customer  The distance to each account  The method of transportation to be used HOWEVER There will be flexibility when necessary There is room to make changes in order to adapt to a new situation in erratic market conditions.



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