15 sales techniques to improve the sales process

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15 Sales Techniques

Transcript of 15 sales techniques to improve the sales process

  • 1. 15 Strategies/Skills to Be a More Effective Salesperson/Lender (plus 6 Core Concepts) By Yuri Piltser February 7th, 2006
  • 2. Six Core Concepts/Basic Tenets We are knowledge workers in a knowledge economy We sell know-how (of our own and our clients business); accessibility to decision-making; TLC, the intangibles Selling = asking the right questions in the right order of the right person at the right time
  • 3. Six Core Concepts/Basic Tenets We are a Commodity (reasons: Age of Information, sophisticated clients) Positive Energy is Contagious Appropriate Cliches: Time is Money, Early Bird Catches the Worm, Timing is Everything, Genius = 99% Perspiration + 1% Inspiration, etc
  • 4. Strategy #1 Watched Phone (almost)Never Rings Call your prospects/contacts; always keep in touch (timing is everything!) Call your clients CPAs/attorneys; be in the loop Call your clients/prospects without a specific reason Dirty little secret of most people: 90% of the time they love getting your calls! (key reasons: ego, pride, feeling that they matter); for the other 10%, a key question: Is this a good time?
  • 5. #2 Always Ask for Business! Always think New Business; Be confident of our Delivery and Execution; accentuate the positive! Id like to prepare a Term Sheet for a Line of Credit for your company Can we take a look at that real estate transaction? If you need factoring we have that product If you plan to lease office equipment we can help with financing Of another Bank: Are you looking for another participant for this line of credit? and so on
  • 6. #3 Always Ask a Killer Question (or two, three) Know anybody who may be looking for a bank? Are you happy with your bank? Of a CPA: Is your client happy with his bank? Which companies in your industry, in your opinion, may be good prospects for us? In your banking situation, if theres one thing you could change what would it be? Bottom Line: Find out their Hot Buttons/Pain Points; once you know them, you may then be able to address them
  • 7. # 4 Go Ahead, Brag a Little (not too much)! Discuss our credit-friendly and customer-friendly culture Our Big Fish/Small Pond environment Access to senior/executive management Quick, common sense underwriting process Our having been IDB Bank for over 40 years; Absence of constant upheavals/employee turnover Our being small which allows for a quicker decision-making Show Energy/Passion! (Its contagious)
  • 8. #5 Underpromise. Overperform. Keep your word; try to promise only what you know you can deliver; Credibility/Integrity are at stake Follow up and Follow through; Be persistent & assertive without being pushy & obnoxious Manage your prospect/clients expectations Adhere to a Sunset Rule for phone messages Dont keep them guessing keep them involved and in the know Make them feel as if theyre your only Client/Prospect!
  • 9. #6 Show Them Some Love Prospects want to be wanted and TLCd Bond with your prospects and listen to them; align your interests with their interest; be their friend When you lose a deal, be gracious in defeat (and keep on following up) Do something unusual (e.g. photos from a trip, clipping from a newspaper, etc.) Bring them to 511 Fifth Ave. to introduce them to our executive management Main Idea: Small is Beautiful
  • 10. #7 Be a Student of theGame Know the macroeconomics of our industry; be ready to answer questions about the Fed, currency fluctuations, interest rates, etc. Know the competition who they are, what they offer, how they approach the marketplace, who the major players are Know our products; become a Maven Know their business, know your stuff.
  • 11. #8 Be Well Organized/Use Technology A lot of energy/enthusiasm/time is wasted due to not being able to find a name, phone #, etc. Keep your desk clean (at least try!); file often Learn to use effectively the software we have (i. e. Outlook, Power Point, Excel spreadsheets): send e-mails straight from Contacts, create smart databases, import personal information, use the Web effectively (e.g. Youvegotcontacts. Com), etc.
  • 12. #9 Get Personal! Know your key contacts birthdays, hobbies, likes/dislikes, kids names/ages/activities/milestones Send cards, e-mails, news clippings, greetings, condolences Fact: prospects/clients love to get cards/gifts/premiums, etc. Basic message: Im thinking of you (and not only once a year at renewal time!) Youve Got Contacts on the Web is a good marketing product
  • 13. #10 Develop/Nurture Contacts All theTime Build a database of all your contacts Divide them into categories (CPAs, Lawyers, VIPs, Bankers, etc.) Keep adding names; always ask for business cards Attend shows/expos/dinners/events be visible and make the Bank visible Your contacts will help you get new contacts (two degrees of separation theory) Broadcast messages/flyers to many contacts at once (ex.: one CPA firm merges with another send congrats to all your contacts at those firms)
  • 14. #11 Learn to Delegate andPrioritize Know who to turn to for anything internally (i.e. sending letters, opening an account, making a loan, trade services, investments, etc.) Set up schedules, tasks and deadlines (use Outlook) Plan your work, work your plan every morning Know the priorities: whats important and whats not
  • 15. #12 Do More Breakfast Meetings They jump-start the day Less vulnerable to cancellations Saves you and your customer/prospect time Less expensive than lunches (Lunches work, too!)
  • 16. # 13 Learn, Develop and Hone YourNegotiating Skills Turn customer objections into customer objectives [e.g. lack of branches may be turned into a positive development (stay with existing branch!);] Anticipate objections and be prepared for them (e.g. yes, were a foreign bank just like HSBC); always think of our Value Proposition Work on asking the right questions in the right sequence at the right time Use sharp/clever similes, metaphors, analogies (loan covenants are merely road signs to help us navigate the road or were like airplanes safety first; cheapest shirt/doctor analogy for pricing objections; no PGs are like a mirage in the desert, etc.) Try to resolve most conflicts/objections without involving senior management Read some good books on negotiating
  • 17. #14 Become a Matchmaker Find me a find, catch me a catch Add value through your contacts and knowledge Think of ways to refer business to others (i. e. cross-sell opportunities, referrals to CPAs) become relevant Think of potential synergies between different entities in the same industry Know the financial and other players (mezzanine financing, equity investors,
  • 18. #15 Strive to Become a Trusted Advisor Graduate from 1) order taker to 2) relationship manager to 3) management consultant/potential matchmaker and, finally, to 4) a trusted advisor Earn their trust and become their Advocate Provide solutions and Add Value Work on creating a following Be there for/with them when big events occur (sale, purchase, death, new generation, etc.)
  • 19. and Finally:Enjoy the Trip!