ICICI - Sales Process & CRM
Transcript of ICICI - Sales Process & CRM
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14/04/2012
Sales Process
August 28, 2010
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2
Session Contours
SuspectingProspecting
Pre call planning
Opening of call in the first meeting
Probing & Need analysis
Recommending a solution
Closing of call
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The Sales funnel
SUSPECTING
PROSPECTING
ADVICE
CLOSE
Gatheringnames
Qualifying names and fixingappointments
Probing, Need Analysis ,handlingobjections, Recommending
Concludinga sale
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Suspecting
Suspecting is the beginning ofthe sales funnel.
Wider the rim of the salesfunnel, all other thingsremaining the same, more willbe the names converting as
clients.
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Suspecting
Sources:Existing Customers
Referrals
Database Tele calling
COI Center of Influence
Cold Calling / Canvassing
Presentation to groups
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Prospecting
Prospecting is the continued awareness ofpotential clients. It is the continuous activity ofobserving , identifying and qualifying people.
Function of prospecting : Identify and attract suspectsand convert them to prospects
Selling : Process of converting suspects to prospectsand prospects to customers
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Prospecting.... few Important steps
View prospecting as an Integral part of the Sales
Process
Prospect systematically
Prospect daily
Create a sense of urgency in the minds ofprospects
Keep cold call simple and polite
Ask for referrals
Be persistentPursue only qualified suspects
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Prospecting
Money
Affordability: Can the prospect afford the requiredProduct?
Liquidity: Does the prospect have money in a liquidform to purchase/Invest?
Authority
Is the prospect the decision maker in the purchasingdecision?
Need
What are the prospectneeds at their life stage?Can we fulfill the needs by offering our product?
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Pre Call planning
There are a number of activities to be completedbefore you make a call which will assist a positiveoutcome. They need only take a couple ofminutes. So where do you start?
Set your objective of call Objective should be a) specific, b) realistic, and c)
related to what you are required to achieve
Your true objective of a call must be to make anappointment with the decision maker
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Before Making a Tele - Call
Organize your work area
To take Details : Keep Pen and Paper handy
On phone we need to project an image of being
professional, positive and confidentSelect a quiet place to make the call
Rehearse the most common objections
Be ready mentally with an opening statement and
any other alternative responses (in anticipation)
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Techniques for getting an Appointment
For getting Appointment : Use the Power of Voice
First Smile and then Dial .The Customer can hear your smileover the phone
Call openingshould be:Bright,
Friendly
Enthusiastic
Speak in a Confident manner
Tone of voiceis very important .A high tone of voice sounds like a shouting voice over the
phone
A low tone of voice reflects you as a submissive person
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A well structured script should have thefollowing steps:
State your name &company & take
permission to speak
Create Interest
State purpose of the call
Get an appointment &confirm the time &place of meeting
Acknowledge & Close
Greet & Confirm Good Morning! Am I speaking to Mr..
I am .calling on behalf of ICICI Securities. Is this
the right time to speak to you?
I help people to manage their money in a efficientmanner so that they can achieve their financial goals in
a tax efficient mannerI would like to take an opportunity to discuss about my
services with you. It would take 15 20 minutes. Also letme assure you that you are under no obligation to buy
from me
So what time would be comfortable for you? Saturdayevening 7 pm or would Sunday morning 11 am be
better?
Thank you so much, Mr.., I am really looking
forward to meet you
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Common objections while seeking appointment
Im too busy
Im not interested
Tell me about your product on the phone
Im already having that product
I have an agent who does this for me.
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Acknowledge :
Counter :
Close :
Empathize with the customer andacknowledge the objection
Answer the objection with Logic(do notuse but instead use words like however,
and, it is also true, let us look at etc.)
Assure the customer that he is under noobligation andconfirm the appointment
Technique for objection handling
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Lets do a quick recap
Organize your work area
To take Details : Keep Penand Paper handy
Be mentally prepared forthe call
Rehearse the most
common objections
First Smile and then Dial
Call opening should be :
Bright, friendly,enthusiastic
Personalize the call:Usethe Customers name
Use Courtesy words
Capture the Details:
Name
Time for Appointment
Address, Telephone No.
Before a Call During a Call
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Open a call
How to open a call in the first meeting
(Face to Face meeting)
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Making the first impression
There is no second chance to make the firstimpression.
You are the product and you are selling yourself.
Being well groomed and dressing appropriately isimportant in making your appearance work for you
Be on time not only at the sales call, but make it ahabit also.
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Body language
Eye contact
Facial Expression
Dressing appropriately
How can we make a good impression?
Always keep your Sales Kit Ready......
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Body Language Sitting back with both hands behind the
head denotes I know it all
Sitting forward, head nodding
occasionally
I am interested
A firm handshake
May not be preferable with a lady
She may greet and give the visiting card
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To build trust, to encourage others and to be credible
Useful when communicating on a one-to-one basis
Looking at eyes and around the face when speaking tothem
Softens the eye contact and puts people at ease
Eye Contact
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A smiling FaceWarms people to the message you are giving
Gives energy to your voice and makes you feel good
Smile when appropriate to the situation
An indifferent face
Shows no enthusiasm or interest
Happens because you are too busy
thinking of what to say next
Facial Expression
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Dos (Men)
Wear light colored shirt with adark pant and a dark tie
Shave and wear perfume justenough to smell good
Carry a small comb and
deodorant in your bagMake sure your shoes are
polished and repaired
After a smoke make sure you usemouth freshener before
meeting the customer
Dos (Women)
Wear smart appropriate clothes.Ex: Salwar Kameez, Saree orSmart business wear.
Have your nails polished andensure they are well manicured
Wear light soothing make upHair neatly combed
Carry a small comb anddeodorant in your bag
Dress Appropriately
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Introduce yourself
Interest Benefit
Uncover needs
Offer solution
Close
Opening a Call
State Purpose
Structure of a Sales Call
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Your first meeting
Introduce Yourself: Introduce yourself, present yourvisiting card and start your discussion by someinformal talk.
Good morning Sir, I am .. from ICICI Securities
(give your visiting card). We spoke over the phoneyesterday.
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State purpose of Appointment:
After you introduce yourself, you may get intogeneral talk to establish a rapport
Hence before you begin to talk about business,make sure that the customer is paying full attention.
As discussed with you over the phone, We advise
people to do their Financial planning. For doing this
in a better way, what I plan to do in the next 20-25
minutes is understand more about your financialrequirements.
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Interest Benefit Statement
At the beginning of the discussion, you should
make it very clear, about how this discussionbenefits the customer. Only if the customer seesany value in your agenda he will be willing to
continue the discussion.
This will help you to have a close look at yourcurrent financial situation and also help you find away to achieve all your future financial goals.
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Probing & Need analysis
Probing is the process of querying to understandclient needs
Based on the clients information, you can then
understand the needs of the customer and satisfythem with your product offerings.
Two ways of probing are; Ask direct questions & Fill
up questionnaire or customer profile sheet
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Probing & Need analysis
It is not what you do, its the way that you do it
While probing remember
Shows that you are LISTENING and consider his needs important
Maintain Good Eye Contact
Gives an opportunity to the customer to see how
your products and services shall satisfy theirneeds
Create a bond of empathy with the client
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After Recommendation
Lets see how toclosea call
Once the needs are established, you move on the next stage
of recommend a Solution. Probing is linked to
recommendation stage through the process of support.
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Closing of call
Close is the point at which your prospectbecomes your client and agrees to yourservices.
The acceptance of the close comes from the
customer in the form of Buying signals.
When Buying Signals are not apparent, check forcustomer acceptance.
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Timing of closure is crucial
Attempt to close early may leave an impression of beingoveranxious while not closing at the right time may lead toloosing the sale
Close can be attempted while a customer gives abuying signal ( overt to subtle signals, bodylanguage)
I'm convinced
Sounds good
Where do I sign
Can It be ready by Tuesday
Timing of closure
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So you see, your taxes are taken care of. Youcould do this by asking:
Are there any other areas we should address?
Are you concerned about the premium amount?
Do you feel confident that we can satisfy all your
financial planning needs.
So you see, your taxes are taken care of.
Customer Acceptance
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Summarize the benefits the customer accepted duringthe call.
Let's review the things we have agreed to so far
Let's go over everything we have talked about
We've agreed on a lot of points this morning
Formulate an action point requiring customercommitment.
Let's go together on Tuesday or is Wednesday better?
Would you like to go in for the Infrastructure Fund or EmergingAsia Fund
How to close:
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It is the attitude, not the aptitude
which will determine your altitude...in Sales
So stay focussed on effective selling
Remember that all people ever buy are goodfeelings, It doesn't matter what your productor service happen to be. ( by : P.T. Barnum)
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Thank you
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An Orientation on Sales Skills
Sept. 15, 2010
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Session Contours
Genesis of SalesUnderstanding sales
Planning and goal setting
Customer Relationship Management
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Genesis of Sales
Sales refers to a series of activities involving :
- selling products or services in return for money
Academically, selling is thought of as a part of
marketing
It is also a systematic process of repetitive andmeasurable milestones
Sales is also about the salesperson relating his offeringof a product or service in return enabling the buyer to
achieve his goal in an economic way.
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Genesis of Sales (Contd.)
Selling is the first and foremost transaction
between the seller and the prospective buyer orbuyers.
Effective selling is about creating emotion andownership in your customer's mind first.
Selling the way your customer wants to but......Notthe way you like to sell
For success in the sales profession, it is necessaryto find out things that top 20% of sales people do
differently from the remaining 80 %.
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Genesis of Sales (Contd.)
Sales is not an Art..it is a process.
Sales people who are 'good talkers' with a 'great pitch'win the most.
Success in Sales comes from :
- understanding the client's verbal and non verbal
messages.- Providing a solution to the customer's requirements.
- Infusing confidence and striking effectivecommunication for building a long lasting relationship
with the customer.Sales people possess one major tool in their toolbox
- that is...words...How to talk...How to listen...How toread... ...How to write.
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Multiple roles performed by a salesperson
Excellent Communicator
ConsultantAnalyst
Project Manager
Speaker/presenter
Facilitator
Negotiator
Leader
Operations compliant
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Requirements for success in Sales
Enthusiasm and Energy
Determination
Pleasant Appearance
Ambitious attitude
A temperament with a Self start motive
Time consciousness
Questioning skills
Objection handling skills
Closing skillsKnowledge of business dynamics and the product
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Understanding Sales
Understanding why people buy?
Evaluating the needs and wants of the prospectivecustomer
Understanding the domain of consultative selling
Understanding what type of benefits the customer willderive from the product
A successful sale is when your product matches thecustomer's needs,values and feelings.
A successful sale is all about cracking the 'corecustomer mentality'
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Sales Troika Balance
Concern for the customer
Concern for the companyConcern for the sale
Strategic advantage threshold Minimum acceptable threshold
Professional selling skills
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Planning and goal setting
Proper Planning ensures meaningful and productive
meetings with customers.Lack of Planning means - a waste of time,energy andresources.
There are four stages for being more organized :
- Goal setting- Breaking goals into manageable tasks
- Setting priorities
- Managing the tasks on time (time management)
Setting goals or objectives is essentially the heart ofProfessional success.
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Sales process will also involve....
Use of ICICI Direct tools on Area mapping
Catchment mapping and mining
Prioritize of area based on demographics
Analysis of prospective market potential
Process of Prospecting
Seeking appointment through telephone
Preparation before the call Sales Kit
Adopting a right customer approach
Building rapport
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Why Area Mapping ?To understand potential of the area.
To establish familiarity with the area around the centre.To work on customer segmentation.
To identify locations for business promotions like canopy,hand bills distribution and various other promotions.
To organize sales planning for the month, week and day.
To generate and get maximum leads for various productsto achieve the business targets.
G h i i f i i i d
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Gathering information recognizing needs....
Gathering information the steps
- Taking permission to ask questions
- Asking questions to uncover needs
Adoption of a proper Sales Pitch
- For Equities, specifically online equity trading
- For Life Insurance
- For Mutual Funds
- For Wealth Grip
(* Please refer to the sales pitch on Financial planningdisplayed on the Universe)
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Objection handling & closing calls
Objection handling will involve :
- Handling objections due to doubts/or ignorance- Handing objections on account of satisfaction
- Handing objections related to 3-in-1 account opening
- Handling product related objections.
- Handling sales skills related objections.
Closing a sales call will involve :
- Gathering information
- Making recommendations
- Checking for agreement
- Making recommendations
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Customer relationship management (CRM) is amultifaceted process, mediated by a set of information
technologies,that focuses on creating two-wayexchanges with customers so that firms have an intimateknowledge of their needs, wants, and buying patterns.
Customer Relationship Management (CRM)
Obj ti f C t R l ti hi
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Objectives of Customer RelationshipManagement
- Increasing Profitability through higher sales- To improve customer satisfaction,retention and
profitability.
- To adopt novel ways for minimizing customer
acquisition costs.- Implementation of customer centric approach
- Exploring the Customer life-time value (CLV)
- Personalizing customer relationship through rapport
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Customer life time value (CLV) - Defined
making throughout his life across product categories.
In case of ICICI direct,the CLV for a customer :
- would refer to cumulative investments made in Equities,Mutual Funds and Insurance made over life time
Gaining an understanding of the true average lifetimevalue is essential in deciphering the amount of moneyused in acquiring a customer.
An increase in CLV happens in four prominent stages.
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How to increase the Customer life time value(CLV)
Step one: Personalize the Relationship & Build RapportStep two: Make Yourself Available for answering Questions
Step three: Improving Client Communication & Retention
Step four: The Crucial Follow-Up Email
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Customer life time value (CLV) Matrix
PORTFOLIO EQUITIES MUTUAL FUNDS INSURANCEYEAR 1 50000 25000 10000
YEAR 28 5606718.94 1251640.30 144209.94
CAGR 18.36% 15.00% 10.00%
7002569.18
Note :
Life time value of acustomer after holdinghis portfolio intact for 28
years who is presently a27 year old individual
The returns on Equities have been compounded at a CAGR of 18.36 % per annum
The returns on Mutual Funds have been compounded at a CAGR of 15.00 % per annum
The returns on Insurance have been compounded at a CAGR of 10.00 % per annum
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CRM Some facts which can't be neglected
Loss of a customer means loss of his lifetime value
Satisfied customer is the best advertisement for aproduct.
A 5 % increase in customer loyalty translates into a profitincrease of more than 25 %
80/20 principle 20 % of customers account for 80 % ofthe profits.
Twelve good experiences overcome one bad experienceof a customer.
One satisfied customer brings in 100 potential newcustomers whereas ; one dissatisfied customer prevents1000 potential new customers
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Thank You
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Customer Relationship
ManagementLittle by little one walks
Wh i R l i hi M ?
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What is a Relationship Management?
The business definition
of RelationshipManagement is the art offostering Good Relationshipwith customers to buildloyalty and increase sales.
Relationship isdefined as a stateof affairs amongstpeople related toor dealing with oneanother..
What are the factors that affect a
relationship ?
Wh i ff ti fi i l
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Who is an effective financial manager
He encourages an atmosphere of
trust, openness and communication
He has to establish and maintaincommunication with customer
Develop an understanding of clientsneeds, visions and future planning
Primary goal should be to improve
growth and increase returns forcustomer
Factors affecting a relationship
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Factors affecting a relationship
Trust
Commitment
Communication
Timely reportingConfidentiality
Trust
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TrustResearch states that 85% of salesare made because of trust
Trustworthiness is a source ofcompetitive advantage
It's the most powerful value addedcontribution to a business relation
Trust is the firm belief in the honesty of another and absence ofany suspicion regarding his motives. Build on an individuals
confidence and eliminate the fear as operating principal
Building Trust
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Building Trust
Engaging
Listening
Framing
Committing
Show genuine concern and interest in the customers
problems. Maintain good eye contact and bodyposture.
Listen, understand and empathise if you think clientfocus first. Separate the process of taking informationby not judging it
Confirm that you have formed an accurate picture ofthe customers needs and requirements. Confirm onany doubts by asking open ended questions
It is the final step to developing trust. Communicateyour plan of action to satisfy his needs andrequirements .
Commitment
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Commitment
Actions speak louder than words
Don't Overcommit. Learn to say NO
Complete tasks on time. Keep
customer informed of any deviation inthe process.
Commitment is defined as an exchange in partners believing
that an ongoing relationship with another is so important as towarrant maximum efforts at maintaining it.
Communication
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Communication
Timely communication fosters trust
Communication is important toincrease trust and boost customerrelationship
Understand that communication is atwo way street, A good communicatorlistens ..listens ..and then speaks
In the business world it can be defined as the formal and
informal sharing of meaningful and timely information between acustomer and wealth manager
Timely Reporting
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Timely Reporting
Accurate, reliable and timely
information is very vital
Timely communication fosters trust
Such is the power of timely information that authoritarian
governments seek to control access of information.
Information provided on time is asource of power and influence
Confidentiality
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ConfidentialityIt is a term that indicates preservingthe privacy of a person
Remember, often times it is notWHAT we say, But rather HOW wesay it, and more importantly.. WHO
we say it to
Think before you speak, Be aware of whether others can overhear your conversation, If you think that certain informationmight be confidential, treat it as such.
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Stages in the development of
Customer Relationship
There are basically five steps in the
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y pdevelopment of CustomerRelationship
Step 1:
Pre Relationship Stage
Step 2:Early Stage
Step 3:
Development Stage
Step 4 :Long Term Stage
Step 5 :Final Stage
St 1 P R l ti hi St
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Step 1 : Pre- Relationship Stage
This stage is basically an event that triggers a customerto seek a new financial advisor. This stage basicallyinvolves two exercise
Suspecting
In this stage there is no
contact between parties .
However there is an
event that triggers a
customer to seek a new
Financial Advisor
Prospecting
It is imperative that a
Financial Advisor reacts
to the trigger and fills in
the vaccum created
Step 2 : Early Stage
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Step 2 : Early Stage
The early stage is also known as the Exploration stage
In this stage both the customer and the financial advisor enter into abilateral interaction
At this stage the Advisor has to start analysing the vaccum and fillingup the same
In this stage the Advisor has to start hunting and looking for inrodesand entry points
Experience is accumulated between the customer and advisoralthough a great degree of uncertainty and distance exists.
In this stage the customer makes minimal investments and and thedependence of the customer on the Financial Advisor is insignificant
Step 3 : Development Stage
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Step 3 : Development Stage
The developing stage is achieved after the
Customer has handed and is testing the advisor
by giving him business opportunities.
In this stage the advisor and the customer have
already had numerous interactions and a number
of deals have been placed through
In this stage there is intensive mutual learning
wherein the customer tries to place the advisor
and the advisor tries to build trust and adaptingto the needs of the customer
Step 4 :Long Term Stage
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Step 4 :Long Term Stage
This stage is characterised by the customers importance to thefinancial advisor. The references are acted upon , however allideas are discussed , analysed and compared with before being
acted upon. At this stage the customers major business ishanded by the advisor
Step 5 : Final Stage
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Step 5 : Final Stage
This stage is also known as the stable stage
Here both the advisor and thecustomer are on common ground.The customer is highly dependenton Advisor and both havedeveloped a stability and
commitment to therelationship
Cooperation becomes a routineprocess. In this stage the trust is atits optimum.
The Financial Advisor in this stagebecomes SIR.
Who shall I be today ?
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Who shall I be today ?
The Personalities and the approach
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The Personalities and the approach
The Good Life Client
The Wellvile Client
The Legacy Client
The Unplugged Client
The Artisan Client
The Good Life Client
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The Good Life Client
Services *Advisor's RoleClient Profile
Our services will
provide access
to the best
financial advisor
and researchteamas well as all
leadinginvestment
products and
services
z
Service iseverything.
Enthusiastic
about lifestyle
Importance toValue, and
details oriented
Be Selective
Focus on
exclusivity
Use white-
glove approach
Pay attention to
details
Be a good
listener
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The Unplugged Client
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The Unplugged Client
Services *Advisor's RoleClient Profile
Our services willprovide the
freedom to set
his own
objectives and to
manage assets
cost- effectively
Efficient , SimpleBalanced , self-
disciplined
Quality not
quantity is imp.
Very Analytic
Be Accurate andspecific
Be logical
organized and
methodical in
planning
Use the
common sense
approach
The Legacy Client
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The Legacy Client
Services *Advisor's RoleClient Profile
Our services willprovide the
freedom to set
his own
objectives and to
manage assets
cost- effectively
Institutionalizedservices
Traditional and
Heritage
Community
Concerned with
how he will be
remembered
Be Accurate andspecific
Be logical
organized and
methodical in
planning
Use the
common sense
approach
The Wellville Client
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The Wellville Client
Services *Advisor's RoleClient Profile
Our services willadd to the
strength of the
portfolio and
how your
services can add
value
Holistic Spiritualand emotional
wellbeing is of
prime importance
Positive and
energeticapproach
Keep it simple
Take time whilst
explaining
portfolio changes.
Check in regularly
about how the
client feels about
the changes
Give clear goals
with specific time
frames
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Importance of small talk
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Importance of small talk Small talk conversation in sales has value.
Information gleaned can be used in the close
Human element is added
Relating to the prospect makes the sale easier
It is not a waste of time to sit for a few minutes chat
with the prospectValuable information can be obtained from idleconversation throughout the presentation anddemo
Small talk achieves the starting point for anemotional bonding between two people.
Importance of small talk....
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Importance of small talk....
Self-made Minnesota millionaire, Harvey Mackay , insists, "Knowing
something about your customer is just as important as knowingeverything about your product."
He explains that the salesperson will always have a reason forcontacting and talking to the customer using information about their
special interests.
Author of Swim with the sharks without being eaten alive & Beware the naked man who offers
you his shirt.
Types of conversation
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Types of conversation
Directional
Re-Directional
Sometimes the conversation requires you to provideinformation about yourself prior to them giving you thedata you need to advance the relationship
This conversation requires you to be a listener andpartake the information of the client and understand hisneeds and analyse the options before giving him feedback
Reverse
Directional
Many a times a conversation is becoming directional orre- directional .. there are no stoppers. Here it is
necessary to introduce a common topic of interest so asto avoid being monotonous
Building a brand
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Building a brand
We live in a world of brands
The watchword in business today is branding , creating adifferentiable identity or position for a company orproduct.
Building a brand basically involves
Brand awareness : is based on whether a brand namecomes to mind when customers think about a particularproduct category and the ease with which the name isevoked
Brand Image : can be thought in terms of the types of
associations that come to the customer's mind whencontemplating a particular brand
How to play on the brand value and
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image
Be Early : It is better to be first than to be best. Thisresults from the law of primacy
Be Memorable : Create a memorable impression as youare the face of your brand
Be Aggressive : Be pro-active. Always have a manuscriptin your mind.
Use Heritage : Heritage is very much in vogue. Thismeans citing the traditions and history of a product ororganization, as part of building the brand
Create Personality : The best advisors are those thatcreate personalities for themselves
Gems to remember
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Gems to remember
Gems to convert one-off customers
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Gems to convert one off customersinto valuable client relationships
Business relationships are not that different frompersonal relationships because in both situations, peopleprefer to deal with someone they like.
You can't move from being a stranger straight to being a
best friend or customer.So it's important to put at least as much effort into yourplans for keeping in touch with existing customers as youdo for attracting new ones.
1: Concentrate on getting the second
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1: Concentrate on getting the secondsale
People are only customers if they buy from youregularly. And many people will buy from you once andnever again.
So, to turn someone into a genuine client, the most
important thing is getting the second sale from a newcustomer - and getting it as soon as possible.
After that, they are more likely to stay with you and build
the relationship.
2: Always act in their best interests -
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yDon't be interesting. Be interested
People are more likely to do what you ask if theybelieve you have their best interests in mind. This isthe 'Law of Friends'.
So, to build a business relationship, you need to showclients that you are looking after their interests.
As with personal relationships, that sort of trust cannormally only be built over time.
One step is to stop worrying about getting clients tolike you and focus on looking after them.
3:Keep in touch regularly
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p g y
You can build trust through a regular interaction and givethem valuable information - rather than simply promotingyour services.
Other methods of regular contact include sending regularpostcards and articles
4:Make your contact personal
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y p
To make your contact with customers personal, you need
to learn about them. You can start by just listening tothem.
The more you know about their likes and dislikes, the
more personal you can make your services - for examplesending them clippings you know will interest them orrecognizing their personal achievements and familyevents.
5 : Recognize that satisfaction is not
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genough
People will not stay with you and build a long-termrelationship because they are satisfied. They expect that.
You need to deliver exceptional service - some describe
it as 'customer bliss'.You need to exceed their expectations - give them morethan they anticipated; care about them more than theyare used to being cared about.
6: Ask your customers to help you
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Once you have built a good relationship, you'll often gethelp from your customers. For example, they'll give youfeedback on what needs improved or they'll providereferrals and testimonials to use promoting your services.
The added benefit of this is that the laws of psychologyshow that when people have helped you in this way, theywill act consistently afterwards and are therefore evenmore likely to buy from you again.
Focus on your most profitable
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y pcustomers
Typically you will find that 80% of your profits come from20% of your customers.
So you need to understand which 20% are most
profitable by looking at the Lifetime Customer Value,which is the total amount somebody would spend withyou over their time with you as a customer.
Difference between retail consultative
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consultativesellingRetail selling Consultative sellingThe focus is on the transaction at hand. The focus is on the relationship and
helping the customer to make the right
decision for himself
This works well with simple products ,
short selling cycles and one timecustomers
This works well with complex products
, long selling cycles and permanentcustomers
Retail selling is more prone tomanipulation .ie. coercion There is no selling or persuasion justthe provision of useful facts and
perspectives
A retails seller is a supplier A consultative advisor is a problem
solver
This resolves customers immediate needs
and are short term in nature
They are often broader in scope and
may be trend drivenThere is a time frame for closing the sale The time frame for this sale is not finite
Strategies for adding value.........
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Strategies for adding value.........
What is Value Added Sales?
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Uses consultative approaches
Seeks to uncover needs
Works as a partner
Provides win-win solutions
Builds relationships, then salesAdds value to client
Consultative Approaches
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pp
Learns about client through questions
Depends on proactive listening
Sees problem through clients eyes
Maintains integrity
Seeks best solution for customer (vs. salescommissions)
Seeks to Uncover Needs
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Questioning/Listening skills
Reads between the lines for needs implied
Focuses on solutions, not products
Offers options, lets client choose
Avoids product based solutionsProvides counsel vs. quick fix
Value Added Sales vs Traditional Sales
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Relationship based
Long term focusSolution centere
Depends on integrity, trust
Focuses on adding value
Defers productdiscussions
Transaction based
Short term sale focusProduct center
Depends onsmoothness
Focuses on closingBegins with product
discussions
Adds Value to Client
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Brings new data to bear on the problem
Honestly admits when product NOT a good match(recommends others)
Takes a business-based approach to solutions
Recommends valuable (profitable) added services,
features
Builds Relationships, then sales
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People only buy (long term) from those they trust
Develops relationship of trust, counsel
Seeks first to understand client need
Feeds back client need to demonstrate empathy,understanding
Alwaysmaintains integrity
Provides Win-Win Solutions
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Isolates needs (vs. positions)
Generates additional, creative (attractive)options
Demonstrates win-win paybacks
Focuses on relationship (vs. winning the
negotiation)
Stays on same side of table
Works as a Partner
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Sits on same side of table as client
Helps client evaluate options
Sees long term relationship as the focus
Offers recommendations that generate sales
Process
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Consultative sales process : 1
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The first is to establish a clear understanding ofthe customers priorities and overall goals. This
usually takes place at multiple levels within the
customers organization and may require severalmeetings.
Consultative sales process : 2
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The second step is to identify areas you canimprove in their current process. This may bespecific problems you can solve, performancegaps to close or areas in which they want to
grow. These opportunities are usually presentbecause of deficiencies with the current vendor,the advent of new technologies or the customers
lack of knowledge in a particular area.
Consultative sales process : 3
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The third step is where you match thecustomers priorities with the areas to
improve and your offering or capabilities.
This is called creating the value.
This process should be designed to
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accomplish three things.
First, It it is necessary for the advisor to position himselfas problem solver and not as product peddler.
Second, to secure larger and more frequent salesopportunities.
And third, to offer high margin products and/or servicesalong with the ones that may be currently viewed ascommodities.
Closing a sale
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Gathering Phase
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Purpose To establish Trust
GatheringPhase
Gather information and needs of thecustomer. Information will be given onlyif he trusts you
Trust ? Total confidence in ability
Confirmation Phase
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Purpose To communicate Understanding
ConfirmationPhase
To establish or support the certainty ofinformation received and the frame formed
Understanding? Comprehension ; Agreement
Authority Phase
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Purpose To establish credibility
AuthorityPhase
Capability of being believed ; deservingconfidence
Credibility ? Comprehension ; Agreement
Recommendation Phase
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Purpose To provide solutions
Recommendation Phase
To counsel or advise that something bedone . To make acceptable or attractive
Solutions ?The method, process , or answer for
solving a problem
Acceptance Phase
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Purpose To gain acceptance
AcceptancePhase
The call is closed and the cheque is in yourhand
AcceptanceBelief in something ; agreement . A formal
indication by an individual of willingnessto pay
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