Sales Tips

What makes a good sales presentation? Many salespeople get the idea that if they are able to dump everything they know about the product onto the client they have made a good presentation. They try to entice clients with the product hoping they'll see their need as a result of the presentation. They feel that if they have good product knowledge, are able to keep control of the conversation, and give the client every possible bit of information they'll get the sale... right? Wrong.

Success leaves clues
 
It’s a simple concept really, if you want to be successful in any endeavor just look for people or organizations that are already successful and do what they do!
 

Watching the Olympic Games coverage and the in-depth analysis provided in slow motion by sports physiologists got me thinking about sales process and the variance in results we see between individuals playing the same game. The sports analogy for sales has been used so often because it really does fit. In both pursuits the difference in results comes down to preparation and desire. Preparation is technique, practice, and effort. Desire is that attitude or drive to win.

I don't know of a financial institution that doesn't need more new business. Everyone is looking to increase their client base and expand upon the number of products per client with the goal being enhanced profitability.

We deal with a lot of lenders that have a requirement to sell insurance on their lending products. It's a big money maker for the financial institution and there is a lot of pressure to have high insurance penetration numbers. The challenge is that many lenders are "untrained" when it comes to insurance sales. They go into it with a bad attitude that affects their ability to sell. To begin with, they feel like the insurance is overpriced so that affects their ability to talk about the products with any real conviction.

There are many reasons why people procrastinate when buying your products: they might not like the price, they may not think the product you selected will work for them, and/or they might not like you or your company. Rather than tell us exactly what they are thinking these kind-hearted individuals let us down easy with objections like "Let me think about it and I'll get back to you" or "I think I'll keep looking around and I'll let you know".

I was in a branch recently speaking with a group of investment people. I asked what sales goals they were working on that week.

Reciprocity is a universal principle of influence. As a social construct, people feel obliged to give back to others the form of behaviour, gift, or service that they have received first. Friends invite you over to their house for dinner and you feel obligated to return the favour. Someone drops off a small gift to your office at Christmas and you feel the need to run out and get them something.

Companies spend thousands and thousands of dollars in marketing and advertising with one primary objective: to have prospective customers contact them to purchase their products and services. One of the primary ways many consumers do their initial shopping is still by picking up the phone and calling.

Is It Working?

With all of this money being spent, it’s shocking to hear how few branches really have a concrete strategy in place for dealing with the incoming rate inquiry. Most will tell you that they routinely get these calls and despite a lack of tracking, most will tell you that very few of the callers book appointments. With so many financial institutions vying for the same investment dollars, why wouldn't a manager make a more concerted effort to ensure his team knew what to do/say to maximize the number of callers that turn into appointments?