Coaching - Product Dump, Order Taking & Process

Here are a few ideas on coaching a couple of ineffective styles of selling as well as people not following a process:

Style of Selling: Product Dump is an ineffective long term strategy to sell financial services products.

•     Clients do not like pushy sales people. Sales people that are pushy have low credibility with the client.
•     Presenting a product to a client before they have acknowledged having the problem that the product solves is presumptuous and perceived by most as pushy.

What to Look Out For: People “pitching” product. (mentioning a product without first getting the client to acknowledge a need).

How to Coach: 

•     Ask if they would ever try to sell something to someone where they knew the client did not have a need. When they say “no”, remind them that that is what they are doing when they suggest a product before the client has acknowledged a need.
•     Review the risks associated with product dump.
•     Review rule #2 from training (Don't present a solution to a problem that has not been acknowledged by the client)
•     Show how by asking good questions they won’t risk the sale they are currently making to the person they product dump on, but only increase their odds of getting those sales as well as much more.

Style of Selling: Order Taking is an ineffective long term strategy to sell financial services products.

• Clients are not experts when it comes to your products and services. If they were then all your clients would have solid retirement plans, be in the best investments for their circumstances and would have all their financial business with your company to take advantage of better pricing.

What to Look Out For:  People that do not sell unless the client mentions they need something.

How to Coach:

• Ask if the clients are the experts at our products.
• If the answer is no, then ask if it is good service to wait for the client to come to the conclusion they need a product they don’t know we sell.
• When they answer no, review interview skills to help them in starting conversations and getting clients to acknowledge need.

Sales Plan or Process
All effective sales people have a strategy they follow that gives them the best possible chances to make a sale.

•     They do not leave the process up to the client, or to chance.
•     Buyers have a process they go through to make their buying decisions.
•     Sales people need a process that leads buyers through that buying process.

What to Look Out For: People that do not seem to follow a plan or cannot tell you how they get to a sale proactively.

How to Coach: Review the Buying Cycle highlighting the importance of each step in the process.

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