Coaching the Buying Cycle for Credit Union & Bank Managers

Course Description

The conversation outlines a detailed sales process called the buying cycle, emphasizing the importance of each step for a successful client interaction. Key stages include: introduction, where salespeople must build rapport and trust within the first 15-30 seconds; interview, to identify client needs; product selection, where salespeople match client needs to suitable products; presentation, focusing on linking product features to client benefits; building added value, highlighting what makes the institution unique; asking for the business, to prompt a decision; resolving objections, to address client concerns; delivery, to create a lasting impression; and follow-up and referrals, to maintain client relationships and encourage new business.

Action Items

• Provide more advanced training on the buying/selling cycle concepts.
• Discuss in more detail how to set up the next contact with clients and create a lasting impression at the time of product delivery.
• Explore in depth the strategies for getting more business from the current client base, such as understanding their life stages and proactively asking for referrals.

Outline

Introduction to the Buying Cycle

• Speaker 1 introduces the concept of the buying cycle, emphasizing its importance for both clients and salespeople.
• The buying cycle is compared to the selling cycle, highlighting its relevance to various roles within a financial institution.
• The goal is to provide a comprehensive sales strategy for the best customer experience and business results.
• The importance of making a good first impression is stressed, referencing Lee Iacocca’s quote about the point of contact.

Interview and Identifying Client Needs

• Speaker 1 explains the interview process as crucial for understanding client needs, regardless of the duration.
• The difference between a detailed interview and a brief conversation on the front line is clarified.
• The course will cover good questions to clarify expressed needs and uncover unknown needs.
• The importance of understanding client needs before moving to product selection is emphasized.

Product Selection and Presentation

• Product selection involves matching learned client needs with suitable products.
• The presentation step focuses on developing mental ownership by linking specific product features to client needs.
• Speaker 1 advises starting with features most likely to appeal and building mental ownership through logical presentation.
• The goal is to make clients see themselves using the product before discussing costs or rates, reducing rate objections.

Building Added Value

• Building added value helps clients understand why they should buy from the institution.
• This step involves highlighting local activities, philosophies, and community support.
• The importance of making the institution appealing and trustworthy is emphasized.
• The concept of “Why buy here?” is introduced, covering product benefits and institutional values.

Asking for the Business and Resolving Objections

• Asking for the business is a logical conclusion to the previous steps, ensuring clients make a decision.
• Resolving objections is discussed, with a focus on preparing for typical objections and making clients comfortable with the decision.
• The importance of handling objections to avoid procrastination and uncertainty is highlighted.
• Speaker 1 emphasizes the need for a plan to understand and resolve client hesitations.

Delivery and Follow-Up

• Delivery is the step where clients take ownership of the product, creating a lasting impression.
• The goal is to make delivery an event, standing out in clients’ minds and encouraging repeat business.
• Follow-up and referrals are crucial for maintaining client relationships and gaining new business.
• Speaker 1 stresses the importance of taking the initiative in follow-up and asking for referrals at the right time.

The Importance of a Structured Sales Process

• The buying cycle provides a structured plan for successful sales, ensuring each step builds on the previous one.
• Speaker 1 advises focusing on the concepts rather than memorizing the steps.
• The framework helps make the job of selling easier, high service, and painless.
• The importance of having a process to identify where things went wrong and what needs improvement is emphasized.

Summary and Final Thoughts

• The buying cycle is reiterated as a plan that successful salespeople follow.
• The steps in the buying cycle are logical and build on each other, making the sales process more effective.
• Speaker 1 emphasizes the importance of a good introduction, thorough interview, and clear presentation.
• The need for asking for the business and handling objections is reiterated, ensuring a smooth sales process.