ICICI - Sales Process & CRM

8/4/2019 ICICI - Sales Process & CRM

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14/04/2012

Sales Process

August 28, 2010


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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 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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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



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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



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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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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


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


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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y p y

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.



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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.



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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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ICICI - Sales Process & CRM

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