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Marketing of

Financial

Products

1 MoFP for

TKW’s

Lecture – 9 Parveen Sharma

2 MoFP for

TKW’s

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Contents

Sales Force Management

Salesmanship

Sales Force

Function of Sales Manager

Sales Representatives Types

Sales Force Designing & Sales Management

Designing the Sales Force

Sales Process: Relationship Approach

Ethical & Unethical Sales

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Salesmanship

MoFP for

TKW’s

The art of successfully persuading prospects or customers to buy

product or service from which they can derive suitable benefits thereby

increasing their satisfaction.

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Salesmanship

MoFP for

TKW’s

Sales Person

Empathetic

Competitive

Goal Oriented

Adaptive

Customer Oriented

Enthusiastic

Organized

Self Motivated

Individual with desirable sales trait.

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Sales Force

MoFP for

TKW’s

Sales department is the maximum revenue generating department

for any organization.

Sales department establishes a link between the company and its

customers(its bread & butter).

Sales creates Win – Win for both

organization & customers

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Function of Sales Manager

MoFP for

TKW’s

Higher sales at increased profit

Greater satisfaction for customers

Managing other sales members(Team Management)

Ensuring profitability level of distributors & traders

Execution of organization vision

Forecasting, Budgeting and Planning sales operations

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Sales Representatives Types

MoFP for

TKW’s

Deliverer

Order taker

Missionary

Technician

Demand creator

Solution vendor

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McMurry Distinction of Sales Positions

MoFP for

TKW’s

Deliverer: Major task is to deliver the product/service

Order taker: Act predominantly as inside & outside order taker

Missionary: Major task is to build goodwill or to educate actual or

potential customer

Technician: High level of technical/product knowledge

Demand creator: More creative while selling tangible/intangible

products/services

Solution vendor: Expertise in solving customer problems with the

existing product/service basket

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Personal Selling

MoFP for

TKW’s

Prospecting Pre-approach Approach

Need

Identification

Presentation Handling

Objection Gaining

Commitment

Closing &

Follow up

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Sales Force Designing & Sales Management

MoFP for

TKW’s

Sales

Force

Objective

Sales

Force

Strategy

Sales

Force

Structure

Sales

Force

Size

Sales

Force

Compensation

Develop a

Sales

Strategy

Design the

Sales

Organization

Developing

Sales

Force

Directing

Sales

Force

Determine

Effectiveness

&

Performance

Sales

Management

Activities

Designing

Sales

Force

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MoFP for

TKW’s

Designing the Sales Force

Steps in Process

Objectives & Strategy

Structure

Sales force size

Compensation

Objectives – Sales volume and profitability

– Prospecting

– Communicating

– Servicing

– Information gathering

– Product Allocations

– Customer satisfaction

Strategy – Account manager

– Acting ways: selling in person, group, conference, seminar

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MoFP for

TKW’s

Designing the Sales Force

Types of sales force structures: – Territorial: clear definition of

responsibilities

– Product: structuring along product lines

– Market: structuring along industry or customer lines

– Complex: diverse product lines to many customers

Key accounts

Steps in Process

Objectives & Strategy

Structure

Sales force size

Compensation

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MoFP for

TKW’s

Designing the Sales Force

Workload approach:

– Group customers by volume

– Establish call frequencies

– Calculate total yearly sales call

workload

– Calculate average number of

calls/year

– Calculate number of sales

representatives

Steps in Process

Objectives & Strategy

Structure

Sales force size

Compensation

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MoFP for

TKW’s

Designing the Sales Force

Steps in Process

Objectives and strategy

Structure

Sales force size

Compensation

Four components of compensation:

– Fixed amount

– Variable amount

– Expense allowances

– Benefits

Compensation plans

– Straight salary

– Straight commission

– Combination

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MoFP for

TKW’s

Developing Sales Force

Recruiting and Selecting

Training: Initial and Continual

Directing the Sales Force

– Motivation

– Supervision

– Leadership

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MoFP for

TKW’s

Sales Process: Relationship Approach

RoE = Return on Equity

Bad RoE & Sales

Force Perception

But

Return on Experience

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MoFP for

TKW’s

Sales Process: Relationship Approach

Salesperson Attributes: • Customer-oriented

• Honest

• Dependable

• Competent

• Likeable

Initiating Customer

Relationships:

• Prospecting

• Precall Planning

• Approaching customer

Developing Customer

Relationships:

• Sales Presentation

Delivery

• Gaining Customer

Commitment

Enhancing

Customer

Relationships

Selling Strategy:

• Sales Territory

• Each Customer

• Each Sales Call

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MoFP for

TKW’s

Ethical & Legal Issues in Personal Selling

Strict codes of ethics for sales people.

Sales managers must take responsibility for the proper behavior of

their salespeople, and they must lead by example.

Salespeople should be honest in their dealings with customers and be

informed of relevant laws governing their business situation.

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MoFP for

TKW’s

Unethical Sales Behaviors

Exaggerating features and benefits

Lies about availability & competition

Sells something people don’t need

Giving false answers to questions

Falsifying product testimonials

Passing blame for their own mistakes

Pose as market researcher while calling

Misrepresent warranties & guarantees

Make nonbinding oral promises

Bending company rules

Selling dangerous or hazardous products

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TKW’s

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? ueries Q

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Contact me @ +91-9050050288

or

Email to parveen_72@yahoo.in

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Thank

You MoFP for

TKW’s

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