Sales Process

August 28, 2010

14/04/2012

Session Contours
Suspecting Prospecting Pre call planning Opening of call in the first meeting Probing & Need analysis Recommending a solution Closing of call

The Sales funnel

SUSPECTING

Gathering names

PROSPECTING

Qualifying names and fixing appointments

Probing, Need Analysis ,handling objections, Recommending

ADVICE

CLOSE

Concluding a sale

Suspecting
Suspecting is the beginning of the sales funnel. Wider the rim of the sales funnel, all other things remaining the same, more will be the names converting as clients.

Suspecting
Sources:
Existing Customers Referrals Database Tele calling COI Center of Influence Cold Calling / Canvassing Presentation to groups

Prospecting
Prospecting is the continued awareness of potential clients. It is the continuous activity of observing , identifying and qualifying people.
Function of prospecting : Identify and attract suspects and convert them to prospects Selling : Process of converting suspects to prospects and prospects to customers

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 of prospects Keep cold call simple and polite Ask for referrals Be persistent Pursue only qualified suspects

Prospecting
Money Affordability: Can the prospect afford the required Product? Liquidity: Does the prospect have money in a liquid form to purchase/Invest? Authority Is the prospect the decision maker in the purchasing decision? Need What are the prospect needs at their life stage? Can we fulfill the needs by offering our product?

Pre Call planning

There are a number of activities to be completed before you make a call which will assist a positive outcome. They need only take a couple of minutes. 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 an appointment with the decision maker

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 confident Select 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)

Techniques for getting an Appointment

For getting Appointment : Use the Power of Voice
First Smile and then Dial .The Customer can hear your smile over the phone Call opening should be: Bright, Friendly Enthusiastic

Speak in a Confident manner

Tone of voice is 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

A well structured script should have the following steps:

Greet & Confirm State your name & company & take permission to speak Create Interest 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 efficient manner so that they can achieve their financial goals in a tax efficient manner I would like to take an opportunity to discuss about my services with you. It would take 15 20 minutes. Also let me assure you that you are under no obligation to buy from me So what time would be comfortable for you? Saturday evening 7 pm or would Sunday morning 11 am be better? Thank you so much, Mr.., I am really looking forward to meet you

State purpose of the call Get an appointment & confirm the time & place of meeting Acknowledge & Close

Common objections while seeking appointment

Imtoobusy Imnotinterested Tell me about your product on the phone Imalreadyhavingthatproduct I have an agent who does this for me.

Technique for objection handling

Acknowledge : Empathize with the customer and acknowledge the objection

Counter :

Answer the objection with Logic (do not use but instead use words like however, and, it is also true, let us look at etc.) Assure the customer that he is under no obligation and confirm the appointment

Close :

Letsdoaquickrecap
Before a Call During a Call

Organize your work area To take Details : Keep Pen and Paper handy Be mentally prepared for the call

Rehearse the most common objections

First Smile and then Dial Call opening should be : Bright, friendly, enthusiastic Personalize the call: Use the Customers name Use Courtesy words Capture the Details:
Name Time for Appointment Address, Telephone No.

Open a call How to open a call in the first meeting

(Face to Face meeting)

Making the first impression There is no second chance to make the first impression.
You are the product and you are selling yourself.
Being well groomed and dressing appropriately is important in making your appearance work for you Be on time not only at the sales call, but make it a habit also.

How can we make a good impression?

Body language Eye contact Facial Expression Dressing appropriately

Always keep your Sales Kit Ready......

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

Eye Contact
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 to them Softens the eye contact and puts people at ease

Facial Expression
A smiling Face Warms 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

Dress Appropriately
Dos (Men)
Wear light colored shirt with a dark pant and a dark tie Shave and wear perfume just enough to smell good Carry a small comb and deodorant in your bag Make sure your shoes are polished and repaired After a smoke make sure you use mouth freshener before meeting the customer

Dos(Women)
Wear smart appropriate clothes. Ex: Salwar Kameez, Saree or Smart business wear. Have your nails polished and ensure they are well manicured Wear light soothing make up Hair neatly combed Carry a small comb and deodorant in your bag

Structure of a Sales Call

Introduce yourself State Purpose Interest Benefit

Opening a Call

Uncover needs
Offer solution Close

Your first meeting

Introduce Yourself: Introduce yourself, present your visiting card and start your discussion by some informal talk. Good morning Sir, I am .. from ICICI Securities (give your visiting card). We spoke over the phone yesterday.

State purpose of Appointment:

After you introduce yourself, you may get into generaltalktoestablisharapport Hence before you begin to talk about business, make sure that the customer is paying full attention.
Asdiscussedwithyouoverthephone,Weadvise 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 financial requirements.

Interest Benefit Statement

At the beginning of the discussion, you should make it very clear, about how this discussion benefits the customer. Only if the customer sees any value in your agenda he will be willing to continue the discussion.
This will help you to have a close look at your current financial situation and also help you find a way to achieve all your future financial goals.

Probing & Need analysis

Probing is the process of querying to understand client needs
Basedontheclientsinformation,youcanthen understand the needs of the customer and satisfy them with your product offerings. Two ways of probing are; Ask direct questions & Fill up questionnaire or customer profile sheet

Probing & Need analysis

It is not what you do, its the way that you do it
Whileprobingremember
ShowsthatyouareLISTENINGandconsiderhis needs important Maintain Good Eye Contact Gives an opportunity to the customer to see how your products and services shall satisfy their needs Create a bond of empathy with the client

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.

After Recommendation

Lets see how to

close a call

Closing of call
Close is the point at which your prospect becomes your client and agrees to your services. The acceptance of the close comes from the customer in the form of Buying signals. When Buying Signals are not apparent, check for customer acceptance.

Timing of closure

Timing of closure is crucial

Attempt to close early may leave an impression of being overanxious while not closing at the right time may lead to loosing the sale

Close can be attempted while a customer gives a buying signal ( overt to subtle signals, body language)
I'm convinced Sounds good Where do I sign Can It be ready by Tuesday

Customer Acceptance
So you see, your taxes are taken care of. You

could 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.

How to close:
Summarize the benefits the customer accepted during the 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 customer commitment.

Let's go together on Tuesday or is Wednesday better? Would you like to go in for the Infrastructure Fund or Emerging Asia Fund

Remember that all people ever buy are good feelings, It doesn't matter what your product or service happen to be. ( by : P.T. Barnum)

It is the attitude, not the aptitude which will determine your altitude...in Sales So stay focussed on effective selling

Thank you

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An Orientation on Sales Skills

Sept. 15, 2010

Session Contours
Genesis of Sales Understanding 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 and measurable milestones Sales is also about the salesperson relating his offering of 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 or buyers. Effective selling is about creating emotion and ownership in your customer's mind first. Selling the way your customer wants to but......Not the way you like to sell For success in the sales profession, it is necessary to 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 effective communication 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 to read... ...How to write.
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Multiple roles performed by a salesperson

Excellent Communicator Consultant Analyst 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 skills Knowledge of business dynamics and the product

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Understanding Sales
Understanding why people buy? Evaluating the needs and wants of the prospective customer Understanding the domain of consultative selling Understanding what type of benefits the customer will derive from the product A successful sale is when your product matches the customer's needs,values and feelings. A successful sale is all about cracking the 'core customer mentality'

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Sales Troika Balance

Concern for the customer Strategic advantage threshold
Minimum acceptable threshold

Professional selling skills

Concern for the sale

Concern for the company

Planning and goal setting

Proper Planning ensures meaningful and productive meetings with customers. Lack of Planning means - a waste of time,energy and resources. 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 of Professional 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 products to achieve the business targets.

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 planning displayed 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)

Customer relationship management (CRM) is a multifaceted process, mediated by a set of information technologies,that focuses on creating two-way exchanges with customers so that firms have an intimate knowledge of their needs, wants, and buying patterns.

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Objectives of Customer Relationship Management

- 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 lifetime value is essential in deciphering the amount of money used 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 Rapport Step two: Make Yourself Available for answering Questions

Step three: Improving Client Communication & Retention

Step four: The Crucial Follow-Up Email

Customer life time value (CLV) Matrix

PORTFOLIO EQUITIES M UTUAL FUNDS INSURANCE YEAR 1 50000 25000 10000 YEAR 28 5606718.94 1251640.30 144209.94 CAGR 18.36% 15.00% 10.00% Life time value of a customer after holding his portfolio intact for 28 7002569.18 years who is presently a 27 year old individual Note : 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 a product. A 5 % increase in customer loyalty translates into a profit increase of more than 25 % 80/20 principle 20 % of customers account for 80 % of the profits. Twelve good experiences overcome one bad experience of a customer. One satisfied customer brings in 100 potential new customers whereas ; one dissatisfied customer prevents 1000 potential new customers
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Thank You

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Customer Relationship Management Littlebylittleonewalks

What is a Relationship Management?

Relationship is defined as a state of affairs amongst people related to or dealing with one another..
The business definition of Relationship Management is the art of fostering Good Relationship with customers to build loyalty and increase sales.

What are the factors that affect a relationship ?

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Who is an effective financial manager

He encourages an atmosphere of trust, openness and communication He has to establish and maintain communication with customer Develop an understanding of clients needs, visions and future planning

Primary goal should be to improve growth and increase returns for customer

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Factors affecting a relationship

Trust Commitment Communication Timely reporting Confidentiality

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Trust
Research states that 85% of sales are made because of trust Trustworthiness is a source of competitive advantage It's the most powerful value added contribution to a business relation Trust is the firm belief in the honesty of another and absence of any suspicion regarding his motives. Build on an individuals confidence and eliminate the fear as operating principal

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Building Trust
Engaging
Show genuine concern and interest in the customers problems. Maintain good eye contact and body posture. Listen, understand and empathise if you think client focus first. Separate the process of taking information by not judging it Confirm that you have formed an accurate picture of the customers needs and requirements. Confirm on any doubts by asking open ended questions It is the final step to developing trust. Communicate your plan of action to satisfy his needs and requirements .

Listening

Framing
Committing

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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 in the process.
Commitment is defined as an exchange in partners believing that an ongoing relationship with another is so important as to warrant maximum efforts at maintaining it.

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Communication
Timely communication fosters trust
Understand that communication is a two way street, A good communicator listens ..listens ..and then speaks Communication is important to increase trust and boost customer relationship In the business world it can be defined as the formal and informal sharing of meaningful and timely information between a customer and wealth manager

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Timely Reporting
Accurate, reliable and timely information is very vital Information provided on time is a source of power and influence Timely communication fosters trust

Such is the power of timely information that authoritarian governments seek to control access of information.

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Confidentiality
It is a term that indicates preserving the privacy of a person Remember, often times it is not WHAT we say, But rather HOW we say it, and more importantly.. WHO we say it to

Think before you speak, Be aware of whether others can over hear your conversation, If you think that certain information might be confidential, treat it as such.

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Stages in the development of Customer Relationship

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There are basically five steps in the development of Customer Relationship

Step 5 : Final Stage Step 4 : Long Term Stage Step 3: Development Stage Step 2: Early Stage Step 1: Pre Relationship Stage

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Step 1 : Pre- Relationship Stage

This stage is basically an event that triggers a customer to seek a new financial advisor. This stage basically involves 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

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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 a bilateral interaction

In this stage the customer makes minimal investments and and the dependence of the customer on the Financial Advisor is insignificant
Experience is accumulated between the customer and advisor although a great degree of uncertainty and distance exists. In this stage the Advisor has to start hunting and looking for inrodes and entry points At this stage the Advisor has to start analysing the vaccum and filling up the same

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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 adapting to the needs of the customer

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Step 4 :Long Term Stage

This stage is characterised by the customers importance to the financial advisor. The references are acted upon , however all ideas are discussed , analysed and compared with before being acted upon. At this stage the customers major business is handed by the advisor

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Step 5 : Final Stage

This stage is also known as the stable stage Here both the advisor and the customer are on common ground. The customer is highly dependent on Advisor and both have developed a stability and commitment to the relationship Cooperation becomes a routine process. In this stage the trust is at its optimum. The Financial Advisor in this stage becomes SIR.

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Who shall I be today ?

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The Personalities and the approach

The Good Life Client

The Artisan Client

The Unplugged Client

The Legacy Client

The Wellvile Client

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The Good Life Client

Client Profile Service is everything. Enthusiastic about lifestyle Importance to z Value, and details oriented Advisor's Role Be Selective Services *

Focus on exclusivity
Use whiteglove approach Pay attention to details Be a good listener

Our services will provide access to the best financial advisor and research team as well as all leading investment products and services

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The Artisan Client

Client Profile Customization, Aesthetics,Casual, Creative , Visual, Possibly Insecure Financial Market Advisor's Role Connect to their interests and their investment plans Be casual and use Visuals Express your dedication and presence Accentuate your trustworthiness Services * Our services will provide access to experts who will assist in selecting the appropriate investment style as per his needs and goals

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The Unplugged Client

Client Profile Efficient , Simple Balanced , selfdisciplined Quality not quantity is imp. Very Analytic Advisor's Role Be Accurate and specific Be logical organized and methodical in planning Use the common sense approach Services * Our services will provide the freedom to set his own objectives and to manage assets cost- effectively

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The Legacy Client

Client Profile Institutionalized services Traditional and Heritage Community Concerned with how he will be remembered Advisor's Role Be Accurate and specific Be logical organized and methodical in planning Use the common sense approach Services * Our services will provide the freedom to set his own objectives and to manage assets cost- effectively

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The Wellville Client

Client Profile Holistic Spiritual and emotional wellbeing is of prime importance Positive and energetic approach Advisor's Role Keep it simple Services *

Take time whilst explaining portfolio changes.

Check in regularly about how the client feels about the changes Give clear goals with specific time frames

Our services will add to the strength of the portfolio and how your services can add value

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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 prospect Valuable information can be obtained from idle conversation throughout the presentation and demo Small talk achieves the starting point for an emotional bonding between two people.

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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 knowing everything about your product."
He explains that the salesperson will always have a reason for contacting 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.

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Types of conversation
This conversation requires you to be a listener and partake the information of the client and understand his needs and analyse the options before giving him feedback

Directional

ReDirectional

Sometimes the conversation requires you to provide information about yourself prior to them giving you the data you need to advance the relationship
Many a times a conversation is becoming directional or re- directional .. there are no stoppers. Here it is necessary to introduce a common topic of interest so as to avoid being monotonous

Reverse Directional

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Building a brand
We live in a world of brands The watchword in business today is branding , creating a differentiable identity or position for a company or product. Building a brand basically involves
Brand awareness : is based on whether a brand name comes to mind when customers think about a particular product category and the ease with which the name is evoked Brand Image : can be thought in terms of the types of associations that come to the customer's mind when contemplating a particular brand

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How to play on the brand value and image

Be Early : It is better to be first than to be best. This results from the law of primacy Be Memorable : Create a memorable impression as you are the face of your brand Be Aggressive : Be pro-active. Always have a manuscript in your mind. Use Heritage : Heritage is very much in vogue. This means citing the traditions and history of a product or organization, as part of building the brand Create Personality : The best advisors are those that create personalities for themselves

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Gems to remember

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Gems to convert one-off customers into valuable client relationships

Business relationships are not that different from personal relationships because in both situations, people prefer 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 your plans for keeping in touch with existing customers as you do for attracting new ones.

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1: Concentrate on getting the second sale

People are only customers if they buy from you regularly. And many people will buy from you once and never again. So, to turn someone into a genuine client, the most important thing is getting the second sale from a new customer - and getting it as soon as possible. After that, they are more likely to stay with you and build the relationship.

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2: Always act in their best interests Don't be interesting. Be interested

People are more likely to do what you ask if they believe you have their best interests in mind. This is the 'Law of Friends'. So, to build a business relationship, you need to show clients that you are looking after their interests. As with personal relationships, that sort of trust can normally only be built over time. One step is to stop worrying about getting clients to like you and focus on looking after them.

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3:Keep in touch regularly

You can build trust through a regular interaction and give them valuable information - rather than simply promoting your services. Other methods of regular contact include sending regular postcards and articles

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4:Make your contact personal

To make your contact with customers personal, you need to learn about them. You can start by just listening to them. The more you know about their likes and dislikes, the more personal you can make your services - for example sending them clippings you know will interest them or recognizing their personal achievements and family events.

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5 : Recognize that satisfaction is not enough

People will not stay with you and build a long-term relationship 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 more than they anticipated; care about them more than they are used to being cared about.

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6: Ask your customers to help you

Once you have built a good relationship, you'll often get help from your customers. For example, they'll give you feedback on what needs improved or they'll provide referrals and testimonials to use promoting your services. The added benefit of this is that the laws of psychology show that when people have helped you in this way, they will act consistently afterwards and are therefore even more likely to buy from you again.

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Focus on your most profitable customers

Typically you will find that 80% of your profits come from 20% 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 with you over their time with you as a customer.

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Difference between retail consultative selling Retail selling Consultative selling

The 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 , This works well with complex products short selling cycles and one time , long selling cycles and permanent customers customers Retail selling is more prone to There is no selling or persuasion just manipulation .ie. coercion the provision of useful facts and perspectives A retails seller is a supplier A consultative advisor is a problem solver This resolves customers immediate needs They are often broader in scope and and are short term in nature may be trend driven There is a time frame for closing the sale The time frame for this sale is not finite and usually employs as on on-going

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Strategies for adding value.........

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What is Value Added Sales?

Uses consultative approaches
Seeks to uncover needs Works as a partner Provides win-win solutions Builds relationships, then sales Adds value to client

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Consultative Approaches
Learns about client through questions
Depends on proactive listening Sees problem through clients eyes Maintains integrity Seeks best solution for customer (vs. sales commissions)

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Seeks to Uncover Needs

Questioning/Listening skills
Reads between the lines for needs implied Focuses on solutions, not products Offers options, lets client choose Avoids product based solutions Provides counsel vs. quick fix

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Value Added Sales

vs

Traditional Sales
Transaction based Short term sale focus
Product center Depends on smoothness

Relationship based Long term focus Solution centere Depends on integrity, trust Focuses on adding value
Defers product discussions

Focuses on closing
Begins with product discussions

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Adds Value to Client

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

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Builds Relationships, then sales

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 Always maintains integrity

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Provides Win-Win Solutions

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

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Works as a Partner
Sits on same side of table as client
Helps client evaluate options Sees long term relationship as the focus Offers recommendations that generate sales

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Process

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Consultative sales process : 1

The first is to establish a clear understanding of the customers priorities and overall goals. This usually takes place at multiple levels within the customers organization and may require several meetings.

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Consultative sales process : 2

The second step is to identify areas you can improve in their current process. This may be specific problems you can solve, performance gaps to close or areas in which they want to grow. These opportunities are usually present because 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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Consultative sales process : 3

The third step is where you match the customers priorities with the areas to improve and your offering or capabilities. This is called creating the value.

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This process should be designed to accomplish three things.

First, It it is necessary for the advisor to position himself as problem solver and not as product peddler. Second, to secure larger and more frequent sales opportunities. And third, to offer high margin products and/or services along with the ones that may be currently viewed as commodities.

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Closing a sale

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Gathering Phase

Purpose

To establish Trust

Trust ?

Total confidence in ability Gather information and needs of the customer. Information will be given only if he trusts you

Gathering Phase

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Confirmation Phase

Purpose

To communicate Understanding

Understanding ?

Comprehension ; Agreement

Confirmation Phase

To establish or support the certainty of information received and the frame formed

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Authority Phase

Purpose

To establish credibility

Credibility ?

Comprehension ; Agreement

Authority Phase

Capability of being believed ; deserving confidence

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Recommendation Phase

Purpose

To provide solutions The method, process , or answer for solving a problem

Solutions ?

Recommend ation Phase

To counsel or advise that something be done . To make acceptable or attractive

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Acceptance Phase

Purpose

To gain acceptance Belief in something ; agreement . A formal indication by an individual of willingness to pay

Acceptance

Acceptance Phase

The call is closed and the cheque is in your hand

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