Marketing of Financial Products & Services Sales Force Management

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Marketing of Financial Products & Services Sales Force Management

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Marketing of Financial Products & Services Sales Force Management

  1. 1. 1 Marketing of Financial Products 1 MoFP for TKW’s Lecture – 9 Parveen Sharma
  2. 2. 2 MoFP for TKW’s 2 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
  3. 3. 3 NN 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.
  4. 4. 4 NN Salesmanship MoFP for TKW’s Sales Person Empathetic Competitive Goal Oriented Adaptive Customer Oriented Enthusiastic Organized Self Motivated  Individual with desirable sales trait.
  5. 5. 5 NN 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
  6. 6. 6 NN 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
  7. 7. 7 NN Sales Representatives Types MoFP for TKW’s  Deliverer  Order taker  Missionary  Technician  Demand creator  Solution vendor
  8. 8. 8 NN 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
  9. 9. 9 NN Personal Selling MoFP for TKW’s Prospecting Pre-approach Approach Need Identification Presentation Handling Objection Gaining Commitment Closing & Follow up
  10. 10. 10 NN 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
  11. 11. 11 NN 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
  12. 12. 12 NN 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
  13. 13. 13 NN 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
  14. 14. 14 NN 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
  15. 15. 15 NN MoFP for TKW’s Developing Sales Force  Recruiting and Selecting  Training: Initial and Continual  Directing the Sales Force – Motivation – Supervision – Leadership
  16. 16. 16 NN MoFP for TKW’s Sales Process: Relationship Approach RoE = Return on Equity Bad RoE & Sales Force Perception But Return on Experience
  17. 17. 17 NN 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
  18. 18. 18 NN 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.
  19. 19. 19 NN 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
  20. 20. 20 MoFP for TKW’s NN ? ueriesQ 20 Contact me @ +91-9050050288 or Email to parveen_72@yahoo.in
  21. 21. 21 Thank You MoFP for TKW’s 21

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