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Sales Is Not A Four Letter Word


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Presented at the 2009 Concepts '09 conference for the Payments Authority, I present the concept of a sales process for community banks and financial institutions to embrace when trying to instill a sales culture in their organization. We talk about the three main parts of having an objective, who the players are and what the tools will be to accomplish the goals of the organization.

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Sales Is Not A Four Letter Word

  1. 1. Sales… It’s Not a Four Letter Word Concepts ‘09 - The Payments Authority Eric C. Cook WSI Internet Consulting Cook Consulting & Training
  2. 2. Introduction <ul><li>Eric Cook </li></ul><ul><ul><li>Former community banker (15 years) </li></ul></ul><ul><ul><li>Now consulting with banks and other businesses on Internet strategy and sales process </li></ul></ul><ul><ul><li>Graduate School of Banking, UW Madison </li></ul></ul><ul><ul><li>MBA, Western Michigan University </li></ul></ul><ul><ul><li>Contact information… </li></ul></ul><ul><ul><ul><li>[email_address] .com or (269) 841-5007 </li></ul></ul></ul>
  3. 3. How Could You Leave Banking?
  4. 4. Agenda <ul><li>Understand why sales is important </li></ul><ul><li>Introduce you to a sales process </li></ul><ul><ul><li>Goals/Objectives </li></ul></ul><ul><ul><li>Players </li></ul></ul><ul><ul><li>Tools </li></ul></ul><ul><li>Questions… </li></ul>All in only 60 minutes!
  5. 5. Is This Going To Be Painful?
  6. 6. Why Sales? <ul><li>Increased competition </li></ul><ul><li>Job retention </li></ul><ul><li>Profit and income </li></ul><ul><li>Help customers </li></ul><ul><li>Help coworkers </li></ul><ul><li>Grow the business </li></ul><ul><li>Remain in business </li></ul><ul><li>Product ideas </li></ul><ul><li>What other reasons??? </li></ul>
  7. 7. The Sales Process
  8. 8. The Sales Process WHAT are we trying to accomplish? WHO is going to be involved in the process? HOW are we going to accomplish them? Goals & Objectives Tools Players
  9. 9. Goals & Objectives
  10. 10. Goals & Objectives <ul><li>Define what you want to accomplish </li></ul><ul><ul><li>Customers: Wallet share </li></ul></ul><ul><ul><li>Prospects: Market share </li></ul></ul><ul><li>Be “SMART” with your objectives </li></ul><ul><ul><li>S pecific, M easurable, A ttainable, R ealistic and T imely </li></ul></ul><ul><li>Everyone needs to have a goal </li></ul><ul><ul><li>Measurable on a monthly basis </li></ul></ul>
  11. 11. The Players
  12. 12. The Players - Current Customers <ul><li>Know who’s doing business with you now </li></ul><ul><ul><li>Do you have an MCIF system? </li></ul></ul><ul><ul><li>Deposits </li></ul></ul><ul><ul><ul><li>Core vs. non-core </li></ul></ul></ul><ul><ul><li>Loans </li></ul></ul><ul><ul><ul><li>Consumer, residential and commercial </li></ul></ul></ul><ul><ul><li>Electronic Services </li></ul></ul><ul><ul><ul><li>Online banking, bill payment, debit cards, direct deposit, etc… </li></ul></ul></ul><ul><li>Target : Increase wallet share </li></ul><ul><ul><li>Get them to do MORE with you… </li></ul></ul>
  13. 13. The Players - Prospects <ul><li>Identify other areas where you could generate additional business </li></ul><ul><ul><li>Understand your niche and what’s working </li></ul></ul><ul><ul><li>Major employers </li></ul></ul><ul><ul><ul><li>Education, healthcare, manufacturing, service </li></ul></ul></ul><ul><ul><li>Realtors and brokers (other partners?) </li></ul></ul><ul><ul><li>Referrals (“refer-a-friend” program) </li></ul></ul><ul><li>Target : Increase market share </li></ul><ul><ul><li>Get them to DO BUSINESS with you… </li></ul></ul>
  14. 14. The Players - Employees <ul><li>Executive team </li></ul><ul><li>Front-line </li></ul><ul><ul><li>Front line (Tellers, CSRs & New Accounts) </li></ul></ul><ul><ul><li>Loan Officers (commercial & residential) </li></ul></ul><ul><ul><li>Branch Managers </li></ul></ul><ul><li>Administration </li></ul><ul><ul><li>Accounting </li></ul></ul><ul><ul><li>Processing </li></ul></ul><ul><ul><li>Marketing/Advertising </li></ul></ul><ul><ul><li>Operations & IT </li></ul></ul>
  15. 15. Tools
  16. 16. Tools - Milk Route <ul><li>List of customers/prospects that you will touch base with on a regular basis </li></ul><ul><ul><li>Examples : Face to face, e-mail, mail, calling, other? </li></ul></ul><ul><li>Leave behinds </li></ul><ul><li>Get an appointment </li></ul><ul><li>Ask for the business </li></ul><ul><li>Follow-up </li></ul><ul><li>Objectives </li></ul><ul><ul><li>Top of mind awareness, build relationships & get appointment </li></ul></ul>
  17. 17. Preparing for a “Sales Call” <ul><li>It does not have to be scary </li></ul><ul><li>Review current business – Internal reports </li></ul><ul><li>Research your customer – Visit websites </li></ul><ul><li>Assemble presentation materials – Handouts </li></ul><ul><li>POST ( P eople, O bjective, S trategy & T actics) </li></ul><ul><li>VALUE ( V ision, A ttitude, L ikeable, U nique & E xcitable) </li></ul>
  18. 18. Simple “Sales Call” Example <ul><li>Opening </li></ul><ul><li>Compliment, thank you, objective </li></ul><ul><li>1. What’s “broke” </li></ul><ul><ul><li>Why aren’t we getting 100% of your business now? </li></ul></ul><ul><li>2. Match solutions </li></ul><ul><ul><li>Know your products and services to offer solutions </li></ul></ul><ul><li>3. Next steps </li></ul><ul><ul><li>Set future business steps or follow-up meeting </li></ul></ul><ul><li>Close </li></ul><ul><ul><li>Ask for business and/or referral </li></ul></ul>
  19. 19. <ul><li>Get your message out so people know who you are and what you do (branding) </li></ul><ul><li>E-mail </li></ul><ul><ul><li>Consistent frequency and message content </li></ul></ul><ul><ul><li>Needs to provide “value” to the reader </li></ul></ul><ul><li>“ Traditional” mail </li></ul><ul><ul><li>Postcards or direct mail letters on products, services or special bank news </li></ul></ul><ul><li>Other methods </li></ul><ul><ul><li>Websites, social networking and online/offline tools </li></ul></ul><ul><ul><li>Lobby signs, posters, stuffers, testimonials, statement messages, lobby displays, leave-behinds, etc… </li></ul></ul>Tools - Awareness
  20. 20. Awareness Examples <ul><li>Branding via e-mail messages </li></ul>
  21. 21. Personal Profile <ul><li>Your “role” </li></ul><ul><li>Promote events </li></ul><ul><li>Mention specific products or services </li></ul><ul><li>Talk about your interests, hobbies, etc. </li></ul><ul><li>Can be in paper or “electronic” format (like LinkedIn or a personal blog site) </li></ul>
  22. 22. Social Networks
  23. 23. Articles & Writing
  24. 24. Tools - Networking <ul><li>Attend monthly functions </li></ul><ul><ul><li>Sponsored events to promote services </li></ul></ul><ul><ul><ul><li>Lunch-&-Learn, seminars, breakfast meetings, etc. </li></ul></ul></ul><ul><ul><li>Associations and trade shows </li></ul></ul><ul><ul><ul><li>Realtors, Home Builders, </li></ul></ul></ul><ul><ul><ul><li>Service groups </li></ul></ul></ul><ul><li>Always have an objective </li></ul><ul><ul><li>Meet people, talk about new products/services, schedule an appointment, get more business </li></ul></ul><ul><li>Know your “30-second commercial” </li></ul><ul><li>Online opportunities </li></ul>
  25. 25. Tools - Support <ul><li>Everyone needs to be on board </li></ul><ul><ul><li>Sales goals and process </li></ul></ul><ul><li>Regular meetings to compare actual to goal and keep on track </li></ul><ul><ul><li>Meet by department </li></ul></ul><ul><li>Get marketing department support </li></ul><ul><li>Continue to adjust </li></ul>
  26. 26. Tools - Learning & Education <ul><li>Know the products/services you have to offer </li></ul><ul><ul><li>Know your competition too </li></ul></ul><ul><li>Make time to educate yourself (personal & business) </li></ul><ul><ul><li>Internet, podcasts, webinars, books & CDs </li></ul></ul><ul><ul><li>Trade shows, conventions, networking </li></ul></ul>
  27. 27. Resources & Motivation
  28. 28. Sales Resources <ul><li>Use outside resources to learn more about the sales process </li></ul><ul><ul><li>Books, CDs, websites, magazines, newsletters, podcasts, etc… </li></ul></ul><ul><li>Sample Action Plan & Resource Page </li></ul><ul><ul><li>Available for download </li></ul></ul>
  29. 29. Stay Motivated… <ul><li>You are changing a culture, it will not happen over night </li></ul><ul><li>Don’t be afraid to start small </li></ul><ul><li>Start today! </li></ul>
  30. 30. Questions? Eric C. Cook (269) 841-5007 [email_address]