Retail bank sales and services unit5

1. THE UGANDA INSTITUTE
OF BANKING &
FINANCIAL SERVICES
UIBFS
ISO 9001:2008 CERTIFIED
Personal Services
Product Knowledge
The Competitive Environment
Selling Skills
Customers Service
Sales Interviews
MODULE COVERAGE
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Introduction to Marketing
Customer Relationship Management

2. THE UGANDA INSTITUTE
OF BANKING &
FINANCIAL SERVICES
UIBFS
ISO 9001:2008 CERTIFIED
What is a sales interview?
• In the sales context, this is a meeting or other formal conversation,
consultation between a salesperson and a prospective customer in which
mutual information is changed.
• This way, the customer obtains relevant information about a product
necessary in order to make a buying decision, and the salesperson obtains
vital information on customer’s situation, needs and preferences.
• As a logical first step in a sales and customer relationship process, the
sales interview is so critical that it merits a unit of its own in this course.
Preparing for a Sales Interview
• The sales interview usually includes questions that explore the customer/
prospect’s situation, needs and personal/ business environment. The
answers and further probes enable the sales person to more deeply
understand the likely drivers of customer satisfaction.
• The customer on the other hand asks the sales person questions on the
selling organization, its products and their characteristics.
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3. THE UGANDA INSTITUTE
OF BANKING &
FINANCIAL SERVICES
UIBFS
ISO 9001:2008 CERTIFIED
To conduct an effective sales interview, the sales person needs thorough preparations. Such
preparations should include but not be limited to:
• Background study of the client or prospect – their business, operational methodologies,
mission, vision, core values, products/ services and financial service needs
• Study of the industry situation and business environment of the prospect
• Updated notes and briefs on the products/ services on offer by the bank or selling
organization
• Thorough knowledge of the product or service on sale
• Thorough knowledge of the people in the prospect organization who influence buying
decisions the most, and if possible requesting that they attend the interview
• Practicing likely questions/ key concern of the prospect and truthful, persuasive answers to
them
• Firm appointment and confirmation of the interview date and time with the prospects
• Knowledge of who, from the prospective customer’s side, will be in the interview and what
their needs and concerns are likely to be
• Knowledge of competitors’ products and their advantages/ disadvantages over those on
offer by the selling organization
• Knowledge of the prospective customer’s relationship and satisfaction with their current
suppliers/ service providers
• Tailor-made guiding list of questions to ask the prospect
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4. THE UGANDA INSTITUTE
OF BANKING &
FINANCIAL SERVICES
UIBFS
ISO 9001:2008 CERTIFIED
Good sales interview questions focus on:
• Prospect’s nature of business and how it is managed/ conducted
• Prospect’s long and short term strategies for market positioning and
profitability
• Prospect’s size, cash flow cycle, sales trends
• Prospect’s competitive environment
• Prospect’s most recurrent and important financial service needs
• Prospect’s motives for buying the products or services
• Prospect’s satisfaction with the current suppliers
• What would encourage the prospect to switch suppliers to your
organization (what, about the product, delivery methodology and/ or
supplier is most important to the prospective customer?)
• Price, quality and brand preferences of the prospect
• The prospect’s views on the products/ services on offer (after
explaining to the nature and pricing of the products)
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5. THE UGANDA INSTITUTE
OF BANKING &
FINANCIAL SERVICES
UIBFS
ISO 9001:2008 CERTIFIED
Essential sales skills and attributes
• Adaptability - Sales jobs involve dealing with a wide range of people; the ability to adjust
your approach to the situation is an important requirement.
• Resilience –Which is key to continued success in sales. The ability to handle disappointment
and rejection, better still the ability to turn it into advantage, is a quality of outstanding
sales people.
• Persuasiveness – This is the sales person’s ability to persuade and influence prospects to
accept the product or service. Persuasion is not hard selling. It is helping the customer,
despite possible objections, to buy the best product or service by framing facts and
qualities of a product or service in positive ways.
• Motivation - A strong sense of purpose together with the ability to maintain a high energy
level are important contributors to sales success. An internally motivated salesperson will
always outsell a comparable sales person with low levels of self-motivation.
• Negotiation capability - A core sales competency is the ability to reach agreement through
successful negotiation. Good negotiation skills combine empathy, listening, coolness under
stress, interpersonal excellence, senility to others, and focus on synergy, persuasion,
patience, good planning, creativity, self confidence, self control, rationality and a healthy
dose of ambition.
• Presentation skills - Sales involve presenting information effectively and convincingly to
potential customers. Good presentation skills are a must
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6. THE UGANDA INSTITUTE
OF BANKING &
FINANCIAL SERVICES
UIBFS
ISO 9001:2008 CERTIFIED
• Self-Confidence and Perseverance – a very important skill every salesperson must cultivate,
because all the other skills are affected by the level of persistence. If you have every other
sales skill but you give up at the first hint of a “no,” then you'll never have many chances
to use those other skills. The first time you speak to a prospect, they might not want to talk
to you because they are having a bad day or just do not want a disruption. If you call back a
week later might be more receptive.
• Good Listening - Most salespeople are natural talkers. In a selling situation, even a great
speaker will only get so far without adequate listening. Taking the time to ask your
prospect questions and really listen to the answers shows respect for them, and gives you a
clearer idea of what they want. So how can you tell if you're doing enough listening? The
next time you cold call a prospect, ask an open-ended question and then hit the mute
button and leave yourself muted for at least a minute (or until you are absolutely sure the
prospect is finished).
• By forcing yourself to be quiet, you will notice right away how strong your urge is to jump
in and say something before the prospect has stopped talking. It is often a disadvantage for
the salesperson to be overly talkative.
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7. THE UGANDA INSTITUTE
OF BANKING &
FINANCIAL SERVICES
UIBFS
ISO 9001:2008 CERTIFIED
• Persuasiveness - Emotion plays a major role in sales. There's an old saying that
“features tell, benefits sell.” Features are the facts about your product or service;
benefits are their emotional connotations. Persuasiveness is the skill that allows
you to convey the positive emotions associated with a product or service to the
customer.
• Building Strong Relationships - This sales skill is just as important to a
salesperson's business life as it is to their personal life. Building and maintaining
healthy relationships is the key to developing a strong network. Networking will
allow you to reach far more prospects than you could manage on your own.
• Self-Motivation - Even the best salesperson is a work in progress; there is always
room to improvement. You can always find a way to develop your skills, work on
your pitch, and learn more about the products and services you sell. But the drive
to constantly improve yourself has to come from within. Your manager might
direct you to make some changes if your sales start to plummet, but if you are
constantly working to become a better salesperson you can start working on the
issue before it affects your numbers. A salesperson who is self motivated will seek
to identify opportunities and pursue them without being prompted.
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