Professional Documents
Culture Documents
Outline
Referra
l
Sales Interview
3
Demonstration/
Transactio
n
Proposal/
Closure
5
Negotiat
Presentation
Substantiat
Sales Cycle
The term given to a series of sequential
steps that comprise a sales process.
It consists of several logical steps that a
sales person(the account officer) has to do
from beginning to end of the cycle.
Individually, each step within the sales cycle
is called a stage.
Sales Cycle
Each sales cycle stage has two basic
components: 1) the predominant activity and 2)
the compression objective.
The predominant activity is the basic task the
account officer needs to perform within each
stage of the sales cycle.
The compression objective is the primary focus
of each stage of the sales cycle. This refers to
what desired action the account officer would
like the customer to make to move the sale to
the next stage.
Predominant Activity
Prospecting
Sales Interview
Demonstration/Presentation
Substantiate
Negotiate
Transaction Closure
Referral
Client Orientation
CIBI/Cash Flow
Analysis
Loan Disbursement
5
Present Loan Package
& Close transaction
with Customer
4
Credit Committee
Predominant Activity
Compression Objective
1. Prospecting
2. Client Orientation
3. CIBI
4. Credit Committee
5. Negotiation/Close sale
6. Loan Disbursement
7. Referral
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PROSPECTING
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PROSPECTING
The first stage or beginning of the sales cycle.
The predominant activity here is to determine
who are the prospective clients and getting as
much information as possible about them.
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PROSPECTING
3 important elements present in a qualified
prospect:
1. The authority to make a buying decision.
2. Control over the budget.
3. A need or want for your service or product.
Prospecting
Steps in identifying potential customers
Leads
Individuals who possibly fit your loan products client
eligibility criteria.
Prospects
Those that have already an interest in the product
Qualified Prospects
Those that want the product, can afford to buy it and
have the authority to make the purchase decision.
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Prospecting Techniques
A. Existing Customers
B. Former Customers
C. Directories & Souvenir Programs
D. Newspapers & Magazines
E. Yellow Pages
F. Seminars
G. Networking
H. Direct Mail / Advertising
I. Public Relations
J. Associations
K. Cold Calls
L. Referrals
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It is a game of numbers
Know your ratios and strive to improve them
Quality prospects
Make every day a prospecting day
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1.
2.
3.
4.
5.
Address
Project
ed
Loan
Amoun
t
Call
Date
Follo
w-up
Date
Remar
ks
_______________________________________
Signature over Printed Name of Account Officer
_______________________________________
Date of Submission
*To be prepared in duplicate copies; 1 for the account officer 1 for the MF Supervisor
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Benefits Selling
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Selling Benefits:
Selling Benefits:
Selling Benefits:
The heart of a winning presentation
FEATURES:
An element of a product that delivers a benefit.
It is the inherent characteristic of a product.
It is the quality that makes it competitive with
other lines.
It always answers the question what is it?
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Selling Benefits:
The heart of a winning presentation
BENEFITS:
It is the performance of the product to promote
the well being of the user.
It answers the question What can it do for
me? (WIFM)
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Selling Benefits:
The heart of a winning presentation
Some examples:
Feature
Airbags
Large type
Digital recording
Soft leather sneakers
Mercedes Benz logo
Benefit
Lowered risk of serious injury
Ease of reading
Hiss-free listening
More comfortable walking
Increased self-esteem based on
status
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Selling Benefits:
The heart of a winning presentation
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Handling Objections
Overcoming objections
in a Planned Manner
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Handling Objections
Process:
Step 1. Hear the full objections(listen before reacting)
Step 2. Make an accurate diagnosis
Step 3. Review the objection with the client
Step 4. Answer with proof (whenever possible)
Step 5. Seek agreement with the client that his
objection has been answered and
overcome
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Handling Objections
Methods in Handling Objections
YES-BUT METHOD
BOOMERANG METHOD
QUESTION METHOD
COUNTER BALANCED METHOD
THIRD PARTY METHOD
DIRECT DENIAL METHOD
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Handling Objections
1. YES-BUT METHOD
The account officer acknowledges understanding of
why the prospect is making the objection and then
shows the prospect why he does not have adequate
information.
2.
BOOMERANG METHOD
The account officer using this method turns the
objection into a reason for buying.
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Handling Objections
3. QUESTION METHOD
The account officer prods the prospect to answer his
own objection by asking him a series of question.
4.
Handling Objections
5. THIRD PARTY METHOD
The account officer can answer a prospects
objection by calling on the testimony of a third person.
6. DIRECT DENIAL METHOD
The account officer uses this method when the
prospect leaves you no other choice. If the
salesperson has been generally pleasant and
agreeable throughout the interview, his denial will be
all the more convincing.
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