SELLING & SALES MANAGEMENT (SSM)

ASSIGNMENT
On
Topic: Sales Management in ICICI Prudential Ltd.

SUBMITTED TO: Prof. V.T. Thomas

DATED on : 06 February 2012

SUBMITTED by:
BALASUBRAMANI S (09DM122) JAYDEEP DAS (10DM065)

Institute of Management and Information Science Bhubaneswar

Objective of the Study

y y y y

To explore the sales management techniques used by the corporates Learn to overcome the hurdles in the Art of sales To know other attributes of sales management (Planning ,Staffing, Compensation) Real life Inspiration to become a sales executive

Methodology

Primary Data

: We collected data from the Area manager of ICICI Prudential through

interview mode, for which we prepared a un structured questionnaire. This Interview is a unorganized interaction based interview which helped us to know the exact face of Insurance sales executives management techniques in real life.

Secondary Data

: Fundamentals of Sales - Frutrell.

Inputs from Selling & Sales Management class.

Questionnaire
We prepared an unstructured questionnaire which covers all aspects of sales management like Planning, Staffing, and Compensation etc. related to Insurance co. We present the replies that we received in a normal FAQ format.

How can we identify a prospect from the pool of suspects?

Identifying the prospect is the primary hurdle of any sales executive. To master in this art a sales person should have a third eye, with which he can see those who will need the solution (Product) for their problem. Generally searching prospect is place oriented, like where best our product is more demanded? and where can we have more sales opportunity?

How can we approach a new customer?

Need Analysis: The first step is to know whether the person needs our product. Next, she/he capable to buy our product. Finally, a sales person should create an interest before we approach any new customer a good sales executive should study about the customer wants and expectations. Its always professional to request an appointment before meeting. Approaching new customer should be very careful, because there is no second chance to create the first impression. Personally, it took 4 yrs. for me to close my 1 st sale!!!

Calls and Leads does not die

How to do a Need Analysis?

For any financial product the person who is extremely rich and the person who is extremely poor is our prospect. It is easy to find both. But, for insurance, everyone is a prospect, everyone need insurance, because the risk attached to Life, Beloved, Property is partial to either Rich or Poor. So, in such case there is no need of need analysis, even then selection of appropriate policy to that customer is the best need analysis an Insurance sale executive can do.

What is the maximum time that a sales executive can invest, to get convert prospect into sales?
As i told you in the beginning, it took 4 yrs. for me to close my 1st sale. Specifically there is no time limit, but of course expenses factor is also one of the factor that a sales executive should take care while converting prospects into sales. Here the Mantra is Continuous follow-up and Patience that sales executive is follow.

On what basis the targets are given to sales executives?

Targets are basically management decision, depending on growth of industry, market, etc. Targets are basically the divided units of entire sales of any co. Usually targets are given according to the capability and qualification of sales executive. In Insurance, the targets are set based on premium collection, new policy selling, worth of new policies etc. And of course targets are increased once the sales executive achieves it.

Targets, Incase if not achieved?

Sales job moves on Hire n Fire basis. There is no mercy in sales job. The survival of the fittest. But, since recruitment is also a expense for any company, chances are given to the sales executives prove themselves. Any person who can survive in Indian Insurance sales job for more than 6 months can become master in selling.

What all special qualities do a sales man requires? How you identify him?
Patience, Tolerance, Smart work, Self-Motivation, and Inner spirit are some of the qualities that we see while recruiting sales force. Generally, while recruiting a sales person we see his communication skill, Ability to explain, Ability to take quick and correct decision, and Ability to negotiate etc.

How do you set compensation for any sales executive?

In insurance compensation is based on performance. And also incentives will boost up their compensation.

Does Insurance sales also territory based?

NO, unlike FMCG product insurance is more related to direct selling, the prospect can be friends, relatives, etc. So, there are no territories in Insurance. Insurance is open sky market.

As an area manager how you maintain the hierarchy with your sales force?
We do quality audit, sales audit, get feedback from customer after the sale close, we also demand weekly sales report etc. Also we strictly follow all the rules and guidelines of IRDA related to sales to prevent sales force from miselling.

Does relationship selling also applicable for Insurance also?

Except Life Insurance, it is applicable in other insurance products, as we should canvas the customer to renew or enter into a new business. As, in Life Insurance, the person wont be available for a new relation.

CONCLUSION "Sales are contingent upon the attitude of the salesman, not the attitude of the prospect."
- William Clement Stone

Sales management is simple the art of meeting and exceeding the sales goals of an organization through effective planning, controlling, budgeting and leadership activities. Sales Management helps the organization to achieve the sales targets efficiently and it is the life blood of any company.

Our Sincere Thanks to

Prof. V.T. Thomas Institute of Management and Information Science Bhubaneswar

&

Mr. Subrat Samal Area Manager ICICI Prudential Life Insurance Co.Ltd. Epari Plaza, 2nd Floor,Plot No:653, Janpath,Unit III Bhbaneswar -751001. Tel: (0674) 6612731
subrat.sanal@iciciprulife.com