Mittal School of Business

Academic task , assignment-1

NAME OF FACULTY – Dr. VEER P GANGWAR

COURSE CODE – MKT 352
COURSE TITLE – SELLING AND SALES MANAGMENT

Registration No –11813420

NAME OF THE DEGREE- BBA- (2018-21)

NAME – ASHUTOSH ASHOK LONDHE

DECLARATION-

I declare that the assignment is my individual work. I have not copied it from
another student‟s work or from any source except where due acknowledgement
is made explicitly in the text, nor has any been written for me by another person.

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HDFC SAVINGS ACCOUNT

HDFC Bank Ltd. Is an Indian bank and financial services company headquartered in
Mumbai.Incorporated in 1994 inaugurated by then finance minister Manmohan Singh.
HDFC Bank is an subsidiary of Housing Development Finance Corporation. The bank has a
distribution network of 5500 branches across 2764 cities. The bank also installed
430,000 POS terminals and issued 23570,000 debit cards and 12 million credit cards. HDFC
Bank provides a number of products and services including wholesale banking, retail
banking, treasury, auto loans, two-wheeler loans, personal banking loans against property,
consumer durable loan, lifestyle loan and credit cards. Along with these various digital
products are Payzapp and SmartBUY.
HDFC Bank acquired Times bank in February in 2000 established by Bennet Coleman and
Co. In 2008, Centurion Bank was acquired by HDFC Bank. HDFC Bank Board approved the
acquisition for ₹95.1 billion in one of the largest mergers in the financial sector.
HDFC Bank is largest private sector bank by assets. It is the largest bank in India by market
capitalisation as of March 2020.

It has received various awards:

• Best banking performer, India in 2016 by Global Brands Magazine Award.

• Best Performing Branch in microfinance among private sector banks by NABARD, 2016,
Award for Best Performance in Microfinance.
• KPMG study of India's Best Banks, Bank of the year & best digital banking initiative
award 2016.

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PERSONAL SELLING PROCESS IN HDFC

• PROSPECTING

The first stage of personal selling process involves identifying potential customers.
All prospects identified may not turn out to be actual customers. Hence identifying the
right prospect is essential as it determines the future selling process. Marketers tap
different sources to identify the prospective customers. Marketers search for prospects
in directories, websites and contact through mail and telephone.

A Ideal is the one with lowest risk,lowest cost to serve and most profitable. The method for
defining a ideal customer is as follows:
• Asses profitability and growth of the current customers within the bank on the basis of
demographic and psychographic factors such as age gender and location.
• Referrals – People whom your existing customers have suggested that they get in
touch with them.
• Networks – People who are connected personally or through the bank events
• Website visitors – People who have shown interest in your offerings by accessing
your website and leaving their contact data.
• Purchased list – People with job titles that typically buy your offerings.
• Received Callers – The people who called the bank enquiring about the opening of a
savings account with the bank.
• Asking current customers to tell prospective customers,
• Cultivating sources of potential customers through dealers, distributors, suppliers,
trade associations etc,
• Data sources like newspaper, magazine, directories, bulletin etc, to search name,
• Using telephone and other media to know prospective customers.

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 A sales person should have ability to convert all this information to identify a potential
customer

QUALIFIED PROSPECTS

• WEBSITE VISTORS:
The best prospect for Qualifying would be website visitors. As a website visitor put
his own data that means he is surely interested in having a savings bank account with
hdfc bank

• RECEIVED CALLERS
If a person calls in to enquire about the savings account. They are interested in
opening a saving account and is a potential customer. Hence it is a prospect to look
upon.

PRE-APPROACH

This stage involves collecting the collecting of as much as relevant information as

possible prior to the sales presentation. The pre approach presentation is carried out
on old customers as well as new customers.
Pre- approach means that sales person must learn as much as possible about potential
customers‟ needs, habits, preferences, personal characteristics, buying styles and
buying decision process.

1. Fellow Salesmen: Friendly relationship with other salesperson helps to add to the
information regarding prospects. Other salespersons may disclose some useful clues
about prospects and their wants.
2. Customers: Customers, particularly satisfied customers are the most dependable
source of information. The satisfied customers readily give the information in terms
of the likes and dislikes, income status, family composition and so on.
3. Market Survey Reports: Market surveys are conducted by companies whenever they
need data of a particular locality.
4. Dealers: Dealers especially retailers are the last link in the chain of distribution. They
usually have close contact with customers. They know their customers totally in terms
of temperament, buying behaviour, profession, purchasing power, and so on.
5. Data Surfing: A salesperson could also get the data about the prospect by surfing
through various social media platforms like Facebook, Instagram, twitter etc.

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It is useful to recall that the Indian market is one where large numbers of prospective
customers have very low per capita capacity to save/pay. The innovative way to lure these
customers will be to have low cost entry products- opening savings bank account with Rs.
100. He should also decide best approach, i.e., how (personal visit, or telephone or letter),
when (time of visit) and where (office or residence) to contact the prospective customer

An important part of PRE – approach is practising the presentation. As a sales person you
have to be perfect with your presentation and confident in presenting yourself hence
practising this comes in pre approach method.

APPROACH

First impression is last impression. Success of a salesperson lies in opening lines and his
follow-up remark. The spoken words are most powerful tool that creates sales. Approach is
concerned with attitude, manners and appearance of the salesperson and relates to his ability
to communicate with the prospective customer. Banks have started spending huge money to
train their salespersons to develop their selling skills.

A customer could be approached by the following ways :

• Calling the prospect customers.

It is important to set prospecting goals like if we want to qualify 10 customers then calling
around 50 prospects would be considerable.
Getting the prospect believe in to the bank.

• Meeting personally with customers

This a very affluential way of qualifying a prospect customer.
Showing up in a proper dress code and having a meaning full conversation with the prospect
helps in qualifying the prospect.

The salesperson should always focus on the benefits of the customer. This can be done by
using the FAB technique:
1. Features
2. Advantages
3. Benefits

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Approach is the most important part of the selling process and should be dealt with as much
eloquence because first impression is the last impression. This is the best chance to impress
the customer.

THE REPEAT CONTACT APPROACH

‘Repeat contact’ is another common approach, when making the contact; the salesman
mentions a prior meeting. What type of approach would be suitable depends upon the
salesman’s preferences, the product being sold, the firm’s resources, and the characteristics of
the prospect.

PRESENTATION

The next step in the personal selling process is called the ‘sales presentation’. The sales
presentation involves the salesperson presenting the product or service, describing its
qualities and possibly demonstrating features of the product. Ideally the sales presentation
will be individualized to match the needs and desires of the potential customer.
There are three approaches to make a presentation:
• Canned approach
• Formatted approach
• Need satisfaction approach

TYPE OF PRSENTATION USED :

When it comes to the banking sector the CANNED APPPROACH works the best. This type
of approach is based on memorized sales talk covering the points about product features. It is
based on stimulus response theory that suggests that by proper use of words, pictures, action
and terms, salesperson prompts customer to buy the product.
Things to consider in a canned presentation:
• Objective
• Time allotted for the presentation
• Research on audience
• Prioritizing important features beforehand

Things to take care while meeting and presenting the client:

i) Respect personal space - maintain adequate distance from the prospect.
ii) Not enter the prospect's residence/office against his/her wishes
iii) Not visit in large numbers - i.e. not more than one DSE and one supervisor, if
required.
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 iv) Respect the prospect's privacy.
v) If the prospect is not present and only family members/office persons are present
at the time of the visit, he/she should end the visit with a request for the prospect
to call back.
vi) Provide his/her telephone number, supervisor's name or the concerned bank
officer's contact details, if asked for by the customer. vi) Limit discussions with
the prospect to the business - Maintain a professional distance

HANDLING OBJECTIONS

After presentation, customer should be encouraged to raise objection and doubt so that all the
objections and doubts are cleared to the best extant possible. Customer raises objections
because they may find certain gaps either in their understanding or in the adequacy of
information or just the fact that they do not like the marketers. Objections are natural
behavioural elements from consumers and cannot be wished away.

• Direct denial method (also called the “head-on or contradiction” method), under
which the salesman should never contradict the buyers’ observation. In such method,
the salesman should keep in mind these guidelines;
(a) He should not be offensive, rather he should smile;
(b) The retail sales clerk should not attempt this method because he is seldom in a
(c) The type of customer must be kept in mind so that his feelings may not be hurt;
(d) It should not be used if the objection has any ‘ego’ involvement in it.
• The Boomerang method (also called the translation method), is so called because the
object raised by the prospect often comes back at him as a valid reason for buying the
product. This method is useful in meeting excuses that are not strongly backed by
facts. It is effective only when the salesman is skilled in applying this technique.
• Indirect-identical method (also known as “yes but method or ‘sidestepping the
question method), is most widely used method. It is a method of compromise because
both salesman and prospects “bend” a little. They admit to each other that they both
are right, but there is the other side of the problem to consider also.
• Compensation method, which merely acknowledges the validity of an objection, but
points out some advantage that is supposed to compensate for the objection, such as
lower price, or special care of the product.
• The Pass-up method, is one where the salesman smiles and tries to pass over the
objection especially when the objection is of trivial nature that it does not deserve a
careful or thoughtful answer.

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 • The question method, under which the salesman asks questions regarding objections,
so that further analysis be made. The “reason objections” are answered with the word
why because why reopens the discussion and the possibility of making a sale.

HOW TO HANDLE THIS OBJECTIONS:

For handling the objections following things are necessary:

• It is important that the marketers must have thorough product or services knowledge
and must communicate the benefits to the consumers.
• Salesperson should answer all these objections in such a way that all doubts are
reasonably clarified and customer is prompted to buy the product.
• Handling objections is a very tricky business and most difficult part of the
salesmanship. Negotiation skills play a major part in handling objections tactfully
and firmly.
• Above all, marketers should always be encouraged and motivated to face challenges,
as it will enable them to stay focused and deliver results.
• The marketer must be a creative learner. He must be willing to experiment and able
to learn from mistakes.

CLOSING
This step is the climax of the selling process in which the salesman asks the prospect to buy
the product or products. “He who wins the last battle wins the war” is truly applicable to a
salesman foreclosing in the test, of every salesman. Inadequate preparation, poor impression,
failure in meeting objections or wrong approach on the part of the salesman may come in his
way.
Buyer’s fears and the salesman’s attitude are two important obstacles of closing the sale. The
sale must be closed only when the salesman knows that the customer is prepared for it. The
close of the sale depends upon the conditions, personality for the parties and the nature of the
goods.

The best closing techniques for banking sector:

1. The assumptive close:

This technique involves using a phrase or language that assumes the close is a done deal. For
example, you could close with, “What day do you want to receive your shipment?”

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 2. The option close:

Similar to the assumptive close, rather than asking for a prospect’s business directly, you ask
them which option they prefer. For example, you could close with, “Do you want your
shipment delivered on Wednesday or Friday?”

3. The suggestion close:

If you have good rapport with the prospect and they view you as a trusted expert, a
suggestion close is a good approach. You could close with, “Based on what you have told me
about your operations, I would suggest you receive orders on Fridays. Does this work for
you?”

4. The urgency close:

Creating a sense of urgency places pressure on the prospect to make a decision, especially if
you have identified that the client needs to make a decision quickly and is working on a short
timeline. Think of the “limited time offer” as an example.

Some of the effective ways of closing the sale are –

(i) to take it for granted

(ii) offer some inducements
(iii) telling business stories how others have benefitted by the purchase of the products.
(iv) fear of loss.
(v) stressing minor but interesting details.
(vi) marketing a straight request for an order.

Things to keep in mind as a salesperson:

• Never feel insulted by the refusal

• Never write-off a customer
• Never give up

FOLLOW UP

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It is an exercise of establishing long-term relationship with the customers so that salesman
remains in touch with post sales issues and get the repeat orders.
• For banks, follow-up means to look into personal problems of the customer so that
debt is rescheduled or extension in payment is allowed so that there is no technical
default.
• Follow-up also means to provide post credit counselling so that salesperson remains
in touch with the customers and exploit the opportunity for cross-selling or up-selling.
• He can also check that whether the customer is totally satisfied with the product and
in case he has any doubt/problem that should be sorted out immediately.

So, a sales man should keep on calling his customers to stay in touch, not necessarily
to sell more.

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