Bank Products Sales Skill

Training Workshop
Berhan Bank S.C
February 2023
 Introduction

Getahun G/Tsadik Alisho

About AvantSol
A professional service firm established by three partners with a vision to
embed excellence into the operations of Ethiopian organizations and beyond.
The partners have individually unique, collectively reach and mutually
complementary state of partnership in their industry experience, knowledge
career history and consulting projects.
Our company strives to put an original thought into every service we deliver
and solution we design.

Industries the AvantSol team has served

The Avant Way
The Avant Way
Engaging clients for a unique journey and
# knowledge transfer

Trend setting in the professional service

# industry

# Focus Focus Focus !!

3
 The Ideal Professional Service Firm

Our Why Our How Our What

Original Solution
Excellence
Thought

The core essence Original thought for The solution that is

of AvantSol is a AvantSol is not just a provided for you will

deep desire to customized solution; it take your company to

make excellence goes beyond that. new heights since it has

part of our and our excellence at its heart

clients’ everyday It’s providing a solution and original thought in

processes. that will bring a shift in its design.

dynamics and lasts beyond

its creators.
 Our Services

• PROJECT &
• CONSULTING • TALENT EDGE • ENTERPRISE
SERVICES • CHANGE
MANAGEMENT

5
Objective of the Training

At the end of this session participants will be able to:

Refresh the basic concepts of selling Effectively identify potential

Bank products customers

Conduct analysis to identify sales Elevate skills that expedite and

opportunities expand influence

Employ strategies for enhancing Be able to handle resistance and

resource base through personal, objections by delivering a superior
retail and cross-selling strategies value propositions
Training Contents

Day One Day Two

Morning Morning
Setting the scene
Module III: Making Initial Contact
Module I: Sales Overview
• Customer styles and types
• What is sales
• Developing your styles of engagement
• Sales process
• Sales skills to the Bank and Employees • Sales presentation

• Foundations of Effective Selling

Afternoon
Afternoon
Module II: Pre-engagement Search
Module III: Making Initial Contact…Cont’d
• Product knowledge
• Handling objections
• Industry knowledge
• Sales close
• Competitor knowledge
Module IV: Customer Relationship
• Prospecting and pre-approaching
Management
• Reaching decision makers
• Scheduling follow up calls
• Customer need identification
• Key account Management
• Sales presentation planning
 Setting the Scene

Vision
To be the preferred Bank in customer experience and integrity.

Mission
To provide superior banking services that exceed customers’
expectations and maximize shareholders’ value through state-of-
the-art banking technology and high-caliber staff.

Values
• Customer Centricity
• Integrity
• Respect
• Excellence
• Innovation and collaboration.
Module One: Sales Overview
What is sales

#1. In its latest meaning, selling is about helping customers make

satisfying buying decisions. It involves providing customers with
the goods and services they wish to buy and showing values in it.

What are the two key words from the above

statement?

#2. It is a process of developing relationships; discovering needs;

matching the appropriate products with those needs; and
communicating benefits through informing, reminding, or
persuading.”

What are the three key words from the above

statement?
Sales skills to the Bank and Employees

Up to

30%
Of the jobs
will be jobs
that don’t
exist yet
(NEW) in
about 15
years time
(Tomorrow-Today
Global, March 2017)

“Everybody lives from selling something “

Robert Luis Stivenson
Sales skills to the Bank and Employees

To

• Personal attention
• Detail demonstration
• Immediate feedback
• Individual service
• Customer confidence
• Improving image
• Develops customer relationship
Foundations of Effective Selling

What makes sales activity in Banking environment more challenging these days
in Ethiopia?
30 banks
Stiff competition
Relatively same product
Same target market

Greater pressure on cost and interest margins

More knowledgeable customers

Evolving/Growing buyers (i.e. service options)

Alternative buying channels

More complex value propositions

Foundations of Effective Selling

This new environment is demanding Banks to reexamine how they:

• Build
• Develop
• Guide their sales activity
▪ It is driving businesses to design
appropriate sales approach.
▪ They also look for the “right” talent
and
▪ Encourage the desired behaviors
of their talent by designing and
looking for right competency based
approaches

So is true for BB.

Foundations of Effective Selling

To succeed in sales activity the basic foundation is working on your PC-Cube

• Availability • Strength

PC 3
• Accessibility • Weakness
• Knowledge • Competitive
advantage

Products Competitors

• Knowledge • Segments
• Skill • Need
• Attitude • Winning
• Relationship

Competency Customers

Highly efficient support capability that provides the sales person with the
Sales
information, expertise, and speed to market and efficiency needed to achieve
operations superior performance.
Selling Approaches

The 2 selling approaches

Consultative
The sellers focus on
understanding the customers’
needs and suggest suitable
solutions to them

Conventional
The sellers persuade the
customers to buy their products,
based on their subjective
assumptions of the customers’
needs
 Selling Approaches

Contrasting
Conventional Consultative
Approach Transaction focused Customer focused

Method Needs assumption Exploring needs

Practice Persuasive, pushy talk Effective questioning, Active

listening
Purpose Short term revenue Build relationship for
sustainable revenue
Result Product sold, deal Provide solutions meeting
closed customers’ need
Selling Approaches

Why consultative selling?

• Market is more competitive

- More Banks
- Products and prices become
similar
• Customers are more demanding
- Their needs are more diversified
- They have access to vast
information
- They negotiate more
Selling Approaches

Where consultative selling is most needed?

• Intangible products
• Diversity of customer needs
• Riskier products
Selling Approaches-Summary

Complicated / intangible
Persuadeproducts Focus on
through the customer
Diversity of customer’s
Involvement
needs
High end / expensive
Earn the right
products
to advance
(personal interest)
Module Two: Pre- Engagement Search
 Introduction

✓ What preparation do you make before you start selling to

existing customers and/or new prospects?
✓ What percentage of your time do you usually spend on
this?

Around 60% of your success in the sales

activity depends on the things you do on pre-
engagement

“Efficiency is intelligent laziness”

David Dunham
Product Knowledge

Knowing your products.

• Customers should come to depend on
you as their banker or consultant
who has their needs and best interest at
heart.
• If a customer determines that you have
a good knowledge of the services
they want, they will be more likely to do
all their banking with you.

Salary Bank loan

payment products
Interest
Time
free
deposit
banking Money
Checking
transfer
account
service
Saving E-banking
account
Foreign
Receiving
Exchange
payments
Services

Selling is giving the customer sufficient information to make an

intelligent buying decision, be it YES or NO. RON MARTIN
Competitor Knowledge

Competitor Analysis:
As someone who is trying to sell BB products know the
following about competitors:
• What are they offering now
• What better value does it have compared to BB products
• What possible answers will you give to your prospect if
he compared with other competitors?

It’s always good to keep your eye on what your

competitors provide…..

Here comes the support of Sales operations------

MARKETING INTELLIGENCE
Prospecting

Prospecting Methods of prospecting

• Prospecting is a process • Cold canvas
of discovering new • Referrals
potential customer who • Conferences
will become prospects • Personal observations
• Existing customer
• It is finding potential
customers, to qualify, Which one of the above
classify and categorize methods is more relevant
them. for you in your current
• Prospecting has to be a position in the Bank?
continuous process.
Existing customers
for cross-selling and
up-selling
Prospecting

Prospecting plan

➢ Differentiate prospects
and existing customers
through the determination
of their need
➢ Qualify prospects by
finding the need and
ability to accept your
proposal
 Prospecting plan sample format

You can use this sample excel template for your corporate prospects.

Client Management sheet

Client detail Action plan Contact detail

Client Account Contact
Name Manager Expected Planned Lead
Lead Status
service Due date Result person and Phone Email Remark
activity Source
position
Pre-approaching

Pre-approach Tips
Determining facts and • Obtain updated information about
data that will move the your prospect and current
customer: Personal & business data
sale forward
• Set an objective for your approach
• Develop a plan to achieve the
objective (What can you do to
succeed)
• Have the evidence that will support
you
• Develop ways to handle objections
• Do mental role play
How to reach the right prospects

The next issue is…..Which door to use?

• Using a direct marketing to get
The front door in touch with the decision-
makers.
• You may try telemarketing, or
more
• Used when you have a unique
value to propose

The side door • Network, network, network.

• Using network to get in touch
with decision makers
• Possible gateway…….LinkedIn
• Used when you have a value to
propose
Sales presentation planning- Summary

In your sales activity, planning your sales presentation is very important. Consider
the following issues in planning your presentations:

Product wise Prospect wise Competitors wise

Know the products Identify their needs and wants and Know what competitors
you will propose very connect which of your products offer
well meet prospects need

Cross cutting
• Identify the most FAQ from the kind of prospect you are addressing
• Prepare your answers for possible questions that come in your way
• Guess the type of objection your prospect will have
• Prepare for managing objections
• Collect supportive items like fliers, calendar, …..
• Estimate the amount of time you will have
• Classify your time and how you will use it

What are they? Lets identify

one in pair
Module Three: Making Initial Contact
Sales presentation
Sales presentation has to consider prospects’ adoption process. The
adoption process is the mental process an individual goes through from
first learning about your Bank until he/she becomes a customer. It includes:

Yes Customer

Evaluation No Prospect

Interest

Awareness
Sales presentation

When you first approach a prospect, what do you aim for?

Approach
It is the first face-to-face contact
of the salesperson with the
prospective customer.

Approach objectives
• Make a good first impression
• To gain attention
• To awaken needs Tips
• To qualify the prospect • You should be prepared
• Make customers feel that to use as many
meeting us may be a potential approaches as
opportunity necessary to bring the
• Secure an appointment sale to the next phase
Sales presentation

In the sales presentation,

an approach can have
three major episodes. Episode 1: Rapport

Episode 2: Affliction

Episode 3: Value
proposition
Episode 1- Rapport

• Rapport is the first few minutes

of contact with your customer
• You can improve the first
impression by your:
• Smile
• Firm handshake,
• Your confidence &
• Your Appearance
Episode 1- Rapport

Methods of Rapport

Introductory approach: Flattery approach:

Your name
Your company Flattering your prospect
Your purpose

Referral approach
Citing your reference.
Question approach
Life related
Work related
Current issues
Episode 2- Afflictions

• Let’s remember an occasion

when someone tried to sell you
something and you feel
interested.

• What has made you feel

interested then?

• A good needs assessment allows

you to tailor your presentation to
your audience, and keep it
interactive.

Balance Advocacy with Inquiry

Episode 2- Afflictions

Customer’s three stages of needs

Latent Vision: A
Active Pain
Needs solution

We can only arouse their interest if Get your products/ services

prospects are in the active pain or included in customers'
vision of a solution stage. vision
 Probing skills – SPIN question model

Identify where the customer is

Situation Q. Problem Q. Implication Q. Need

Exploring Needs Exploring Exploring Pay Off Q.
problems consequences Exploring pay off

Vision:
Latent
Active Pain A
Needs
solution
Probing skills – SPIN question model

Move a latent need to an active pain

Tell a reference story – create new hopes

Ask “anxiety questions”

Latent Active
Needs Pain
Probing skills – SPIN question model

Create a vision

Use open ended questions to identify potential solutions

Explain how your services can make the solutions possible.

Active Vision: A
Pain solution
Episode 2- Afflictions ----- Key Skills

Listening

Engaged listening Manifestations

• Paraphrase
Interactive listening • Repeat
Interpretive listening • Probe
• Clarify
Focused listening • Remember
• Emotional
Partially listening
reaction
Pretend listening
Not listening
Episode 3- Value proposition

Value Proposition refers to a statement a salesperson uses to summarize why

a prospect uses the Bank service.
Service
Ways of proposing value: approach: Service benefit
A unique product approach
action, Characteristic
Technology
Shock approach: Friendly
Customer service
A rate or percentage of
incidence
Research finding

Question approach Referral approach

Survey
Preference Citing satisfactory
Practice approach experience of sound
Evaluation From an customers
organization or
quality standard
Episode 3- Value proposition
Effective Selling: Principles

Build Interest with Features; Build Desire with Benefits

Sell the benefits, not the features.

▪ Highlight the benefits as well as the
features of your product or service.

▪ Starting with the strongest benefits

of your product will reassure Feature
customers that you care about them,
not (just) their hard-earned money,
providing something of value.

▪ Selling with benefits means that

you’re transparent with your
customers.
Benefits
▪ That’s exactly what their cognitive
function wants.
What unique Value does BB offers?
Episode 3- Value proposition

How do you communicate benefits while selling Bank products?

Statement used in the sales activity Feature Benefit

Our product is…

Working capital loan is important for your since you nature of

the business……
The interest rate we charge you…

Such repayment schedule makes your company ……

The periodic deposit you will be making will earn you or

make you buy……
The repayment schedule …..

We will pay the salary of your staff at the end of each

month……
The amount of interest we pay you is…

If we manage your salary, your company will get……

The amount of loan we give you is ……

Episode 3- Value proposition

Benefits can be shown by:

• Using some referrals who had

previous successful history with your
service
Episode 3- Value proposition

Remember

• Do not confuse customers with

too many choices.
• Do not advocate services or a
specific solution too early.
• Get customers to explain what is
good or bad for them.
• Draw out the customers’
perception of the best option.
Handling Objections

What kind of objections did you come across so far

and how did you managed it?

Handling objection

• It is the reason a customer

raises for not using your
service.
• A successful salesperson
welcomes objections

“Buyer is not a fool, buyer is your wife” David Ogilvy

Handling Objections

Common objections: What are the common objections?

Misunderstanding
She/he didn’t understand an
explanation for an important point

Salesperson Services
“I don’t have any time for you” “…….. are not attractive
enough”

Common
objections Company
“I don’t like to do business
Acting now with your company for
Prospect object to make past wrong experience
a decision now because and other different
she/he is not ready to reasons”
accept your service for
a new piece of Teasing
information you He/she is interested in your
presented product but needs additional
information
Handling Objections

Use LAPACT as a tool to handle objections

L isten

A cknowledge

P robe

A nswer

C onfirm

T hanks
Handling Objections

Tips in objection handling

Sales Close

Closing

• It is the climax of the sales presentation, i.e. the point at which

the customer agrees on your service.
• Determine what the prospect needs, build a value to a point
higher than the prospects resistance to be BB client.

Buying signals

• Buying signals are indications • These signs appear during the

of prospects interest to use
BB services.
face-to-face contact
• The signs give the indication
that you are on your way to win
this sale and the customer is
interested in your service
Sales Close
Closing techniques
Technique
1. Uncovering hidden objections
2. Summary of benefits
3. Trial close
4. Ask an expert
5. Assumption of the sale
6. Limited time offer
7. Built-in give away
8. Ask for the sale
Example
So what is the barrier?
You could save % interest cost...
So shall I give you an account opening
form…
Do you need to hear it from the Branch/
District Manager?
I have filled the form for you, do you want
to check it…
If you open account today…we will give
you……
We will allow you Forex …if you deposit…
So are you interested to work with our
Bank?
Sales Close

Closing an unsuccessful sale

• Withdraw gracefully

• Thank the customer

• Follow up
Insight

• Label the behavior, not the prospect

• Don’t get defensive
• Don’t take it personally
• Have the motivation and confidence
all the time

Marketing leads
(prospects) that are
never converted to 80%
sales (Salesforce,
2018)

55
 Key Account Management

Follow up

Sales Statistics
• 2% of sales are made on the first contact
• 3% of sales are made on the second contact
• 5% of sales are made on the third contact
• 10% of sales are made on the forth contact
• 80% of sales are made on the fifth to twelfth
contact
Source: National Executive Association

What do your experience looks like in light of the above fact?

Module Four: Customer Relationship Management
Key Account Management

Follow up

• The sale does not complete

the selling process.
• Follow-up activities are
very important for long-
term business “Essential goal of selling is not to
relationships. sell, but to ensure repeated
buying!”
• It is important to check if Harvey Mackey
the services have been
received in good condition,
to establish the customer is
satisfied etc.
Key Account Management

Why check customer’s satisfaction?

• Shows your responsibility.

• Understand more about the
customer’s needs.
• Increase service quality.
• Look for opportunities of
cross-selling other services or
up-selling.
• Maintain ongoing contact.
Key Account Management

How to check customer’s satisfaction?

• Ask
• Re-visit
• Call
• Get information from other
sources like your colleague
Key Account Management

Follow up

Source: National Sales Executive Association

What do your experience looks like in light of the above fact?

Key Account Management

Follow-up

• Feedback internally to
improve products/ services
• Find opportunities to cross sell
or up-sell
• Be aware of competitors and
proactively react
Ready for Action

Develop a personal action plan to improve your role in

building your sales skill.

Guide:
Use the below skill area for your description
✓ Product knowledge
✓ Competitor knowledge
✓ Developing relationship
✓ Value proposition
✓ Handling objections
✓ Key account management

10 minutes

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