Sales and Relationship Management

An introduction to Sales, Relationship Management and the importance of both

in banking and services

Program Introduction

• Why is this module important?• Today, sales isn’t isolated, it’s everywhere• It’s part of every job, internet or external

Program Overview

Track One: Introduction to Sales

1. Sales? A definition and the Truth2. Where do you fit in?3. The Right Mindset / The Right Skills4. Your Unique Selling Position5. Analyzing Your Market Opportunity6. Competitive Analysis7. The Sales Process8. Great Meetings9. Closing (Options, Pricing,)10. Success Principals11. Success Metrics12. Recap

Track Two: Relationship Management

1. What’s Relationship Management?2. The New Truth3. Why is it important?4. Relevance to banking5. Internal and external importance6. Principals of building positive

Relationships7. Steps to the process8. Principals to managing negative

relationships9. Steps to the process10. Relationship Best Practices

One Program, Two Channels

Bonus: Networking for success

Where do you fit in?

Consultative/Solutions/Enterprise

Direct/Professional/Product/Services

Inside/Transactional/Consumables

StrategySkills

Sales CyclesPreparation

Product KnowledgeExperience

Sales: By Definition

• There are limitless variations of what sales is.• Opinions, mostly negative, outnumber definitions

The Right Mindset/The Right Skills

• Attitude is EVERYTHING• Are you selling, telling or sharing?• We share what we’re excited about• We solve problems

Your Unique Selling Position

Simple interactions: three part process

Our Product has…

Which allows you to…

And that means…

Your Potential: Market Analysis

• Measuring Opportunity• Targeting the Right Buyers• Prioritize those buyers whenever possible• Categorize and Conquer– B to C: Incoming traffic– B to B: Outgoing efforts

• Specialize, if possible

Know Your Competition

• What are your advantages?• What are your weaknesses?• What else can be turned to your advantage?– Higher price as an advantage?– Higher commitment as an advantage?

• Never offer what doesn’t matter• Learn what matters by asking questions• Offering too much too soon kills trust

The Sales Process: Overview

• Sales process?• Why is it crucial?

The Sales Process: Steps

The Close

Pricing/Buying Requirements

Offer Buying Options

Demos (if applicable)

Presentation

Questioning

Research

Two Types of Questions

Open Questions: Gain Info• How are you planning

retirement?• How would you use 20,000

airline miles?• How would you use our

business account services?• Who’s handling your

investment services?

Closed Questions: Yes or No• Do you have a 401K account?• Do you have a savings account?• Are you in a Rewards Program?• Do you have a business

account?• Do you invest in stocks?

Presentations

• Presentations illustrate – Capabilities– features and benefits

• Deliver only after prospects agrees there’s something to see

• Tailor it to what they expect to see/Set those expectations

• Present challenges as benefits

Holding Great Meetings

• Pro Tip: You and your product are being evaluated• Posture, attitude, “connect-ability”• You have control. Use it for what you want• Want info? Ask questions.• Want to establish• Open ended

Effective Demos

• Demonstrations are Proofs of concept• When there isn’t a product to demo, try– Visuals: comparative chart, checklist– Analogies: “It’s like….”– Stories/Testimonials: “Another client said”

Sales Metrics

• You can’t manage what you don’t understand• Metrics map out– The perfect day– The best sales cycle– The ideal consumption of a territory

• They should evolve constantly– What you learn changes what you do– Results expose the need for correction

Review of Sales and Sales Process

What is Relationship Management?

A practice aiming to create a partnership between the organization and its audience rather than render the relationship merely transactional.

– Makes Consumers more likely to buy what the business offers.

– Helps business find new products/services and identify potential challenges to be fixed.

• Only 37% of brands received good or excellent customer experience scores in 2012

• 64% of brands got an “OK”, “poor” or “very poor” rating

• 89% of consumers switched to a competitor after a negative experience

Relationship Management is Crucial

Nature of Banking Relationships

• Can be short or long• Can be positive or negative• Frequently neutral/negative

The skill to add positive is valuable. It will power your sales efforts and career advancement

How it Applies to Banking

• Customer-facing banking employees are in position offer the bank’s most obvious product: advise and guidance

• Poor relationship skills eliminates your chances of – Recognizing opportunities– Taking advantage of those opportunities

External Relationship ManagementExternal Relationship Management• Customers are busy• They come with info• They talk. Be ready to listen• They don’t always believe you. Stay true.• They do their own research/Don’t lie• What they do matters• They will talk about you. Let them be your

best source.

Internal Relationship Management

Internal Relationship Management• Co-workers are busy• They know their jobs• They talk, be ready to learn• They don’t always believe you. Prove it.• They actually know the score. Be honest.• What you do matters. Own it.• They will talk about you. Be your best

source.

Positive Relationship Management Principals

• Treat your customers right – genuinely interact• Continuously learn from customers• Always listen: Allows you to Handle different

customers appropriately• Anticipate customers needs• Treat customers as partners to increase your value

Positive Relationship Management Principals

• Increase trust by being open about change, good or bad

• Be transparent and honest• Follow through on commitments• Remember the customer is always right• Say thank you. Kindness overcomes errors

Steps to Managing Relationships

• Identify the problem– Listen– Empathize– Repeat/clarify

• Identify and Offer solution– Get agreement on the solution

• Monitor Results– Keep commitment if you’re part of solution– If not, check on them after the fact

Principals for Managing Negative Relationships

• Allow the customer to “get it all out”– Interrupting says I don’t care– Beware of non-verbal and body

language “tells”• Choose positive wording/tone

wherever possible– Here’s how we can help– I’d be happy to assist– When needed, clarify as a way to

interrupt• “Let me see if I understand”• “Wow. That must have been…”

Principals for Managing Negative Relationships

• Practice seeing the other perspective. – “I understand what you’re saying.”– “I know you feel”

• Never over-react or make it personal– It’s all that’s remembered, even if you

fix the problem• The “WIN” is in resolution, not in

being right– Win the point, lose the customer

Steps to Resolving Negative Situations

• Identify the problem– Listen– Empathize– Repeat/clarify

• Identify and Offer solution– Get agreement on the solution

• Monitor Results– Keep commitment if you’re part of solution– If not, check on them after the fact

Review of Relationship Management

• It’s a process• It’s the basis for good customer engagement• Businesses suffer when they get this wrong• Key to banking relationships• Key to your personal success• Positive and negative relationship

management are very similar• It separates you from the masses

Review of Sales and Relationship Management Training

• Sales is everywhere• Attitude determines success• Manage yourself by process• Always be learning