The MABS Extra Challenge:

Dream! Believe! Survive!

SALES SKILLS TRAINING

Whats in it for me?

Why is it important for me to learn about selling skills?
What would I gain from learning and employing
selling skills?

Whats in it for me?

Ensure professional and systematic approach to your work as an account
officer
Improve delivery of your performance targets
Produce clients that are satisfied
Generate more income for the bank and thereby, increase your chances of
having better salaries and benefits

Outline

Knowing Your Sales Cycle

From Suspects to Prospects
Win your Clients by Benefits Selling
Handling Objections
Closing the Sale
Asking for a Referral

Typical Sales Cycle

1
Prospecting
7

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.

Typical Sales Cycle

Stages

Predominant Activity

Prospecting

Determine who are suspects and who are

prospects

Sales Interview

Fact & emotion finding about your

prospects

Demonstration/Presentation

Present and reinforce the benefits of certain

features of your product

Substantiate

Establish credibility which gives your

customers confidence and comfort in
purchasing your product

Negotiate

Keep the negotiations going until sale is

close

Transaction Closure

Get the commitment of the customer

Referral

Gather other leads

The Sales Cycle for a Microenterprise

Loan Product
1
Prospecting
2

Client Orientation

Ask for a Referral

CIBI/Cash Flow
Analysis

Loan Disbursement
5
Present Loan Package
& Close transaction
with Customer

4
Credit Committee

Exercise: Knowing your MF Loan

Product Sales Cycle Stages
Sales Cycle Stage

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

From Suspects to prospects

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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.

If one of these elements are missing, then what

you have is just a suspect.
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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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Some things to remember about prospecting

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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Weekly Prospecting List Form

ABC LOAN PRODUCT

WEEKLY PROSPECTING LIST

Week 1 :January 5-9, 2004
1. New Accounts

Market Segment: Wholesale & Retail Trade Sector

Name of
Business

1.
2.
3.
4.
5.

Address

Project
ed
Loan
Amoun
t

Call
Date

Follo
w-up
Date

Remar
ks

Prepared and Submitted by:

_______________________________________
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

Benefits selling: the heart of a

winning presentation

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When does selling take place?

The client orientation is comparable to the
sales presentation stage of a sales cycle.
The predominant activity of this stage is to
teach your customer the benefits of doing
business with your bank.
The objective here is to be able to sell the
products benefits and support these with
product features.
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Selling Benefits:

The heart of a winning presentation

Buying Motive
- The reason why a product user buys.
- It is his/her motivation to buy and own a
specific product.
- The buying motive must always be the focus of the
selling activity. A client will be motivated to listen if
the discussion on the product will meet his/her
objective in buying.
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Selling Benefits:

The heart of a winning presentation

The Buying Market

1. Effectiveness
2. Supply
3. Convenience
4. Availability
5. Pride
6. Economy
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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

BENEFITS WRITING EXERCISE

(Converting your loan product features into benefits)

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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.

COUNTER BALANCED METHOD

The account officer uses this method when the
prospects objection is valid and cannot be truthfully
denied. However, it can be compensated for by some
other overbalancing benefit.
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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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Closing the Sale

Objective: To know when to close the sale
When to close the sale (situations)

When the client agrees to the answer to his objection

When the client is sold on the benefit of the product
When non-verbal signs show satisfaction with the
product
When the client offers a hidden benefit of the product
When all sales resistance shown by the client is
contained
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Closing the Sale

Step 1. Shoot a temperature question
A temperature question will seek the real feelings
of the client about a product proposal. The
account officer has to review the benefits which
can really convince the client to buy. In short, the
client is sold or half-sold on the sales proposal.
Step 2. Close the sale
Step 3. Leave with a reminder

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Closing the Sale

Things to remember:
1. Closing is the name of the game.
2. Business requires new money coming in or it
fails. Therefore, CLOSE MORE SALES.
3. Closing is sweet success.
4. A CHAMPION has the habit of closing sales
most of the time.
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Ask for a Referral

Somewhat a new concept in looking at a
sales cycle.
Closing the sale is your PAYCHECK; a
referral is your BONUS.
A referral, especially coming from a good
client, can be your number one prospecting
tool.
Referral actually shorten your sales cycle.
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