Good business acumen
By Lena Yong, 1 June 2012
Choppy markets and depressing economic news – common occurrences that greet us when we scan the media these days; and in light of the poor sentiment, it is increasingly hard for financial sales people to stay on top.
For you to provide meaningful service to your clients, you should sharpen your business acumen so that you will remain relevant and your information current. Your role as the sales person has evolved to include value creation so it is imperative that you hone in on your expertise and deliver what is seen as invaluable assistance.
The following four simple steps will help you polish your ability to propose better business decisions to your customers.
Know your clients and their preferences. Being organized (see Blog on 26 April: The last mile in any sale – administration) helps you to keep track of who your clients are and what are their needs. Your clients have choices and are well aware of that hence it is good acumen when you know their business and how they compete in their market segments. By understanding your clients’ financial metrics, you can provide the precise service to help them improve their profitability and attain a good ROI.
Know the industry. This means you should keep abreast of what is happening and keep track of events and developments within your sector. Knowledge can only be acquired through good research. Networking is essential so familiarize yourself with happenings in social media communities such as Linkedin, Facebook and Twitter.
Know your competition. They say “keep your friends close but your enemies closer” and for good reason. You should know what they are offering so that you can differentiate yourself and come up with better value propositions.
Be consistent and prompt. Good business acumen also means ensuring that your service is reliable and queries are answered in a timely manner. As Arthur C. Nielsen said: “Give your clients the earliest delivery consistent with quality – whatever the inconvenience to us”. It is through this commitment that you will be set yourself apart from your competitors.
Real life Survivor – outwit, outplay, outlast in sales
By Lena Yong, 15 May 2012
Do you watch the reality series Survivor? It has just completed its 24th season and the next will be airing on US television this autumn (or fall). It is perhaps one of the most successful game programs ever produced since it premiered on CBS in May 2000. I don’t follow it too closely but when I do watch, I am entirely taken aback by what people will do to scheme and crawl their way up to the top to win that US$1million.
That said, Survivor is actually a classic showpiece of how persuasion plays into human lives and as an effective sales person, this is a tool that you must absolutely have in your armory in order to succeed.
In the television series, perceived self-interest (as cited by Dr. Kevin Dutton in his book – Split-Second Persuasion) is one of the common patterns in persuasion. He notes that although we are social animals, we are ultimately governed by our individual self-interest.
Hence, in sales, we need to emphasis on the “what’s it in for me” portion of our pitch in order to persuade our clients to buy into our product or service. Empathize with your customer and this leads to caring for them. This is a vital step towards building trust and raises your chances of persuading them.
The other aspect of persuasion is the very art of convincing your customer. This must be done with confidence and being assertive (without sounding pushy) is a skill that will be very worth your while to master.
The “assured” poise can be attained with product knowledge; what is in the market, what the competition are offering and the latest developments in the industry. If all these facts are right at your fingertips, you can sell with authority – another tool in your persuasion arsenal.
Last but not the least; be committed and consistent in your service because society places a high value towards a dependable individual. If your customers think that you offer them quality assistance, they will not only come back to you every time, they also serve as good referrals. In our business, referral selling is one of the key components that will help you outwit, outplay and outlast your competitors!
The last mile in any sale – administration
By Lena Yong – 26 Apr 2012
You have asked for the referrals; you have contacted the prospects and won them over with your great sales personality – but you’re just not getting the sale. Why is that so?
It’s called administration. You are not alone. All sales people hate this part of their job but you have to deal with it. It involves organizing your meeting notes, getting back to clients with their queries and following up on requests. This is the last bridge that will get you your ticket.
When it comes to going through logs on client get-togethers and running over what has transpired, sales people choose the easy way out – forget about them. Unfortunately, the organization portion is a must. It is the one major difference between a good sales person and a great one.
Three easy steps to get over this cumbersome process is:
Jot down key words as reminders. If there is a query about a custodial service or questions on a new product etc., write down key words as a reminder.
Work a matrix and prioritize. The best way to dissect administrative tasks is to organize the errands in order of importance. Things that can be delegated to assistants or follow-ups that need attention from other departments can be farmed out quickly. Then get back to the clients the moment their queries get answered.
Set aside time for administration. Spend an hour at the end of each day to run through your notes and highlight the “to do” list. It is this discipline that will ensure that the paper work does not pile up and urgent matters are not put in the backburner so requests or queries are not attended to.
Clients are usually more impressed with the little things. If you deliver on this front, you portray yourself as professional and convey a message that you value them as a client since their requests are attended to promptly. This added touch adds heaps to creating “goodwill” that will go a long way in ensuring that you will be the first in the list when they want to do the business.