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    8 Usable Techniques In Banking Sales

    Banking sales
    Sales are all about human interaction and the building of relationships, however, too often, salespeople just follow their natural instinct and believe that sales are all about convincing the buyer about how great their product or service is.

    One of the most significant barriers to becoming successful selling for banks is focusing more on yourself as a salesperson, than the prospect in front of you.

    The ability to sell a product or a service is a critical skill for a person's or an organization's success. Even if you are an employee and works on a salaried position, your ability to present and market yourself has the potential to multiply your income. With the right marketing and selling techniques, you can position yourself at a place which you can demand a higher salary.

    The best thing about any technique, not only selling technique, is that it can be trained. A person can learn and develop those techniques through a proper training program. In general, here are the summary of the banking sales techniques:

    1. Prepare To Meet The Customer

    Preparations or planning for sale is at the beginning of every sales process. You probably have heard this saying countless times before: "Failing to prepare is preparing to fail." There have been many approaches towards planning as we all know it, but the best planning is always the one that you find it easy to execute.

    2. Opening A Sales Conversation

    Impact-fully opening a sales conversation is a skill a banking staff needs to develop from Day 1. If you can pull this off, you'll get the customers' attention which available in minimal supply these days.

    3. Product Presentation

    In general, there are 2 things you want to focus on:

    • State the benefit(s) of a product or service
    • Add more features with essential benefits.

    All these need to be at your fingertips, and you can use Technique 1 - Preparing to meet customers - to practice or rehearsing features and benefits or vice versa before you face a real customer. This is another technique for banking sales.

    4. Proving What You've Said

    This is the conviction step of the sales process. A skilled retail seller knows what to use to convince prospects and how to use it. For example, to show that a product really works, you can use testimonies and stories from customers who have enjoyed the benefits of using the product. But the evidence does not work all the time. With enough exposure and practice, you can pick up clues to what works best in a given situation.

    5. Checking buy-in

    This is a skill that allows you to go straight into sales closing. To be able to reach this stage, they need to know how to read the 'buying signal,' as it is well known for. The signal comes in a different form; verbal or non-verbal. How to identify it takes practice.

    6. Handling Objections/Addressing Concerns

    It is not an overstatement to say that this is the most focused upon skill. In my humble opinion, I agree that it is an overstatement. Today, there are Selling Models that do not give this particular skill the attention it used to have. For example, Newsell, founded by Dr. Michael Hewitt Gleeson. Nonetheless, it still falls into a technique you need in banking sales.

    7. Closing The Sales

    What it used to be when 'closing' is mentioned, is getting the prospect to sign the check. That's not necessarily so in today's complex Buying Cycle because it can merely means moving another step further in the cycle. Asking people to commit is still another skill you need to have when selling for banks.

    8. Selling Another Product

    Most of the time, bank staff promotes more than one products. To move from one product to another to another to another (and on and on) takes practice. This is not always necessary. It applies to people with multiple products. But it is a valuable technique to learn.

    Often we see sales positions advertised as unlimited income potential. It is essential that you realize becoming a commission based salesperson does have unlimited income potential; however, that potential is determined by your ability to learn the most effective selling tips and techniques.

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