SBE SMFS FOR JULY ELTP final pdf.pdf

ACCESS BANK ENTRY LEVEL TRAINING PROGRAM SELLING & MARKETING OF FINANCIAL SERVICES  1. Conceptual understanding of marketing 2. Unique Challenges of...

ACCESS BANK ENTRY LEVEL TRAINING PROGRAM SELLING & MARKETING OF FINANCIAL SERVICES  1. Conceptual understanding of marketing 2. Unique Challenges of Marketing Financial Services 3. Challenges faced by financial institutions in marketing COURSE 4. Market research vs OUTLINE Marketing research 5. The Marketing process and stages 10. Sales Orchestration 6. Elements of marketing strategy 7. Role of technology in marketing 9. Customer retention 8. The selling process INTRODUCTION: COURSE OBJECTIVES Learn how to harness everyday skills to navigate sales conversations confidently Grasp the fundamental principles of creating and effectively communicating value propositions in financial services Develop a customer-centric sales approach that is crucial for building trust and fostering long-lasting relationships. WHY THIS COURSE? Participants will learn why developing selling skills is crucial for revenue generation through customer acquisition They will understand how successful selling leads to recognition and leadership opportunities in the company and the market Insights to strategies for building long- term relationships with clients and securing the loyalty that drives repetitive business will be gained.  THE BUSINESS CASE: THE CEO’S VIEWPOINT P= R - C The Profit equation is the yardstick against which all CEO’s in for-profit organizations are judged. His focus is on growing revenue via customer- centric services & innovative products while strategically minimizing costs through operational efficiency & compliance adherence In times of economic uncertainty, Banks make tough decisions about resource allocation. Staff who actively contribute to expanding the customer base are deemed a vital part of the company's growth and are less susceptible to downsizing. Cost centres staff are the first to let go THE BUSINESS CASE: THE CEO’S VIEWPOINT P= R - C Revenue is a function of price To increase Q, Sellers must and quantity. Companies that grow the customer base. want to grow their profit and dividends performance must P is the average price a pay attention to the two customer pays. Too high variables, R & C drives him away; too low will lead to losses TODAY’S COMPETITIVE LANDSCAPE  Access Bank 2023 Performance Highlights 67.1% N2.95 T Gross Revenue 2023 Gross Earnings Corporate & Commercial Group Revenue share N1.7 T Corporate & Commercial Group 58.9% Contribution to revenue *source : Access Bank 2023 annual report Access Bank 2023 Performance Highlights N8.9T N8.4T 94.4% Corporate & Total loan N Loan share of Commercial Advances Corp &Comm Loans Group *source : Access Bank 2023 annual report MODULE 1 CONCEPTUAL UNDERSTANDING OF MARKETING  DEFINITION OF MARKETING Marketing encompasses a range of activities aimed at identifying, satisfying, and anticipating customer needs while generating value for both the company and its clients. It involves: Understanding customer needs Creation of a value proposition Use of an exchange process  MARKETING AND SELLING NOT THE SAME Marketing consists of the strategies and tactics used to identify, create and maintain satisfying exchange relationships with customers that result in value for both the customer and the marketer Marketing aims at creating demand within a 1. Marketing select target customer segment for a product 2. Selling Selling focuses on how to get the prospect part with his money in exchange for the product/service offered  DIFFERENCES BETWEEN MARKETING & SELLING Selling Marketing Definition Selling is the direct and personal approach Marketing is a broad set of activities, to promoting and transferring ownership including research, promotion, distribution, of goods to the customer. and selling, all aimed at improving sales. Focus Primarily on the needs of the seller and the Centers around understanding and satisfying product’s features the needs and wants of the customers. Orientation Product-oriented. Customer-oriented Approach Transactional, emphasizing closing deals. Relational, emphasizing creating value and building customer relationships. Time-frame Short-term goals, like meeting sales targets Long-term goals, such as brand building and market positioning. Activities Direct sales, negotiation, and persuasion. Market research, advertising, public relations, and sales strategy development.  IMPORTANCE OF MARKETING Provides valuable customer insights Helps create capacity for building a competitive advantage Enables customer acquisition and retention initiatives ROLE OF MARKETING IN ACHIEVING BUSINESS OBJECTIVES Creates The Awareness That Drives Revenue Generation Provides Data That Can Be Utilized in Market Expansion Heps In Building Strategies Enhances Customer Retention Provides The Feedback That Propels Innovation WHY MARKETING IS NOT ENOUGH The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself. Achieving such a level of understanding is impossible, making leaving the exchange process entirely to marketing efforts unrealistic. Prospects may not know they need something until someone creates a need for him. That someone is you, the lucky seller  WHY SELLING MUST FOLLOW MARKETING The time frame between obtaining market research insights and launching a product can be long. The sample used in the market research may no longer be representative of the segment. Sellers must engage prospects in a more personal way Customers’ perception of value received can be enhanced through selling interactions. MODULE 2 UNIQUE CHALLENGES OF SELLING FINANCIAL SERVICES  CHALLENGES IN SELLING INTANGIBLE GOODS VS TANGIBLE GOODS INTANGIBLE GOODS TANGIBLE GOODS The intangible nature of financial products requires Trust is largely determined by the tangible 1 building a higher level of trust and transparency product's performance and quality. between the salesperson and the customer. Financial sales are governed by numerous, often Pricing and sales strategies are typically more 2 strict, regulations that can affect pricing, service provision, and sales strategies. flexible, with fewer regulatory constraints. Customers can't physically experience or evaluate a Customers can physically inspect and evaluate service before purchase, requiring salespeople to be 3 tangible goods before purchasing, making the skilled at articulating the value and benefits of the value more immediately apparent. products. Generally, the selling of tangible goods faces The selling of financial services requires a deep 4 fewer regulatory hurdles, making compliance a understanding and adherence to complex regulations. less challenging aspect of sales.  CHALLENGES IN SELLING INTANGIBLE GOODS VS TANGIBLE GOODS INTANGIBLE GOODS TANGIBLE GOODS It can be challenging to differentiate one's offerings Tangible goods are usually easily distinguishable 5 the competitors’ and create a competitive edge due from manufacturer to manufacturer, making to product homogeneity. product differentiation less challenging Rather than frequent repeat purchases, selling Repeat purchases are common in tangible goods financial services involves maintaining long-term 6 after usage, making customer retention strategies relationships with clients, necessitating ongoing customer satisfaction strategies. more straightforward The customer must trust that the provider will honor Customers can often return or exchange a faulty 7 the agreement and deliver on their promise, often far tangible product, reducing the importance of trust into the future, adding complexity to the sale. in the product's initial purchase. The consumer has very little knowledge about the The cost of tangible goods can quite easily be 8 cost of providing banking services, making it harder for salespeople to justify product charges. determined by the customer. CHALLENGES IN BUILDING TRUST AND CREDIBILITY IN THE MARKETPLACE Financial Negative past literacy gap experiences Fear of Mistrust in financial loss financial institutions Perceived lack of transparency MODULE 3 CHALLENGES FACED BY FINANCIAL INSTITUTIONS IN THE MARKETING OF FINANCIAL SERVICES FACTORS THAT AFFECT THE MARKETING OF FINANCIAL SERVICES Regulatory Competitive constraints constraints Cultural & social Technological factors constraints  MODULE 4 MARKET RESEARCH VS MARKETING RESEARCH In this module: The difference between Market Research & Marketing research. How to carry out a market research  Market Research The collection of information about a particular market with respect to its size, composition and general features of the said market. Marketing Research It involves the systematic gathering, recording, and analyzing of data about marketing problems to facilitate decision making on a marketing problem. School of Banking Excellence 25  THE ROLE OF RESEARCH IN MARKETING Generates data that Help predict the buying behaviour of potential customers Can be further analyzed using tools of analytics to make decisions that reduce the risk of product/business failure given that there are no guarantees that any new idea will be a commercial success. Provide a basis for anticipation of future customer needs Help understand the direction competitors are taking with respect to competing products and services HOW TO CONDUCT AN EFFECTIVE MARKET RESEARCH Define Identify target Select research objectives audience method Analyze the data Recommendations  MODULE 5 THE MARKETING PROCESS AND STAGES In this Module: Market Analysis and Segmentation Targeting Specific Customer Groups Positioning Financial Services Effectively Introductory Video As an introduction to this module, it is imperative to have a basic introduction of 3 key concepts: Segmentation, Targeting and Positioning.  WHAT IS MARKET SEGMENTATION? 30 Customer segmentation is the process by which customers are classified based on common characteristics – the marketing/sales team use those characteristics to develop banking products and marketing strategies that more effectively address the needs and expectations of consumers in the segment  HOW RETAIL BANKS SEGMENT THE MARKET 31 Geographic Demographic Psychographic Behavioral Region Age Lifestyle Brand Loyalty Country Gender Personality Benefits Population Nationality Values User Status Climate Ethnicity Interest Usage Rates Occupation Occasion Income Readiness to buy Family Size TYPES OF SEGMENTATION THE CORPORATE BANK DIVISION USES Industry Revenue Lifecycle Geographic Risk profile 32 CHARACTERISTICS OF GOOD MARKET SEGMENTATION Measurable Substantial Accessible Actionable Distinctive 33 MARKET ANALYSIS AND SEGMENTATION Market analysis involves evaluating market trends, customer preferences, and competitive landscapes. Segmentation helps in targeting specific customer groups with tailored marketing strategies. Market analysis and segmentation are both important aspects of marketing because they help banks to: Identify their target market Develop targeted marketing strategies Improve marketing efficiency Increase sales and profits  TARGETING SPECIFIC CUSTOMER GROUPS Demographics (e.g., age, gender, income, 01 occupation, marital status, location) Psychographics (e.g., lifestyle, values, interests, attitudes) 02 Financial characteristics (e.g., credit 03 rating, investment goals, risk tolerance) Banking behavior (e.g., product usage, account history, transaction patterns) 04  IMPORTANCE OF SEGMENTATION, TARGETING & POSITIONING Provides insight to Helps companies Helps focus more better focus on gain a competitive attention on diverse customer edge in targeted customers most likely needs markets to buy the product Provides for creating Makes for a more custom product efficient allocation of messaging for marketing and selling different customer resources groups 36 3 POSSIBLE STRATEGIES TO DEPLOY IN TARGETING CUSTOMER 7 SEGMENTS Single-Segment 1 Concentration Multi-segment coverage 2 3 Product Specialization Segment 4 5 Full Market Specialization Coverage 3 APPROACHES TO PRODUCT POSITIONING 8 This creates sensory and This is used when the cognitive simulation in brand or products the minds of the provide solutions to customer. problems and provide benefits to customers. Experiential Functional This is useful for creating a brand Symbolic image which helps create brand equity, a sense of social belongingness and ego- identification. FACTORS THAT ANCHOR POSITIONING STRATEGIES Utility & Benefits Occasion Competitive Product Use Comparison Features Categories POSITIONING FINANCIAL SERVICES EFFECTIVELY Positioning in marketing involves creating a distinct image and perception of financial Financial services services in the companies that have successfully minds of customers. positioned themselves Access Bank: Leading Nigerian bank known for its financial inclusion initiatives. Access Bank has positioned itself as the bank that provides you more financial services than any provider. PiggyVest has become the leading savings and investment platform for the Mlllenial and GenZ by offering a user-friendly platform that makes saving and investment simple from the convenience of the mobile device.  MODULE 6 ELEMENTS OF A MARKETING STRATEGY 7ps of Marketing Determinants of pricing strategy Communication strategies Promotion mix  THE MARKETING MIX 42 PRICING Pricing decisions must reflect the company’s need to make a profit. If the price is too high, customers won’t buy the products and if it is too low, the company will make a loss  OBJECTIVES OF PRICING 1 2 3 4 5 Reflect Profit Gain Market Generate Brand product making share cashflow positioning quality  FACTORS THAT INFLUENCE PRICING Chart Level of Customer Demand Company’s cost profile Competitor pricing PRICING STRATEGIES USED BY RETAIL BANKING DIVISION Value based pricing Competitive pricing Penetration Bundle pricing pricing PRICING STRATEGIES USED BY CORPORATE BANKING DIVISION Risk based pricing Relationship Cost plus pricing pricing PLACE: DISTRIBUTION CHANNELS IN RETAIL BANKING Branch Online Call centers banking banking Mobile Social media banking & chatbots PLACE: DISTRIBUTION CHANNELS IN CORPORATE BANKING Relationship Branch Online Managers Banking Banking Mobile API-services banking API: Application Programming Interface PROMOTION: MARKET COMMUNICATIONS STRATEGY DEFINITION OBJECTIVE This is the attempt to The aim is to inform, persuade, and differentiate the sellers’ remind consumers Products/Services from about the products and its competitors. brands they sell.  ROLE OF PROMOTION IN MARKETING STRATEGY Awareness building Enhances brand images Differentiating service offering  COMPONENTS OF PROMOTION MIX 1 2 3 4 5 Personal Sales Public Direct Advertising Selling Promotion Relations Marketing  PEOPLE: IMPORTANCE OF STAFF IN SERVICE MARKETING Customer service Sales team representatives Brand ambassadors Access Bank School of Banking Excellence 53  PROCESS: UNIFYING CUSTOMER INTERACTIONS Efficiency Standardization Customer Automation feedback loop Access Bank School of Banking Excellence 54  PHYSICAL EVIDENCE: TANGIBLE ELEMENTS IN THE MARKETING MIX Branding Branch Ambiance materials Employee Online presence appearance Access Bank School of Banking Excellence 55 IMPLEMENTING AND EVALUATING MARKETING CAMPAIGNS Implementing and evaluating marketing campaigns are critical steps to assess their success and make data-driven decisions for future campaigns. Evaluation helps in understanding ROI and campaign effectiveness.  MODULE 7 ROLE OF TECHNOLOGY IN MARKETING In this module… How technology is reshaping customers’ behaviour and forcing Banks to reassess marketing strategies. The customer value journey Digital marketing channels and tools  Today’s customers have access to the most current information at the fingertips, via smartphones and digital devices. TODAY’S Therefore, integrating smart TODAY’S CUSTOMER CUSTOMER technology into existing methods of EXPECTATIONS customer interaction has become imperative for Banks. EXPECTATIO Customers who get an engaging and NS a positive experience in their interactions with relationship officers will stay with the Bank.  DIGITAL MARKETING CHANNELS SOCIAL MEDIA EMAIL SEARCH ENGINE MOBILE MARKETING WEBSITE MARKETING MARKETING  SOCIAL MEDIA IN FINANCIAL SERVICES MARKETING Creates a platform for community to build a sense of community with their target customers and audience. Creates a two-way communication flow between brands and the audience Provides a platform for a Bank to build and sustain relationships with their customers and target audience BENEFITS OF DIGITAL MARKETING Allows Banks to quickly react to changing trends, and customer preferences. Enables the identification of potential customers through because of ready access to their behavioral data. Creates capacity and ability to execute targeted customer acquisition campaigns. HOW ANALYTICS IS DEPLOYED IN MARKETING OF FINANCIAL SERVICES Customer Predictive Personalization segmentation modelling Customer Marketing feedback attribution analysis  CUSTOMER VALUE JOURNEY ENGAGEMENT CONVERSION 01 03 Getting the 05 Customer want to customer to pay know more about you AWARENESS SUBSCRIBE ADVOCACY 02 04 Aware of product and Build relationship with prospects Satisfied customer service existence promoting your company SYNCING STAGES OF THE CUSTOMER VALUE JOURNEY WITH DIGITAL MARKETING CHANNELS Awareness Engagement Subscribe Conversion Advocacy Social media Email Paid ads Website Reviews content Marketing Search Blog post Emails Share Influencer Infographics Sales Executive Engage marketing Influencer Mobile Word of mouth Recommend marketing Application Public relations  DAY 2 SELLING OF FINANCIAL SERVICES  MODULE 8 THE SELLING PROCESS AND STAGES In this module… The selling process Prospecting techniques Critical selling skills Objection handling Sales closing  WHAT IS SELLING? Basic Definitions of Selling: Selling is the act of offering and promoting products, services, or concepts to potential customers with the aim of securing a purchase or agreement. 68 THE ROLE OF SELLING IN FINANCIAL SERVICES Role Application to retail banking Application to corporate banking Customer Needs A retail banker will ask a customer about their A corporate banker will meet with a Assessment financial goals and recommend products and business owner or executive to discuss services that can help them achieve those their financial needs and develop a goals. customized banking solution. Product Promotion A retail banker might promote a new savings A corporate banker might suggest a account to customers who are looking to save credit facility to a business that wants to towards a specific target. expand its operations. Relationship Building A retail banker may build relationships with A corporate banker may build customers by attending their events or offering relationships with key decision-makers financial planning advice. of businesses by attending industry events or offering financial consulting services. Education and A retail banker might educate a customer A corporate banker will educate a Communication about the different types of investment business owner about the different types products and services available. of financing options and products available. Cross and Up Selling A retail banker may recommend the mobile A corporate banker may recommend a banking app or USSD banking customer who cash management service to a business has just opened a new savings or current that is struggling to manage its cash account. flow. 69 THE ROLE OF SELLING IN FINANCIAL SERVICES Role Retail Banking Function Corporate Banking Function Market Research and A retail banker will need conduct A corporate banker will need to Competitor Analysis market research to identify new trends analyze competitor data to identify in consumer banking. ways to improve the bank's corporate banking offerings. Compliance and Regulation A retail banker must ensure that a A corporate banker needs to ensure customer submits all the required that a business complies with all documents before opening a new applicable know-your-customer (KYC) account. documentation. Risk Management A retail banker needs to ensure that a A corporate banker needs to ensure customer completes all required that a business complies with all paperwork before opening a new applicable know-your-customer (KYC) account. regulations. Digital Transformation A retail banker will need to ensure that A corporate banker may need to his customers are aware of e-banking implement a new digital platform that products and services to manage their allows businesses to apply for loans accounts conveniently. and manage their cash flow online.  SALES MARKETING: COMPLIMENTARY FUNCTIONS 70 Activity Retail Banking Function Corporate Banking Function Common Goals Increasing the customer base Attracting and retaining corporate customers Growing revenue Increasing the corporate customer revenue Enhancing brand awareness among portfolio individual customers Positioning the bank as a trusted financial partner for businesses. Lead Generation Strategies to attract and convert Identifying and reaching out to prospective individuals into potential customers. corporate customers. For example, marketing campaigns For example, targeted campaigns for treasury for savings accounts or specific management services, or customized financial products. solutions. Customer Understanding the financial needs, Gaining deep insights into the specific financial Understanding preferences and behaviour of retail requirements and challenges of corporate clients customers is crucial in tailoring is necessary in order to be able to offer marketing strategies and product customized financial solutions and build strong offerings relationships. Content Collateral Creating marketing content collateral Content collateral for corporate banking for retail banking will include brochures, customers will involve industry reports and flyers and social media posts that financial analyses that provide valuable insights educate retail customers about various and information to corporate clients. banking products and services 71 SALES MARKETING: COMPLIMENTARY FUNCTIONS Activity Retail Banking Function Corporate Banking Function Lead Qualification Means determining the type of Assessing the eligibility and potential value individual customers that qualify for of corporate customers based on their specific banking products or services industry, financial stability and business based on their financial profiles and requirements. needs. Feedback Loop Gathering feedback on retail products Adjusting financial solutions and services and services to make improvements based on the feedback and evolving needs and enhance customer satisfaction. of corporate clients. Customer Retention Focused on maintaining long-term Sustaining long-term partnerships and relationships with individual customers, ensuring continued business, which strongly reducing churn and encouraging them rely on excellent customer service and to use more banking services. personalised financial solutions. Communication Reaching out to individual customers Communication with corporate customers is through various channels such as more formal and structured. email, phone and social media to It usually involves direct interactions through inform them about banking products, relationship managers and financial campaigns and updates. advisors to discuss financial solutions, strategies and transactions.  THE SIX PILLARS OF PROFESSIONAL SELLING Business Knowledge Selling Skills Product Knowledge Company Knowledge Industry Knowledge Attittude 72  SOFT SKILLS IN SELLING Communication Critical thinking Collaboration Pay full attention Analyze and apply Work with prospect to prospect cues from prospect to create a win win Problem solving Adaptability Empathy Understand the feelings Focus on solving the Ability to handle curved and experiences of prospect problem balls by prospects prospects 73 THE PROSPECTING PROCESS: IDENTIFYING AND ENGAGING PROSPECTS In this section you will learn: The importance of prospecting Prospecting techniques a seller can use The importance of pre-qualifying prospects  STEPS FOR SELLING BANKING PRODUCTS PROSPECTING APPROACH CLOSING FOLLOW UP 01 02 03 04 05 06 07 PREPARATION PRESENTATION OBJECTION HANDLING  METHODS OF PROSPECTING Data generated Referrals from Internal through data existing company analytics customer sources Scraping Social Cold emails Media A Prospect is someone who has been identified as likely to buy and has ability to buy  UTILIZING REFERRALS FROM EXISTING CUSTOMERS Referral marketing is a word-of-mouth initiative designed by a company to incentivize existing customers to introduce their family, friends, and contacts to become new customers BRAND ADVOCATE Asking customers for referrals is the most effective, and least expensive way to get the customers you value most CHALLENGES ACCOUNT OFFICERS FACE IN GETTING REFERRALS Not initiating the request because of rejection fears Account officers' inability to identify best-fit customers to ask for referral suggestions. Failing to simplify the referral process for the customer Not framing the referral as a win-win for the customer Failing to follow up on the referral 78  STEPS TO GENERATE A STEADY STREAM OF REFERRALS Solution Strength Weakness Benefit Identify Where does the How can you help solve the What benefit company strength prospects pain point? Identify your ideal In what area is the does your ideal lie? customers company weak? prospect want? 79 IDENTIFYING REFERRAL SOURCES Help the customer locate referrals for you People they interface with Special Association Vendors Customers Interest members Group Prospects Friends not Employees Relatives converted 80 SCRAPING SOCIAL MEDIA Web scraping is the process of extracting contact information from a website. Web scraping enables marketing & sales teams: Build a super targeted prospect list Detect business signals to make your outreach relevant 81  HOW TO SCRAPE SOCIAL MEDIA Create a list of target Identify decision Scrape LinkedIN using Filter leads and companies with ideal makers in the target LinkedIN Sales extract to excel customer profiles account Navigator or a similar spreadsheet or CRM tool for cleaning. Send connection request Ask for a meeting or a Follow up! with personalized message warm introduction to the with the aim of building relevant decision maker. rapport within 7 -21days 82 UNDERSTANDING COLD EMAILS TO DRIVE PROSPECTING A cold email is an email sent to an individual who you have no previous relationship or interaction. A good cold email has 5 key elements Clear introduction Setup the context with social proof for reaching out Explain what you Go for the ask Finish with a bring to the table Call to Action 83 (CTA) MASTERING PROSPECT ENGAGEMENT: Probing, Listening, Problem Solving There are three critical skills that enable a salesperson quickly gather the information he needs about a prospect: PLS Probing Listening Problem Solving HOW PROBING ENABLES YOU UNDERSTAND A PROSPECT Probe = questions to find out what someone: ▪ Knows ▪ Thinks ▪ Feels Why probe? ▪ Find out what is going on in their minds ▪ Test listener’s receptivity to new thinking ▪ Establish rapport 85 THE STEPS IN PROBING Probes that encourage Open-end probes opening up Probes that Pauses encourage Reflective statements further talking Neutral probes Brief assertions Probes that check Closed-end questions or confirm Leading questions understanding Summary statements 86  PROBING TECHNIQUES THAT REVEALS CUSTOMER INSIGHTS Probes that encourage Open “What…/How…?” opening up Pause – “…………………..” Probes that Reflective – “You don’t feel comfortable with…?” encourage Neutral (Follow-up) – “That would be one way to…” further talking Brief Assertion – “You have more to say about this” Hypothetical – “What would happen if…? Closed – “Which/what specifically…?” Probes that check Leading – “Don’t you think it would be better if…? or confirm understanding Summary Statements – “if I understand you correctly…..” 87 EXAMPLE OF PROBING QUESTIONS 88  THE POWER OF LISTENING “Most people don’t listen with the intent to understand; they Listening listen with the intent to reply” Steven Covey Attention Hearing Understanding Feeling Responding with empathy 89  PRINCIPLES OF PERSUASION In this section you will learn: The principles of persuasion Why the seller must know how to persuade a prospect Tactics of rhetoric ELEMENTS OF EFFECTIVE PERSUASION MESSAGE The Message should seek to: ▪ Establish a COMMON ground between us (seller)and the listener (customer) ▪ Leave listener (customer) feeling satisfied and COMPETENT ▪ Convince the listener he will BENEFIT in some way from what is being proposed (P=R-C)  Ethos – presenting the trustworthiness and authority of the presenter Tactics of Pathos – speaking to the emotions and deeply-held beliefs of the audience Rhetoric Logos – using the logic, reasoning, and evidence of the subject as presented 92  ETHOS what the listener (customer) sees in you appeal based on the character of the presenter (seller) may be affected by: - tone of voice, gestures, stories told (or untold), institutional roles, reputation 93  PATHOS how your audience feels about what you are doing appeal based on emotion may be affected by: - word choice, fear-, and/or pity- inducing examples 94  LOGOS the reason and structure in your presentation and/or arguments appeal based on logic/reason may be affected by: - use of comparisons, factual evidence (NUMBERS), arrangement of ideas to reach conclusions 95  THE RHETORICAL TRIANGLE AND THE TACTICS OF RHETORIC Seller Customer Ethos Pathos what the prospect sees in you how the prospect feels about you and what you are saying/doing Subject the reasoning and logic structure in Logos your presentation and/or arguments THE SCIENCE OF PERSUASION  PREQUALIFICATION: Identifying Prospects Pre-qualification The salesperson obtains determines whether the answers to a series of prospect is a good fit for probes gauging if the is a the product good fit A Prospect is someone who has been identified as likely to buy and has ability to buy QUESTIONS TO ASK FOR PREQUALIFYING PROSPECTS 23/07/2024 Don Mitchell & Co Ltd 99  OPPORTUNITY ANALYSIS: Assessing prospect fit Prospect rating system Does it fit our target market? Is the person a decision Does potential income maker? justify costs? Can this be a valuable relationship for both parties HOW TO MAKE PROSPECTING PHONE CALLS  PREPARING FOR THE APPOINTMENT In this section you will learn: The Importance of the sellers physical appearance in selling Critical questions before a sales appointment  PREPARATION FOR SALES CALL Preparation consists of two parts: Pre-approach Approach Pre-approach Approach Determine the most effective The Approach is the first face-to- method of approaching the face contact with the prospect prospect  “Dressing well is a form of good manners.” – Tom Ford. LOOKING THE PART 104 WHY THE SELLERS APPEARANCE IS CRITICAL 105 WHAT DO YOU LOOK LIKE? Your outward appearance can contribute greatly to a feeling of confidence & trust by the buyer The messenger must be bought before his message 106 LOOKING THE PART VIRTUALLY 5 Tips to look professional - Good audio quality - Have a good lighting source - Use zoom backgrounds - Keep your camera at eye- level - Maintain eye contact with your web cam 107 7 Important Questions To Get You Prepared For Your Appointment Q1; WHAT DO WE SELL? Practice answering the question ‘What do we sell’ You must be able to concisely describe how the specific financial product/service you have come to sell will benefit the customer This means for different customers, there will be different propositions 109 BENEFITS NOT FEATURES ARE THE KEY Q2; WHAT MAKES US DIFFERENT FROM THE COMPETITION? Be familiar with the differences between your Bank and the others you are competing against. Assume the prospect already knows the differences and is testing to find out how trustworthy you are 111 DIFFERENTIATING YOURSELF FROM THE REST Q3; WHAT MAKES US BETTER THAN THE COMPETITION? Be prepared to explain briefly and enthusiastically your customer value proposition…. The superior benefit your products or services offer over the competitor’s and why someone should buy financial products from YOU rather than from others 113 Q4; WHY IS IT NOT ALL ABOUT PRICE? Be prepared to complete the sentence, ‘Even though we’re not always the least expensive, people sign up with us because…’ 114 Q5: HAVE YOU THOROUGHLY RESEARCHED YOUR PROSPECT? What do you know about the prospect? Do you have at least three of the company’s success stories that are likely to be of interest to the prospect? 115 Q6: HAVE YOU VISUALIZED YOUR MEETING? Do you have an opening line that has consistently worked for you before? What is the first question you intend to ask when you get the opportunity? How will you phrase it? 116 Q7: HAVE YOU DETERMINED YOUR NEXT- STEPS? What do you want to happen at the end of the encounter? What will you do if it does not happen? How will you measure success? Do you have a backup next step 117  THE SALES PRESENTATION In this section you will learn: The components of a sales presentation Body language cues to watch out for in the prospect Why words are important in selling  WHAT THE SELLER SHOULD BE THINKING How can I get the prospect to talk about the challenges they are facing ? How will I be able to tell whether the business fits into Access Banks target market? What behaviour will confirm to the prospect that I am different from and better than others who have called on him before me? In what ways can I demonstrate empathy to his situation? 119 WHAT THE SELLER SHOULD BE THINKING How can I ensure I can accurately summarize the prospects needs in my call memo to my superiors I must find ways to verify information I gathered about his business before this meeting How can I get him to feel comfortable with sharing personal information (like his kids’ birthday etc.) that I can use to sustain a line of communication later (if necessary) 120 THE SALES PRESENTATION: OPENING STATEMENT Greet the person appropriately Introduce yourself making sure in the first 30 seconds he knows that what you want to discuss is about how he can grow his P (Profit) Get him to think “I want to hear what you have to say” but never make a statement you cannot substantiate People are different so tailor your opening statement READING BODY LANGUAGE AS A PROGRESS INDICATOR What can I learn from his body language? What is my body language telling him? Is there sufficient distance between us Am I crowding his table or space 122 The Sales Presentation: GETTING HIM TO TALK Use open ended questions that get him to talk about himself and his business Listen well and take notes Don’t provide any solutions at this stage Don’t do any selling at this point Periodically summarize your understanding of what you have learned thus far. Your questions should lead your prospect towards your unique selling points 123 THE SALES PRESENTATION: SUMMARIZING YOUR UNDERSTANDING CHECK AND PRE-CLOSE “Is there anything else that we have not discussed that you may be looking for?” “If our service will address all your concerns, will you be willing to give us the business?” If yes, you have pre-closed. If no or refuses to commit go no further. Ask for more information 124  VERBAL & NON-VERBAL SIGNALS Buying Signals Warning Signals Relax Frowning Lean forward Look at watch Pleasant expression Unresponsiveness Nodding Tenseness Supporting decision Change of tone Sparkle in the eyes Taking phone calls Ownership expression “Continue later?” “Can I prepay?” “How long to go?” “What are the legal fees?” “Heard that before” THE SALES PRESENTATION: VALUE PROPOSITION 5. THE MARRIAGE Start selling! Emphasize benefits like convenience, accessibility, and flexibility your loan facility provides to customers who need immediate financial assistance or are planning for significant life events or purchases. Carefully tailor the loan amount, interest rates, repayment terms, and other conditions to address the customer’s specific financial pain points and needs. Once prospect shows indication to buy, stop selling. 126 MIND YOUR LANGUAGE Use Motivating Words… Change vs. Improve or Develop Pay vs. Own or Invest Sign vs. Agree or Authorize When I sell vs. When you own Think big and get customer to think big 127 WORDS TO AVOID IN SELLING CONVERSATIONS 128 THE SALES CLOSE In this section you will learn: Why a sales person must close WHY YOU MUST CLOSE (video) CLOSING THE SALE Closing helps people make decisions that are good for them Once you have asked any form of closing question to conclude your selling pitch, SHUT UP The longer the silence the more likely you get a yes Closing the sale is the whole process, presentation, communication, seller/prospect empathy, following the basic rules 131 PEOPLE WILL ALWAYS FIND THE MONEY IF THEY REALLY WANT YOUR PRODUCT HOW TO HANDLE OBJECTIONS In this section you will learn : Why objections should be welcomed Common types of objections THE GOLDEN RULE OF OBJECTION HANDLING THE 3 C’S OF OBJECTION HANDLING Seek Active Clarification on Listening the objection Defer when not sure WHY OBJECTIONS ARE GOOD THE LAW OF 4 INTERACTIONS HOW TO HANDLE 9 TYPES OF OBJECTIONS CHALLENGES IN SELLING FINANCIAL SERVICES In this section you will learn : Common challenges faced by sellers CHALLENGES IN SELLING FINANCIAL SERVICES: BUILDING TRUST AND RAPPORT 1) Overcoming Industry Skepticism 2) Navigating Regulatory Constraints 3) Handling Sensitive Client Information 4) Addressing Diverse Client Needs 5) Demonstrating Value Proposition 6) Managing Long Sales Cycles  ETHICAL CONSIDERATIONS IN SELLING 1) Transparency and honesty 2) Customer best interest 3) Handling sensitive information 4) Navigating regulatory landscape  REGULATORY COMPLIANCE IN SALES 1) Compliance with CBN Regulations 2) Anti-Money laundering & counter terrorism financing compliance 3) Customer data protection 4) KYC adherence  DAY 3 CUSTOMER RETENTION & THE SELLER AS A VALUE ORCHESTRATOR MODULE 9 CUSTOMER RETENTION  IMPORTANCE OF CUSTOMER LIFETIME VALUE (CLV) Knowledge of the CLV guides acquisition & retention budget allocation decisions. Helps with customer segmentation Enables the organization forecast revenue Supports the refinement of Marketing Strategy. Guides product development initiatives. WHY RETAINING CUSTOMERS IS CRITICAL Cross-selling and Stable revenue Brand loyalty and upselling stream advocacy opportunities Competitive Feedback and advantage improvement  CUSTOMER LIFETIME VALUE (CLV) Customer Lifetime Value (CLV) is a crucial metric for any business as it represents the total revenue a company can reasonably expect from a single customer throughout their entire relationship with the company. THE ROLE OF CUSTOMER SATISFACTION IN RETENTION Customer satisfaction reflects the customer’s attitudes towards the services received and his overall perception of his experience. Customer retention refers to the customer’s readiness to continue consuming the banks service over time. Customer satisfaction is an emotional response, while retention is the action they take. 148 CUSTOMER RETENTION STRATEGIES In this section you will learn: Key retention tactics CUSTOMER RETENTION STRATEGIES Omni-channel experience Personalized Communication 06 01 Proactive customer Surveys 05 RETENTION STRATEGIES 02 service 04 03 Cross-sell/Upsell Loyalty Programs Opportunities 150  THE CUSTOMER VALUE JOURNEY IN RETENTION In this section you will learn: How the CVJ can be aligned to retention strategies How to turn customer to loyal advocates  MAPPING THE CUSTOMER VALUE JOURNEY TO RETENTION STRATEGIES Awareness Engagement Subscribe Conversion Advocacy Brand Brand Community Loyalty Reengagement ambassador consistency Building programs campaigns programs Engagement Customer Via Social media feedback  TURNING LOYAL CUSTOMER TO ADVOCATES Implement a robust Encourage and Utilization of referral Offer exclusive loyalty program showcase customer programs access & benefits loyalty 153 METRICS, CHALLENGES & TRENDS ON CUSTOMER RETENTION In this section you will learn: Key KPIs a salesperson should track Challenges in customer retention Future trends in customer retention  KPIs FOR CUSTOMER RETENTION 1. Customer Retention Rate 2. Customer Churn 3. Repeat Purchase Ratio 4. Net Promoter Score (NPS) 5. Loyal Customer Rate 6. Customer Lifetime Value (CLV) https://bscdesigner.com/wp-content/uploads/2013/08/loyalty-and-retention-dashboard-1016x1024.png USING DATA ANALYTICS TO ENHANCE CUSTOMER RETENTION Enables Banks to Helps in the quickly measure identification of at- customer risk customers satisfaction Helps forecast Enables Banks customer behaviour understand and refine retention customer behaviour strategies  CHALLENGES USING IN CUSTOMER DATA ANALYTICS RETENTION: TO ENHANCE CUSTOMER ADDRESSING CHURN & ATTRITION RETENTION Identify root causes of churn Proactive churn prevention Effective communication strategies FUTURE TRENDS IN CUSTOMER RETENTION Predictive analytics Leveraging in customer technology retention MODULE 10 SALES ORCHESTRATION FROM SINGLE Traditionally, banks restricted BUSINESS themselves under strict bank licensing conditions to offering BANK only core banking products to their customers. STRUCTURE TO HOLDING Access Holding Corporation COMPANY (Access Holdco) is running a transformative platform approach BUSINESS with 5 Business Verticals under one platform that makes a one- STRUCTURE stop shop for a customer a reality. ACCESS HOLDING COMPANY PLATFORM APPROACH AN INTEGRATED FINANCIAL ECOYSTEM  AN INTEGRATED FINANCIAL ECOYSTEM VERTICAL BUSINESS DESCRIPTION OF THE VERTICAL Access Bank A banking entity that provides banking services for SMEs and large corporate including financing large ticket transactions. Oxygen A digital lender that make borrowing simple and accessible. Whether you’re an individual or a small business, we’re here to help you get the funds you need quickly and easily. Hydrogen A payment company that provides switching services, payment gateways, APIs, POS Terminals, Card services. Access Insurance Brokers Provides insurance brokerage services including risk mitigation to access bank customers. Access ARM Pension Provide pension services to access holding customers. Fiducia Provides supplier financing by helping businesses free up working capital by accelerating payments to suppliers.  WHY SALES ORCHESTRATION? Integrates diverse sales functions across all the businesses under the same platform (eg, a Holding Company), leverages data analytics for insights, and ensures consistent, high-quality customer interactions, driving efficiency and effectiveness in sales processes. Coordinates sales activities and resources to enhance customer experiences and achieve strategic business goals. Aligns marketing, sales, and service efforts to provide personalized solutions, improving customer satisfaction, bank performance, and stakeholder returns. LINEAR BUSINESS VS PLATFORM BUSINESS FROM SALESPERSON TO VALUE ORCHESTRATOR Shifting Gears: Forget the old "push the banking product" mentality.. See yourself as a financial consultant/advisor to the customer. Help him leverage on what he has to get more value from the other verticals DEPLOYING THE SALES ORCHESTRATION PHILOSOPHY Some strategies for anticipating a customer's value-adding needs from other businesses within the platform 1. Leverage Integrated Customer Data Approach: Use the centralized CRM system to gain insights into the customer's interactions and transactions across all businesses within the platform. o Example: If the customer has recently taken out a mortgage with the bank, the seller can suggest home insurance from the insurance arm of the platform. 2. Utilize Predictive Analytics Approach: Employ predictive analytics tools to analyze customer data and predict future needs based on patterns and trends. o Example: If analytics indicate that customers with certain transaction behaviors are likely to invest in pensions, the seller can proactively offer pension plans. DEPLOYING THE SALES ORCHESTRATION PHILOSOPHY 3. Conduct Comprehensive Needs Assessments: Approach: During customer interactions, perform thorough needs assessments that go beyond the immediate banking requirements to understand broader financial and lifestyle needs. o Example: A customer looking to save for retirement might also be interested in digital investment tools and financial planning services provided by the platform's technology and pension businesses. 4. Collaborate with Cross-Functional Teams: Approach: Work closely with teams from other business units to stay informed about their offerings and promotions, and understand how they can complement banking services. o Example: Regular meetings with the insurance team can help the seller identify opportunities to offer bundled banking and insurance products. DEPLOYING THE SALES ORCHESTRATION PHILOSOPHY 5. Create Personalized, Value-Driven Proposals: Approach: Develop proposals that integrate services from multiple businesses within the platform, tailored to the specific needs and goals of the customer. o Example: If a customer frequently travels, propose a package that includes travel insurance, a multi-currency banking account, and a payments app for international transactions.  IN SUMMARY… The Access Holdco platform has moved customer value creation beyond traditional limitations by connecting customers to diverse financial VALUE services from within the ecosystem for a ORCHESTRATOR seamless customer experience. A one-stop shop connecting customers to a wide range of solutions amplified by network effects that optimize benefits to all stakeholders The seller’s role is now one of a Value Orchestrator who understands customer needs and connects them to value optimization solutions within the Holdco ecosystem.