egyii blog

Today, connecting is a difficult proposition. It is even tougher when you prospect.

There is no doubt that people are overly busy with their day to day personal and business tasks- and even worse, they are being “contacted” in more ways than ever: email, SMS, social media, and by phone (by “pesky” telemarketers to say the least).

It is a virtual flood out there.

How to prospect today? Differentiate in your approach

Even with all the technology and distractions today, people appreciate a real person and voice behind the attempts to connect. It just has to be done right. When was the last time you got a call from a bank with an un-targeted, sloppy approach? I got one the other day.

“Sir we can arrange a loan for you.”

“I don’t need a loan. And how can you make a promise like that- I might not even qualify?”

I challenged the caller with those questions- she had no response. Yes, I know it is her job. She is not to blame- it is management. She is following orders.

This is a  great example as to why people are being “bothered” by prospectors today, as this is an untargeted, “spray and pray” technique. There were also a lot of assumptions in this approach.

What really works? In order for the conversation to be successful, it needs to:

Achieve a goal

Satisfy a need

Solve a problem

What tools/skills does one need? The caller needs to:

Use the right opening statements, vocal techniques and rapport building skills to create interest and capture attention

Utilise conversational bridging statements to keep the customer engaged during the call

Ask effective questions in a logical order to discover the customers current situation, their stated needs and their hidden needs

Listen actively and accurately to capture relevant information first time and recognise the input and contributions received from the customer

Pick up on and respond to customer buying signals and clues that indicate the interest level of customer

Explain and link  the benefits of a product or service to meet customer needs, create interest and secure commitment versus relying on product features

Handle common customer objections by using the APART approach to keep the customer involved in the conversation and focused on the value the product will bring

Use a conversational close to ask for permission to proceed

Professionally close the call to leave a positive, lasting impression in both successful call outcome situations and when the customer declines to proceed

Yes prospecting is difficult…but it can be done. It is all about the approach.

For more, see Connect Through High Impact Sales Conversations

Andrew Sidwell, Team Egyii, Singapore

So many objections, so many solutions

Why are we always confronted with so many objections that stall the sale? And when we are, they become very difficult to resolve. There are many ways to confront objections and everyone often has their own “manipulative” techniques to counter….

“If I can do that price do we have deal?”

“Is that the only thing holding back?”

“What do I need to do to earn your business?”

“If I can offer a solution would you be willing to buy today?”

How well do these objection handlers really work?

Very often objections are based around price. When you reach a price objection, here is a tip:

“Is it a budget issue?” (can you afford it?)

or

“Do you see value in the solution?” (to discover if they are objecting on value not on price)

From there you have an idea where you stand. This advice is valuable in its time and place, but why reach this position in the first place? If you had done your work earlier, chances are this won’t happen.

The value of transparency in dealing with sales objections

As part of your build-up to the sale, prior to any objections (and as a tool during your objections) , if you are completely open you probably won’t encounter these objections in the first place and will be able to resolve them when they arise.

Buying is based on emotion. After the initial assessment of you and your products (which is a very rational approach) people tend to buy on emotion (non-rational) from people that they trust.

One way to build trust is through transparency. Transparency throughout. Before. During. After.

dictionary.com defines transparency as “a state of being transparent” and transparent is defined as:

Having the property of transmitting rays of light through its substance so that bodies situated beyond or behind can be distinctly seen

Easily seen through, recognised or detected

Manifest; obvious: example is “a story with a transparent plot”

Open; frank; candid: example is “the man’s transparent earnestness”

If you are not transparent in your actions, the buyer starts questioning your motives. Once the buyer questions your motives, she starts to fear you and what you are doing. And when fear sets in, what happens? Objections.

How do we conduct transparency?

Easy. Sharing. Sharing information with the buyer lowers suspicion because it encourages collaboration and openness, and this will bring out any objections earlier in the sale. Yes it appears to be risky, and risk causes you fear. Take that risk and get over the fear, because it certainly is easier to control your fear than the buyer’s.

Taking the initial risk is tough, but worth it. It will lead you into a more powerful, trusting relationship and may even help you get that sale…. and more.

(for a great article on handling price objections, see Meeting Price Objections from Trust by Charles H. Green, Trusted Advisor Associates)

Trip Allen, Team Egyii, Singapore

 (A true story)

Successful.

Uneducated.

Wealthy.

Four priority bank accounts.

Four banks.

Four different Relationship Managers.

There is a fifth bank that also wants his business.

The fifth bank will get his business- if they do it right.

Why and how?

This particular “prospect” is an acquainance of one of the bank executives. The prospect is open with the executive, shares his personal life, discusses business matters and financial matters, socializes regularly with him, talks sports and even shares aspects of  his social life. He respects the bank executive for his knowledge and there appears to be no threat. He is comfortable with the relationship. They are friends. 

Interestingly enough, the bank executive is not a relationship manager- he is not in sales.

How does the bank executive do what is best for the bank, and “convert” this into a sale? That is the dilemma.

Clearly the “prospect” is an unsettled man. He has new-found wealth and is somewhat leery of the people around him. This is probably why he spreads his wealth between four banks and four relationship managers.

How many times have you come across this or a similar situation to this?  A situation where there is a bond or relationship between a client or prospect and a non-sales related executive? From my experience in my days of technology sales, quite often the relationship was between the client and the sales engineer. Is that because there was no “threat” from the sales engineer? Was he providing more value? Was he not chasing the sales for the close?  Most probably.

So why is this happening and why does it happen? And how do we turn the banking scenario around and turn it into a “sale?” I will let you figure that out on your own.

For related articles (and for a clue to why this may happen) see:

Two Simple Keys to Success in Sales

Want to Add Value in Your Sales “Process?” Try Adding Trust

The Agile Mind of a Salesperson: Motivation

Trip Allen, Team Egyii, Singapore

“Trust-based selling is not tied to any particular process; instead, it depends on attitudes and values based on principles. It is a human process” Charles H. Green, Trusted Advisor Associates.

Prudential Life: A Trust-based Selling success story*

A few years back, Priscilla Myers took over sales and marketing for Prudential’s (US) life insurance agency business. She had no prior experience in sales whatsoever. Prudential’s chairman at the time said “It’s about people. You’ll figure it out.” That she did.

Within 6 months, Priscilla violated four common sales principles. First, she announced in a price competitive business, that Prudential would not compete solely or primarily on price. Then, she de emphasized quotas to her sales force. On several occasions she agreed with customers who said Prudential’s valid proposition to them was inferior to a competitor’s. Finally, she developed non-legally binding sales agreements with her key customers.

All of these sound like suicidal policies in today’s cutthroat business world. Yet, Priscilla’s unit achieved growth of more than 40 percent in the first full yer, well ahead of plan. Second year results were even better. What did she do?

She believed that she needed to build a long term relationship with the client. To do that, she worked with (not against) the client, looked at the big picture and focused on the long term.  She also saw things from the client’s perspective and all agreements were built on a mutually beneficial basis.

Priscilla didn’t use a set of clever sales tactics or a magical sales process. Nor did she focus on a competitive strategy. Her actions emerged from a deep belief  that, if she focused on helping her customers, her needs would be met as well.

Priscilla was customer focused for the sake of the customer, not for the sake of getting the sale. She was willing to be transparent, she adopted a medium-long term and collaborative approach. Priscilla did something “radical.”

That is Trust-based Selling- and it works.

(*based on a true story and an excerpt from Trust-based Selling, by Charles H. Green, Trusted Advisor Associates)

Trip Allen, Team Egyii, Singapore

Press Release! Hot off the wires..

Singapore, May 25th, 2009

Egyii, the Singapore based learning and development consultancy, has announced its launch into the Consumer and Retail Banking space, leading with a new perspective on “customer experience.”

Egyii will continue to focus on its current agenda of Priority and Private Banking but will expand into Consumer and Retail Banking with more thought leadership, web based material and customized, in-house curriculums.

Trip Allen, Egyii’s Director of Sales and Marketing, says “The Consumer and Retail space is a logical choice for us. In fact, the banks have requested that we move into this space. And with customer experience initiatives in banking being a top priority, it makes sense that we link all the different banking programmes together.“

James Irvine, Egyii Director of Programme Development, says “Financial organizations are struggling and it is the customer who is suffering, causing a break of loyalty and trust and a loss of business.”

“Bankers can continue to focus on re-engineering products, systems and policies. Alternatively, they can break the mold and focus on the customer and the customer experience.”

For the “Improving the Customer Experience in Banking” white paper: White Paper

The Current Scenario

Your private or priority banking team management or HR has built a sales process into the sales “routine.” This is typically driven top down. Your Relationship Managers now need to ask the right questions, follow a script, fill in forms and often utilise a time consuming, data capturing CRM system.

What does this do?  It allows consistency for all sales and management so that the actions and numbers can be tracked. From a management perspective, it is a lot easier.

The Dilemma

Does this work? Does a process work  for everyone? Does it make for a successful Relationship Manager? Most likely no.

Dealing with the Dilemma

In order to make the sales process successful, the Relationship Manager needs to feel very comfortable in his own zone. He needs to be be driven by his own conviction and passion..that could be money, success or bonding with his client. Quite often, he is too focused on what he “needs” to get done (the sales process-to keep his boss happy since so much was invested to make it successful) that he actually doesn’t get done what he really should get done. It is not suggested that the complete sales process be dropped by any means, but if the Relationship Manager focuses and uses his own intuition, mixed what he is comfortable with in the sales process, he will connect.

How does he connect? The client will see that the Relationship Manager is focused on his needs and not focused purely on immediate sales results.

Isn’t this what the client wants? An undistracted focus on him and his needs?

For related materials see What Makes a Great Salesperson.

Trip Allen, Team Egyii, Singapore

That is a mouthful. And it should be.

In one of Obama’s recent public announcement, he proclaimed the following:

“…in order to restore our financial system, we’ve got to restore trust.”

Obama and his team get it. Does everyone else? Probably. What is everyone else doing about it? Thinking about it? Yes. Taking action? Maybe.

There are a lot discussions on trust going around in multiple circles today and most of it is focusing on the financial institutions. Why is that? Are people fed up with the “old world” of the banking business?

Wouldn’t it make sense to make trust an integral part of the bank agenda? Certainly life and business would be easier for the relationship managers and the executives. And isn’t this what most clients want? A trusted relationship?

For more reads on trust in all the circles, read Trust, Trust, Trust by Charlie Green of Trusted Advisors. He and his team thoroughly cover trust from all perspectives.

Please also see James’ prior post Private Banks’ new journey back to credibility

Trip Allen, Team Egyii, Singapore

Today’s ‘crazy’ financial services market presents flexible, forward-thinking financial industry players with an opportunity to gain a competitive advantage and grow their business.  This is the time for change. This is the time for those responsible for client contact to stand back and take another look at how they influence their clients.

To date, banks have emphasized product over relationship by offering what seemed like good returns on a whole host of financial products to a hungry audience. The time has now come where, like a guilty husband who has cheated on his wife, they have to re-seduce their clients. They have to be sensitive, caring and patient, all the time approaching their clients gently and testing the water.

This style of influence emphasizes the relationship first and foremost and the product a relatively distant second. But true relationship-building requires more than knowing how to ask the right questions to uncover recognised and unrecognised needs, and present a tailored solution. True relationship-building requires authenticity on the part of the Relationship Manager. And a client can sense when a Relationship Manager is inauthentic, however smoothly he runs through the sales process. 

This means there needs to be a focus on the second-by-second human behaviours passing between people. Relationship Managers need to learn to ‘calibrate’ effectively, which means paying attention to the many small signals their client is sending through their face and body language, their tone of voice, and the words they use. In this way they can ‘enter’ their client’s world and see the situation and themselves through their client’s eyes.  As Henry Ford said, “If there is any one secret of success, it lies in the ability to get the other person’s point of view and see things from that person’s angle as well as from your own.”

Why is this so important? Because being able to see through your client’s eyes opens the window to what she truly wants. And as we all know, the secret to winning other people’s trust and loyalty is to give them what they want. And at the end of the day, in addition to products and solutions, your client wants to be heard and understood. Then you can start writing your own cheque.

So take a minute to think about the way you behave in front of your clients. Eliminate everything from your mind, including your well-prepared script and your client strategy. Just go in there and open your mind to the world offered to you by your client. Treat your client like a great teacher, there to help you go places you have never gone before.

Bank clients today are like swinging voters. They are neither Republican nor Democrat, but are lost as to which way to turn and ready to turn towards a bank which can win their trust. What an opportunity! Go and get it!

James Irvine, Team Egyii Singapore