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“Sales” It’s not a Four Letter Word Perry School of Banking

“Sales” It’s not a Four Letter Word Perry School of Banking. Eric Cook Monarch Community Bank Alicia Cook Chicago Title Insurance Company. Introduction. Eric Cook Regional President, Monarch Community Bank Graduate School of Banking, UW Madison MBA, Western Michigan University

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“Sales” It’s not a Four Letter Word Perry School of Banking

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  1. “Sales”It’s not a Four Letter WordPerry School of Banking Eric Cook Monarch Community Bank Alicia Cook Chicago Title Insurance Company

  2. Introduction • Eric Cook • Regional President, Monarch Community Bank • Graduate School of Banking, UW Madison • MBA, Western Michigan University • Alicia Cook • State Sales Manager, Chicago Title Insurance • BA, Western Michigan University • Over 15 years of “real-world” sales experience with proven results

  3. Objectives • What IS sales (and what it’s NOT) • Understand why sales is important • Introduce you to the sales process • Provide examples of basic sales tools • Develop a personal 90-day “action plan” • Sales resources to keep you motivated All in only TWO hours!

  4. Can I help you? Horror Stories???

  5. Doing it Right

  6. Why Sales?

  7. Competition

  8. Competition

  9. Prosper.com - The Next eBay?

  10. Competition is growing Customers are more educated Customers are less loyal Evolve from the “order taker” mentality Bankers do what we are asked Meeting expectations is no longer enough Needs to involve EVERYONE Be patient – it will take TIME! Why Sales?

  11. The Sales Process Revenue, Wallet/Market Share (Measure) Tools, Awareness, Networking, Education & Support (Utilize) Customers, Prospects & Employees (Involve)

  12. Sales Objectives & Players

  13. Sales: The ObjectivesGoals • Define what you want to accomplish • Be specific • Establish an annual goal and break it down by month • Be “SMART” with your objectives • Specific, Measurable, Attainable, Realistic and Timely • Everyone needs to have a goal (measurable on a monthly basis) • Rewards

  14. Sales: The PlayersTargets – Current Customers • Know who’s doing business with you now • Deposits • Core vs. non-core • Loans • Consumer, residential and commercial • Electronic Services • Online banking, bill payment, debit cards, direct deposit, etc…

  15. Sales: The PlayersTargets – New Prospects • Identify other areas where you could generate business • Understand your niche and what’s working • Major employers • Education, healthcare, manufacturing, service • Realtors and brokers • Referrals (“refer-a-friend” program) • Others???

  16. Sales: The PlayersCreate a Target List • Current customers • Go after additional “wallet share” • New prospects • Understand what you are doing well • Pareto’s Rule: 80/20 analysis • Spend your time wisely • Reports/MCIF system • Assists with identifying profitable customers and prospects for more business

  17. Sales: The PlayersEmployees • Executive-level commitment • Sales • Front line (Tellers, CSRs & New Accounts) • Loan Officers (commercial & residential) • Branch managers • Support • Accounting • Processing • Marketing/Advertising • Operations & IT

  18. Strategies

  19. Sales: StrategiesRetention & Enhancement – Current Customers • Ensure that others in your organization know your “key” customers • Create a “milk route” • Get out and visit with customers on a regular basis • Reach out in other ways (phone, e-mail, etc…) • Follow-up • Tie up lose ends, send thank you notes • Networking events • Lunch-&-Learn, after hours or seminars

  20. Sales: StrategiesAcquisition & Growth – New Prospects • Ensure that others in your organization know who you’re going after • Create a “milk route” • Get out and visit with prospects on a regular basis • Start to build a relationship (look for similarities) • Work to get an appointment to “pitch” product/service • Follow-up • Make phone call to ask for appointment if you don’t see them, tie up lose ends, send thank you notes • Networking events • Chamber, service clubs, association events & trade shows

  21. Sales: StrategiesOutreach & Awareness • Get your message out so people know who you are and what you do • E-mail • Consistent frequency and message content/theme • Needs to provide “value” to the reader • “Traditional” mail • Postcards or direct mail letters on products, services or special bank news • Other methods • Lobby signs, posters, stuffers, testimonials, statement messages, lobby displays, leave-behinds, etc…

  22. Break(15 minutes)

  23. Strategies(continued)

  24. “Meet & Greet”

  25. Sales: StrategiesNetworking • At least three functions per month • Bank sponsored functions • Lunch-&-Learn, seminars, breakfast meetings • Associations and trade shows • Realtors, Home Builders • Service group • Rotary, Exchange, Lions Club • Always have an objective • Meet people, talk about new products/services, schedule an appointment, get more business

  26. Sales: StrategiesLearning & Education • Know the products and services you have to offer (and your competition too) • Understand the sales process • Make time to educate yourself (personal & business) • Internet, webinars, journals, books, & CDs • Service providers like Deluxe (Knowledge Exchange) • Trade shows, conventions, networking

  27. Sales: StrategiesLearning & Education

  28. Sales: StrategiesOngoing Support & Results • Everyone needs to be on board • Sales goals and process • Weekly meetings to compare actual to goal and keep on track • Meet by department • Get Marketing department support • Continue to adjust

  29. Sales Tools

  30. Sales: StrategiesProcess Tips • Your personal “brand” • Theme, taglines, personal profile, 30-second commercial

  31. Personal Brand • Some simple examples

  32. Professional Profile

  33. Sales: StrategiesProcess Tips • Your personal “brand” • Theme, taglines, professional profile, 30-second commercial • Preparing for the meeting

  34. Preparing for the Meeting • Research your customer – Visit website • Review current business – Internal reports • Assemble presentation materials – Proposal • POST (People, Objective, Strategy & Tactics) • VALUE (Vision, Attitude, Likeable, Unique & Excitable)

  35. Sales: StrategiesProcess Tips • Your personal “brand” • Theme, taglines, professional profile, 30-second commercial • Preparing for the meeting • Sales “1-2-3”

  36. Sales “1-2-3” Opening Compliment, thank you, objective • What’s “broke” • Why aren’t we getting 100% of your business now? • Match solutions • Know your products and services to offer solutions • Next steps • Set future business steps or follow-up meeting Close Ask for business and/or referral

  37. Sales: StrategiesProcess Tips • Your personal “brand” • Theme, taglines, professional profile, 30-second commercial • Preparing for the meeting • Sales “1-2-3” • Technology tools

  38. Technology Tools • CRM system • Excel, Outlook, Groupwise, Goldmine, ACT! • Assists with managing customer contacts (sales cycle) • Helps with accountability • Laptop, cell phone, PDA • Website & Blogs

  39. Sales: StrategiesProcess Tips • Your personal “brand” • Theme, taglines, professional profile, 30-second commercial • Preparing for the meeting • Sales “1-2-3” • Technology tools • Know your ABCs • Always Be Closing

  40. Building an Action Plan

  41. Resources & Motivation

  42. Resources and Motivation • You are changing a culture, it will not happen over night • Don’t be afraid to start small • Rely on outside resources to learn • See Resource Page • Stay motivated and don’t give up

  43. 30-Day Personal Commitment • Creates a promise to yourself • Complete in duplicate • Address an envelope • You WILL see these again… • Good luck!

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