BECOMING A SALES CHAMPION Participant Workbookmnaconsulting.org/assets/BASCsample.pdfServiStar™ Training Library Becoming a Sales Champion © MNA, Inc. 6 Participant Workbook 2

BECOMING A SALES CHAMPION Participant Workbook

Michael Neill & Associates, Inc. 1613 Mercer Ave. College Park, GA 30337 404. 669.9348 www.michaelneill.com Presented by Kelly Ketelboeter

ServiStar™ Training Library Becoming a Sales Champion

© MNA, Inc. 2 Participant Workbook

TOP FOUR REASONS PEOPLE ARE RELUCTANT TO SELL

1. Lack of _______________________________.

2. Fear of ________________________.

3. We don’t want to seem ___________________.

4. Lack of ___________________ role models. A NEW MODEL = RELATIONSHIP SELLING Relationship selling is the foundation of our culture and will allow the credit union to… _________________ and ____________ members by developing long-term

______________________ with them.

Relationship selling is…

1. Built on a win-win philosophy that says a good sale is one that benefits both

the member and the credit union. We never ________________ something to

members they don’t ____________________!

2. Relationship selling looks beyond the _________________ and seeks to

establish an ____________________ relationship between the member and

the credit union. The ________________ begins when the paperwork is

__________________.

3. Relationship selling is built on ________________ outstanding

___________________ over the entire __________________________.

Keep in mind that… Excellent is service is ALWAYS something more than we expected!

When we sell the member a product or service based on their individual needs we are providing them with EXCELLENT service!

Service is selling and selling is service! The two go hand in hand.



Members look to us as the experts and trust our recommendations as long as we focus on each individual member and their needs.

WHAT MEMBERS WANT FROM THE CREDIT UNION

1. Members want an adequate to their ______________ with a positive result.

2. Members want a __________________ who they can _________________.

Someone who has their best interests in mind and will help them make a decision.

3. Members want value-added service that _____________ their expectations.

FACT OR FICTION? In a survey by Lamothe and Associates, credit union members were asked: How would you feel toward credit union employees making suggestions about products and services that would improve your financial life?

_______% of the time members find it favorable _______% of members see it as unfavorable _______% of members don’t know what they want!

In a follow-up survey also conducted by Lamothe and Associates, members were asked: Did the credit union employee mention an additional product or service?

______% of members said “YES” ______% of members said “NO,” nothing was mentioned

What does this information tell us? Only one out of four members is getting what they want from their credit union. We need to close that gap. We can do that with relationship selling, our positive role model.



Step One

Step Two

Step Three

Step Four

We will never sell something to the member that they don’t need!

OVERVIEW OF THE SELLING PROCESS

Identify the members need.

Three ways to identify needs Provide solutions.

Two ways to provide solutions Secure the relationship.

Three different types of closes Build total commitment.

Three ways to develop member relationships



STEP ONE – IDENTIFY THE MEMBER NEEDS Because we will never sell something to member that they don’t need we will begin the Selling Process by identifying the member’s needs. 1. USING LISTENING AS A NEEDS ASSESSMENT TOOL

Listening to what our members tell us is critical in determining their needs. Members will tell you what’s important to them, what they want and what they need.

WORKOUT List all the ways you can show the member you are listening to them.

Sometimes when listening, you have to read between the lines to determine how the credit union can help the member. WORKOUT For each of the following situations, identify the member’s potential need by listing one or two products you could recommend. 1. The member asks, “What’s my balance and what are the last five checks

that have cleared?”

2. The member asks, “What’s this fee for in my checking account?” 3. The member tells you, “I’m a new grandparent!”

THREE WAYS TO IDENTIFY MEMBER’S NEEDS

1. Listen 2. Observe 3. Ask questions



2. USING OBSERVATION AS A NEEDS ASSESSMENT TOOL We can learn so much from observing our members which will help you in determining the member’s needs. Your observations will trigger your response to the member.

You may observe the following:

• The member’s summary of accounts and balances. • The activity on the members accounts. • How often they come to the credit union. • The types of transactions they are conducting. • Who they come to the credit union with. • Non-verbal cues such as body language.

WORKOUT What are the underlying needs of each of these member statements or actions? For each situation below, list one to two products that you could mention to the member. 1. A member complains: "I always seem to pick the slowest line." 2. A member picks up a brochure about your credit union's VISA card and looks

it over while you are processing his transaction. 3. A member makes her loan payment with a check drawn on a local bank. 4. A member always brings her 5-year-old daughter into the credit union with

her. 5. A member calls you every day to ask about his checking account balance and

to see which checks have cleared. 6. A member comes in to get a $1,000.00 check made out to a car dealership.

The Credit Report:

Approve loan Sales Opportunities



?

3. ASKING QUESTIONS AS A NEEDS ASSESSMENT TOOL One way to find out what your members want and need is by asking open-ended questions. Open-ended questions will…

1. Allow you to get more information from the member in order to recommend the correct product or service.

2. Get the member involved and engaged in the process.

3. Allows you to act as a consultant.

4. Helps evaluate the credit union’s ability to meet the member’s needs.

5. Direct the conversation and tells you where to go next in meeting the member’s needs and providing solutions.

Open-ended questions can begin with:

Who What Where When Why How

Checking Account

1. What do you like best about your current checking account?

2. If you could change one thing about your current account what would it be?

Credit Card

1. What rates are you paying on the credit cards you use most?

2. What factors did you consider when choosing your credit card?



RULES OF THE ROAD WHEN ASKING QUESTIONS

1. To make members feel at ease, ALWAYS let them know _________ you are asking questions. This may sound like: “Mr. Smith, our goal at the credit union is to improve our member’s financial lives. In order to ensure we are fulfilling that mission, I would like to ask you a few questions. Is that alright?” “Mr. Smith, so I can best meet your needs today and help you, is it alright if I begin by asking you some questions about the products and services you are using currently?”

WORKOUT Now you try. Write what would say to the member to gain their permission to ask questions.

2. Tactfully ask questions. This means knowing what to ask, when to ask it and how to ask it. The more you practice asking open-ended questions the more comfortable and natural it will feel. To help you gain greater confidence in tactfully asking questions, begin by developing a list of questions you can ask members for each product and service the credit union has to offer. Then practice asking those questions! The more you practice the easier it will be to identify and meet your member’s needs.

3. Listen for the selling points the member is revealing. When you ask the right questions, your members will tell you exactly what they are looking for and what is important to them. Your listening skills will play a critical role in your success to meet and exceed your member’s expectations and needs. Are members looking to save money or have greater convenience? How can the credit union help meet the member’s needs and desires?



WORKOUT For each product listed below develop two open-ended questions you could ask the member.

PRODUCT

OPEN-ENDED QUESTIONS

Checking Account

1. 2.

On-Line Account Access

1. 2.

Credit Card

1. 2.

Auto Loan

1. 2.

Money Market Account

1. 2.

STEP TWO – PROVIDE SOLUTIONS

WHO – WHAT – WHERE – WHEN – WHY – HOW ? ?



STEP TWO — PROVIDE SOLUTIONS: FEATURES & BENEFITS When presenting products and services to the member keep in mind that your members…

DON’T want another ________________________________.



What your members really want when they shop for financial products and services is…

They WANT to ______ .



They WANT ______ ______.

They WANT ______.

Often times when presenting the product to the member we focus on the Features of the product instead of the Benefits. This prevents the member from understanding the WIIFM (“what’s in it for me”).

Features TELL Benefits SELL

Are the SAME for EVERY member.

Are DIFFERENT for different members.

They TELL or DESCRIBE the products and services to the member.

They give the member a reason to act! It tells the member “what’s in it for them.”

Examples of Features: No monthly service fee 24 hour, 7 days a week access Unlimited check writing Ability to transfer Low rates Automatic payment

6 Key Benefits Terms: Saves time It’s convenient Saves money Makes/earns money Peace of mind Don’t have to worry



WORKOUT For each benefit statement listed below, circle the FEATURE and underline the BENEFIT. When you are done, stand and stay standing.

1. Our money market account can help you earn more money because it pays a higher dividend than our regular share account.

2. Our check card can save you time and money by eliminating the need to write

checks.

3. Traveler’s checks provide peace of mind while traveling because they can be replaced if lost or stolen.

WORKOUT For each product listed, write three features of the product and three possible benefits.

PRODUCT

FEATURES

BENEFITS

Checking Account

1.

2.

3.

1.

2.

3.


1.

2.

3.

1.

2.

3.

Credit Card

1.

2.

3.

1.

2.

3.



PUTTING IT ALL TOGETHER When presenting a product or service to the member based on their individual needs we must effectively communicate the benefit. To do this we will use a benefit statement that focuses on a benefit based on the member’s individual need. A benefit statement includes the following:

Product name + a feature of the product + the benefit to the member

For example: “Our checking account has no minimum balance and unlimited check writing which will save you money.” WORKOUT For each of the products listed below, create a benefit statement.

PRODUCT

BENEFIT STATEMENT

Checking Account


Credit Card

Auto Loan

Money Market Account

6 Key Benefits Terms: Saves Time It’s Convenient Saves Money Makes/Earns Money Peace of Mind Don’t Have to Worry



STEP TWO – PROVIDE SOLUTIONS: OVERCOMING OBJECTIONS From time to time when you provide the member with a solution they may respond with an objection. For example they may say, “You don’t have enough locations.”, “I have enough coverage.”, “I already have a free checking account.” As professionals and consultants we have to listen to what the member is telling us and look at the objection as an opportunity to continue educating the members on our products and services. Objections are a good thing because…

1. They tell us why the member isn’t interested. 2. They allow us to continue the conversation with the member.

3. They show us the member is interested.

Why do members object?

1. They don’t have enough to make a

decision.

2. They don’t see the in the product or service we

are offering.

3. We didn’t identify the correct or we identified the

wrong .



General Points on Objections:

1. Objections will come. _______________ them. They tell you what resistance to overcome with members.

If we don’t respond to a member’s objection we are telling them:

• We don’t care. • We agree with them. • That they are right, our product won’t meet their needs.

2. Stop selling when you get an _____ objection.

This is when they member tells us: 1. “No.” 2. “I’m not interested.” 3. “I have to talk to my spouse.”

We know they do not want to take action now, but we don’t know why.

3. Objections show . When a member objects they are sharing their true feelings. If the member wasn’t interested then why would they continue the conversation?

4. Never with the members. Win the war not the

battle! Always respect the member’s feelings or opinions no matter how much you disagree. For example, a member says, “Your interest rates aren’t that high,” and we respond, “We check our rates weekly and we are very competitive.” This is argumentative. Instead try asking, “Where have you found a lower rate?”

When you ask a question, you may find out what the member really means and it gives you time to think.

5. ________________________ the objection and be prepared to handle it.

Typically we will hear the same objections over and over again from our members. As professionals, we have to be prepared to respond to our members concerns by thinking about and practicing what we will say.



TOP THREE WAYS TO OVERCOME OBJECTIONS To overcome objections we will focus on using three key skills:

1. Ask Questions.

2. Empathize.

3. Stress the Benefits. For example: If the member says, “You don’t have enough locations.” I might overcome their objection in the following way: 1. Ask Questions.

• “How often do you find yourself going to a branch location?” • “What types of transactions are you conducting at the branch?”

2. Empathize. • “So, having access to your accounts is important to you.” • “So, you want to have easy access to your accounts.”

3. Stress the Benefits. • “The great news is that you can have easy and convenient access to your

credit union 24 hours a day, 7 days a week without having to come to a branch location. We have several ways to make your accounts work for you and it will save you time and trips to the credit union.” Continue by discussing the products and services that your credit union offers that will give the member access to their accounts. For example: Direct Deposit, On-line Account Access, ATM/Debit Cards, Automatic Transfers, Bill Pay, Shared Branching, ATM Access and Network.



WORKOUT Now you try! Write down an objection you hear most often when in a selling situation with members?

Now using the skills we just covered, write what you would say to address the members concern and overcome their objection.

1. Ask Questions.

Develop two questions you would ask the member to get more information.

2. Empathize.

What would you say to empathize? 3. Stress the Benefits.

What would you say to stress the benefits for the product you are offering?



STEP THREE – SECURE THE RELATIONSHIP We secure the relationship with the member by closing the sale. This is the most often ignored step in the selling process—and the most crucial. Most people will not give you their business until you ask for it. If you have identified needs, sold the benefits and overcome objections, then closing the sale to secure the relationship is the next logical step.

THREE WAYS TO CLOSE THE SALE

1. Assume the sale.

2. Choice close.

3. Just ask!

1. Assume the sale.

When you assume the sale you are making a statement rather than asking the member a question. Use this close when the member is giving you buying signals. What are some buying signals you may see or hear that tells you the member is ready to act and move forward?

Non-verbal cues/signals

Positive statements

Ask additional questions

The assumed close may sound like:

"It will only take a couple of minutes to open that account." “I can go ahead and open that account for you today.”



3. Choice close.

We all like to have choices. Sometimes when presenting a product or service to the member we are able to offer them two or more options. When this is the case you can use the choice close. The choice close may sound like:

"What sounds better to you, the variable rate or the fixed rate VISA?"

“Would you like to open the Money Market Account or the 2-year Share Certificate today?”

4. Just ask!

This is the close you probably use most often. Remember, we lose a lot of business because we don’t ask for it, so just ask! This is where a close-ended question is appropriate because you want to get a “yes” or “no” answer. The just ask close may sound like:

"Would you like to open that account today?"

"May I begin processing your application for the home equity loan?"

Our goal is to secure the relationship with the member, closing the sale will allow us to do this.

Keep in mind, when we close the sale we are helping the member make a good buying decision.



STEP FOUR – BUILD TOTAL COMMITMENT Our goal is to develop long-term relationships with our members. To do this we must provide consistently excellent service before, during and after the sale. Building total commitment with the members will get us closer to our goal of becoming their primary financial institution.

THREE WAYS TO DEVELOP LONG-TERM RELATIONSHIPS WITH THE MEMBER:

1. Reassure the Member

2. Follow Up

3. Referral Selling

1. Reassure the Member

We want members to feel good about their decision to open an account at the credit union or take a loan with us. Sometimes when we make a buying decision we may experience buyer’s remorse. You know that little voice in our head that says, “What did I just do?!” To help set that voice at ease, we want to reassure the member by:

1. Reinforcing their buying decision.

2. Selling our personal commitment.

This may sound like: “Mr. Smith, you made a great decision today to open your checking account at the credit union. I am confident you will enjoy the ease and convenience of your new checking account along with the extra money you will be saving each month. Thank you for allowing me the opportunity to help improve your financial life today. Here’s my card, please contact me at any time should you need anything. It’s been my pleasure helping you today.”



2. Follow Up One way to set ourselves apart from the competition is by following up with our members once we have cross-sold them a product or service. There are several things you can do to follow-up with members to deepen and enhance the relationship.

Some good follow-up techniques:

• Sending a handwritten thank you note.

• Giving the member a courtesy call in 7 to 10 days.

• Recognizing the member when they come into the credit union.

• Completing all paperwork for the member.

What follow-up techniques do you want to either continue or start using with your members to build total commitment?

3. Referral Selling

Referral selling allows us to continue deepening our relationship with the member. Remember the average member has 10 accounts somewhere and that 72% of the time financial products and services are purchased based on your recommendations to the member.

You can use the 30-Second Referral Selling process when…

You are NOT the expert on the product.

The member does NOT have time to spend with you.

What opportunities do you have with members to use referral selling?



Step One

Step Two

Step Three

Step Four

THE 30-SECOND REFERRAL SELLING PROCESS

Identify the member’s need. 1. Listen 2. Observe

Use a lead-in statement that focuses on a benefit related to the member’s individual need: “I think I’ve found a way to (benefit) .” (e.g., save you money, save you time, provide a convenience, make you money, ease your worries, give you peace of mind)

Present the information by handing the member a flyer, brochure or rate sheet that describes the features of the product. 1. Great option when time is an issue.

Ask a closing question. “What else can I do for you today?” “What questions do you have?”

Common mistakes in 30-Second Referral Selling:

• Asking the member a closed-end question: “Do you know we have a checking account?”

• Explaining too much: “Our checking account has no minimum balance, no

monthly service charge, no per-check charge…” • Failing to provide marketing collateral to reinforce the referral.

Summary: Build the skills you’ve learned today by starting to use one at a time, and practice, practice, practice! You will be successful, your members will be successful and the credit union will be successful.



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Documents

BECOMING A SALES CHAMPION Participant Workbookmnaconsulting.org/assets/BASCsample.pdfServiStar™ Training Library Becoming a Sales Champion © MNA, Inc. 6 Participant Workbook 2