Selling and negotiation

Conceptual selling

Name of Presenters:

• Janki Barodia 06• Rachit Gharde 13• Reshma Murbade 34• Supriya mane 27• Aparna Pula 41 • Vishal kate 20• Sujeet yadav 55• Pooja 48

What is conceptual selling???

• A concept which helps sales person connect the way the customer buy.

• It requires sales person to first understand their customer issues.

• Finally develop expertise to joint solutions.• 3 stages: Extracting Information, Providing Information, Securing commitment.

• Conceptual Selling delivers step-by-step tactics for managing all customer interactions.• Conceptual Selling is call planning for sales managers .

Why concept selling????

• The client or customer likes to buy ,but as human being not like to be sold something.

• Customer does not buy product but buy benefit.• The consumers typically are inert and they need to

be goaded for buying by converting their inert need in to a buying motive through persuasion and selling action

PREPARATION OF A SALES CALL PLAN

Managing all customer interactions, including effective call planning,

Objection handling, Action plan Development Commitment fulfillment.

The process

• Conceptual Selling helps salespeople connect .• To view the sale from the customer is

perspective • Increase close ratios by building win-win

relationships with prospects.

CASE:BANCASSURANCEInsurance sector in India

• The life insurance industry in India has been progressing at a rapid pace since opening up of the sector in 2000.

• India, being the one of the most populous country in the world with a huge potential for insurance companies, has an envious chain of bank branches as the lifeline of its financial system.

• Life insurance companies require immense distribution strength and tremendous manpower to reach out to such a huge customer base.

Concept selling:• Increase in distribution channels has seen the concept of

taking roots in India, and it is emerging to be a viable solution to mass selling of insurance products.

• A long-standing dream of offering a seamless service of banking, life & non-life products.

• For bank: product diversification.• For bancassurance: market penetration.• For customers:bonanza in terms of reduced price, high

quality product and delivery at doorsteps.

Reasons for growing phenomena of Banc assurance

• Entry of 20 new players, with 12 in the life insurance sector and eight in the non-life insurance sector.

• Life insurance premium represents 55% of the world insurance premium.

• The life insurance is basically a saving market.• Insurers found that direct relationships with customers gives

greater control of their business.• The place to begin is to segment the strengths that the bank

and insurer bring to the business opportunity.

Why Bancassurance in India?

• Reduce expenses.• Banks are seeing margins decline sharply in their core

lending business.• Bancassurance is not simply about selling insurance

but about changing the mindset of a bank.

• The diagram below shows the relationship between product complexity and

required sales effort and expertise.

Training to salesperson:

• The need for quality customer service. Sales force training for bancassurers:• Product knowledge• Application of selling techniques • Motivation skills. Bank employee training for bancassurers:• Basic insurance needs• Handling basic objections• Other distribution channels and products

SWOT

Strength• Large population: middle class crowd 2nd

largest.• Skilled professionals.Weakness• IT• Inflation• Inflexibility of products

Opportunities:• Data base• Marriage of the two can make the merger or

acquisition. Threat:• Classical work approach v/s change approach• Non-response from target customer• Return on investment may fall short

Conclusion:

• A concept if clear in the mind of salesperson then however the complex may be, he will be able to handle the objection and bring profit to the organization

• Trust relation for both sides.