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MARKETING, SALES & CUSTOMER SERVICES

 

ASSIGNMENT 2

 

APRIL 2002

 

 

1.     SECTION 1

The building society of ZZZ has been growing very fast and now that it has converted to banking status, a more strategic development and marketing is required.

This section is focused on two the most popular campaign selling methods for the promotion of the products to the market.

1.1            Direct Mail

Direct mail is about sending offers and information to customers through the post2. Careful targeting is essential so that customers receive information relevant to their needs.

Some of the strengths of Direct mail are the following:

(a)    If targeting is done successfully and is not considered as junk mail then it can be very effective, especially for cross-selling3.

(b)   The communication can be personalized, for example by simply adding the customer’s name and hence become more powerful1.

(c)    It allows a greater amount of information to be given to the customer and allows the customer to read and re-read the information and take his/her time to come to a decision3.

(d)   It reinforces interest stimulated by other media, such as TV2.

(e)    It is less visible to the competitors rather than an advertisement in a magazine or newspaper2.

There are, however, a number of weaknesses with this medium, such as:

(a)    It can be very expensive. Therefore the mailshot must be very well targeted to overcome such a cost penalty2.

(b)   Lead times may be considerable. It is a lengthy process - finishing artwork, printing, proofing, inserting material into envelope and mailing2.

(c)    An obvious concern about junk mail –it can be well presented but being sent to the wrong person3.

(d)   Customers do not have the chance to ask when there is something not clear to them1.

1.2            Telemarketing

Telemarketing is the planned and controlled use of the telephone for sales and marketing opportunities2. It can be used to attempt to make an appointment, sell a product to the customer or even as a follow up procedure after direct mailing1.

Some advantages of using telemarketing are the following:

(a)    It can be very cost effective since often the cost of a call is less than the cost of a mail pack3.

(b)   The response of the customer is instant so there is a clear indication whether he/she is willing to buy, seek an appointment or is simply not interested1.

(c)    Customers have the chance to ask questions and clarify whatever they do not understand instantly2.

(d)   If used in conjunction with mailings, it can be very effective1.

On the other hand, there are also various disadvantages, such as:

(a)   Many people find unsolicited telephone calls intrusive and a call can bring the opposite of the desired result1.

(b)   Businessmen are usually very busy at work and may be impossible to reach them.

 

There should be a careful consideration of the two major campaign selling methods mentioned above so that ZZZ can advertise its services effectively and gain a competitive advantage to carry on its business as a bank on a profitable basis.

[497 words]

2.     SECTION 2

TRAINING AGENDA FOR THE SELLING OF PRODUCTS OF ZZZ

SECTIONS

PRESENTER
TIME

RELEVANT INFORMATION

1.

THE BUYING PROCESS

A.Smith

9:30am – 10:00am

Description of the five stages in the buying process1:

·         Recognize the problem

·         Understand the problem and desire a solution

·         Assess the alternative solutions

·         Make the purchase

·         Validate the decision

 

2.

PREPARING FOR THE SALES INTERVIEW

N.Speirs

10:00am –11:30am

Points to be considered1:

·         Objective setting

·         Material preparation

·         Structure, content and style preparation

·         Visit at customer’s workplace

3.

HANDLING OBJECTIONS

R.Purves

11:30am-1:00pm

Methods for handling objections1:

  • Understand the real objection
  • Provide an answer
  • Return to the buying process
  • Objections on Costs
  • Put-off method
  • Deny method
  • Convert method

 

LUNCH BREAK

1:00pm – 2:00pm

4.

CLOSING THE SALE

A.Smith

2:00pm – 3:30pm

Description of closing techniques1:

  • Ask for the sale
  • Alternative close (either/or)
  • Assumptive close
  • Concession close (incentive)

5.

FOLLOW UP

N.Speirs

3:30pm – 4:30pm

Ongoing relationship with the customer within / after the sale3.

 

[172 words]

2.2 PREPARING FOR THE SALES INTERVIEW

For both telephone and face-to-face selling, the following need to be considered:

(A)   Setting the objectives

The objectives of the interview should be set beforehand. Mr.Speirs will explain the reasons for setting the objectives, their characteristics and give some suggestions for realistic targets on the sale of existing products as well as the new competitive products.  

(B)  Preparation of the structure, content and style of the interview1

It is more convenient to adopt a certain structure for the interview, with most of the contents being decided beforehand. Two main formats will be discussed, one for existing customers and another one for completely new business.

New customers may appear to be indecisive, not showing the appropriate trust, etc. Suggestion for two interviews will be given, such as:

INTERVIEW 1

INTERVIEW 2

Introduction

Verify trust built on first interview

Rapport Building

Present the solution

Investigate the customer’s needs

Gain the customer’s agreement for the sale

Verify and quantify the needs

Agree the next steps

Existing customers are more likely to be more decisive and open so one interview may be enough with less time spent on rapport building.

Furthermore, for face-to-face selling, the following points should be additionally considered:

(C)  Preparation of material

All relevant material should be prepared before the actual interview. More detailed information should be covered upon:

Ø      Leaflets with detail of the ZZZ’s products

Ø      Terms and conditions

Ø      Hardware (Laptop, calculator, printer, etc)

Ø      Interview Area

(D)  Visit at the customer’s workplace

Particular emphasis should be given in cases that the salesperson will need to visit the customer at his/her own workplace. Some extra suggestions will be given, such as planning to be on time, having all the necessary information on both paper format and computer based format, etc.

[298 words]

 

2.3           HANDLING OBJECTIONS

Objections are almost inevitable and should be viewed as a positive sign. Mr. Purves will explain why objections are important, state the most common objections and then move on to a more detailed strategy on how they should be dealt on both telephone and face-to face selling. Some of his suggestions include the following:

 

(A)   Understanding the real objection

It is important to clarify exactly what the real problem is and make sure that the salesperson can fully understand it so to be able to make effective suggestions.

 

(B)  Providing an answer

If the objection is just caused because of misunderstanding, a simple answer may be able to solve the problem.

 

(C)  Returning to the buying process

An objection may be raised because the customer has not moved through all the stages of the buying process effectively. Mr. Purves will explain how to identify the stage to return to.

 

(D)  Objections on Cost

Most customers make objections on the price of a product, even if the new products of ZZZ will be offered on very competitive prices. Emphasis should be given on the benefits of the products so as to convince the customer that benefits overweight the costs.

 

(E)   Put- Off Method

It will be described how the salesperson can put off an objection to be handled later and in which cases this method can be used successfully.

(F)   Deny Method

Sometimes the customers claim obvious untrue statements so the interviewer should deny the objection in a very careful way as not to upset or offend the customer.

(G)  Convert Method

This is a powerful technique to turn an objection into a selling feature/benefit of the product. Mr. Purves will give some examples and explain in detail how this technique can be used and under which circumstances.

[300 words]

3. SECTION 3

In order to complement the campaign, presentations must be delivered through a series of meetings with small business owners.

The following need to be considered:

3.1 Designing of presentations

Before the presenter can begin to prepare, there should be a clear objective so as to know where to aim at. Also a basic structure should be adopted to avoid confusion.

3.2 Delivering of presentations

The delivery of a presentation can be achieved through different methods, as described below. It is also easier if handouts are prepared and given to the audience as a supplementary reference.   

Ø      Overhead projector

A simple, cheap and effective method of enhancing the message using visual support. It is good for group presentations but the movement of slides can make concentration difficult.

Ø      Slides via Microsoft Powerpoint

It can be used with a computer by projecting onto a screen. It allows easy movements backwards and forwards by touching a button. Graphs and data can be built up slowly to emphasize points.  

Ø      Video

Provides colourful moving pictures and sound. It has a high degree of impact and can be memorable. It displays a very professional image but it is expensive to produce.

The salesperson should also consider matters like body language, style, way of expression, etc, so that the audience can feel his/her “live” presence.

[222 words]

[TOTAL: 1499 words]

4      REFERENCES

(1)         Charley Watkins, (1999), Marketing, Sales & Customer Services, Kent, Financial World Publishing

[pages: 151-153, 174-177, 182-186, 232-235]

(2)         The Chartered Institute of Bankers, (1997), Customer Services – Marketing and the Competitive Environment

 [pages: 245-246, 250]

(3)         Rose / Watkins, (1997), Retailing of Financial Services, Kent, Institute of Financial Services

[pages: 131-134, 213-215]

(4)         D.James, (1999), Managing People in Organizations, Kent, Financial World Publishing

[pages: 78-83]