Changing Banking Strategies

Banking Industry is most attractive and challenging industry in our country, with the change in business dynamics our work culture, lifestyle is also changes accordingly. Presently banks are offering highly customized, comprehensive & cost effective portfolios to the customers as per their requirements. Five years back no can believed that banking will change so quickly where customers or clients like businessmen & bigshot professionals are not required to come to branch for their personal banking, business banking & investments.

Do we ever thought of this ease where banks will come forward with customized managed portfolio programmes where they (BANKS) will manage customer’s personal banking (Saving accounts), investments solutions and business banking (current accounts etc) under single portfolio. Today it’s possible If you won’t believe just check out this link Premier Banking

What you think as a businessmen or professionals Its worth go for that???

TRADITIONAL SALES FUNDAMENTALS

Today when we talk about sales, a very first idea come into the mind of individuals is “ITS BAD”, “NOT MY CUP OF TEA & “MONOTONOUS”. Let me ask you all a question- when you go buying something, what comes into your mind first?

Ans: Why should I buy this stuff, while in impulsive buying period too.

Let’s think this issue other way around.

A salesman or executive who is there in malls, shops, door-to-door sales for selling his/her product to you, feels difficult, tricky for him to identify a prospective customer, his/her requirement and tactics to convince him for his product?

I accept that in most of cases we find that sales people didn’t went for deep analysis of customer’s demand discrepancy (gap between his present state of mind and willingness to buy) and they simply believe in traditional sales fundamentals- pushing pushing & pushing their product.

If we look at traditional sales model, firstly sales executives give full presentation about the features and functions of product, service & solution then hoping the buying influence sees a fit.

In graphical form traditional sales model process looks like this.

Most common mistake committed by sales executives according to traditional sales models:

• Sales executives treat their customers as target.
• Follow unilateral selling concept means they do not try to understand customer’s need.

• Poor listening skills

• Sales executives believe that all potential buyers can use their product

• Showing and telling about product is always appreciated by customers and they rush to buy from us (sales executives).

Now the pattern of selling is slowing changing from our traditional mindset of sales fundamental to No-sell selling concept. It’s an innovative way or methodology to push your product and make your customers happy.

People love to buy, but they hate to feel that they’ve been ‘sold’.