What does it take to be successful in sales?

Some say the most important thing is Enthusiasm.

en·thu·si·asm n.

1. Great excitement for or interest in a subject or cause.
2. A source or cause of great excitement or interest.
3. Archaic

• Ecstasy arising from supposed possession by a god.
• Religious fanaticism.

While you need to have a passion for what you do and what you sell, it takes more than enthusiasm to be successful.

Selling is not just “telling.” Successful selling takes more than just spewing facts about products and services. It is relationship development, prospecting, making the approach, interviewing, presenting, answering objections, asking for the order, and keeping promises. Selling requires enthusiasm, product knowledge (yours and your competitors), and confidence.

con·fi·dence n.

1. Trust or faith in a person or thing.
2. A feeling of assurance, especially of self-assurance.
3. A trusting relationship: I took them into my confidence.
4. The state or quality of being certain: I have every confidence in your ability to succeed.

Expertise breeds confidence. Confidence results from knowing you are prepared, and that you can deliver and keep promises. Confidence forms the basis for enthusiasm. Enthusiasm is a choice. But still you don’t want to run around screaming about your product. Unbridled enthusiasm results in a lack of focus. It takes more to truly succeed in sales.

pro·fes·sion·al·ism n.

1. Professional status, methods, character, or standards.
2. The use of professional performers, as in athletics or in the arts.

Professionalism takes all of the factors listed above to a higher level. It helps you form a cogent story, run your business like a business, build and work a plan in an organized, focused manner.

So what is the most important factor?

There is no one most important key to success in sales; they are all important! Your success is a product of how well you execute on the activities and behaviors listed above, and the attitude that you bring to these tasks.  Successful salespeople are confident in their abilities, enthusiastic about their solutions, and professional in their execution.

Good selling!

Many firms have a “packaged” proposal system. While proposals are all over the map in terms of structure, most contain huge amounts of information, with numerous charts and graphs, volumes of copy, and endless disclosures. Whether you present financial plans or individual product presentations, proposals generally contain enough information for a doctoral dissertation. It’s all about disclosure and dictated by the compliance department.

Some clients want the bottom line. Other clients look for detail. And after all, isn’t the presentation about the client? How do you build a presentation and presentation strategy that always provides you with the tools you need to deliver whatever information your client needs to make an intelligent buying decision?

Consider making a summary of recommendations for your presentations. Take the detailed analysis and spreadsheets, and put them in an appendix.

If your client channels Jack Webb and wants the facts – just the facts, or if the client is an actuary with graduate degrees in statistical analysis and engineering, you will be prepared to provide the information needed to fulfill your obligations to communicate in a manner best suited to your client and provide appropriate and complete information. Provide the summary, and give the clients as much detail as they need. Your closing ratio will go up because you are adapting your communication techniques to your clients needs.

Good selling!

Restaurant business is down due to the economy; people do not go out as often. In the November 2, 2009 issue of Nation’s Restaurant News, trainer and professional speaker Jim Sullivan wrote, “Not that we’re out of the woods by any measure. Grocery prices are falling and restaurant prices rising. Technomic recently reported that in the past three years 21,425 units have closed in the United States, and 84 percent of those were full-service operations. That reflects the worst three-year contraction in foodservice history.”

What does this possibly mean to financial advisors? Coupled with consumer’s expressed desire for education and guidance as to where to go from here, consider a tried-but true marketing concept: dinner seminars.Advisors report seminars are more popular than any time since the 80’s, and clients are attending seminars in record numbers. Restaurants need the business. Contact restaurants to negotiate more favorable pricing for dinner seminars. By making a commitment for multiple events, and you might get a significan price reduction. Also ask for complementary gift certificates. Often you get these at a greatly reduced costs, because restaurant operators know when you have a gift certificate, you bring guests!

Americans love to eat out. They want and need economic news and education. Use the current situation to your advantage as you demonstrate to people in your community you continue to provide information and education that help them make intelligent decisions about money, and do so in a cost-effective manner.

“If you feed them, they will come.” Good selling!

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The last half of 2008 provided the banking industry with a host of unprecedented problems.  Many banks offer investments and financial planning services to their customers through internal broker-dealers or third party providers.  Regardless of you distribution model, your investment department faces challenges as well.  Shrinking account values, inappropriate investments, and delayed or damaged retirement plans damage customer relations.  Emotions run high when customers feel (rightly or wrongly) they have been poorly advised or misled.  Deteriorating client relationships in your investment department carry over to customers’ banking decisions.  Follow these five simple steps to make certain your investment department provides the highest level of professional service to you customers.

Manage your Investment Advisors – Too often banks neglect to provide the same degree of oversight to their investment departments as they do to their banking operations.  Manage your investment department the same as you would any other part of the bank.  This requires a basic understanding of the culture, benchmarks, and processes of the investment industry, as well as management processes designed to grow business and insure exceptional service. If you have a program manager, your increased interest and knowledge will help them in their role.  If you have a third-part program, assign a member of the bank’s management team to provide assistance and oversight of the operation.

Departmental Communication – Include your investment advisors in regular bank meetings and events whenever appropriate.  When your investment advisors understand the bank’s focus, they are better equipped to cross-refer business.  In addition, they experience the bank’s culture and expectations on a first hand basis.  Insist upon a basic level of reporting that allows you to exercise proper due diligence.

Investment and Service Offerings – Know what your investment advisors sell to your customers.  Be cautious about allowing your investment department to position its services as “investment management.”  In most cases, bank advisors sell packaged investment products utilizing portfolio managers, such as mutual funds, variable annuities, and separately managed accounts.  Most bank advisors do not pick stocks, for the most part, or exercise discretionary authority to trade securities for clients.  Product and service offerings should not be so broad as to hinder the advisors’ ability to have a complete understanding of what they offer to clients.

Examine Service Standards – Know exactly what a client can expect from an advisor in the way of service.  Most advisors establish and follow a service schedule that answers questions such as:

• How often will the client’s account be reviewed?
• How does the advisor segment clients for service purposes?
• What additional services are offered, and how does the client qualify for additional services?
• How is the service program administered, and who manages the service program?

Investment Policy Statements – An Investment policy statement (IPS) is a simple document, usually based upon a template, which spells out an investor’s investment goals, risk tolerance, and expected results. It also lays out a plan for how the investor will monitor his or her portfolio, as well as the advisor’s roles and responsibilities. An IPS allows the client to be clear about expectations, as well as providing the advisor with rules of engagement, in addition to acting as a compliance tool.

Consider using these strategies to enhance to value of and quality of service rendered by your investment department.  A minimal amount of oversight provides customers with the best possible level of service and protects the bank’s valuable customer relationships.  An investment department provides addition fee income and a more complete financial product offering, which improves bank customer retention.  Make certain this star pupil continues to make its bank parent shine.