A sale is no longer about pushing products to customers. Tricks and trickery can no longer deceive current and experienced consumers. From there, the authors James M. Benson and Paul Karasik offer "22 Keys to Sales Success", which will make you achieve satisfactory results and succeed in the financial market.
According to them, in today's world, sales and financial services professionals must build mutually beneficial relationships with their customers, basing everything on trust and respect.
Want to know more? So continue reading this PocketBook and learn the main techniques to become successful in the world of sales!
Authors James M. Benson and Paul Karasik use their experience and achievements in the financial and insurance industry to identify 22 key strategies that can be used by sales professionals in all areas.
Each chapter presents an applicable sales strategy in an easy-to-understand way.
James M. Benson has sold financial products and services for many years. He is president and CEO of John Hancock Life Insurance Company, where he headed the sales and marketing division.
Paul Karasik is a management consultant and he also trains financial professionals. His previous books include "Sweet Persuasion" and "How to Market to High-Net-Worth Households". He is a columnist for On Wall Street magazine.
The book "22 Keys to Sales Success" is designed for both a sales veteran and a newcomer who is gaining ground in the market.
It is a recommended reading for every professional in the financial services industry who wants to maximize their potential, increase sales, and decrease their work.
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As explained by the authors James M. Benson and Paul Karasik, the current financial services industry has little to do with the financial services industry of yesteryear. Everything has changed, from the way financial products and services are distributed to the way they are advertised and sold.
Traditional sales techniques, which are oriented according to the benefits of the product, have become mostly obsolete.
The only way to succeed in today's financial industry is to build relationships with customers that are based on trust. To achieve this, there are 22 specific tactics that can help you:
Do not let the stakeholder's fear or assertiveness influence the direction and flow of your sales process. Anticipate your concerns with a personal reward.
According to the book "22 Keys to Sales Success", your sale should not only depend on the characteristics and benefits of a product, but these factors are important.
To close a business, you need to control the emotional reactions of the interested party. The thrill that most often blocks sales is fear. People are reluctant to commit to a decision because they are afraid to start a change, lose control or make mistakes.
A world of differences separates a "customer" from a "consumer".
The authors James M. Benson and Paul Karasik claim that a consumer is someone who buys a product or service but does not represent the potential to create future sales.
On the other hand, a customer is a person with whom you have developed a lasting relationship that generates new business.
By adding a customer per week to your business, you can create a practice that will flourish over time. Remember: a consumer can present himself as a quick and easy sale, but you can only rely on customers to mean long-term gains.
As explained in the book "22 Keys to Sales Success", many similar financial products and services are available in the marketplace, which makes it terribly difficult to differentiate them based solely on their benefits.
Still, positioning your services in a unique way is very important. Start by creating a text that convinces those interested to do business with you.
Publish your text on the Internet and use it in all your forms of communication. Develop a one-minute text that briefly explains what you do.
Determine a market target and focus your advertising efforts on that industry. Choose a market that is predominantly untouched, accessible, and has sufficient potential customers and resources.
Do everything in your power to get involved with this market. Become a member of a relevant professional association, write articles for publications, give talks at meetings and promote events for clients.
You need to believe in your products with all the strength of your body. When you are passionate about your products, the stakeholders will be responsive and you will establish a connection.
Remember to emphasize the emotional benefits of your merchandise. In other words, you do not sell life insurance, you are protecting someone's family.
Authors James M. Benson and Paul Karasik claim in the book "22 Keys to Sales Success" that logic does not guide a sale, emotions do.
In order to achieve a high sales rate, it is crucial that you manage your time wisely. Save time by qualifying and identifying stakeholders who really need your services and have the ability to shop.
Qualify stakeholders by discovering who used your products previously. Choose decision makers who are determined to go forward.
Most of all, if you realize that you are wasting valuable time in a bad situation, turn your back and walk away.
Include easy-to-answer questions with "yes" on all proposals so the sales process can proceed positively.
Examples of such questions are, "Do you want me to reduce your taxes?", "Do you want to contribute to the education of your children?", "Do you want the guarantee of a safe retirement?".
According to the book "22 Keys to Sales Success", a six-element proposal system is a great tool for generating agreements. Gather the information to explain these six points: "the recommendation, the reasons, the results, the cost, the alternatives, and the timetable".
Start by finding an ad style that you make sure it works with your customers. Your method should include a customized approach to attracting high-quality business, conducting follow-up and maintenance.
Once you have a good system complete, use it repeatedly, making adjustments from time to time for improvements.
Every vendor encounters plateaus and falls. It is at this time that the 60-20-20 rule proves to be effective.
Continue to use your current sales systems for 60% of your time.
The authors James M. Benson and Paul Karasik advise to invest 20% of the time in research on new developments in technology, advertising, and selling techniques.
So, use the remaining 20% by applying and testing the new ideas you've learned.
Use the latest technology to organize every aspect of your systems to boost your productivity. There are several free software that makes contact management.
Choose one and use it to record customer information, track sales activities, save conversation histories, and generate phone call reminders.
The Johari Window is a business model that illustrates the dynamics of cohesive and productive relationships.
Initially, you need to open up to your stakeholders and share your thoughts, experiences and feelings. So be curious about your customers and listen when they open to you.
Apply these basics to building lasting relationships that translate into more sales and greater customer retention.
You are not just a seller offering financial products and services. You are offering knowledge and experience that is extremely valuable to your customers.
According to the book "22 Keys to Sales Success", when you provide solutions based on your expertise, you make a "sale with consultation".
Be proactive by demonstrating your experience by writing articles for publications, establishing yourself as a source of information, and producing pamphlets that show your strengths.
Your existing customers are your best source of additional income. Therefore, it is important to periodically assess customer needs and think of new ways to help each of them.
When identifying an opportunity, create a marketing plan to present to your client. Ideally, 80% of your sales will go to customers who already trust you.
As explained by the authors James M. Benson and Paul Karasik, to be an effective financial marketer, you must have proficiency in three basic communication skills: questioning, listening and presenting.
Unlike other types of sales that rely on product presentation, financial service relies on sophisticated communication methods.
Learn how to ask the right questions and pay close attention to the answers. Follow rule 80/20: let the person speak for 80% of the time they are together.
In fact, objections are a good thing. They prove that customers are being involved in the sales process. Objections help you identify the concerns that keep the customer away from the purchase.
It is even more important to ask questions that expose any outstanding objections to being able to discuss with the client about them.
Listen carefully to the concerns of the clients, do not challenge their points of view and have prepared answers.
Always approach a sale with the mindset of closing deals. As explained in item 5, believe in yourself and what you are selling.
The authors James M. Benson and Paul Karasik says that when you spend more time building relationships, you will need less time asking for purchases. Closing business becomes a mere matter of time.
The book "22 Keys to Sales Success" advises to look for methods and techniques that will help you improve your starting point. Keep an inquisitive attitude and always be open to new ideas and approaches.
"Monitor, measure and evaluate" the results of every aspect of your sales process.
Referrals are the most efficient method to generate new opportunities. Many financial sellers hesitate to ask for referrals for fear of appearing greedy or, perhaps, imposing something on the client.
But more than half of the financial services business comes from referrals. To earn referrals, make sure your work is the best it can be.
Whenever possible, refer your friends and associates to your customers.
Identify and clarify your principles, standards, and beliefs. So, use these values as a road map to guide your work life.
This vision will keep you on track to achieve your professional and personal goals. Use this vision as a source of motivation and inspiration every day.
According to the authors James M. Benson and Paul Karasik, the script helps you stay consistent and organized next to your sales process. They provide the "magic words" you need to close a sale.
The three elements of a well-assembled script should be memorized modules, flexibility and customization.
Some sales professionals are reluctant to use scripts for fear of not appearing spontaneous. But most sales experts agree that scripts are liberating because you do not have to try a new approach with every interested party.
Today, the "product benefits model" is obsolete. It is also difficult to compete in services as customers expect excellent services in any way.
That way, you need to deliver to your customers more than they expect, before and after the sale.
Review your client list and develop personalized "value plans" for each individual. Loyal customers are customers who love you and relish the extra attention you offer.
Selling is an activity that demands a lot of time and energy, so exhaustion is an occupational concern. Avoid this by always monitoring your level of tiredness and acting when you feel exhausted.
Authors James M. Benson and Paul Karasik advise in the book, "22 Keys to Sales Success", to seek positive energy sources. Break old patterns and replace them with new ones.
You should consider a wide range of possibilities, from yoga, meditation and gymnastics to lessons on instruments and trips.
In "SPIN Selling", author Neil Rackham says the quality of the questions asked is crucial to the success of the negotiation.
For author Mitch Antony in his book "Selling with Emotional Intelligence", skilled tradesmen are able to find solutions in situations where others only see obstacles. Your secret is to look beyond your own desires and needs and see the goals of your partners.
Finally, in the book "The Psychology of Selling", Brian Tracy warns that the impression you make is important. Successful salespeople project a relaxed and confident professional image.
As you can see, each key already offers a practical way of applying. Start by choosing the ones that are going to have the biggest application in your routine, or that make more sense to your business.
In the book "22 Keys to Sales Success", the importance of changing customer relationships to build a relationship that is more lasting and beneficial over time is evident.
According to the authors James M. Benson and Paul Karasik, you will only be able to do this knowing your customer and believing in your product. So you can offer personalized service and get them consumed by emotion.
We hope you enjoyed our summary and are able to succeed in your sales by following the teachings of the authors James M. Benson and Paul Karasik. Leave your opinion in the comments, your feedback is very important to us!
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