Question

Topic: Strategy

How To Sell Banking Products???

Posted by Anonymous on 11/10/2008 at 2:40 AM ET 250 Points
Hi

I have been working with a bank for past one month in Mangalore/India. However it’s getting difficult to sell banking product at this time.

People are not ready to put their funds any where at this time. Over that the bank I am working for is a private bank, people in this city (don’t know about the other cities) are not comfortable with the idea of private banks. The pressure of sales is mounting every passing day and what I try is not materialising at this time. There is one more issue that I am facing, I am new to the city and I am not fluent with the local language at this time. Now the positive side I am have very good presenting skills and command over language and a pleasing personality too.

What I am looking is for an advice how to approach the selling of banking products to the general public and businesses.

Thank You and Regards
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RESPONSES

  • Posted by matthewmnex on 11/11/2008 at 9:13 PM Accepted
    Hi Sumit,

    I have some experience in this area and I can offer some advise.

    Selling Financial products is very different from selling other types of services.

    The fact that you are an outsider can VERY MUCH WORK TO YOUR ADVANTAGE.

    When I first started selling financial services some years ago I had a very difficult time but my boss with 35 years experience on wall street taught me the best advise I could ever learn 'Risk to be rude'.

    make it your Mantra :)

    I know, it goes against everything you have been taught about selling but I can tell you that IT WORKS.

    The prospect has to trust you, they have to believe that YOU now more than they do about what to do with their money.

    If you cannot convince them of that, then you are dead.

    The fastest and easiest way to win trust is to show the prospect that you really don't care about their business. It is a whole different attitude towards selling that you have to adopt.

    Your attitude must be:

    "We have got the skills and the answers that you Mr customer are looking for. We are the experts and you are nobody. If you want what we have got, then put your money on the table and stop whining.

    If you don't want your money to grow X % more than you can get with other institutions, then please hurry up and leave because I can't afford to waste my time talking to losers, we are too busy making money".

    Sounds crazy no :))

    But as you have already stated, what you are doing now is not working so it is time to shake things up and try something else :)

    I will be happy to discuss further with you the psychology of this type of selling and give you some pointers if you like. It can really be fun once you get into it and refine your language and technique.

    Good Luck,

    Matthew

    matthewanxa at gmail dot com

    PS: It does work with Indian Clients also, I closed several projects like this in India.
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