The Art of Selling Bank Products

As ironic it is, banking professionals often find it difficult to sell bank products. It’s not because they are not skilled enough, but because they lack proper training for the same.

While learning about the art of selling from traditional marketers and salespersons can be helpful, it doesn’t aptly translate in the banking arena. This is because the banking sector has special needs, and contains an emotional content of dealing with the private information of the customers.

The following are some ideas that are suited to the banking industry and can help you master the art of selling banking products:

Avoiding the Sales Pitch

Most banking professionals make the mistake of selling their products through a pre-set sales pitch. After sharing pleasantries with a customer, they jump straight to the features of the products they have to sell. However, this doesn’t help in connecting with the customer. Thus, it’s better to ask the customer the proper questions that can help them understand their requirements first. Once this has been taken care of, selling a product becomes a lot easier.

Overcoming the Biggest Challenge

An average customer is more comfortable doing nothing than filling forms for a new credit card or a fixed deposit account, even if there are benefits. Thus, this is your biggest challenge- to sell a product to someone who has a million reasons against it.

Contrary to what many banking executives believe, counting the merits of a product, or even showing how it can help save money, isn’t quite effective. What works, however, is when you have an emotional connection with a customer. This can be done in a variety of ways- by paying attention to the customer’s life, about their family, occupation, etc.

When you have an emotional connection with someone, they will listen to you and take your advice/recommendations more seriously.

Selling bank products isn’t as difficult as it may seem. The key is developing an emotional connection with your customers, and understanding their needs well.

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