An Appetiser for Marketing
"People often tell me that motivation doesn't last, and I tell them that bathing doesn't either. That's why I recommend it daily." - Zig Ziglar
The “Why” of marketing
v Marketing is the nerve-centre of any business activity. It is more so in case of service organisations like banks.
v Every bank has made a huge technology spend and the conventional replenishment for outgoing manpower – be it due to retirement, attrition, and other factors is hard to come by in any bank. This is especially more true in the case of our Bank where the Cost-to-Income Ratio is still higher than many other peer banks.
v Marketing should begin at Home. With more than 2.2 crore customers, bank’s prime focus should be to sell at least a minimum of 2 more products to our customers
v Earning a new customer is 5 times difficult than retaining an existing customer
v While focusing on special products like CMS for Corporates, group insurance policies, the Branch Manager should necessarily move out and canvass new business. T the in house team comprising of ABM, officers and award staff should focus on better customer care and customer retention.
v Remember - Marketing Begins with – Customer Care and with - Customer Retention
v Even small size banks and co-operative banks have the latest technology. In the 2010-11 Budget proposals, NBFCs and Corporates will be allowed to open bank branches.
v The comfort zone which we were in may no longer be there. Even under Financial Inclusion Space, where PSBs took genuine pride earlier may not be available in full hereafter. RBI is contemplating linkages for banks with NGOs, Primary Agricultural Societies and Business Correspondents. The target for all banks is to provide banking outlet to 1.09 lakh villages(out of total 6 lakh villages) with a population of 2000 before March 2011
v Unless we are alert and continue to market our services, our market share will be taken by others and the pride of place which we enjoyed as a leading public sector financial service provider may be hard to retain.
v With a bigger pay packet, the expectation for performance will be more from our stake-holders to whom we have to present our results every quarter.
v Now that you are convinced that the Mantra is Marketing, Marketing and the response is performance, performance.
v Each one of us has to market – market ourselves and the Bank to remain competitive and survive.
v Are we seeing the writing on the wall?
v Let every one of us be classified under “Marked to Market” category, irrespective of the scale, position to which we belong.
v Are you ready? Let us venture into some marketing tips.
1. Personal Traits to be developed for marketing
Story: A group of frogs arranged a race. Their target was to reach the top of the tall TV tower nearby. A large crowd gathered to watch them. The race began. Nobody in the crowd believed that those tiny frogs could make to the tower. After a few minutes the crowd started yelling “Impossible” “poor frogs” “could not make it”. On hearing these all frogs except one tiny frog dropped out of the race. The little frog after some more effort was able to reach the top of the Tower. Everyone in the crowd asked: how you alone can make it when all others failed? It turned out that the frog was deaf and could not hear the negative feelings echoed by the crowd.
The moral of the story that is applicable to every marketing person is that
1. One should have a positive Attitude
2. Be deaf to the negative criticism of others
3. Prove by performance that they are wrong
l You must have experienced, in your day to day banking, that there are certain customers who come to the branch only to interact with and have the business transacted through you. That shows that each one of you has an Unique Selling Proposition( USP ) and that is YOU. Recent studies also confirm that 39% of a customer's decision to buy from your Bank is based on the effectiveness of your sales person than on the product sold.
No more excuses as to who should market. It is You and only You.
To sum up, the 8 qualities a marketing person in you should develop are:
| S,No. | Traits | What it means |
| | Attitude | Having the feeling “I Can, I Can” “I Will, I Will” |
| | Sociability /Networking | Enjoying careers dealing with people rather than things. |
| | Self-confidence | Believe you have the knowledge and ability to be successful at whatever they attempt |
| | Composure | Not easily discouraged or frustrated by problems. |
| | Tough-minded | Can accept strong criticism, do not become easily upset, and recover quickly when things go wrong |
| | Endurance | Practice long and hard, and will not give up easily on problems. |
| | Ambition | Strong desire to reach higher levels of achievement |
| | Control | Do not speak or act without considering the consequences |
Commonly felt/expressed objections to marketing :
| S.No. | Objection | Answer |
| 1 | I am not a designated marketing person. Why should I do marketing | This comfort zone is no longer available to us in the face of increasing competition. If the question still persists in your mind, please read once again the introductory page. |
| 2 | I have put long years of service. I cannot change at this point of time | An eagle which has a life span of 70 years, develops the following problems at 40 years:
The eagle has only 2 options – die without food and undergo a painful process lasting 150 days. It chooses the later option by going to hill top, knocking its beak against a rock until it plucks out,wait for new beak; then pluck out its talons, wait for new talons to grow and pluck old-aged feathers to grow afresh and resume its normal activity thereafter. Do you and I have any choice for not changing? |
| 3 | The Bank has not treated me properly, I was not given the place of posting I needed, not promoted when I should have been, others less-deserving got | Chetan Bhagat in his address to ISB students in 2008 says employees in all organisations in v A sense of Disappointment v Frustration v Loneliness v Feeling a sense of unfairness It is not exclusive to your bank. This can be overcome only with a positive attitude. Read again the frog story |
| 4 | There are a large number of products, which I cannot remember. To be precise I do not have adequate product knowledge | True. This is a common problem. Here technology comes to your rescue. When a customer asks you about Special Home Loan in stead of applying the “Thumb Rule” i.e. showing your hand backwards, what you can do is that you can make a initial search of the products in your help desk under “Products Palette”, give a quick go-through and ask Sir/Madam : If this is your first house you can avail this. For detailed discussion you can contact our loan officer or BM. This kind of response enhances your value and you also become an useful point of contact for the customer. |
| S.No. | Objection | Answer |
| 5 | Hey! You are telling me ad hoc solutions in customer management. | Please make it a point to attend all training programs at IMAGE/STCs/CLCs. There you can update your product knowledge and you gain more practical tips by interacting with your colleagues. |
| 6 | Any useful tools are there by which I can just click the product and get immediate information | Yes. IMAGE has made this year. Go to the file given below at the end of the table, follow instructions therein. It contains hyperlinks to various products in the intranet and it is to be only ported on your desktop. |
| 7 | All said and done there should be a rewards and recognition system in place! | Agreed. In another handful of years, the entire banking system will launch a very large search for senior level postings, as there will be a large vacuum at the top. People who have right-skilled and upskilled themselves will sure to find the climb in the career ladder very very easy. You need not be surprised if double or triple promotions become the order of the day! |
| 8 | You said about my USP. What about the Bank’s USP | Indian Bank is a lucky bank. Whoever banks with it shall definitely prosper. You can quote so many instances from your own experience. Can’t you! v It is backed by 104 years experience; still young and vibrant v Continues to make headlines in all financial papers by winning various awards v Its technology platform is far, far superior than even some of the best private sector banks – be it our Net Banking or RTGS – to name a few v Fortune will smile on you if you bank with Indian Bank |
| 9 | Can a comparison of deposit rates / loan rates for specified products like home loan, vehicle loan, etc. can be ported on the helpdesk with periodical updates | Already our Idea Cell is seized of the matter and you can expect not only product comparison, but also marketing tips for various products |
| 9 | What mistake we normally commit in marketing | In marketing “timing” your sale is most important. When a home loan customer extends his Gruha Pravesh invitation to you, can you not say why don’t you also take Indian Bank Laxmi –in Gold – to your new house! |
Requisites for a successful marketing person
l Know what has to be done every day
l Meetings are to be carefully planned and executed
l Prioritize and recognize the difference between "urgent," "important," "marginal," and "if I could."
l Each day, make a list of tasks that need to be accomplished
l Assess customer feedback, market share measurements and response time
l Understand and know the facts and figures
l Don't watch the clock.
l Stay focused on your team, your bank, your goals
l Do not allow outside matters to distract you.
l Be ready to go the extra mile to help your team achieve their personal and professional goals.
l Break traditional rules and operate outside standard guidelines, while staying within the letter of the law
l Be excited about your job, team, bank and life and exude excitement that's contagious
l Remain positive and professional
l Carry out your plans and make good promises.
l Never ridicule, disrespect or display sarcasm when dealing with employees or customers, regardless of their behavior.
l Read magazines and watch the market so that you don’t lag behind
l Use technology to stay ahead. Websites, e-mail magazines etc
l Know nothing is easy
l If you fail, they spend enough time thinking about what went wrong so they can fix it on the next try and they don't fall victim to "analysis paralysis."
l develop positive personality - difficult at the beginning – persist
l health, breathe, posture, speech, and appearance
l Good posture means avoiding unnecessary tension of muscles
l Voice - very expressive, pleasant and attract customers
l Develop Mental traits - accuracy, alertness, imagination, initiative, observation
l Customers do not like hurried salespersons as well as slow one.
l Visualise the felt need of customers
l Drive ego
l Think and decide instead of being told everything to done
l Keen observation to sort out the problems
l Ability to meet the public and open up new territories.
l Be polite and generous
l Keep up appointments
l Acquire information as to the policies behind the products for a directed sale and justify product cost
l Understand the buying motives - fear, profit, pride, comfort, fashion, health, and habit.
l Remember you aren't just a sales person you're a buyer too
l Provide visual cue's even when you're selling a service as seeing truly is believing
l Social acceptance. Testimonials are an excellent way to demonstrate this.
l Avoid objection response debate - let the prospect do most of the talking throughout the sale conversation
l You might say, "if I were sitting in your chair I'd be wondering about...if you don't mind I'd like to share a story with you about (this very concern)."
l Avoid the common mistake – Avoid responding to first objection.
l Then ask them, "if there were a way to remove the objections you've just share with me would you be ready to make this purchase?“
l This filters out the people who aren't prospects
l Difference between a good sales person and a great sales person is persistence
l Get them talking, Uncover their problems, Present your products/services as solutions ,It's that easy. But it all starts with getting your sales prospects and customers talking.
l Here's a rock-solid open-ended question. Take it and use it to grow your business.
l "What would it take to win your Best Service Brand of the South for consecutive 5 years?“
l Wouldn't you love to know the answer to this question?
l Provide your service exceeding their expectations
l Develop a system to build a relationship with your clients leading to repeat business and referrals
l Just doing something is not marketing
To sum up - ABCs of Marketing...
- Ask and it shall be given... Knock and all doors of market will open to you
- Bring forth the gifts which are within you.. and that is what will help your selling.
- Clean hands, pure hearts, just causes... having these are what creates a harmonious, stress free marketing.
- Defer not doing any good to your fellow living beings... you are selling a service - once dissatisfied, they will not pass through your way again.
- Experience is the truest, best, and only real teacher to get a 360° view of sale.
- Forgive everyone everything now - forgiving is not condoning or forgetting but a letting go of your pain so that you are focused on future growth
- Guide generously on products at all times - for what you give out now is what you will receive back in the future.
- Healing your wounds allows you to find your gifts... using those gifts always leads you to your highest sales performance
- Instruct others by living your life the best way you can... your sales performance will speak louder than your words.
- Judge not, lest ye be judged... better to let nature have its own course.
- Killer instinct in sales is not about punishing, it is about teaching: the quicker you achieve success, the happier you will be.
- Love all, harm none, friendly to all, enemy to none... will bring out the good salesperson in you.
- Mindful, heartful, joyful, and loving... this is how your co-worker would like to view you for motivation
- Noises of joy are most pleasing to God's ear...make good sales noise after each successful performance
- Open minded, kind hearted, enthusiastic, thoughtful in word and deed... this is the perfected state of a sales person
- Performance in sales depends on your attitude – your weaponry should be smile and courtesy
- Quicker to listen than to speak.
- Random acts of loving kindness change interaction to business in the long run.
- Smile and Serve and be a solution provider – that is what sales means.
- Truth, necessity, and kindness: these are the rules to guide all your thinking, speaking, doing, and being.
- Use your God-given gifts to help and encourage others
- Victory over hardships and adversities are designed to help you grow
- Walk humbly and lightly through life so that your footprints will inspire and uplift the paths of others – Be sincere but not serious
- X factor in sale - life is a choice, love to interact at every moment, and all will be well.
- You will be a super salesperson if only you believe you can.
- Zeal for creating the greater good, improving your own benchmarks will raise your self-esteem and also raise your value in the eyes of other
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