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22 Keys to Sales Success
Book

22 Keys to Sales Success

How to Make It Big in Financial Services

Bloomberg Press, 2004 more...

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Editorial Rating

8

getAbstract Rating

  • Applicable

Recommendation

Selling is not about pushing products any more. Pitches or sales gimmicks do not persuade the contemporary cynical, savvy consumer. In today’s world, successful financial services and product sales professionals must build mutually beneficial relationships with their clients based on trust and respect. Authors James M. Benson and Paul Karasik use their experience and accomplishments in finance and insurance to identify 22 key sales strategies that anyone can use, including sales professionals in other industries. Much of the advice, for good or ill, is not specific to the area of financial services. Each chapter explains a tried-and-true, applicable sales strategy in an easy-to-understand format. You’ve heard some of these strategies before, but others will provide new fuel to energize your approach to sales. Each strategy makes sense and getAbstract.com recommends this book to everyone who sells financial products, whether you are a weathered sales veteran or a novice who is still finding your way.

Summary

The Inspiration

Today’s financial services industry has little in common with the financial services industry of years past. Everything has changed, from the way financial products and services are distributed to how they are marketed and sold. Traditional selling techniques, which were oriented toward product benefits, are mostly obsolete. The only way to succeed in today’s financial arena is to build client relationships that are based on trust. You can use 22 specific tactics to succeed as a financial services salesperson in this environment. They are:

Key 1: "Take Control of the Sale"

Do not let a prospect’s fear or assertiveness influence the direction and flow of your selling process. Anticipate the prospect’s preoccupation with receiving a personal payoff. Although your sale will not rest upon the features and benefits of your products, those factors are important. But to close deals, you want to control the prospect’s emotional reactions. Fear is the emotion that most often blocks sales. People are reluctant to commit to a decision because they are afraid to initiate change, give up control or make mistakes.

Key 2: "Focus on Clients, Not Compensation...

About the Authors

James M. Benson sold financial products and services for many years. He is president and CEO of the John Hancock Life Insurance Company, where he formerly headed the sales and marketing division. Management consultant Paul Karasik 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.


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