Conversational Selling

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Conversational Selling
Presented by Lynn Schaffer Sovereign Bank Jim
Stuncard Dollar Bank
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Trust is Key

• You cannot build trust
• without building rapport
• You cannot build rapport without engaging in high
  quality conversation
• Must relate from a position of trust impossible
  if perceived as a sales person.
• Traditional sales language creates negative
  stereotype.

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Stop the Sales Pitch
and Start a Conversation!
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There are 3 Ways You Can Talk to Your Customer
About Protecting Their Loan

• The Right Way
• The Wrong Way
• The Chuck Norris Way
• Note The Chuck Norris Way is the same thing as
  The Wrong Way, but with more roundhouse kicks.

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The Customer ConversationWrong Way vs. Right Way
Traditional Sales Always deliver a strong sales
pitch.Conversational Selling Recommendation
based upon needs uncovered on the loan
application. Traditional Sales Your central
objective is the sale.Conversational Selling
Your central goal is provide a solution for your
customer (and get the sale!) Traditional Sales
When a customer offers objections, challenge
and/or counter them.Conversational Selling When
a customer offers objections, uncover the truth
behind them. Traditional Sales If a customer
challenges the value of your product, you must
defend yourself and explain the value.
Conversational Selling Never defend yourself or
what you have to offer it only creates more
sales pressure.
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The Chuck Norris Way
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The Customer ConversationEvery battle is won
before it is fought Sun Tzu Art of War

• Careful analysis of a situation
• can predict the outcome of any battle
• Conversation must be loaded with intelligent
  questions designed to uncover needs.
• Allows recommendation based upon specific need.

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The Customer ConversationOf course you realize
this means war! Bugs Bunny

• Exploratory Questions
• Questions to Identify Needs
• Questions to Provide Clarification
• Questions to Handle Objections

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Our Weapons of Choice

Our Weapons of Choice Tools and Resources
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Tools and Resources

• Conversation Guides/Aids for Lenders
• Sales Scripting /Probing Questions
• Objection Handling Techniques
• Training on How to Identify Need
• Create Belief/Personal Testimony
• Use Industry Statistics to Illustrate Importance
  of Coverage

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Conversation Guides/Aids

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Sales Scripting

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Objection Handling Scripting

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Training to Identify Need

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Training to Identify Need

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Creating Belief Through Industry Statistics

• General Statistics
• Two thirds of American families live paycheck to
  paycheck.
• The average amount Americans have in their DDA
  account is 254.00.
• According to the Federal Reserve, 44 of US
  families spent more than they earned.
• Over 70 of Americans do not have enough savings
  to meet short term emergencies.
• Disability
• 80 of Americans have inadequate or NO disability
  coverage.
• Plans at work typically pay 60 of salary after
  90 days have passed with NO benefit. This 60 is
  taxable.
• 1 in 3 people will be disabled (sick or injured
  and unable to work) for an average of 90 days by
  age 65.
• 50 of foreclosures, bankruptcies, delinquencies
  and charge offs are due to illness or injury.
• One year of disability can wipe out 10 years of
  savings if there is no other income source.
• We pay 38 disability claims to every 1 life
  claim.

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Creating Belief Through Industry Statistics

• Life
• 68 million adult Americans have NO life
  insurance. (26)
• The majority of life insurance benefits are gone
  in 18 days.
• Unemployment
• There is a 90 probability of involuntary
  unemployment during ones working life.
• Nationally, approximately 47 of wages were
  replaced by unemployment benefits.

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Creating Belief Through Industry Statistics
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Conversational Selling Success!

• This was a customer that I was ordering checks
  for. I noticed that he had a small line of credit
  with a higher rate than the sale. I asked him if
  he had looked at his retirement plans (he was
  about my age) regarding his home equity. I shared
  my idea of refinancing my home equity while I was
  still earning full wages and not waiting until I
  retired. In the conversation and eventual
  application, I noticed that he lived alone,
  single owner and figured that this was the
  absolute best opportunity for me to approach the
  SLPP and my new knowledge. It was actually an
  easy sale. He looked over the information when he
  went home and when I called to schedule the
  closing, I asked again about his plans and he
  agreed that the disability plan would be very
  good for him. We close the line this afternoon.
•  
• Barbara

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Challenges

• Young, Inexperienced Platform
• Economic Conditions
• Loans higher than available coverage
• Lack of ongoing product training

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Conclusions

• Shift mind-set from trying to get a sale.
• Recommendations should stem from basic belief
  that the product will help the customer.
• Rather than overcoming objections, uncover the
  reasons behind them.
• Providing guides with scripting are essential.
• Conversational selling can create cross-sale
  opportunities and increase retention!

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QUESTIONS?
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