Sales management in commercial banks and case of deposit growth.
Recent development of financial institutions in Nepal had forced the banking industry to push marketing of its deposit products. We can see the advertisement of deposit products in every newspapers, radio and televisions channels. There are stalls of banks and financial institutions in every business fairs and exhibitions. The focus is selling their respective deposits products. Once, there were three banks namely, Nepal bank ltd, Rastrya banejaya bank and agriculture development bank ltd but today there are 32 commercial banks in Nepal and it is obvious to have intense competition in limited market.
Beside financial ...view middle of the document...
So, why is it that McDonald’s in 100 times more successful than Burger King? The reason is because the founder and first CEO of McDonald’s (Ray Kroc) was a great salesman and the founder of Burger King was not. Before Ray Kroc created the McDonald’s franchise, he was a top salesperson, selling milkshake makers to restaurants all over the US.
It is this sales culture that all McDonald’s employees are trained and that has made McDonald’s the most successful franchise in the world. It is said that, if we order the cheeseburger from McDonald’s, they don’t reply by saying, ‘okay. That will cost this much.’ Instead, they will follow up with the question, ‘would you like to have a meal with that?’ Then comes the question, ‘Upsize? How about dessert? Try for just Dollar 2.’ They artfully sell and sell until they maximize their profits and the customer gets the maximum value. It’s a win win.
These examples show the power of selling. However, it is not easy to be a good sales person. It needs courage and an attitude of selling to be a good sales person.
Many people have admitted that they are very uncomfortable with selling. Basically, it is felt that there is not a good impression of ‘salespeople’ and felt uneasy asking people to buy things and to hand over their money. Some time it embarrassed many people telling the strength of the company and products. It is very common among fellow employees of government banks when there is issue of deposit marketing. Our government employee’s upbringing has programmed us to feel uncomfortable with standing out and selling our products.
At the same time, the traditional banking system we goes through guides us almost everything expect the skill and necessary of selling. In fact, it is found that the more academically educated that people get, the more self conscious they get, the more they fear rejection (and feel they have something to lose) and the less they are able to...