Sales Case Study – Banking and Insurance
- He needs to visit his bank to deposit a cheque
- One of his policies with the insurance company is about to mature next week. The relationship manager from the company had scheduled a meeting with Rajat
Conversation between Minu and Rajat
Minu – Sir, we have few investment options you may want to consider. At a monthly premium of 5000…
Rajat – Do you have any suggestion for a single premium investment options…
Minu – Sir, let me show you the details of this scheme…
Rajat – Can you please email me the details. I shall review and get back to you.
Conversation between Suraj and Rajat
Suraj – Sir, thank you for sparing some time for me today. I understand it must be a busy day.
Rajat – No problem.
Suraj – I wanted to thank you on behalf of our company. Your policy no. will mature next week. As instructed, the total amount will be credited to your savings account.
Rajat – Thank you Suraj.
Suraj – Sir, I’d like to recommend a great plan for reinvesting the amount. Here, we have a policy I’d like to show you. I have pulled up some details for comparison based on your profile. This is the last 24 months performance for this scheme. You could see details for Mr. Arif and Ms. Sapna who had invested in this same policy a year ago. Here are the returns.
Rajat – So what do I need to do?
Suraj – Sir here is the calculation. 90% from the total maturity amount will be re-invested in this new scheme. The balance 10% will be credited to your savings account on the date of maturity.
Rajat – Okay.
Suraj – I have these documents ready. May I request you to sign the documents. I will fill up rest of the details.
Why did Minu lose the sale?
- She lacked preparation – she had complete information about Rajat’s finances and investment pattern. However, she did not utilise the information to tailor her sales pitch
- She did not pay attention to the client’s needs – Rajat was interested in a single premium policy. Minu brushed aside the objection. She insisted on presenting details of the schemes she was suggesting. This is the point when she lost the interest and the sale
- She did not offer a rebuttal – both when he said he needs a single premium policy and when he asked her to send the details on email, she did not offer a rebuttal. She should have acknowledged the concern and tried a work around
Why did Suraj win the sale?
- He was prepared – he had everything in order. The details of the existing investment, performance summary and comparison for the new scheme, documents if Rajat agreed to invest in the new scheme
- Used gratitude to his advantage – Thanked Rajat for being a client and for sparing time from his busy schedule
- Had a proof of concept ready – he presented returns on the investments made by two similar clients, Arif and Sapna