Sales and Marketing

So I have recently been participating in an internship at a local credit union and I have realized a few things, people do not know how to sell.

One of my responsibilities was to help with a competitive brand analysis and as part of it I researched and shopped the local competition. During my visits I did not find a single credit union that did everything the sales process asks for. First off when I dealt with sales I would make sure that if a potential customer came in to ask about any account or loan I would direct them to the right representative that could answer their questions and set up the product. When I was the one doing the selling I would make sure to probe to find out what was needed and not just list off a "laundry list" of accounts or services. After the chat I would be sure to do the most important part of the sales process (the most overlooked part), I would ask for the sale. I would not let the potential customer out of the branch without asking if they would like to open the account.

I went into ten different credit unions and not one asked me for the sale. Everyone assumed I only wanted information and that if I decided to open the account I would be back. The customer is already in front of you. Most times if they walk out they will not be back. Of course there are a few that will be back but what I was really shopping for a new financial institution and what they had to offer was appealing but no one asked me if I wanted to open the account at that time. I would then go to another place that would not be any better and they ask me to open the account and I do it, only because they asked for the sale.

One part of sales that many do not understand is that to get your consumer to listen to your message is the hardest part. If you have them there AND in your place of business but you let them go, you are literally watching sales go out the door. The easiest thing to do is to get in the habit of saying, "Would you like to set that up now?"

The other part of sales that is apparently hard for some people to grasp is the relationship selling. I went to a branch today to make sales calls with one of the managers and the sales call turned into a counseling session. The manager decided that she did not need to make her sales calls and only wanted advice on how to perform the calls better. What I gathered from our visit is that she does not believe in the credit union's products. She is afraid that her products do not match up to other institution but what she needs to know is that banking products are almost exactly the same across all institutions and what the person is really buying is your service. If you believe in the product and your company the consumers will trust you and and will purchase your products. This is the same for any industry.

Remember to sell is to believe.

When Nascar takes Sponsorship too far.

So one of my favorite things to do is watch NASCAR. As a Marketing student I also love to see the "creative" ways they bring in sponsorship dollars. Every race has a sponsor, the cars have multiple sponsors, there are official drinks, delivery companies, and even motor oil; not to mention the mid-race trivia and the restarts that received sponsorship. It seems that NASCAR knows sponsorship.

The one thing that does surprise me is the possible sponsorship of a car in an upcoming race from presidential hopeful Barack Obama. Now the Senator is only considering the sponsorship but lets look at how this could work out. NASCAR is very republican. For the most part the large demographic is southern conservative so this is a crowd that typically will not even give a democratic candidate the time of day. This would be great exposure for the presidential hopeful, if they get it right (which I will come back to).

The team they are in talks with is a part-time team. It sounds like the proposal is for one race, Aug. 3 Pocono. This could possibly be a nice way for Sen. Obama to boost his image with the southerns, those who cling to their guns and bibles. He needs their support to get a good showing and any votes he could take away from McCain would only be in his favor.

The big problem with this is that the team races Toyota cars. Even if Sen Obama is not directly sponsoring the make of the car, being associated with a car that is taking away jobs from Detroit could potentially be a downside for the Senator. He has spoken numerous times in Michigan about bringing jobs back and this would not be a good way to show he is committed to the American auto industry.

On top of that the driver that would be sponsored is Ken Schrader. He is by no means a top driver... hence the part-time status but the big drawback to sponsoring his car is the fact that he is Republican. He has donated to numerous Republican campaigns in the past so how would it look if Obama was sponsoring someone who would be potentially donated to Sen McCain?

This is a difficult spot for Barack Obama's campaign team to be in. What are the pros and cons of this sponsorship and is it worth it? I believe, if done right (i.e. right driver, car), it could be a big boost amongst the so-called "NASCAR dads." It could help his campaign by being visible to a demographic that consistently votes Republican. I guess we will see what his decision will be and what outcome it could have.