Page 20 - DMGT507_SALES AND PROMOTIONS MANAGEMENT

Sales and Promotions Management

Notes Methods of Approach

No one method can be described as the best, since different methods are suitable for different
prospects. It is, however, possible to start the approach with one method and end it with another.
1. Cashing in on Brand Name or the Company’s Reputation: This is the commonest of all the
methods.
(a) The salesman here uses the influence of the brand name of his product or the
reputation of his company to attract the attention of his prospect.
(b) This method, however, is not suitable for lesser known firms or brands.
2. Customer Benefit Approach: In this approach the salesman arouses his prospect’s interest
by making the prospect realize that buying the product will definitely benefit him.
(a) Statements such as “Would you like to cut down your credit card bills by 40%” or
“Would you like to earn more interest on your savings” or “Would you be interested
in a personal loan that is provided to you within 2 hours without much hassles” etc.
will definitely arouse the curiosity of the prospect and develop an interest in learning
more about the product.
3. Innovative Product Opens the Door to the Salesman: Under this approach, the product
examined must be new in the market, better designed, unique, attractive and appealing to
the customer.
(a) When credit cards were launched in India, it generated a lot of curiosity.

4. The Premium Approach: Under this approach, salesmen generally give away small gifts
or novelties to the prospect to draw attention to them and the product.
(a) A Bank salesperson can offer free services like anytime credit card bill request
service over phone, or upto 5% discount on usage of credit card. This method is
generally popular with housewives.

5. The Shock Approach: Under this method, the salesman highlights rising crime rates,
uncertainties, risks of old age etc. which forces the prospects into thinking about such
factors.
(a) This method is useful for products such as insurance, wealth management, savings
account, locker facility etc.

6. The Approach of ‘Making the Prospect Feel Important’: The salesman should always
remember that it is the prospect who has to make the buying decision.
(a) Salespersons often use lines like, “you are our esteemed customer” or “we are
happy to be associated with you” etc. to make the customers feel important.
7. The Survey Approach: Before approaching a prospect, the salesman must survey the needs
and preferences of the prospect so as to give an effective presentation that is to the point
and useful to the prospect.
(a) This technique can be very useful in cases where the prospect is a corporation or
high-net worth individual.
8. Interactive Approach: Under this approach, the salesman asks the prospect some questions
and in this way interacts with him.
(a) The questions should be specific, appropriate and match the requirements of the
prospect.

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