Prospecting for New Clients in Finance and Mortgage Broking - Desklib

This article covers various topics related to prospecting for new clients in finance and mortgage broking, including buyer motivation, selling process, conflict resolution, disruptors to traditional consumer banking services, consultative selling, prospecting methods, low interest personal loans, cross selling and more. It also includes references to relevant books and journals.

FNS40815 Certificate IV in Finance and Mortgage Broking
FNSSAM403 Prospect for new clients
Assessment 1 - Knowledge
FNS40815_ FNSSAM403 Assessment 1 Knowledge REAA
Released 29/08/24
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Activity 1
Analyse and discuss the term ‘buyer motivation’, in relation to innovative banking
products and services.
(Analyse and discuss issues relating to buyer motives).
Activity 1 Answer
Buyers motivation in the innovation banking is the set of different psychological elements
that contribute in making purchase decision. In the innovation banking & services focus is
paid on inclining buyer motivation to choose different services which are innovative (Mols,
2019). The issues in relation to the banking products involve needs, acceptance, health,
financial gain, etc which might motivate or not to buy products and services. Unawareness
about benefit can influence the motive of buyers in negative manner.
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Activity 2
Describe the most common steps in a selling process.
(Describe the key features of the buying and selling processes).
Activity 2 Answer
The common steps in the selling process includes g finding customer, planing approach,
making initial contact, confirming needs of customers, offering appropriate product or
service, making sales presentation, handling objection and closing sales (Zhang and et.al.,
2021). The key feature of buying process includes needs recognition defining
requirements, searching suppliers, evaluating, making buying decision and post purchase
analysis. The key characteristics of selling process includes prospecting & qualifying,
approach, presentation, follow up, etc.
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Activity 3
Discuss the following statement: “Buyer resistance, or objections, indicates interest”.
(Discuss the key features of conflict resolution and persuasion techniques, including
how to overcome buyer resistance).
Activity 3 Answer
the specified statement articulates that customer who have interest resist the offering and
provide clarification. In case of no interest customer do not say anything.
The key features of conflict resolution is identifying problem, empathy, listening,
being strategic, communicating transparently, solving solution, etc. Main characteristics of
persuasion technique includes knowing audience, having detailed information, strength of
presenting information, etc (Töytäri,01). The buyers' resistance can be overcome by having
appropriate convenience strategy, sharing fair & accurate information, etc.
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Activity 4
Identify and describe some recent major disruptors to traditional consumer banking
services.
(Describe current industry product and service trends).
Activity 4 Answer
The major disruptors are ha inclining competition, arising expectation, customer retention,
security breaches, cultural shift, etc. which are faced by traditional consumer banking
service. The current industry trend is facing little down fall due to inclination in digital
practices. In the financial service market there is rapid growth due to number of services
offerings such as selling bonds, option, other financial products, etc.
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Activity 5
Outline some of the changes organisations may need to make to their sales process
procedures to take into account the trend to ‘consultative selling’ (which places the
emphasis on the salesperson becoming a “trusted advisor” to the customer).
(Outline the key features of organisational requirements, including policy and
procedures relevant to prospecting for new clients).
Activity 5 Answer
The one of the crucial change that is required to be taken into consideration by
organisation for taking trend into consultative selling involve improving communication
processing so that fair insights abut the products. It can build trustworthiness relationship
by inclining customers number can become possible (Crosno, Dahlstrom and Friend,
2020.). The key features of organisational requirement are having interrelated individuals,
achieving objectives, coordination, cooperation among employees etc. It should such policy
of selling that help in achieving such aspects to achieve profitability.
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Activity 6
The average marketing/prospecting email open rate is now around 5%. Assume your
management wants you to continue this prospecting method, identify some of the
downsides of this strategy, and some alternative prospecting methods which may
have a better success rate.
(Compare and contrast prospecting methods and management
strategies).
Activity 6 Answer
The prospecting method comprise referrals, content marketing, networking, email, etc.
there are several disadvantages such as having detrimental image on the image of seller,
m inefficient & low success rate, lack of motivation, poor targeting, inaccurate research &
customisation, etc (Bercier, 2020). Alternative of prospecting method includes having
content marketing, display, social media, etc can allow to have better success rate.
Management strategies such as evaluation is highly effective than formulation,
implantation, modification.
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Activity 7
Analyses a range of low interest personal loans, and identify any strengths and
weaknesses.
(Analyse a range of relevant financial products and services, including their strengths
and weaknesses).
Activity 7 Answer
There are number of banks in Australia that provide personal loan which has distinct
interest rate such as ANZ, money me personal loan, etc. from the comparison it can be
said that unsecured personal loan has low interest rate (Sumanarathne, 2021.). Strengths
are selling bonds, buying property, obtaining the best investment, etc. Weaknesses are
strict eligibility criteria, lengthy application process, etc.
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Activity 8
Explain the term ‘cross selling’, in relation to financial products.
(Describe the key features of sales and marketing techniques).
Activity 8 Answer
cross selling is the process that sell different products or service to customer that incline
sale value (Heldt, Silveira and Luce, 2021). Key features of sales & marketing techniques
involves communicating appropriately, transparent, handling objections, maintaining
relationship, etc.
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REFERENCES
Books and journals
Bercier, O., 2020. Enhancing the B2B Selling Process Through Social
Media (Doctoral dissertation, Université d'Ottawa/University of Ottawa).
Crosno, J., Dahlstrom, R. and Friend, S.B., 2020. Assessments of equivocal
salesperson behavior and their influences on the quality of buyer-seller
relationships. Journal of Personal Selling & Sales Management. 40(3).
pp.161-179.
Heldt, R., Silveira, C.S. and Luce, F.B., 2021. Predicting customer value per product:
From RFM to RFM/P. Journal of Business Research. 127. pp.444-453.
Mols, N.P., 2019. The internal competitor: buyer motives and marketing
strategies. Journal of Strategic Marketing. 27(5). pp.405-416.
Sumanarathne, E.U., 2021. Accelerate Selling to Zebras selling process using
machine learning techniques (Doctoral dissertation).
Töytäri, P., 2018. Selling solutions by selling value. In Practices and Tools for
Servitization (pp. 269-289). Palgrave Macmillan, Cham.
Zhang, L., and et.al., 2021. Measuring Customer Similarity and Identifying Cross-
Selling Products by Community Detection. Big Data.. 9(2). pp.132-143.
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