How to Become a Direct Sales Representative – BankingCareer News June 7, 2014
A direct sales representative sells products to the consumer directly, without retail. These different duties do vary from company to company, but the premise is the same. They find the leads; they follow up on interest, and they use effective sales techniques to deliver these products.
It sounds like a private venture at first glance, but this is actually very important in banking. When you are a direct sales representative in the bank, you handle the sales end of the business, including meeting with leads at their place of business, or a bank, or in some instances, the location of their choosing.
You may have to call your leads to ensure that there is interest and that they are up to talking to you or attending a presentation of the bank’s products. Within this position come the need for paperwork, e-filing, correspondence with the bank headquarters, and reconciling all related accounts, including orders made in cash, check or with credit-debit purchases. Since you work for a bank, you won’t take the typical approach of a products direct sales representative. Instead, you will work with the banks contract products, whether that’s in loans, cards, or opening secondary accounts.
Skills You Are Cultivating
In order to sell anything, especially complex and risky bank products, you have to listen to your clients. This is what gives you the answer you’re looking for when trying to win over your leads. By listening, you can hear what your lead wants and tailor the presentation to providing just that. Speaking skills, negotiating ability, personal rapport, and friendliness are also required. Closing is sometimes the most difficult aspect of the deal and requires a motivating approach. Be aware of your lead’s budget, which means researching the person, just as much as the product.
Direct selling is facing intense competition with Internet marketing, email sales and social media networking, but that doesn’t mean it’s impossible. Many businesses and individuals prefer dealing one on one rather than impersonal cyber-sales. However, the pressure is on for you to sell, and becoming their friend and business consultant will help them trust you.
This business doesn’t pay a lot but is a legitimate starting point in banking with a $26,000 per year salary.
College is Valuable
The good news is that you don’t need a college degree to begin in banking sales. Some applicants are hired with just a high school diploma, based on their sales-friendly personalities and proper understanding of finance. But, understand that a college degree, much like this work, is a stepping-stone to a higher career level, one entirely within your grasp. By going to school and starting in this entry-level field, you will rapidly progress, perhaps achieving a managerial job once you earn the work experience and learn the company’s daily operations.
Some college graduates are actually far more comfortable in sales and communication after graduating than after high school. Taking a sales or business training course in college comes with exclusive advantages.
When it comes to your future, always think big. With a little extra education and determination, the future is unlimited!