Lesson 1, Topic 1
In Progress

2.3. Verify information according to service standard practices

ryanrori January 26, 2021

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Businesses which provide services have a number of obligations aimed at reducing money laundering and terrorism financing risk. These obligations include collecting and verifying information according to service standard practices about a customer’s identity when providing those services. 

The type of information you could be asked to provide to verify your identity may vary according to the different transactions or services offered by the business. For example, you could be asked to provide information when opening an account, obtaining a loan or withdrawing superannuation benefits.

The systems and processes each business uses to collect and verify customer identification information are a matter for the individual business. Each business is able to determine the sort of customer identification information it considers necessary to reduce the risk that its services and products might be used to launder money or finance terrorism and the methods it uses to collect it. 

Confidentiality of information

Businesses are also required to comply with section 14 of the Constitution of the Republic of South Africa, 1996, when dealing with personal information gathered. 

The security and confidentiality protections a business offers its customers are a matter for each business to determine.  

Conduct follow-up procedures according to industry requirements

Doing a sales follow up call is one of the most neglected aspects of sales. Study after study has shown that sales reps quite often give up just before the sales are made. 

All the time and energy spent in generating the sales leads, cold calling, prospecting and doing the sales presentation could have borne fruit with just a few more sales follow up calls. 

Most sales reps quit the follow up process after 5 calls but research has shown that most people make a buying decision at call number 7. 

If you’ve been in sales, you know that this is probably true for you as well. Here are a few things you can do to improve each sales follow up call.

The sales follow up is key to any sales process you take the prospect through. Conduct the follow-up procedures according to industry requirements. 

Follow Up Without Being Annoying

The type of follow up that’s needed, however, is not the type that mechanically goes through a list of prospects to get the phone call in. 

But it’s a thoughtful and concerted effort to take them to the next level in making the decision and at the very least, building another level of relationship or trust.

This type of sales follow up call requires that you make every call count. Most sales reps follow up asking, “Would you like to place and order?” The prospects will usually say, “No, I haven’t made a decision yet.” Then the sales follow up call ends.

There is no hard and fast formula to take them to the next level or to build relationships, but here are the guidelines that I use to make each follow up call count.

Ask for the Order

This is obvious, but whatever you do on the call, you should somehow find a way to ask for the order each time. This way, they are clear about what you’re calling about as well as value your time and theirs. It should seem obvious that you’re trying to sell them something, but if it’s left to be implied, it’ll be overlooked in the midst of other distractions on both ends.

Take them to the Next Level – Find out What Their Hesitation Is

There’s always a reason for not buying, whether its money, not enough time to think about it, more research. Whatever the reason is, offer your assistance in helping them find a solution.

Then on your next call, don’t just ask for the order. Also refer back to your last conversation. ‘Mr Prospect, last time we spoke, you mentioned that this was the reason you didn’t want to buy right now.”

This builds upon that last sales follow up call that you had so you don’t have to start over. Also, this builds credibility and trust knowing that you are listening to his needs and not just wanting a sale.

Now most sales reps cannot remember the majority of the conversations they have with prospects. Most sales reps use a CRM or some sort of customer relationship management system to keep track of their calls.

Make sure you do detailed notes after each call, detailing what the conversation was about. Also make not of any other information that the prospect has volunteered. Never waste a prospect’s statement.