The product has a high unit value, is quite technical in nature, or requires a demonstration; 3. Personal selling plays a very important role in the marketing of goods and services. Importance of personal selling in financial services The importance of personal selling in marketing of financial services may be summarized as follows: 1. Personal selling is concerned with finding new customers for the products. Our mission is to provide an online platform to help students to discuss anything and everything about Economics. 6. He settles terms and conditions such as – payment, delivery etc. Expert Advise – Consumers get expert advice and guidance in purchasing various goods and services, which helps them in making better purchase. He diagnoses the market and suggests the prescription to remove the marketing ills. The message and sales presentation can be adjusted on the spot to suit individual needs, motives and expectations of customers. iii. TOS 7. Sales are the major source of revenues to a business. Such objectives are always in conformity with the company’ overall objectives. Importance of personal selling: (i) It is a flexible tool: Personal selling involves individual and personal communication as compared to the mass and impersonal communication of advertising and sales promotion. He gives them opportunity to make more enquiries about his product. (e) Contribution to profits – The personal selling process helps in increasing the volume of sales by making regular and permanent customers, which ultimately lead to increase in profits to the procedures. Personal selling is very effective to introduce a new product as the salesperson can explain the product features and price, give demonstration and clarify the doubts of the customers. (d) Communication service – Personal selling makes the two-way communication between the company and its customers effective in a Way that salesman provides information about product and policies of the business to the customers and in return provides information regarding the customer’s needs, choices, tastes and preferences etc., to the manufacturer or seller. (vii) Role in Introduction Stage – Personal contact with customers help business to introduce new product and its comparative advantages more effectively and thus persuade them to buy the product. Importance of Personal Selling to Customers. Customers and society are benefited by personal selling in the following ways: Salespersons help the customers to discover their needs and wants. A Salesman explains to his customers how well the product he is selling can satisfy their needs. The sales person can easily assess the level of customer attention and interest and can read the mind of customers. iii. At every step from the collection of raw material to the finished product, a salesman is needed to bring the buyers and sellers in close contact. Meaning of Personal Selling 3. Thus, Personal selling has made the large scale production and sales possible. It provides following specific benefits to a society: (i) Converts Latest Demand – Personal selling converts the latest demand into effective demand. Salesman can provide necessary information to customer about company’s offer, … Personal selling can support advertising, sales promotion, and publicity. personal selling strategy. iii. Personal selling is one of the important functions needed for survival and growth of the business concern. Advertising increases awareness while personal selling reinforces the advertising message. The importance of personal selling to businessmen, customers and society. (iii) He creates more and more regular demand thus makes planned and regular mass production possible. Sales representatives are important in increasing the sales volume of a product. iv. For example – King Gillette took five years to sell his first seven safety razors. The ability to build relationships with customers, persuade them to make purchases and generate repeat business is at the heart of selling. The product’s unit value is high; 3. It increases customers’ faith in company and its offers. The importance of personal selling can be described as under: 1. (v) Lasting Relationship – Personal interaction helps salesperson to develop lasting relationship with customers. Every part involved makes a profit in the transaction but probably a consumer is best benefited of all because he can purchase products of diverse makes and qualities at cheaper rates than he usually would have got by buying from a single manufacturer. It is the largest single operating cost accounting for 10 to 15% of net sales in many enterprises. Telemarketing is used to reduce the substantial cost involved in maintaining a sales force for making personal calls at customers' homes or businesses. Personal selling helps to draw the attention of the customers quickly to the product design, features, quality, uses, price, etc. Converts Latest Demand 2. The personal selling process consists of a series of steps. Importance of Personal Selling – Explained! The personal selling may focus initially on developing a relationship with the potential buyer, but will always ultimately end with an attempt to “close the sale” Importance of personal Selling Personal selling is an important element of promotion mix and an effective promotional tool. He creates more and more regular demand thus makes planned and regular mass production possible. – Eliminates Ignorance, Increases Sales Volume, Assists Customers, Increases Customer Satisfaction and Helps in Finding Prospects, – Importance to Businessmen, Customers and Society, – Personal Interaction, Quick Response, Increases in Sales Volume and Easy Customer Assessment, – Services to Consumers, Services to Producers and Services to the Society, – From the Consumer and Businessman Perspective. Importance of Personal Selling – Eliminates Ignorance, Increases Sales Volume, Assists Customers, Increases Customer Satisfaction and Helps in Finding Prospects Personal selling … Flexible Tool 3. Personal Selling and Qualities of a Good Salesman, Personal Selling: Objectives and Features, Sales Process: 8 Steps of Sales Process (With Diagram). (ii) He informs them of new products and explains to them how best they can use these products. This role of personal selling becomes more important for the illiterate and rural customers, who do not have many other means of getting product information. Why Selling is Important and Which Steps to Follow to Make Them If you ask anyone that has any bit of experience in business how important sales are, you might be met with diverse answers. Content Filtrations 6. Each stage of the process should be undertaken by the salesperson with utmost care. Effective personal selling addresses the buyer’s needs and preferences without making him or her feel pressured. It is easier to persuade a person to buy a product through face-to-face explanation. Here person to person contact will help in selling the product and not advertising. Research into the ethics of personal selling and sales management has continued to increase in volume and importance. They also help the customers to know how these needs and wants could be satisfied. It requires lots of salespersons to pursue its objectives. It is the only promotional tool which results in actual sale there and then. Personal selling is essential to sell anything that requires persuasion of the … Personal selling, being flexible in nature, involves individual and personal communication where a salesman can tailor his sales presentations to fit needs, motives and attitudes of prospective customers. Plagiarism Prevention 4. When you are selling high-value products like cars, it is important that the customer trusts not only the product but the seller also. iv. The salesman informs customers about the new products by suggesting to him their uses. Note that personal selling in not only important to sell the products, but also to create permanent customers. Personal selling plays a dynamic role as well as decisive role in selling. IMPORTANCE TO BUSINESSMEN/COMPANY: Effective Promotional Tool: Personal selling is an effective promotional tool in the hands of businessman for increasing sales. 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