Report on the Steps of the Selling Process in Financial Services Marketing

To: Executive Director, Client Services
From: Head of Business Development
Date: August 4, 2025
Subject: Explanation of the Steps in the Personal Selling Process for Generating New Business

Executive Summary
Personal selling remains a cornerstone in financial services marketing, particularly in Ghana’s banking sector, where building trust and compliance with regulations like the Bank of Ghana’s (BoG) Corporate Governance Directive 2018 is essential. This report outlines the six key steps of the selling process, adapted to financial products such as loans, savings accounts, and investment services. By following these steps, sales teams can effectively convert prospects into loyal customers, driving revenue growth while ensuring ethical practices aligned with BoG’s consumer protection guidelines under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930). Practical examples from Ghanaian banks like GCB Bank and Ecobank Ghana illustrate real-world application, emphasizing resilience post the 2017-2019 banking cleanup and 2022-2024 Domestic Debt Exchange Programmed (DDEP).

Introduction
In the competitive Ghanaian banking landscape, personal selling enables direct interaction with clients, fostering relationships that indirect channels like digital ads cannot match. It adopts a structured six-step process to gain new business, ensuring compliance with BoG directives on fair treatment of customers and avoiding mis-selling risks seen in historical cases like UT Bank’s collapse due to aggressive, non-compliant sales tactics. This process integrates into modern banking for profitability, such as using fintech tools under the Payment Systems and Services Act, 2019 (Act 987), to enhance follow-ups via mobile apps.

The Six Steps of the Selling Process
The selling process is systematic, focusing on client needs and regulatory adherence. Below are the steps, explained briefly with practical insights:

1. Prospecting and Qualifying: This initial step involves identifying potential customers (prospects) and qualifying them based on their needs and ability to buy. In financial services, salespeople use data from CRM systems or BoG-mandated KYC (Know Your Customer) processes to target segments like SMEs needing loans. For instance, at Stanbic Bank Ghana, prospecting post-DDEP targeted recovering businesses via referrals or social media leads, ensuring prospects meet creditworthiness criteria under the Capital Requirements Directive to avoid high-risk sales.
2. Pre-Approach (Planning the Approach): Before contacting the prospect, gather information about their financial situation, preferences, and pain points. This includes reviewing credit histories compliant with BoG’s data protection rules. In practice, Access Bank Ghana’s teams prepare by analyzing market trends, such as rising demand for sustainable banking products per BoG’s principles, allowing tailored pitches that build trust and comply with anti-money laundering directives.
3. Approach (Initial Contact): Make the first contact to grab attention and build rapport, often via phone, email, or in-person meetings. Use open-ended questions to engage, like inquiring about a client’s investment goals. Ecobank Ghana exemplifies this by training staff to start with value propositions, such as low-interest digital loans, ensuring transparency to align with BoG’s Cyber and Information Security Directive 2020 for secure client interactions.
4. Presentation and Demonstration: Present the financial product or service, demonstrating how it solves the client’s needs. Use tools like brochures or apps to showcase benefits, e.g., simulating returns on a savings account. In Ghana, this step must emphasize full disclosure of risks and fees per BoG consumer protection guidelines. GCB Bank’s salespeople demo mobile banking apps during presentations, highlighting post-2019 cleanup enhancements for seamless, compliant transactions.
5. Handling Objections: Address client concerns or hesitations, such as high fees or economic uncertainties post-DDEP. Listen actively, provide evidence-based responses, and reassure with data on product performance. For example, at Fidelity Bank Ghana, objections on loan rates are handled by offering comparisons with competitors, ensuring responses adhere to ethical selling under BoG’s operational risk standards to prevent mis-selling complaints.
6. Closing and Follow-Up: Secure the sale by asking for commitment, then follow up to ensure satisfaction and encourage referrals. Closing techniques include trial closes like “Would you prefer the standard or premium account?” Follow-up via emails or calls reinforces relationships. In international comparisons, Barclays (Absa) Ghana uses automated follow-ups compliant with fintech regulations, boosting retention and cross-selling, which has been key to profitability in a digital banking era.

Recommendations and Conclusion
To maximize effectiveness, integrate training on these steps with BoG compliance modules, and leverage digital tools for efficiency. This process not only generates new business but enhances resilience, as seen in banks like Zenith Ghana that recovered post-cleanup through strong client relationships. Implementing metrics to evaluate each step will ensure ongoing improvement and alignment with sustainable banking trends.

Prepared by: [Your Name], Head of Business Development