Mutual funds
Sales Assessment Results by Jon Saleswarrior Sansone
70
Professional Closer
10 questions
Maximum score: 100
Completed in
You’ve shown some solid skills, particularly in solution-focused selling and active listening. Your ability to engage prospects and ask insightful questions stands out, especially in situations where empathy and understanding their past experiences are crucial. Your responses often demonstrate curiosity, which is key in building rapport and trust. However, there's a pattern of lacking clarity and urgency in your communication. Sometimes you dive too quickly into solutions without fully exploring the prospect's needs first, and your closing techniques often miss the mark in creating a compelling reason for prospects to act immediately.
To elevate your game, I recommend honing your skills in value proposition selling and mastering the art of urgency in your closing techniques. These will help you articulate the unique benefits of your offerings more clearly and encourage prospects to take action.
Remember, selling is not just about presenting solutions; it’s about guiding your prospects through their journey. A memorable coaching moment for you: each conversation is an opportunity to build a connection, so take a moment to truly explore and understand the unique challenges your prospects face before jumping into solutions. This will not only enhance your credibility but also position you as a true partner in their decision-making process.
Question Breakdown
1.
8
/ 10Question:
"I'm concerned about how this mutual fund aligns with our current budget allocation for investments."
Answer:
That is a fair concern. We would definitely want to make sure our fund aligns with with your current budget. Can you tell me what your budget level is currently? I also want to explore your goals for your budget? Would it be helpful to run a cost analysis in accordance with your budget to see if our fund is a good fit for you and your budget?
Feedback:
The response effectively addresses the concern by acknowledging the prospect's hesitation and showing a willingness to align with their budget. Asking about the current budget level and the goals for the budget demonstrates curiosity and a solution-focused approach. Additionally, suggesting a cost analysis is a useful way to explore value and engage the prospect further. However, the communication could be a bit clearer and more concise, especially the phrase 'aligns with with your current budget' which has a typo. Overall, it effectively opens up a dialogue for understanding the prospect's needs better.
2.
6
/ 10Question:
"Given the recent market volatility, how can we be sure this is the right time to invest in mutual funds?"
Answer:
Concerns with market volatility is a valid concern. We would want to make sure you are comfortable. I have some specific market opinions from my analysts that we can discuss together. If you still have concerns I am happy to help you invest, but also provide you with some protected investments. You were referred by your best friend and they decided to take a similar approach a few years ago. They were also hesitant, but we recently spoke and they are glad the started investing with us when they did. Would you like me to provide a couple of recommendations that include both growth funds and protected investments?
Feedback:
The response adequately acknowledges the prospect's concern about market volatility, which is a good start. However, it could benefit from a clearer articulation of the value of investing in mutual funds despite volatility, perhaps by emphasizing historical performance or diversification benefits. The mention of analyst opinions is vague; providing specific insights or data would enhance credibility. The referral mention is a nice touch for building rapport, but it could be more powerful if tied back to the prospect's specific situation or goals. The closing technique is present, offering recommendations, but it lacks urgency or a compelling reason to act now. Overall, while the response shows some effectiveness in addressing the concern, it misses opportunities for deeper value exploration and a more compelling call to action.
Score: 6
3.
7
/ 10Question:
"What if we encounter compliance issues down the road with this investment?"
Answer:
Compliance concerns are valid when considering these investments. Have you had any bad experiences with compliance in the past? If we do encounter a compliance issue we will go through a due diĺlengence process to make you whole. Let me assure you we have a 2 step method to mitigate future compliance issues. First, we make sure the investment is suitable for you. 2nd our compliance team vets every fund we sell. Are you feeling more comfortable with doing business with us?
Feedback:
The response effectively acknowledges the prospect's compliance concerns, which is a good start. By asking about past experiences, you show curiosity and engage in discovery, which can help build rapport. However, the mention of a 'due diligence process to make you whole' could be clearer and more reassuring. It might raise concerns rather than alleviate them. The two-step method is a strong point, but it would be more impactful if you elaborated on how these steps specifically address the prospect's unique concerns. The closing question is appropriate but could be more confident. Overall, there's a good foundation, but enhancing clarity and reassurance would strengthen the response.
Score: 7
4.
8
/ 10Question:
"We've had a bad experience with a previous mutual fund; how can you assure me this time will be different?"
Answer:
I am so sorry you have had a bad experience with investing in mutual funds. Can you tell me more about it? What could have been done so you had a better experience? My firm takes our time with our clients. We educate our clients regarding both the risk and the potential return. I can actually back test some recommendations and give you 3 to review. If you find one to be a good fit for your goals how soon would you like to get your money working for you?
Feedback:
The response effectively acknowledges the prospect's concern about their previous bad experience, demonstrating empathy and a willingness to listen. By asking questions to understand the past issues better, the salesperson shows curiosity and a discovery-focused approach. The mention of education and back-testing recommendations adds a solution-focused element, highlighting the firm's commitment to transparency and client education. However, the closing question could be refined to create a stronger urgency or commitment, as it currently lacks a clear closing technique. Additionally, a bit more emphasis on how the firm differentiates itself from the previous experience mentioned could enhance trust. Overall, this response is strong but could be improved with a more assertive closing and clearer distinction of value.
5.
7
/ 10Question:
"Can you explain how this mutual fund will adapt to our company’s changing needs as we grow?"
Answer:
That is a solid question. We understand why adapting to your growing needs would be important to you. I want to better understand what your firms expectations for your firms growth are? Have you had bad experiences in the past with funds that didn't meet your growing needs? What would you need from me to feel more comfortable in this area. My company does have a process for monitoring our fund and meeting 4 times a year with you. If there needs to be an adjustment we can make it together in on of thoses meetings. Have I answered question to the point that you are ready to get started?
Feedback:
Your response does a good job of acknowledging the prospect's concern and asking insightful questions to understand their specific needs and expectations. However, it could benefit from a bit more clarity in communicating how your mutual fund specifically adapts to growth. You mentioned the monitoring process, which is great, but elaborating on how adjustments can be tailored to their unique situation would enhance your solution-focused approach. Additionally, while you attempted to close by asking if they were ready to get started, it felt a bit abrupt and could be softened to align better with a consultative tone. Overall, you engaged well but could improve on demonstrating the value of your adaptability more explicitly.
6.
7
/ 10Question:
"I'm worried that our stakeholders may not be fully on board with this investment decision."
Answer:
This is a valid concern. Our goal would be that your stakeholders are fully on board with this investment decision. Have your stakeholders had trouble with fund investment decisions in the past? My solution would be a stakeholders meeting. In the meeting, I will be prepared to provide white papers to attendees. I have a PowerPoint presentation the explicitly details the benefits of our fund. Lastly, I will provide a question and answer time for your stakeholders. If this meeting goes well can you see moving forward with my firm?
Feedback:
The response addresses the objection effectively by acknowledging the concern and proposing a concrete solution—a stakeholder meeting. This shows good active listening and a solution-focused approach. However, the communication could be more polished; instead of just stating 'our goal would be,' it would be stronger to express a commitment to ensuring stakeholder buy-in. Additionally, asking a follow-up question about past issues is a good start, but it could be more exploratory to better understand the stakeholders' specific concerns. The closing question is a good attempt to gauge interest but could be more compelling by emphasizing the value of the meeting. Overall, the response demonstrates a collaborative approach and value exploration, but the tone and clarity could use some refinement.
7.
6
/ 10Question:
"I need more details on the ROI; what metrics can we use to evaluate its success?"
Answer:
Yes ROI is very important. What details would you like to see? My firm funs an ROI white paper for every prospective client we try to help our main metrics are percent of return and the time line for those return targets. Here are 3 examples of ROI. You can see from these results our ROI improves performance 20 to 25% in each one of these examples over a 3 year time frame. Would it be helpful for me to have our firm prepare ROI analysis based on these metrics for you?
Feedback:
The response does a decent job of acknowledging the importance of ROI and offers to provide additional details. However, it lacks clarity and depth in addressing the objection. While it asks for more specific details on what the prospect would like to see, it could have been more proactive by providing a brief explanation of the metrics mentioned before asking for further input. The mention of the ROI white paper is a good touch, as it shows a resource is available, but the examples could have been more explicitly tied back to the prospect's context to enhance relevance. Overall, it would benefit from a stronger closing technique to encourage further engagement.
Score: 6/10 for being somewhat solution-focused but lacking clarity and depth in communication.
8.
6
/ 10Question:
"How will you ensure that our team is adequately trained to manage this new investment?"
Answer:
Yes having your team trained to manage this investment is important. Have you had bad experience in the past with getting your team trained on a new investments? My firm provides complementary on going training. We also provide a kick off training to make sure your team has a smooth experience with this investment. This training grades your teams understanding to ensure they are adequately trained. Lastly, we provide a 24x7 helpline for ongoing support. How soon can we get you signed up?
Feedback:
The response effectively acknowledges the importance of training, which is good, but it tends to dive into the solution too quickly without fully exploring the prospect's past experiences. The question about past experiences is relevant but could be framed more positively to encourage open dialogue. The mention of ongoing training and a 24x7 helpline is strong and shows commitment to support, which is crucial in the mutual funds industry. However, the closing question feels abrupt and lacks a collaborative touch. It would be more effective to ask for their thoughts on the proposed training options before pushing for a sign-up. Overall, the tone is professional, but the engagement could be improved by showing more curiosity about the client's specific needs and concerns.
9.
8
/ 10Question:
"What guarantees do you provide for post-purchase support and service?"
Answer:
We have a 100% satisfaction guarantee. This means if you are aren't 100% satisfied you may get your initial investment back. Your post service support will consist of my direct line and in my absence feel free to use our 24x7 helpline. Does our post service support and guarantee meet your expectations for doing business?
Feedback:
The response addresses the objection effectively by providing a clear satisfaction guarantee and outlining the post-service support options. The tone is appropriate for the mutual fund industry, as it conveys professionalism and confidence. However, the closing question could be more open-ended to encourage further discussion and discovery of any additional concerns. While the response is strong in terms of clarity and solution-focused approach, it lacks a deeper exploration of the prospect's needs and expectations. Overall, it demonstrates good active listening and value exploration, but could improve on collaborative engagement.
Score: 8/10
10.
7
/ 10Question:
"With other projects on the table, I'm not sure we have the bandwidth to take on a new fund right now."
Answer:
We understand you have current projects right now. Can you tell me which projects you have right now? I am wondering your goals for those projects? The reason is I can do some research for you to see how my funds could complement those goals. I have a client in your situation and we provided a plan that complemented two of their current projects wonderfully. I would like to do this for you. I realize time frame so let shoot for next quarter. In the meantime I will provide you with some analysis for your review so that when we speak next quarter we will be prepared. Would you like me to share a day for next quarter for us to speak again?
Feedback:
The response effectively addresses the objection by acknowledging the prospect's current projects and asking thoughtful questions to understand their goals. This demonstrates curiosity and a solution-focused approach. Offering to do research shows initiative and positions the salesperson as a helpful resource. However, while the idea of providing analysis is valuable, it could have been presented more clearly as a benefit to the prospect. The closing technique of suggesting a follow-up call for next quarter is appropriate, but it could be strengthened by offering specific dates or times to make it easier for the prospect to commit. Overall, the tone is collaborative and supportive, which is suitable for the mutual funds industry. A few adjustments could enhance clarity and decisiveness.
Score: 7