How To Improve Credit Card Sales – Cold Calling Strategies

How To Improve Credit Card Sales – Cold Calling Strategies

Do you or your sales people do cold calling everyday? People receive cold calls everyday and with their busy schedule, they just don’t have the time to hear what the sales person has to say, unless you know how to catch their attention. Let’s start with an example:

I just received a call from a bank and here’s how it went:

“Hi, good evening.. erm good morning sir, I’m calling from Bank X and Bank Y about the latest promotion on their credit cards”

“Oh, thanks but I’m not interested”

“Sir, you are not interested in both cards?”

Yes, I’m not interested in both”

“Um, don’t you want to hear more about their benefits first before you reject me?”

No, thanks for calling. Bye”

First mistake, he got good morning and good evening wrong. In cold calling, you only have less than 30 seconds to make an impression and depending on what you say, it will determine if you’ll get more than 30 seconds to talk to your prospect.

It could have been better if…

One good point was he probed when I gave my first objection. But the mistake was he probed with the wrong question. A better reply would have been:

“Oh, but do you have a credit card that gives you 10% cash rebate when you shop online, pump petrol or etc?” No? Well our credit card is the first in Malaysia to offer such high cash rebate and just this morning, more than 10 customers have signed up. Is this something that would help you save money?”

The message you got across here is that:

  • You probed if he is already using such a card,
  • Testimonials that other customers love this card too, and
  • Psychologically got him to reply with a Yes to agree with what you have to say

But what happens if he gives another objection like:

“I already have a similar card that gives 10% rebate too. Yours is just the same”

This is where Unique Selling Proposition (USP) comes into play. In Sales Ninja, we use PPSS – People, Product, Service and Source(company). In every sales pitch and in every objection handling we use PPSS to win that sale.

In this case, the Product is the same. So let’s try using Service.

“Great! Which bank’s credit card are you using at the moment? I see, do you find it a problem when you try calling the service center and you have to wait for 10 mins to talk to a customer service representative and sometimes your call gets cut off? Our bank is well known for our fast and high quality customer service representatives and your call will be attended to in usually less than 1 minute.”

In this example, you are trying to sell that your service is better than your competitor.

 Or you can try using Source.

“Great! Which bank’s credit card are you using at the moment? Oh, did you know that our bank is the largest bank in Malaysia and our credit cards has the most promotions in restaurants and shopping malls as compared to other credit cards?” 

Here, you have successfully sold your company as the largest bank in Malaysia and because of that, you have the most merchants using your credit card as promotions.

Again, when it comes to convincing your prospects, just use PPSS and you’ll win the customer over. Whether you are a small company going against a giant company or vice- versa, just use PPSS.

Find out more about PPSS and cold calling in our training. Download our PDF today.

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Kevan Phua is Sales Ninja’s Marketing Shinobi who specializes in online marketing and generating inbounds. He loves reading, spending time with his wife, daughter and definitely his car. Recently, he has been in the online shopping craze and he’s looking to buy a new cupboard to store all his new clothes.

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