Nowadays, numerous bank institutions provide an option of opening corporate accounts. It creates a high competitiveness in this market and enforces the institutions to search for efficacious solutions aimed at providing the best service for their clients. Employing effective sales management practices in this area leads to great results and further development of the institutions. The usage of appropriate sales management has proved to be one of the most important keys to the success of the company.
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Sales management is defined as the management of all marketing activities (Kumar & Tyagi, 2004, p. 1). The activities include advertising, marketing research, distribution and pricing of the services and products, sales promotion. Sales managers are responsible for “personal-selling activity” (Kumar & Tyagi, 2004, p. 1). Their duties include recruitment of specialists working on promoting and producing sales. Other duties consist of sales planning and reporting.
A corporate account is a bank account aimed at providing a wide range of services for different business entities. A corporate bank account can only be opened with the approval of the board of directors (Masters, n.d., par. 2). The approval should be evidenced by a corporate resolution.
A corporate bank account gives the opportunity of managing company’s income to pay for expenses and control money charging. Corporate accounts are operated under offshore jurisdictions. Such concept offers great tax benefits for businesses and helps the companies to manage their revenues in the more advantageous environment. While opening a corporate account, the company should pay special attention to choosing an offshore jurisdiction that meets the goals of the business and responds to its specifics.
Sales management practices are widely used for servicing of corporate accounts. Employees involved in providing efficient sales management in the sphere of corporate accounts are supposed to plan marketing strategy, control the process of its proper organization, coordinate different departments to reach marketing goals, control the performance and audit, and stimulate efficacious work of all departments of the company.
Sales management practices employed in corporate accounts servicing include the elaboration of the marketing politics that are tactical and is envisaging the further development of the organization and organizing managing marketing programs and relations in the marketing area.
Detailed analysis of competitive advantages and disadvantages of competitors also contributes to the effective servicing of corporate accounts. All sales management practices help the institutions providing corporate accounts services to adjust the service to the needs of potential clients and create a competitive preference in the market.
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Low commission rates provided for holders of corporate accounts are one of the main points that stimulate the growing number of accounts of such type. Employees involved in the process of deciding on appropriate commissions offered by the institutions should rely on principles of effective sales management.
The methods aimed at finding the optimal solutions in commissions rating include a thorough investigation of commissions offered by competitors. As corporate accounts are often opened to manage the profit of the environment with the most advantageous offshore jurisdiction, the analysis of actual commission rates offered in the country and abroad is of vital importance.
Sales management methods have an enormous potential for promoting successful performance of any company. The bank institutions offering corporate accounts services need to use appropriate sales management practices to ensure the stability of the development of their company.
Kumar, A., & Tyagi, C. L. (2004). Sales management. New Delhi, India: Atlantic Publishers & Distributors.
Masters, T. (n.d.). What Is the Difference Between a Corporate and a Business Bank Account?