This unit may be applied in any sector of the financial services industry.

ELEMENT

PERFORMANCE CRITERIA

1. Implement promotional strategy

1.1. Sales plan is analysed to clarify strategy and sales targets

1.2. Promotional package is created to meet the requirements of the sales plan and enhance the business corporate image and satisfy all relevant legislation, regulations and codes of practice

1.3. Promotional strategy is implemented within budget and in the timeframes specified

2. Prepare distribution channels

2.1. Distribution channels are identified and agreements for selling products and/or services are reached

2.2. Training of personnel is undertaken to develop product and service knowledge and to ensure quality customer service is maximised

2.3. Promotional materials are distributed to sales people through established distribution channels within appropriate timeframes

3. Monitor and review sales plan implementation

3.1. Criteria to measure the effectiveness of the promotional strategy and performance criteria for sales staff and distribution channels are established so attainment of forecast sales target can be monitored

3.2. Adjustments to the promotional strategy or product and service distribution are made, as necessary, to ensure the required result is being obtained

3.3. Feedback on the implementation of the sales plan and promotional strategy is contributed to the sales planning process

Required skills

communication skills to:

determine and confirm sales planning requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

IT skills for accessing and using appropriate software such as spreadsheets and databases and using internet information

well-developed literacy skills to:

analyse information and products to ensure appropriateness to client needs, currency and accuracy

draft clear and accurate sales plans and supporting documentation

problem solving skills to address product or service selling issues

teamwork skills and skills to identify training needs and opportunities

organisational skills, including the ability to plan and sequence work

marketing skills

Required knowledge

marking techniques and market trends

products and services provided by the organisation

sales and promotion techniques

training strategies

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

successfully develop a sales plan based on analysis of the market

implement a sales strategy including putting appropriate sales training in place

evaluate and make necessary adjustments to ensure the success of a sales plan.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to financial services product information.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

observing processes and procedures in workplaces or role plays

verbal or written questioning on underpinning knowledge and skills

setting and reviewing business simulations or scenarios

accessing and validating third party reports.

Guidance information for assessment

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Promotional packages may include:

client newsletters/bulletins

media advertising such as:

radio

television

newspapers

trade journals

direct marketing

websites

product and services brochures

promotional products or give-aways, third party services.

Distribution channels may include:

brokers

common interest groups

agents

existing clients

associations

telemarketing.

Legislation, regulations and codes of practice may include

anti-discrimination legislation

Australian Accounting Standards

Australian Prudential Regulation Authority (APRA)

business names legislation

Consumer Credit Code

Corporations Act (including Accounting Standards)

Electronic Funds Transfer (EFT) Code of Conduct

Finance Code

Financial Services Reform Act (FSRA)

Financial Transaction Reports Act

industry codes of practice

Privacy Act

taxation law.

Performance criteria may include:

meeting targets

new clients

surveys of awareness of products and/or services

volume of sales.

Unit sector

Sales and marketing

This unit contains employability skills.