Ethical Sales Practises

By: B Roxanne Forde  |   December 6th, 2021    |   Related To: Regional Compliance Consultants (RCC) Ltd

Perspectives from a Registered Insurance Consultant

In October, I had the honour of leading a training session hosted by The Trinidad and Tobago Insurance Institute.

The primary topic covered was centred around “Ethical Decision Making” and examined several models of ethical decision making. The objective was not only to raise awareness of the need for consistent ethical behaviour, but to highlight the importance of actively making the right decisions and how very easily codes of conduct and ethical behaviours can be deviated away and the social and financial costs of unethical decision making.

Here are a few considerations surrounding ethical conduct in sales that are applicable to any business you are in.

Be honest about your business’ promise & product’s impact

Over emphasizing the benefits of products and services, without fairly presenting the not so wonderful features in an effort to draw the attention of customers to increase sales, can do irreparable damage a company’s reputation.

This tends to happen when salespersons are more focused on SELLING versus SERVING – especially when they are heavily target or commissioned incentivised– and can lead to disappointment when their expectations are not met. Trust and loyalty will be broken, and your business will not be referred to in a positive light.

Don’t attack your competitors

A common question salespersons encounter is “Why should I choose you over your competition?”

The knee jerk reaction may be to engage in a rendition of competitor bashing – ill spoken words with the hope that it paints them in a bad enough light that makes your business shine. The absolute opposite may be the real impact – your sales representative may come across petty, overly sensitive, and scandalous. Instead, focus on customers’ success, unique features and benefits, customized services, case studies, and facts that support your business’ results achieved.

Develop a code of Conduct for Ethical Sales

Your business’ code of conduct should reflect the value system, beliefs, and communication principles that your company abides by. It’s also helpful to define clear processes to follow for customer feedback, grievances and after sales service – to ensure that all customers are treated fairly and equally by your entire sales team, and by extension, your entire organization.

If you are interested in improving the ethical conduct in your business’ culture by way of training, Regional Compliance Consultants would be happy to guide you along the way.

Article by: B Roxanne Forde
MA, AIRC, ALMI, ACS, CAMS
PRINCIPAL CONSULTANT
REGIONAL COMPLIANCE CONSULTANTS
(868) 684-4369
http://www.regionalcomplianceconsultants.com