Growth Leadership Academy Pvt Ltd organised the 8th edition of the Sales Summit at the Soaltee Hotel in Kathmandu on August 30, with the theme ‘Innovate, Transform and Thrive.’ The event brought together more than 260 sales executives from various sectors, including multi-national companies, banks and financial institutions, I/NGOs, and government agencies. The summit was inaugurated by Chief Guest, Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI).
Samjhana Sharma, Chairperson of the Sales Summit Steering Committee, welcomed guests, resource persons and participants, followed by remarks from the chief guest. In her remarks, she highlighted the ever-evolving business landscape, especially amidst the challenges posed by economic uncertainty. “It is important to embrace innovation as a means to steer through challenges, drive growth and unlock new opportunities,” she said. “The theme of Sales Summit 2024, ‘Innovate – Transform and Thrive,’ captures the essence of resilience, adaptability, and forward-thinking amidst the challenges of today’s economic climate.” She urged sales executives to empower themselves with the knowledge, tools and mindset required to innovate effectively and drive positive change in their organisations. She further stated that the gathering was an opportunity to learn from each other and share experiences, expressing her overwhelming joy with the participation.
Delivering a speech as the chief guest of the inaugural session of the summit, Chandra Prasad Dhakal, President of FNCCI, opined that the brand image of a company is reflected through the person dealing with customers, which is crucial for any company. He further added that a staff member working in the customer service department can represent the entire company’s image to the customer.
Dhakal emphasised that the economy is gradually bouncing back and the reform initiatives taken to spur the economy through amendments of laws, procedural simplification and institutional strengthening have boosted the confidence of the private sector. The reform initiatives taken prior to the Nepal Investment Summit 2024, with the involvement of the private sector, exemplify the government’s commitment to advancing the economy by attracting fresh investments in every sector, according to Dhakal.
Dhakal emphasised the importance of foreign direct investment (FDI) in driving Nepal’s economic growth. He highlighted the country’s potential in various sectors like hydropower, tourism, agriculture and information technologies as areas of lucrative investments. Dhakal praised the government’s investment-friendly policies and FNCCI’s role in fostering international partnerships. He urged investors to seize the abundant opportunities, emphasising the country’s readiness for joint ventures.
The first session began with a keynote on ‘Innovate, Transform and Thrive’ by Raj Bahadur Shah, Managing Director of Jawalakhel Group of Industries. Shah highlighted the importance of innovation and transformation for a smooth sales process in the organisation, drawing from his 24 years of experience, including successes and failures.
He further stated that where there is chaos, there is always opportunity, and in Nepal, there is a lot of chaos. “Nowadays, everything is changing at lightning speed, and if you cannot keep up, you will be left behind,” Shah said. “The rules of the game have changed, and the old ways will not work anymore.
Everything is unstable, not just in your business or in Nepal, but all over the world! The world is changing so fast, and if we can’t keep up with it, we will be missed.”
He shared his experience, noting that all businesses are down at least 40% to 50% in revenue compared to last year. When he was in Bhairahawa less than a month ago, he was told that 400 factories had closed down. Today, hotels are mushrooming and unintentionally behaving like training schools for people planning to leave. Therefore, there is always a need for innovation and transformation in the life of a business, similar to the business of people.
“Innovation means to improve or replace something, such as a process, product or service,” Shah stated. “But to change your company or environment, you first must change yourself! To thrive or survive, we must embrace innovation and transformation.”
Innovation is about thinking outside the box and embracing new ideas. “For this, you need diversity in your leadership team. It’s all about digital transformation and Artificial Intelligence! Today, it’s all about home delivery, real-time information, working remotely and doing everything from your phone, including falling in love!”
He further cited Elon Musk, Founder of SpaceX: “Failure is an option here. If things are not failing, you are not innovating enough.” With this, he stated that innovation is not born from dreams but from struggle. “You cannot stop innovation. Ninety-five percent of companies in Nepal don’t want to change or innovate because they are afraid to change.” He suggested sales executives be innovative to resolve problems and do things differently to boost people’s confidence, stating that transformation is equally critical. The key distinction is that innovation focuses on doing new things, whereas transformation emphasises doing things differently.
Shah further mentioned some areas where innovation is crucial in Nepal, such as agriculture, renewable energy, healthcare, tourism, education, skill development and environmental conservation.
“Innovation alone is not sufficient for success. Organisations must also be willing to undergo transformation, which involves fundamentally changing how individuals, organisations and countries operate, including shifts in culture, strategy, and processes,” Shah highlighted.
“As we look to the future, it is clear that the need for innovation and transformation will only grow. Things are always evolving around us, and we shouldn’t stop learning, because life never stops teaching.”
The second session was a panel discussion on ‘It’s a Good Time to Sell’. The session was moderated by Mahesh Swar, Chief Executive Officer of Kantipur Publication Private Ltd, and the panellists comprised Suma Pokhrel, Deputy CEO of Global IME Bank Limited, Latika Golyan, Managing Director and Chairperson of Lekali Nepal Pvt Ltd, and Suman Raymajhi, Managing Director of Upayay City Cargo. Panellists delved into whether it is really a good time to sell and the preconceptions and realities of perfect timing. The session revolved around when it’s a good time to sell and how technology is driving sales.
Speaking as a panellist, Pokhrel, Deputy CEO of Global IME Bank Limited, stated that it’s all about patience, dreams and commitment, which lead you to opportunities. “The right and niche market needs to be identified and targeted for sales,” said Pokhrel.
He opined that in the case of banks, while launching products, they have to be careful because it’s public money, and it’s the responsibility of the bank to utilise that money in a good place. “Banks are very competitive, and they have to be innovative to sustain in the market. The sales culture has been simultaneously growing in the banking sector,” according to Pokhrel.
He further added that data resource optimisation should be done by all sectors because data is key for customer identification, customer follow-up, and customer engagement. Likewise, in order to make sales easier, we need to keep the sales pipeline aligned with technological advancements, as per him.
Another panellist of the session, Latika Golyan, Managing Director and Chairperson of Lekali Nepal Pvt Ltd, said that companies have to understand the people and their culture and then learn and keep themselves updated with the changing scenario to meet the customers’ expectations, which obviously leads to an increase in sales. “We haven’t been able to market the product on a global platform, and digitally marketing the product is crucial in today’s time. It is necessary to be the best, and to be the best, one should be able to provide extra services through communication,” she remarked. “Communicating is important to meet the customers’ expectations as it’s very different to meet customers’ expectations.”
Besides, Suman Raymajhi, Managing Director of Upaya City Cargo, shared some insights regarding making sales. “Sales at the initial level are very tough, so in that phase, we need more human resources in the sales department. However, leveraging technology makes it more comfortable, such as Ola, Uber and Airbnb, among others.”
The way of thinking about distributing the product needs to change from business to customer, according to him.
Further, the third session of the Sales Summit was a keynote speech on ‘Changing Dynamics for Sales Psychology’ by Shreeya Giri, Founder and Managing Director of Happy Mind. Giri began the session by highlighting how crucial emotional intelligence (EI) is in sales. This is mainly concerned with how sales professionals interact with clients, manage stress and ultimately close deals, according to Giri. “Understanding and applying emotional intelligence in sales can significantly enhance performance and client relationships.”
Stating that self-awareness and self-regulation are two critical components of Emotional Intelligence in Sales, she urged salespeople to be aware of their own strengths and areas for improvement. This awareness helps them leverage their strengths in sales situations and work on their weaknesses, such as managing rejection or maintaining persistence.
“Salespeople with high self-awareness recognise their emotions and how these emotions affect their behaviour. For instance, understanding when you’re feeling stressed or frustrated allows you to manage those feelings before they impact a sales conversation,” she explained. “Similarly, sale involves high-pressure situations. Effective self-regulation means controlling emotional impulses, such as frustration after a rejection, and maintaining a positive attitude.”
Giri advised sales executives to be able to adjust to new information or unexpected situations during sales negotiations, stating that this is a crucial component of self-regulation. It allows salespeople to remain calm and composed and adapt their approach as needed.
“It’s not about what you are selling; it’s about to whom you are selling. Sales is a stressful and lonely job. Do not assume what people are thinking; if you are confused, kindly voice it out by asking them questions because clear communication is a must,” Giri remarked.
Stating that self-awareness and self-regulation are two critical components of Emotional Intelligence in Sales, she urged salespeople to be aware of their own strengths and areas for improvement. This awareness helps them leverage their strengths in sales situations and work on their weaknesses, such as managing rejection or maintaining persistence.
“Salespeople with high self-awareness recognise their emotions and how these emotions affect their behaviour. For instance, understanding when you’re feeling stressed or frustrated allows you to manage those feelings before they impact a sales conversation,” she explained. “Similarly, sales involves high-pressure situations. Effective self-regulation means controlling emotional impulses, such as frustration after a rejection, and maintaining a positive attitude.”
Giri advised sales executives to be able to adjust to new information or unexpected situations during sales negotiations, stating that this is a crucial component of self-regulation. It allows salespeople to remain calm and composed and adapt their approach as needed.
“It’s not about what you are selling; it’s about to whom you are selling. Sales is a stressful and lonely job. Do not assume what people are thinking; if you are confused, kindly voice it out by asking them questions because clear communication is a must,” Giri remarked.
Moving forward, the fifth session was a panel discussion on ‘Navigating New Horizons’, moderated by Upasana Poudel, Chief Executive Officer of Himalayan Reinsurance Ltd. The panel comprised Vishnu Kumar Agarwal, Managing Director of MAW Group of Companies and Immediate Past President of the Confederation of Nepalese Industries (CNI), and Ravi Kumar Rayavaram, Managing Director of Surya Nepal Pvt. Ltd.
The panel discussed three aspects: leadership, innovation, and technology, and how transformation has impacted the business environment and anticipations for the future. Additionally, they explored how technological changes are affecting company sales.
Expressing his thoughts, Agarwal stated that things are changing very rapidly. There has been a huge change in the past 30 years, and to adapt to those changes, one should be open and have a different kind of mindset. He further added that leadership is one area that has faced changes within organisations. Earlier, people used to have some sort of fear of leadership, and people often hesitated to discuss and share ideas, opinions and speak to particular individuals. “There is a complete paradigm shift in leadership now. The person in the leadership position should be able to influence his/her people,” he opined. “His/her alignment with the people and adaptability to the new business environment is necessary.” He mentioned that deliverables are more important than the time employees arrive and leave the office.
Further, Rayavaram highlighted the three-dimensional horizon of culture, access and affordability. When we look to the future, the cultural fabric of the country is one thing that is going to shape its future. “At present, the way our economy has shifted in Nepal, we don’t have access to a huge number as the products are available to a limited number of the population,” according to Rayavaram. He added that in today’s world, the quality we work in is humility, and people look for humility in a leader.
Moving ahead, Agarwal added that innovation plays an important role in all spheres of life, not only in sales but also in product development. He further stated that to motivate salespeople in this new horizon, they must keep pace with customer needs and align this with the employees. His sales mantra is to be truthful to customers and genuinely try to solve their problems.
Similarly, Rayavaram added that today’s world is open, and we can get ideas from anywhere, but innovation is not truly innovation until it resonates with the customer. There might be many ideas in the lab but not in the market. “There are many interesting ideas on the table, but they don’t take off because there is a lack of understanding about what the consumer value proposition should be,” he remarked. “Lots of effort has to be put into crafting the consumer value proposition, and the next step is to communicate that value proposition.” He further added that something a leader can delegate to the team is trust, authority and responsibility with accountability.
Moreover, the last session on ‘Enhancing Customer Experience and Customer Centricity in the Sales Process’ was delivered by Praveen Bangera, Founder and Director of Xverse Ltd. from Dubai, and Biji Tharakan Thomas, Principal Consultant and CEO of Bettroi. The session started with a video presentation that showed two sides of a story: the first side is a customer who thinks that the only way to get money from the bank is by robbing it, and the second side is the business perspective, where they believe they have all the information about the customer and know exactly what their customers want.
The main theme of the session was to transform sales processes and approaches from transactional to sustainable long-term sales growth. The session featured an interactive Questions and Answers segment, where participants had the opportunity to ask questions directly to the speakers. Additionally, video content was utilised to illustrate key concepts and bring real-world examples to life.
Both speakers focused on the fundamental aspects of customer experience. They defined customer experience as the sum total of all interactions a customer has with a company, from initial contact to post-purchase support. They emphasised the importance of consistency, personalisation and emotional connection in creating a positive customer experience. They mentioned the three sources of utility: anticipated utility, experienced utility, and retrospective utility. Importantly, they differentiated customer experience from customer service, explaining that experience is a relationship between a customer and a brand, while service is merely a solution to a specific issue.
They shared strategies for enhancing customer experience, such as using customer feedback for service improvement, leveraging technology for personalised interactions, and ensuring a seamless omnichannel experience. They also covered the concept of customer archetypes, semi-fictional representations of ideal customers based on market research and real customer data. Customer archetypes help businesses understand customer needs, behaviours and goals, enabling them to tailor marketing strategies, product development, and customer service more effectively. The components of a customer archetype include demographics, psychographics, behaviour and geography.
Another concept discussed was the sales process, which begins with building trust to establish a strong, credible relationship with potential customers. It then involves understanding needs and goals, proposing and ordering, and finally providing handholding and support. This concept was illustrated through a workshop where participants role-played as customers seeking to buy a dream car.
The speakers emphasised the importance of thinking differently and actively listening to truly understand customer needs. They highlighted that businesses prioritising customer experience and centricity outperform laggards by 80%, achieve 15% revenue growth, reduce costs by 20%, and can increase profits by 95% with just a 5% increase in customer retention. Bangera added that the cost of retaining a customer is lower than acquiring a new one and that truly understanding customer needs can lead to unprecedented revenue.
