Best Business Tips for a New DSA agent

A direct selling agent (DSA) partners with companies to sell products on their behalf. Their primary role is to look for individuals in the market, who may be interested in trying out their company’s products. DSA meaning in banking refers to those individuals who act as mediators between the lenders and the customers to facilitate the loan distribution process. They explain the features and benefits of the financial products and simplify the application processes. And in exchange for their services, the DSA partner earns a commission from the lending institutions. 

Best business tips for a new DSA agent

Partner with a reputed lending institution

DSA partners and their affiliated companies share a transactional relationship. When beginning your career as a DSA agent, you must look for reputed lending firms that offer fair commission fees, flexible working conditions, and good quality products. 

Build a robust social network

The direct selling industry hinges on building and retaining strong relationships. When starting as a DSA agent, reach out to your friends, family, ex-colleagues, neighbors, and anyone in your network, who may be interested in exploring your products. Attend networking events, trade shows, and product launches of other companies. Connect with professionals in your industry and introduce yourself and your products. Slowly and steadily, you will find yourself expanding your professional network, which in turn will help you get referrals and bring in more business for your lending firm. 

Have immense mastery over your product knowledge

Most reputed lending institutions like Andromeda Loans offer on-job training modules that help you learn about their existing, currently available, and upcoming products. As a DSA partner, you must possess detailed information about all your firm’s products. It will help you to answer customer queries and recommend the best products to them.

Focus on enhancing customer experience

Your customers are the lifeblood of your lending institution’s business. You must never be rude or intrude on your client’s personal space. Always be on time for meetings, be it in-person or virtual calls. Do not incessantly follow up with prospects for no reason. You must also never mislead or call them after official working hours. You must focus on evaluating their financial scenario and suggest the best possible measures and products to them. 

Understand customer behavior

The most important role of a DSA agent is to increase their partnered firm’s sales. To make successful sales pitches, you must have a clear idea of your target audience, demographic, lifestyle preferences, and purchasing habits. Make sure to follow up with prospects and note their feedback. If a particular product is popular but many reviewers are asking for some tweaks to its features, make sure to pass on the message to your lending firm. 

Make use of marketing channels

A DSA partner primarily calls, texts, or emails potential customers, or those who may have expressed an interest in their firm’s products. Having an online presence is also a great way to establish trust with your audience and build your reputation as an industry thought leader. You can share blogs and articles on money management tips, how to avoid credit card debt, how to choose the best home loans, and the like to answer possible queries your customer may have. A DSA partner can also use social media to promote their launches, connect with customers, receive feedback, and expand their reach on a global scale. 

Set realistic goals

Although most lending firms set a monthly sales quota for their DSA agents, you must personally set realistic goals. There is no point in making uncalculated moves. Create a business plan with proper motives and marketing strategies, and nail down your target audience’s profile. 

Stay organized

A DSA agent often acts as a mediator between the lending firm and the customer. They have to facilitate communication between the two parties, verify a loan applicant’s documents, follow up with clients, maintain their personal sales records, and note down the same for their lender. To stay afloat with your deadlines, make sure to build an organized workspace. Use spreadsheets to keep track of your data. 

Always keep upskilling

Your lending firm will open the doors to many opportunities. Many top-rated financial institutions like Andromeda Loans are committed to helping their agents develop their selling skills. Make use of those opportunities and attend as many learning and development programs as you can. Reach out to your mentors often and stay updated with industry trends.

Keep marketing your products

When starting as a DSA partner, it may feel that you are behind on your goals, or you are not making any progress. Earning your audience’s trust and making successful pitches take time. If you feel demotivated or feel that your approach is flawed, reach out to other experienced DSA agents in your firm. You can also go back to your training modules and review them for more clarity. 

Skills needed to succeed as a DSA agent

These are some of the essential skills needed to be a successful DSA:

• Strong negotiation skills: A DSA partner should have a good persuasive stance and must come up with innovative marketing campaigns to highlight the unique selling points of their lender’s products. Without negotiation skills, a DSA agent will not be able to convince prospects of the benefits of investing in their products. 

• Mastery over their product knowledge: A DSA partner must be aware of the features and benefits of their lending institution’s products to make successful sales pitches. DSA agents also need to memorize the characteristics of their products to answer customer queries. 

• Good communication skills: The final and most important step in a sales pitch is its delivery. DSA agents must be confident and convince prospects that their products would alleviate their financial concerns. In no way, DSA partners should mislead or deliver wrong information to their clients. 

Eligibility criteria to work as a DSA partner

• Must be above 18 years of age: You must be a legal adult of voting age i.e. above 18 years of age to work as a DSA partner. 

• Must be an Indian citizen: If you are not a citizen of India, you cannot apply for the position of a DSA partner. 

• No professional qualifications required: While you do not need a professional degree in banking or finance to work as a DSA partner, you must know of your lender’s available products and popular collections to make successful sales pitches. 

• Could be salaried or non-salaried: All office workers, non-office workers, business persons, and self-employed freelancers are welcome to apply for the role of a DSA agent. 

• Could have an excellent credit history: It is not compulsory, but it is best to have no debts and an excellent CIBIL score while applying for the role of a DSA agent. Unless you prove that you have your finances in order, banks and NBFCs may be reluctant to trust you to offer others financial advice. 

• Could be fluent in a local language: Although not mandated by lending institutions, most of them tend to lean towards hiring DSA agents who are familiar with at least one local language. Prospects are likely to choose DSA agents who speak their tongue for ease of communication and understanding of cultural nuances. 

• Could have a significant client pool: Having a good social network is always a bonus when applying for the role of a DSA agent. If you have had prior experience working in the finance industry, you will have a pool of significant clients like tax advisors, financial planners, and chartered accountants. You can reach out to your old contacts and pitch products to them. 

Documents required to work as a DSA agent

• Identification proof: Aadhar card, PAN card, Voter ID

• Proof of address: Utility bills, passport, driving license

• Income tax details: Form 16 and other income tax documents

• Bank account details: Your most recent three months’ bank transaction records

• • Proof of employment: Salary slips if you are employed by an organization, business address proof, financial records if you have a business, and payment invoices if you work as a freelancer.

• Registration form: Completed registration form of the bank or NBFC you want to partner with.

To conclude

Working as a DSA partner offers lucrative benefits like handsome monthly payouts, flexible working hours, and an independent work structure. However, you must come up with innovative strategies to stand out over other competitors. You can apply for the role of a DSA partner at Andromeda Loans. They are one of the top lending institutions in the country. Andromeda Loans are known for combining its decades-old financial expertise with modern technology. They offer quick loan disbursals with minimal paperwork. Since they have tie-ups with other banks and NBFCs across India, if you work as an Andromeda DSA agent, you can offer a diverse range of products to your clients.