Staying relevant in banking sales during the digital transformation era

banking sales

Financial Services salespeople must reimagine themselves to meet the expectations of today’s more information savvy buyer.

With a business environment heavily focused on cost reductions and digital transformation the sales environment will be much more data, insights and technology led.

Here are three key areas bankers should focus on for sales productivity in the era of digital transformation.

Commercial insights beyond the product brochure

No longer does the product and awards led sales approach work. 

Buyers often have more information about your products and services than you do, so it’s critical to bring unique and differentiated insights to each and every sales conversation.

With the masses of information and reviews available on-line, salespeople need to bring insights to customers that they did not know and could not easily find.

The focus should be on solving problems of the customer including solving new problems that are likely to arrive in the customers environment.  

With buyers more informed than ever, salespeople must add more value in each interaction and this comes from a deep understanding of the customers industry and business.

The goal should be to move from product led discussions to strategic insights led interactions.

Digital view of customer

Leveraging data smartly including ‘developing a single view of the customer’ will be more important to aid successful sales activities.

From data analysis and analytics to target the right ideal clients at the right time through to optimal account management metrics, leveraging data in daily sales activities will become more and more important.

Marketing and sales will continue to work closely together as real time tracking of user engagement and interest becomes more available.

Technology from marketing automation to social networks can provide salespeople with incredible insights on areas of interest and opportunity.

However, effectively using this ever-increasing range of data available will require new approaches and training.

By taking a data driven view, customer opportunities can be spotted and cross sell opportunities maximised.

Navigating multiple decision levels

Decisions on complex purchases now involve many more people at the buyer organisation.

A more consensus-based purchasing model has evolved whereby more people need to be convinced in the buyer organisation before decisions on who to award the business to are made.

This reduced risk approach means sellers need to become experts in navigating various levels of the customer organisation.

Using a clearly staged sales process and multi person, multi-level needs analysis is becoming an emerging trend on complex opportunities.

With coffee conversations now happening on-line and traditional product led sales approaches not cutting through, now is the time to use an insight driven sales strategy.

Schedule a call to discuss moving from product focused sales, to insight based sales.