The way buyers make purchasing decisions has changed. 70% of the purchasing cycle is complete when the sales person is called in. So should not your selling methodology Change? Change is the only constant hence CHANGE else you would be replaced by SEO. Let’s see what sales force in banking are missing on?
- COLD CALLING: Cold calling is dead. When you cold call you not only put yourself down but also bring down the reputation of your organization. Connect to convert cold calls into warm calls. People like to do business with people they KNOW, LIKE and TRUST.
- UPSELLING & CROSS SELLING with Insight: It’s more profitable to sell to an existing customer than finding a new prospect. Hence upsell and cross sell in your customer base. But ensure your call is WARM and with INSIGHT. I continue to receive periodic calls from a bank’s internal sales team trying to cross sell me; without knowing me or my earlier engagement responses. Hence I have blocked the banks number.
- PARTNERSHIP: We live in a collaborative economy. Collaborate with other business to extend your reach of products and services. Many of the banks are collaborating with credit cards, retail businesses. How about education industry and extending financial education to generation Z. Most banks miss on leveraging collaboration with B2C organization.
- EDUCATION: Share educational content with your customers. Promptly respond to concerns raised on social media. Most Banks delay or don’t focus on response to customers concerns.
- AUTHORITY: Build your online profile on LinkedIn and Twitter. Build your knowledge base on banking ( read Banker 3.0 by Brett King) and post relevant content. Share your opinion on banking. Take opportunities to speak in forums and build your Authority status. Most Banks do not encourage internal sales expert culture nor banks churn content that is relevant for customers.
- REFERRAL: Your 2nd degree connections are more valuable than 1st degree connections. Hence build powerful 1st degree connection and leverage 2nd degree connections. For your 3000 1st degree connections you can build over 17 Million 2nd degree connections. Referral culture is non-existent in banking.
- ASKING v/s GIVING FIRST: If you want to succeed in life help enough people succeed said Zig Zigler. But banking still practices ASKING before GIVING.
- CIRCLE OF INFLUENCE: ABC – Always be connecting. Banking Sales culture lacks ABC.
- LESS TOUCH POINT: Sales force still have less than required touch point in customer organisation or they know less about consumers.
- Purchase not Sell: BY 2025 75% of the workforce will be Millennials. They are digital native and hate to be sold. Educate and help Millennials make purchasing decision. Read Psychology of Influence by Robert D. Cialdini and practice 6 laws of influence.
Times have changed customer don’t want to be sold or cold called. They make decision online and through word of mouth. Hence align your selling practices with new purchasing behaviors.