Social Selling is DISRUPTIVE,  it has shifted power towards buyers who don’t need your testimonials and advise.  On the flip side selling methodology remains unchanged whereas the paradigm of engagement has become digital.  Earlier sales went in with insight on the customer but  now customer researches Seller before involving them in his  sales cycle.  That is a PARADIGM shift in Seller Buyer relationship.

Last week I received three calls from three financial institutions 

Call # 1: Sir I am calling from Xyz Bank; we met at ABC event.  Sir we are offering business loans. I replied this is the 3rd call from your bank on the same subject and I do not need a loan.  Caller: But sir why you don’t need a loan? 

Call # 2: Sir Do you have some time.  Sir I am calling form CDE Bank and we are offering interest free loans during the holy month of Ramadan.  I replied I don’t need any loan.  Caller: Sir but this is interest free loan!

Call # 3: Sir I am calling from so and so bank and we are offering Free credit card for Life.  I replied – I already have a credit card.  Caller: But sir this is free for life and it has many benefits. 

The above three calls were unqualified calls that was a total waste of effort and time.  HOW CAN BANKS PERMIT RANDOM, UNQUALIFIED AND AIMLESS CALLS? On the flips side do you realize that such calls impact image of the bank? 

  1. BLOCK: I blocked land line number of first caller.
  2. NOT NOW: The quality of calls was so poor and intruding that I have built a wall around such calls. Any banking sales call; my response is NOT NOW.
  3. TOPIC OF DISCUSSION: Such calls have become a topic (humour, a bad case study) of discussion during social meetings.
  4. IMAGE: It’s a poor reflection on bank operations. How poorly trained banks sales team is?
  5. EXPLOITATION: It gives an impression that banks have put the sales team on ground to face unwarranted flak that could have been avoided by equipping them with right tools, process and training.
  6. EXPLOITATION: It’s a number game for banks – make 100 calls and by the end of the day close 2 sales, it does not matter how you close the business.
  7. POOR IMAGE: Over all it’s a poor reflections on Banks image and it will begin impacting banks performance because customers will either block or become impervious to such selling. 

Research says that sales who qualify prospects better close 250% more  sales than  the others.  To achieve sales objective banks should implement right tools and train sales team on such tools such as  CRM/SFA ( Customer RelationsManagement/Sales Force Automation) , SOCIAL SELLING and SALES METHODOLOGIES so team can better qualify the prospect and avoid mistakes and follies.  Simply put 

  1. SALES METHODOLOGY: Adopt a proven sales methodology and train your sales team. This wil ensure Sales does not put ” Cart before the Horse” (Choose the best fit for your operations such as Miller-Heiman’s Strategic Selling, SPIN Selling, Target Account Selling; Value Selling Framework; Sandler Sales or other ).  (Train them for 12 – 18 hours)
  2. CRM/SFA: Adopt and implement CRM/SFA so that there is a transparency and repeat intruding calls can be avoided. This will also help Cross Selland Up Sell. ( Chose the best fit salesforce.com; Sage, Microsoft Dynamics,ZOHO,  ( Train them for 6 – 8 hours)
  3. SOCIAL SELLING: Train them on SOCIAL SELLING. ( Train them on LinkedIn, Twitter and Facebook)  ( Train them for 6 – 8 hours

Among the three recommendations; I believe Social Selling is new and disruptive because it requires change of mind set across the institute.  Social Selling helps …

  • Build and Grow network
  • Help plan the LIST. (Company and people within the organization)
  • Profile and research your Prospects
  • Engage your key Prospects
  • Qualify them by listening to the buying signals
  • On a parallel line Social Selling helps build Trust and your Domain expert status

Bank is who we TRUST with our money but to acquire TRUST;  banks must equip their sales team with disruptive technology, disruptive process and best trainings.