Executives of Financial Services Institutions (FSIs) are constantly looking for simpler ways for sales teams to respond to client demands more effectively and with a reduced cost to serve. By doing a better job of offering corporate-wide solutions at the point-of-sale or -service, FSIs take a more focused approach to customer service. To capture cross-sell opportunities, formal business integration programs are being rolled out regularly to help harness a brand’s power and make it easier for sales teams to do more business with clients.
FSIs are often hindered by their own internal structures when it comes to creating an integrated business. Decades ago, firms focused their divisions on individual revenue goals, individual performance goals and sales incentives designed to drive narrow product conversion rates. However, none of the older models ask the important question of “What is best for my client?” In other words, sales and service teams are unprepared to discuss even the simple ABC’s of products and services outside their core group. The result is missed opportunities to fulfill total client needs because the teams are not able to fully qualify opportunities.
To ensure a best-in-class, integrated sales force, we recommend a focus on five key pillars for success:
- Plan: Help sales leaders prepare for client interactions, to talk more holistically to their clients about targeted solutions, and review competitive intelligence
- Qualify: Provide sales teams with the best 1-2 product qualification questions across a broad variety of corporate-wide solutions to qualify client needs and capture feedback on competition/incumbents for future use
- Present: Build content that allows the client to hear, see and experience a product or service during a meeting
- Fulfill: Arm sales leaders with a way to fully – or even just partially – process applications
- Refer: Enable cross-line business referrals to be made when a client expresses interest during a meeting, leading to easier referral processing, warmer lead generation and improved partner handoff
Our experience at North Highland has shown that digital tablets can accelerate business integration and be a game-changer for sales professionals when they are designed with the client in mind.
The delivery of sales-oriented content through digital channels enables teams to quickly respond to client demand. Digital solutions are effectively driving an integrated sales team from the beginning stages of preparation through ongoing service with content delivered to clients instantaneously through web and mobile devices.
Building a high-performing sales enablement tablet empowers FSI professionals to be integrated delivery experts, focused on the whole client. It ultimately provides a metric few companies are able to track and focus with precision – higher products per relationship (PPR) rates.
With these five pillars of sales force enablement, accounting for client needs, tablets can be a highly effective tool turning mono-line sales professionals into true business integration champions.