Sales organizations typically have plenty of sales data due to the growth and usage of CRM systems, which have become critical to capturing the activities occurring with the sales team. But using sales performance data to run effective sales meetings is often the greater challenge for sales managers and leaders. In our coaching platform, we offer several tools to help in this area, and one of the most effective, easy-to-understand, and easy-to-use tools is the sales data insights that come from holding regular Sales Huddles.

Why Huddles Help Coaches Run Effective Sales Meetings

Huddles, as defined by Verne Harnish, founder and president of Gazelles, are:

1. A communication process or system that allows for the sharing of real-time information
2. An opportunity to focus on "burning platform" issues for a team or company
3. A way to bring sharp focus and attention to a critical business driver
4. The most important 15 minutes in any company meeting

Each company should start by determining the most important sales activity data points to capture in their huddle regularly each week or month, such as contacts, appointments, proposals, COIs, sales, etc. If a sales manager does not schedule a regular means to monitor what is going on in the field in real time, they cannot coach, adjust the play, or get in front of any client issues or trends.

Huddles provide real-time information so that sales managers can make real-time decisions and provide real-time feedback or coaching. This is vastly different than waiting for month-end or quarter-end reporting on results because huddles capture what is happening now, this week. The sales performance metrics that are captured in Huddles are a means to run effective sales meetings and can then be used to coach salespeople to impact current deals.

Coaching with Sales Data Insights from Where’s Walter

We suggest a technique that we call “Where’s Walter,” pictured and explained below.

Coaching a salesperson’s activities can be simplified into two areas: their effort vs. their execution. Effort is described as evaluating if they are doing whatever it takes in the area of outreach and working hard to attain their goals. Execution evaluates their effectiveness in the sales process. Are they doing the right things to take a prospect through an effective sales process, or do they have a problem?

Using Where’s Walter for Coaching

As a coaching approach, we recommend sales leaders place their people into one of the four boxes noted above and then have the conversations below with the salespeople in each quadrant. These are guidelines, of course, and can be adjusted. One word of caution: do not soften too much. Leaders must be tough and direct at times to identify real areas of concern and development.

Execution Results & Effort

“Bob, thank you for the results you are generating. You must be thrilled, as this will help you achieve your personal goals and objectives. Just as important, though, I also want to thank you for your consistent effort. You may not realize this, but others on the team look to you and follow your lead. The way that you execute on sales skills week in and week out sets a great example for the rest of the team. Thank you. Now, Bob, what else can I do for you?”

Execution Results but Lacks Effort

“Bob, I want to thank you for the results you are generating. You must be thrilled, as this will help you achieve the personal goals and objectives you have for your family. I am worried about one thing, though; can we talk about that? Bob, how long is our sales cycle? (120 days).

Okay, so based on that and looking at our success formula, then the results you are getting today are a result of what? (The activity I did a while back).

That’s what I was thinking, and that is why I am concerned. Based on the activity here (show them the data), you are headed for a slump. Is that where you want to be?”

Effort Is There but Poor Execution Results

“Bob, obviously, based on the numbers you see here, you are not on schedule to achieve the extraordinary year you committed to managing yourself toward. But this is where I’m confused. The data I have, which tells me about your effort, indicates that you should be at or above your goals, but that isn’t the case.

My experience tells me that it can only be because of one of two things: either the data you are entering is not accurate, or you are failing to execute properly. Which one do you think it is?”

Lack of Effort and Results

“Bob, I have to tell you that I cannot figure this out. Your effort and results are a total surprise to me. If several months ago, someone said to me that you would be failing, I would have said, ‘No way.’ (Show Bob the job posting you used for the position he is in and his resume, then show him his current sales activity and results.)

Bob, I take a look at this (job info) and I think, ‘This is what I hired.’ I look at this (the results), and I’m thinking, ‘This is what I got.’ Bob, did I make a mistake?”

Collecting the right data utilizing Huddles can help leaders run more effective sales meetings. Then, using the Where’s Walter platform gives sales coaches a framework to use performance metrics from Huddles to generate conversations, identify areas for salespeople to focus on, and gain insights for immediate coaching. This helps improve skills, performance, and results.

It is difficult to create and maintain a competitive edge in financial services sales. It requires continuous improvement and the refinement of skills. Group training sessions offer many advantages, but the transformative potential of personalized 1-on-1 sales coaching from a skilled manager is key to sustaining and implementing what is learned.

With decades of experience in the financial services sector, we have discovered that tailored, individualized coaching can be the catalyst for unlocking your producers’ full potential.

Personalized Coaching Creates Faster Growth

1-on-1 sales coaching delivers a highly personalized learning experience. Each financial services sales professional possesses unique strengths, weaknesses, and learning preferences. Coaches must invest time in understanding these distinct attributes and adapting their coaching strategies accordingly.

This personalized attention leads to accelerated skill growth and enhanced knowledge retention. Then, the real work begins. Leaders should establish a schedule of 1-on-1 sales coaching sessions, identify areas where their relationship managers might be falling short, such as lead generation or closing deals, and engage in practice sessions to refine their approach. This ensures they are more effective when engaging with real prospects.

Coaching Helps Develop the Right Skills

Because group training often encompasses a wide array of topics, not all are critical to every team member. 1-on-1 sales coaching permits a more focused approach, honing in on the specific skills that need to improve.

This kind of coaching empowers sales leaders to help their people fine-tune prospecting techniques, master consultative selling, or elevate negotiation skills. Breaking down an activity and concentrating on a particular facet, whether in golf or business development, can lead to improvement and exceptional outcomes. Consistent practice in this focused area can transform it into a habit, altering behavior and improving results.

Real-Time Feedback Improves Performance

One of the most remarkable advantages of 1-on-1 sales coaching is the immediate feedback loop it establishes. As producers work on their pre-presentation strategies, coaches can provide feedback on their approach and help facilitate quick adjustments.

This timely guidance expedites skill mastery and nurtures confidence. Leaders must set aside coaching hours, either in person or through virtual platforms, where they are available for salespeople to discuss ongoing deals, pre- or post-presentation strategies, and next steps. Such timely input can transform an average sales encounter into a strong consultative dialogue that uncovers the prospect’s true concerns.

Confidence Builds Through Practice

Attracting new clients and expanding existing relationships can be demanding, with confidence serving as a pivotal factor in achieving success. 1-on-1 sales coaching nurtures a safe environment for relationship managers to practice new techniques, role-play challenging scenarios, and receive constructive feedback.

Acknowledging accomplishments is also an integral part of 1-on-1 sales coaching. With heightened confidence in their capabilities, your salespeople will approach client interactions with greater assurance, resulting in better outcomes. Clients prefer to work with financial services professionals who are knowledgeable, self-assured, and confident in their recommendations.

Coaching Creates Accountability

Accountability is vital for the consistent growth of your producers, even if the process is not always met with enthusiasm. 1-on-1 sales coaching enables coaches to collaborate closely with their people in defining actionable objectives and monitoring progress.

Establishing specific performance standards is not just crucial for the individual; it is equally valuable for the entire team. Regular check-ins ensure that goals are achieved and challenges are promptly addressed.

Why did the relationship manager fall short of their new business target? What hindered their progress? How can they approach things differently next time? Was it a matter of effort or execution? This accountability-driven approach maintains momentum and empowers your team to pursue continuous improvement.

Sales Coaching Helps Teams Adapt to Change

The financial services landscape is characterized by its dynamism, with shifting market trends, evolving competition, and changing customer preferences. 1-on-1 sales coaching equips your team to better adapt to these transformations.

Coaches assist individuals in staying current with the latest industry insights, analyzing competitors, and responding to market shifts, ensuring that your team remains flexible and competitive. Producers can also relay insights from client interactions, helping leaders grasp the evolving nature of the financial services marketplace.

One of the pivotal roles of leadership is to assist team members in recognizing, adjusting to, and capitalizing on market changes. While the objective of cultivating and deepening relationships remains, the approach and methodology may require adjustment.

Conclusion

In the realm of financial services, leveraging every interaction can make a significant impact, and investing in 1-on-1 sales coaching is a strategic move that can yield substantial returns.

Let us know if we can help your bank, credit union, or insurance company.

Contact our Financial Services Sales Training Experts →

The sales management activities we are performing today are creating the results we are achieving today. Many or few, consistent or irregular, planned or impromptu, the behaviors and activities that we, as sales managers and leaders, use to motivate, train, and hold our producers and relationship managers accountable are at least partly responsible for the success of those we manage.

Now is a good time to assess which activities may be contributing to our current results, especially if those results are unsatisfactory.

The old adage, “If you do what you’ve always done, you will get what you’ve always gotten,” comes to mind. It is up to us as sales leaders to set higher standards for behaviors and activities and hold people accountable so that we get better results. A characteristic of truly effective sales leadership is the desire and commitment to explore and implement new ideas and practices.

1. Hiring

Effective sales leadership starts with understanding how to hire great people. No doubt hiring rainmakers requires a different process than hiring support or administrative personnel. No other role in a company faces the same challenges or deals with the performance pressure as producers and lenders. No other employees are under greater scrutiny or on a shorter leash than those tasked with developing and bringing in new relationships.

The hiring behaviors of effective sales leadership include:

• Utilizing a great job attraction post elaborating on specific skills exhibited by top salespeople

• Utilizing a pre-hire, sales-specific evaluation to identify those who can and will sell

• Having an initial phone interview to discover how good the salesperson is on the phone

• Conducting interviews like auditions, making them as tough as a prospect will

2. Offer and Onboarding

Once the manager selects a candidate, the final step in the hiring process is to conduct a rigorous offer meeting. This is a step we have found many financial services companies do not perfect, but it is critical to effective sales leadership to include the following:

• Make sure the candidate is prepared to make a decision when the offer is made to avoid using the offer to get a better deal from the current employer

• Lay out all the expectations for sales activity, sales goals, sales meetings, use of CRM, and define being a good citizen and how they will be managed and coached

• Gain agreement on all the conditions of taking the role, and then solidify the agreement by asking this question: “Are you sure?” To which the candidate will say yes. Then explain that it’s “going to be hard” and don’t say another word. Let that statement sink in and see what they say. Ask them, “Will you allow me to coach you?” You are setting the expectation from the get-go.

We have observed that many candidates who become “new hires” fail, especially in the execution area of sales activity, including making prospecting calls, securing appointments, hitting goals, attending sales meetings, using your CRM, and responding to their manager’s style and culture.

3. Managing

Effective sales leadership involves understanding what Jim Collins means when he states, “There is no such thing as micromanaging. You are either managing, or you are not managing.”

Effective sales leadership must include managing behavior. The behavior goals must be introduced at the very beginning of the new producer’s career and then regularly throughout the sales year. The following discussions must take place:

• What sales results are attached to the goal-setting levels of extraordinary, excellent, good, poor, and failing results? If done effectively, the lender or producer will establish their own extraordinary goals.

• What activities and success formula will they need to arrive at the outcome they have committed to? (Download our Success Formula here)

• Make sure they are committed to the activity by asking, “Are you sure?” and then stating, “This is going to be hard.”

• Discuss what happens when the data is telling you they are off track. Great managers get permission to coach salespeople when they are failing.

4. Coaching

As stated by Henry Kissinger, “The task of the leader is to get his people from where they are to where they have not been.”

Effective sales leadership is based on achieving success through others and developing them to be their absolute best selves. Coaching hours should be set on the leader’s calendar and communicated to all.

Several critical sales coaching activities include:

• 1-on-1 coaching sessions to improve skill and change behaviors, not just deal-based discussions

• Pre- and post-call strategy sessions to improve the probability of success for each opportunity

• Meeting quarterly to review activity numbers against actual results, discuss success, identify where they are headed, and determine actions to address any activity-to-results gaps

5. Will to Manage

Effective sales leadership begins with the desire, commitment, outlook, responsibility, and motivation to lead others. Those are the five keys that exemplify the will to manage, based on the OMG sales management evaluation that we utilize.

• Desire: Feel urgency to take action, prioritize sales results, and care deeply about achieving sales results

• Commitment: Persevere in helping their people sell to a difficult prospect, push forward despite their own discomfort, and do what is required to achieve sales quota

• Outlook: Feel positive, focused, and appreciative about their career prospects and help foster the same with their salespeople

• Responsibility: Hold themselves and their people accountable for any lack of sales results

• Motivation: Have a compelling dream or goal to drive sales performance

If you and your financial services company need to learn more about effective sales leadership, consider these five behaviors. Download our eBook, The Extraordinary Sales Manager, to learn more.