8 Ways to Make Sales Training Stick in Financial Services

In the past 30+ years, we have learned a great deal from working with our clients. After we deliver a sales training program, we want to know what successful financial sales organizations do to make sales training live on after the sales trainer has left the building.

The most important component is what we call the “Shadow of the Leader.” For a sales culture to exist and survive, a company must make certain that leaders are involved, engaged, and focused on supporting sales as a priority. Growth strategies must be part of daily activities, tracked, measured, and rewarded. That is our observation from working with hundreds of companies to make sales training stick and be effective. It starts at the top.

We also seek input from our valued banking and insurance clients and have learned what they are doing to build teams of successful, relationship-building salespeople. Certainly, we help them with strategies and tactics within our Sales Managed Environment® and Effective Selling System sales training, but the programs are also flourishing because of strong leadership and a desire to make sales training stick.

Here are some of their key strategies:

1. Sales development is for everyone, even senior producers.

It may be important to treat top producers differently by providing options and flexibility. But greatness is achieved by always learning, so top performers must actively participate in sales training and offer mentorship to other producers.

2. Why be good when you can be great?

Great companies and leaders make sure this is an underlying and consistent theme that drives development efforts and generates engagement from financial services relationship managers. Who does not want to be part of a great team?

3. Sales training must be company-wide.

All lines of business need to be in for a successful sales team. The same language must be spoken, and an easy-to-follow sales process must be used consistently for financial services advisors to leverage opportunities and bring in partners.

4. Sales development is a capital investment and should be positioned and reported as such.

One bank we work with reports quarterly on the number and dollars of deals in the pipeline compared to the prior year, as well as the improved “pull-through rate,” which is the number of sales compared to deals entering the pipeline. Transparency and data reporting are key to making sales training stick.

5. Use Big Math for coaching.

The data does not lie, and it takes the personal out of the conversation. Of course, companies must collect the right sales data, including outreaches, appointments, opportunities, presentations, approvals, average size sales, and deals closed. This data will tell a seasoned coach where their bankers need to improve.

6. Leverage small group training.

Even though it may be more time-intensive or costly, it is worth it to keep it small. Small group training allows bankers to be more comfortable practicing in front of others through role-play. One leader said they practice until the banker no longer feels like “throwing up on their shoes.” That is what gets them to greatness, along with having senior leadership actively present.

7. Clear out the BS in the pipeline with regular 30- and 60-day reviews and personal coaching.

Do not let the pipeline carry dead weight. This helps the pipeline become more predictive of future success and clarifies the potential need for additional prospecting activity on the part of the relationship manager or producer.

8. Require Opportunity Memos for middle- to late-stage pipeline deals.

One way to make the pipeline more real is to require Opportunity Memos for deals that are in the middle to end stages of the pipeline. This memo clarifies the prospect’s qualifications based on the scorecard attributes identified by the bank. Share our Prospect Scorecard tool with your team.

Many clients are reaching out to their banks and insurance agents to ask questions, explore options, get better rates, and feel more secure. These 8 keys to making sales training stick can help your team differentiate, engage clients and prospects in a new way, and build a stronger sales culture.

Download our Relationship Selling eBook to learn how to build stronger client relationships and create more effective sales conversations.