There are four critical things that separate high-performing banks from others in the industry in terms of their sales and revenue growth.
We know that there are four things that separate high-performing banks from their peers in terms of their sales and revenue growth. Banks who embrace these four things will almost always outperform their peers. These activities are validated by the Objective Management Group’s 30-year stats history of sales assessments across the country.
First, top-performing banks assess the skills sets of the existing lenders and relationship managers. They do this because it is really hard to change that which you cannot see. There are a set of specific 21 core sales competencies that drive success in selling, and CEOs across the country are accessing this information to understand and improve the skills of their current teams as well as hire new high-performing lenders and relationship managers.
Secondly, top-performing banks don’t make the mistake of hiring new lenders without assessing them using a sales skills assessment that is both sales-specific and also predictively valid. Sure, there are plenty of assessments out there but the vast majority are personality-based and do not uncover if a salesperson can and will sell for your bank. When looking at sales skills assessments, make sure that it comes with a proven history of working as well as a recommendation to hire or not hire.
Third, top-performing banks adopt a sales process that is both stage-based and milestone-centric. Then they hold their lenders and relationship managers accountable to following that process. On average, this step alone generates a 15% increase in loan production. This focus on stage-based allows a leader and sales coach to see where in the sales process a lender may need help and targeted coaching. It is a fact that “elite salespeople”, those in the top 7% of all salespeople, follow a consistent sales process.
Fourth and finally, top-performing banks make an investment in sales leader and sales management training before they even think about training their salesperson. They equip their leaders with skills in setting standards and accountability, coaching, recruiting, and motivation. These are the top four skills that sales managers should be spending 85% of their time doing. Since most sales managers typically are promoted up through their specialty area in banking, the sales management skills assessment consistently shows that sales leaders do not have the skills or a process needed to drive consistent sales growth with their teams.