We know that there are four things that separate high-performing banks from their peers in terms of their sales and revenue growth. Banks that embrace these four things will almost always outperform the competition. These activities are validated by the Objective Management Group’s 30-year history of sales skills assessments across the country.
Why Building a Sales Culture Matters
1. Assess Your Current Sales Team
First, top-performing banks assess the skillsets of their existing lenders and relationship managers. They do this because it’s really hard to change what you cannot see. There are 21 Core Sales Competencies that drive success in selling, and CEOs across the country are using this information to improve the skills of their current teams as well as hire new high-performing lenders and relationship managers. Only by understanding the specific consultative and relationship-building skills of each team member can a bank leader coach, train, and build a successful sales culture.
2. Use Sales-Specific Hiring Assessments
Secondly, top-performing banks don’t make the mistake of hiring new lenders without using a sales-specific, predictively valid skills assessment. There are plenty of assessments out there, but the vast majority are personality-based and do not uncover whether a salesperson can and will sell for your bank. When choosing a sales skills assessment, make sure it has a proven success record and includes a recommendation to hire or not hire. Remember, top producers drive 10x as much revenue as bottom producers. Having the right tools in place from the start is key to hiring effectively and building a successful sales culture.
3. Implement a Stage-Based Sales Process
Third, top-performing banks build out a sales process that is both stage-based and milestone-centric. Then, they hold their lenders and relationship managers accountable for following that process. On average, this step alone generates a 15% increase in loan production. The stages in the sales process help leaders and coaches identify where a lender may need support and targeted coaching. In fact, elite salespeople—those in the top 7%—follow a consistent sales process. Most banks are already using CRMs to track their pipeline, so these stages should be built into the selling system. In today’s competitive environment, the banks that win more relationships are those that train their salespeople to be consultative and ask questions that go far beyond which banking products a prospect may need. Having an established sales process supports building a better sales culture.
4. Train Sales Leaders First
Fourth and finally, top-performing banks invest in sales leader and sales management training before they begin training their salespeople. They equip leaders with skills in standards and accountability, coaching, and motivation. These are the four key areas sales managers should focus 85% of their time on. Since most sales managers are promoted from within their specialty area in banking, assessments consistently show they often lack the skills needed to drive consistent sales growth. We also know that sales managers with strong coaching skills lead teams that generate 38% more revenue. Developing your sales leadership team is essential to building a stronger, more successful sales culture at any bank.
Analyze your bankers with a free evaluation of the 21 Core Sales Competencies!
Learn How to STOP Hiring Mistakes at our 30-Min Webinar on June 16th!
