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5 Keys to a Better Banking Sales Training Approach

Posted by Jeni Wehrmeyer on Thu, Aug 26, 2021
In this blog, we discuss the 5 keys to choosing and implementing a better banking sales training program.
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We talk to hundreds of community banks a month about their growth plans and how they are doing against their target production goals. Typically, they fall into one of two cultural categories: Service or Selling. We know right away if a bank CEO is OK with the concept of their people selling. They expect their managers to lead sales, they have sales metrics in place and they are comfortable with the idea of developing the sales skills of their frontline people. They are in the community selling the bank themselves every day. They recognize that their relationship managers or lenders or business development people’s primary responsibility is selling. Sometimes that selling is by developing additional relationships with a current client but it also includes bringing in new client names and companies. It always involves putting the client’s needs, goals and preferences first. These bank CEOs must grow their banks and they know that a banking sales training approach will help them by putting a structure in place for all to follow.

Here are 5 things to consider if your bank is thinking about a more effective banking sales training approach:

  1. Do some soul searching. Does your bank really need to know the answers to questions like; What are our current sales capabilities? How motivated are our salespeople and how are they motivated? Can we generate more business? Can we be better at reaching actual decision-makers? Can we shorten our sales cycle? Can we sell more consultatively? If so, time to look for a better banking sales training approach. Check out these 19 questions to help.
  2. It is hard to fix something you cannot see. In order to have a more effective banking sales training approach, you will need to take a peek beneath the hood, meaning that you must evaluate your sales team, managers, and salespeople. We utilize the #1 sales assessment in the world with our clients which provides them with information about the Will to Sell (and Manage), Sales DNA, and Sales Competencies of their people. You must have an X-ray to develop the treatment plan. Your evaluation should provide a clear picture of who to train, strengths and weaknesses, what priority areas of selling and sales management.
  3. Start your banking sales training development plan with your Management team and put consistent sales management practices, sales systems, and processes in place. We recommend a 4-pillar Sales Managed Environment® program that will make your managers better at setting standards, motivating their sales team, coaching, and upgrading/recruiting. Get your sales leaders a few steps ahead of the sales team and then implement a consistent sales process for all your team to follow. This should complement and align with your CRM so that everyone is evaluated on a consistent approach and your deals can follow a stage-based process. We know from working with thousands of salespeople that “elite” salespeople always have a consistent selling approach.
  4. People learn in different ways so make sure that your banking sales training program offers an integrated learning path with in-person, online modules, live virtual, video, online resources, and even phone coaching to talk about actual deals in the pipeline.
  5. Keep an eye on progress because as the saying goes, you must inspect what you expect. We also call this the shadow of the leader. The banks that are successfully implementing a banking sales training approach are led by CEOs and sales execs who have a passion for growing and inspect sales behaviors and metrics regularly and celebrate the wins. No one can hide from the expectation that they must help grow the bank.

Learn More About Our  Bank Sales Training Approach

Topics: banking sales training, professional sales training, advanced sales training, customized sales training

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    About our Blog

    Founder and CLO Tony Cole has been working with financial firms for more than 25 years to help them close their sales opportunity gap.  He is a master at using science based data and finely honed coaching strategies to help build effective sales teams.  Don’t miss his weekly sales management blog insights.

     

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