ACTG Sales Management Blog

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Four Activities of Top-Performing Banks

Posted by Mark Trinkle on Thu, Dec 16, 2021

There are four critical things that separate high-performing banks from others in the industry in terms of their sales and revenue growth.

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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.

Meet with one of our Banking Sales Training Experts

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.

Meet with one of our Banking Sales Training Experts

Topics: Sales Process, sales skills assessment

6 Lessons for Sales Organizations I Learned on Summer Vacation: Part 1

Posted by Tony Cole on Fri, Aug 28, 2020

Everyday, there are things that can be learned that can impact our personal and professional lives.

 

In this week's blog, our Chief Learning Officer Tony Cole will discuss a few of the sales lessons he took away from his summer vacation.

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Linda and I just came back from our first big RV camping trip where we visited Michigan. Upon my return, I received an email from Alex asking me if I had any brilliant insights to share with you all from my trip that might relate to growing sales. Here are the first 3 of 6 lessons I learned during our trip.

 

1. Enjoy the journey. We learned that there is normal travel time, and then there is RV time. My google maps would tell me I had a 240-mile, 4-hour journey, and I would arrive at 2:14 PM. I would drive for 30 minutes, look at my google map only to discover that I now had a 241-mile journey and I would arrive at 2:22.

  • As you plan your sales success, you must understand that the journey will take longer, and you will likely run into detours, accidents, and slowdowns.

  • If you do not slow down and enjoy each stop along the way, you will become irritable and frustrated. This will cause you to move things along faster and, when you do, you will miss steps and sights along the way, damage relationships, and potentially get lost.

 

2. Have a process and follow the process. For those of you that have RVs, you understand what I am talking about. You have to make sure that certain steps are taken so that you don’t; rip vents off of the roof, have contents falling out of your storage bins, leak your freshwater reserve, run out of propane, or get a flat tire.

  • What we know thanks to the Objective Management Group is that 95% of Elite or Strong Salespeople (roughly only 25% of all 2 million salespeople assessed) follow a consistent sales process. What is important to note today though, is that the process is more of an approach so that the salesperson can focus on the buyer’s process.
  • Don’t assume you’ve followed the process. Have a milestone-centric system within your CRM system (Membrain) so that you can check off each step along the way. There were at least 3 occasions on our trip when Linda would ask me, “did you…” and I would have to review my steps just to make sure I covered every detail.


3. Sales growth requires nurturing. Driving through Ohio and Indiana, you will see more corn then you ever imagined. As you get into the western region of Michigan you start to see signs for cherries, apples, blueberries, corn, peaches, and all manner of fruits and vegetable stands. It reminded me of my days on the farm and how we had to nurture plants to maximize production. It did not matter how old or young the plants were. They needed soil, water, sunshine, and food.

  • No matter where you are in your career, you need nurturing. You need to be replenished with new information, be reminded of what you’ve done in the past that led to success, and receive coaching to improve skills and change behaviors.
  • Nurturing requires balance. Too much of one thing is not good. So micromanaging is not a solid strategy. Self-management and openness to corrective coaching is the solution for consistent sales growth.

I am Interested in the  Sales Growth Coach

Topics: Sales Growth, sales development, Sales Coaching, Sales Process, driving sales growth 2020

Go for the "No" Early in the Sales Process

Posted by Tony Cole on Thu, Dec 20, 2018

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One of the keys for more effective selling is going for the ‘no’ early in the sales process. I learned this concept years ago especially when I was vulnerable to ‘think it overs’ (TIO). I would get ‘think it overs’ at several stages in the sales process and maybe you get them as well:

  • On the initial phone call when you’re trying to get an appointment – “Let me think it over, give me a call next week.”
  • At the end of your initial meeting – “This sounds really good and something I should consider. Let me think it over and I’ll get back to you in the next couple of days.”
  • When you finish your presentation and you ask for the sale. “You made a very compelling presentation and we are impressed with your depth of knowledge and your very creative solutions to our problems. Let us meet as a group and go over this one more time and crunch some numbers.  Let’s plan on talking next week.”

Sound familiar?

Of course it does and these ‘think it overs’ are what is keeping you from being more effective in your sales process. That’s nice to know or consider but the question becomes, “What do I do about it?” (click here to listen to a 3-minute audio clip on eliminating TIO)

As I learned early on is to get ‘no’ as soon as you can. What is important to understand about getting ‘think it overs’ is the mindset of your potential buyer. Your potential buyer will tell you that they need to think it over because:

  • They really don’t intend on making any changes but you impressed them with some information that they want to take to their current provider and see if they can do what you can do.
  • They have a need for approval and instead of telling you they are not interested they want to let you down easy. Telling you they want to think it over gives you hope and get’s them off of the hook until the next time you talk.

To fix the problem, eliminate ‘think it over’ as an option. Let your prospect know that when you finish the next meeting, next conversation, the final presentation, they will have everything they need to make a decision. You can tell them that you will be prepared to answer all of their questions and when you are finished, they will be in a position to make a decision- yes or no. Then simply ask what objections they have to that process.

This one key will help you close more business, more quickly at higher margins.

For more tips on how to uncover a prospects real reason for wanting to ‘TIO’ watch our Sales Guy Unplugged video on the “Question Behind the Question”.

Topics: Sales Process, effective selling, effective sales process, think it overs

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    Anthony Cole Training Group has been working with financial firms for close to 30 years helping them become more effective in their markets and closing their sales opportunity gap.  ACTG has mastered the art of using science-based data and finely honed coaching strategies to help build effective sales teams.  Don’t miss our weekly sales management blog insights from our team of expert contributors.

     

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