Bank Sales Training
Banking services sales have never been easy, but they are currently more challenging than they have ever been. Even the most well-established banks might fail to perform as expected due to a lack of sales, therefore the need for excellent bank sales training has never been greater. That is just what Pearl Lemon Sales offers.
Banking Professionals: The Difficulties They Face
As the banking services market becomes more saturated with fintech solutions, technology continues to change the game for bank services salespeople.
When customers perform their banking through digital channels, banking services salespeople do not have access to the helpful knowledge that emerges during person-to-person conversations, such as used to take place over the phone or in person at branches.
The challenges of generating fee income, loan growth, and profitability in expansion areas have been worsened by this fundamental shift.
As a result, banking salespeople are having difficulty responding to challenges such as:
- In a time of decreased foot traffic, prospecting and connection development are more important than ever, but how to make these connections is a puzzle many salespeople don’t know how to solve.
- Selling the normally lucrative extra services that banks have long relied on for income when ‘cheaper’ digital solutions are being offered to consumers all the time.
- Differentiating their products from the ‘shiny new’ fin-tech alternatives.
Banking sales professionals can overcome these challenges by taking a consultative approach. This enables them to provide better service and meet the needs of their customers while also building trust and cementing brand loyalty.
Pearl Lemon Sales' bank sales training will help your sales force meet quotas and complete more deals by showing them just how to become the trusted expert banking clients turn to
However, it is critical for your salespeople to receive bank sales training from seasoned experts in order to build and retain these sales soft skills. The purpose of Pearl Lemon Sales’ bank sale training is to provide a framework of skills and knowledge that can be applied to all customer contacts, regardless of their financial needs. Rather from becoming just another salesperson, banking sales professionals will learn how to build trust in their customer relationships and become their clients’ go-to advisor.
Going beyond product features and emphasizing the value of people is part of this strategy. Pearl Lemon Sales’ bank sales training trains your team how to do this by using a rigorous questioning strategy to unearth the truth underlying the customer’s desires.
Why Consultative Selling Is Effective
The terms consultative and solution are among the most misunderstood, misused, and overused in the sales world in general. It’s worth noting that these two terminologies have this distinction, since if the solution isn’t consultative, it’s usually just a basic product pitch.
Our sales trainers know from personal experience that consultative selling allows them to reap a host of benefits, including the following:
- Increased revenue due to improved closing ratios for new clients and greater business with existing customers.
- They gain a competitive advantage since their sales technique is well-matched to market needs.
- As a result of uncovering previously undisclosed needs and desires, existing clients can be sold a wider – and more lucrative range o f products and services.
- As a result of the enhanced momentum and buyer confidence to commit, the sales cycle is significantly shortened.
Selling with a focus on the product vs. selling with a consultative approach
As a result of growing competition and clients’ greater access to information and sophistication, the focus of a sales call has shifted from the vendor to the buyer. Or at least it should have done.
Modern buyers are more informed and prepared; they are faced with an abundance of information and options, bring increased skepticism to the table, must answer to an increasing number of stakeholders, must navigate a complex and ambiguous environment, and are less loyal to their existing solution providers.
Technology, skepticism, risk aversion, and an expansion in stakeholders are all putting pressure on the customer-seller relationship. As a result, in some cases, the sales cycle has lengthened or even come to a halt.
The difficulty of navigating the buyer’s research-based preconceptions is the source of the seller’s immobility. The dilemma is made worse by limited access to buyers and tight timeframes.
Average sellers who could formerly sit passively in the middle of the pack have been pushed to the bottom, while highly competent, dynamic vendors have remained at the top. How? By altering and adjusting their selling strategies to this new normal. Those who refuse to change are unlikely to survive, much less thrive. Which is bad news for their close rate, and certainly bad news for your bank.
While the aforementioned characteristics may appear to elevate the buyer to a level that will be extremely difficult to please, bank salespeople must keep in mind that they, too, have valuable skills to offer. Banking customers still seek trust, authenticity, and clarity to help them navigate making the most of their money. Banking sales professionals can differentiate themselves by positioning themselves as that helpful financial expert so many people are still looking for. This is precisely what consultative selling accomplishes.
This sales strategy, however, can be difficult to adjust to, especially for salespeople who are more accustomed to typical product-focused pitches. Pearl Lemon Sales bank sales training teaches salespeople the value of this strategy and how to apply it to their own sales style. And instead of tedious text-based learning and assessments, which is really all most online sales trainings have to offer, we do it through exciting role play and innovative improv sales training.
Why Should You Hire Pearl Lemon to Teach Better Bank Sales?
If you recognize the importance of formal bank sales training for your team, you’re probably wondering why Pearl Lemon Sales should be the one to provide it. Instead, why not take advantage of one of the many stock online sales training courses available?
The most obvious answer is that we are very good at what we do. Our sales trainers are experienced working salespeople who use a fun, easy-to-understand approach to sales training that has been proven to be very effective.
Perhaps more importantly, we follow through on our promises. Our bank sales training is tailored to the individual needs and demands of each client. We ask you a lot of questions to figure out exactly what kind of bank sales training you need, and what your sales pain points are, and then we develop a custom bank sales training curriculum based on your answers. One-size-fits-all sales training rarely works in any business, which is why we never employ it.
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Bank Sales Training FAQs
Being good at bank sales means being good at cross selling and nurturing relationships.
While bank sales will include bringing in new people, there is a focus on cross selling or up selling to existing clientele.
This low hanging fruit is the focus of many bank salespeople but even if they are “easy” sales, you have to be personable and care about the relationship to close the deal.
Bank sales training, especially bank sales training provided by Pearl Lemon Sales, boosts your customer’s experiences while increasing the total sales by your team.
Your bank sales people will learn to be more nurturing and to focus on relationships more. This is how your customer’s experiences are boosted. Customers that feel like you care and that are taken care of are more likely to stick around for additional services and purchases.
This in turn boosts overall sales without having to secure a new client.
To give you a flavour of what our bank sales training entails; your team will learn :
- how to effectively upsell
- how to effectively cross-sell
- how to nurture leads
- how to close sales
- how to find prospects
- and more
To learn EVERYTHING that comes with our bank sales training, give our team of sales training experts a call today.
Contact us. We’d love to hear from you!
If you have any questions, please do get in touch with us! If you’d prefer to speak directly to a consultant, book a call!