In July 2018 millions of football (soccer) fans around the world were thrilled to watch their nation compete in the FIFA World Cup.
Few nations however are able to advance through the tournament. And for those whose nation did not score enough goals to win the World Cup, there will be plenty of analysis undertaken to determine what could have been done better.
In Banking and Sales, it is no different.
We strive each year to score as many goals as possible and unfortunately more people fail than succeed.
So let’s analyze 7 common reasons why so many Bankers and Salespeople may miss their sales goals in 2018.
Stop simply selling features and benefits. Rather, tell compelling stories about how your products and services benefited other customers … or tell a compelling story about why you do what you do.
Customers buy YOU before they buy your solutions.
Is your target market too wide? Have you defined who your ideal customers are and have you researched the potential within this market?
Having a more defined target market enables you to develop better target lists and a more compelling / engaging story.
It’s important you develop credible reasons for your target customers to meet with you. And the credible reason should benefit YOUR CUSTOMER, not you!
This will enable you to proactively engage more prospects and gain more meetings.
It’s also important to develop a more engaging first meeting strategy. You don’t get a second chance to make a first impression!
How thorough is your sales process and when do you complete proposals?
Too many Bankers and Salespeople operate on “auto-pilot” in their customer meetings and are quick to provide ineffective and price-centric sales proposals (or term sheets).
Work with your colleagues or a sales coach to deconstruct and rebuild your sales process and proposals – and employ more effective (and ethical) persuasion strategies.
Do you have a clear strategy for retaining your customers? It is critical you deliberately build ongoing and deeper relationships with your customers. If you don’t, then I can assure you your competitor will.
Are you deliberately leveraging your existing customers for referrals? The best source of new business are customer referrals, yet too many Bankers and Salespeople are reluctant to ask.
Your sales success is underpinned by your confidence and motivation to execute sales skills and strategies.
And your confidence and motivation is underpinned by your BELIEFS about how to sell and why that works. However these beliefs may be limiting your efforts.
I encourage you to share and challenge your beliefs with a colleague, mentor or coach and explore/attempt other best practices.
When do you undertake business development activity? What specific activities do you perform?
It’s important to have a disciplined Activity Plan that you can diligently execute and review every month to ensure you are on track to achieve your goals.
Like elite footballers, it’s important that you continue to review and sharpen your skills, behaviors and beliefs …. and practice practice practice until it becomes impossible to miss your goals.
There are plenty of resources available to help you strengthen your sales skills and strategies. And like all elite athletes, I strongly recommend you invest in formal coaching to help you develop better approaches.
Which one of the above skills/strategies will you focus on next week?
Article written by Joe Micallef – Sales Strategist & Coach – Grow UP Sales. For advice on how to create greater sales confidence please email email@example.com or visit the webpage www.growupsales.com
If you found the content valuable then please feel free to share this article with your broader network. Let’s help more sales people avoid these common business development mistakes.