Being a sales manager is a juggling act. More so when you work for the finance or bank industry. The deluge of information that you are expected to absorb, the long hours on the phone, the back and forth between clients, not to mention having to maintain that chipper and expert attitude all day. There’s obviously a lot of things to handle. But if you are not closing as many sales as you expect, then take note, because you may be falling short in some of these areas.
1) Not Qualifying
You do not want to waste your time with unqualified leads. We know this isn’t only just the sales department’s responsibility as we’ve discussed in a previous post. Double check your company’s lead scoring techniques and work closely with your marketing team to give your own department a better and more efficient use of your time and skills.
2) Not Establishing Enough Trust and Rapport
Too often we fall into practiced and (honestly) dry sales tactics that clients see through. Remember that buying decisions are primarily emotional. Which means a potential client’s feeling of whether or not he or she likes you will greatly determine your success. A natural, spontaneous and genuine vibe is what potential clients will respond too. Throw away some of your practiced lines and really listen and respond to what your lead is asking. You want them to feel like you care for them and are not just there to make a sale.
3) Talking Too Much
Some sales people think that demonstrating their know-how will earn a client’s trust. While knowledge of the industry will be much appreciated and expected, don’t overwhelm your lead or chatter until they get to the point of boredom or annoyance. Attention span is precious. Keep your information sleek and concise.
4). Not Communicating Your Value Effectively.
The client needs to know your business’s value to them. How are you demonstrating this?
Take a look at this advise from Jill Konrath on increasing your closing ratio:
“Know your impact. Make sure you’re clearly able to articulate the business value of your offering. You should ensure that you’re talking about key business drivers such as reduced operating costs, increase sales conversation rates or improved efficient. Adding metrics makes your message even more impactful.”
In the world of banking or finance of course, metrics/numbers talk. Once your client’s needs are evident, you can fine tune your presentation to meet their specific needs and preferences. On top of slides and portfolios, we suggest exploring interactive tools that will help you demonstrate these to your leads. Using interactive tools like an ROI calculator also greatly increases a lead’s emotional response to the discussion because of its dynamic nature.
On top of slides and portfolios, we suggest exploring interactive tools that will help you demonstrate these to your leads. Using interactive tools like an ROI calculator also greatly increases a lead’s emotional response to the discussion because of its dynamic nature.
5) Not Fully Understanding Your Lead’s Pace
We are talking about their timing and priorities, not yours. This includes their process for evaluation, selection and a number of other factors. This is where your patience is needed most. You don’t want to be too assertive.
“Objections usually evidence that the seller has made mistakes by pushing before trust and value has been established and without the necessary understanding of their timing, priorities and processes.” ~ Tony J. Hughes
You’ve established a rapport and have created a great and convincing presentation. Allow your potential customer time to ponder and get insight and discuss with other decision makers if there are any. Most saless experts will tell you, as much as talking is key in selling, so if knowing when to shut up.