Private banks are essentially sales organisations created to win the trust of high net worth individuals which is a tall order for most people. These people may not be in the financial sector but they are usually savvy in their own field of business. With the explosion of information on the Internet, the buying process have changed where these prospects consume content before deciding on whether to engage your company.
Sales enablement is the process of allowing sales representative to sell at higher velocity and increase your sales funnel. If it takes 1 year for your new private banker to hit $50 million in assets under management (AUM), then through the sales enablement process, it should take no more than 6 months. Does this sound too good to be true in an area where multi-family offices and other private banks are competing against the expanding pool of clients?
How can enabling financial services and private banking sales teams double sales?
The answer to how enabling sales teams can allow your sales representatives to sell at higher velocity lies in its role and positioning. Sales enablement can be seen as a hybrid between marketing and sales but it is solely focused in direct activities that leads to sales. It is not involved in branding or buying ads.
From a practical perspective, sales enablers sit down with sales representatives to uncover the personas of their ideal client and how they can work towards securing them. One of the first activities would be to roll out suitable content according to the buyers’ journey. This can include awareness articles which touches on the new trends on wealth management, white paper on the state of the economy in exchange for email address for consideration and case studies on how your bank grew the wealth of your clients for them to make their decision.
It would also include incorporating an enablement tool such as CRM and marketing automation software where activities are automated and measured for its effectiveness. Leads are nurtured and would only pass it to sales when they are ripe for the picking. Sales enablers would also sit in on client calls to see how the clients are reacting to the produced content.
Suitable candidates for enabling sales.
Not every private bank is suitable for sales enablement as it involves a shift in mindset and organizational purpose. If your private bank is focused on serving your existing pool of clients, then it is not suitable. However, if you are targeting to grow your base of clients, you would need high quality content which speaks for itself.
Someone has to talk to your private bankers and see how clients are responding to the given materials. The private bankers have to be allowed to focus on the sales part of the job instead of being bogged down by the need to locate the right materials. Qualified leads have to be brought in at a fast pace to support rapid growth.
The right sales manager can move your company from undefined to a world-class private banking powerhouse, with increases proven by relevant metrics. The right sales manager would measure results and consequently refine the activities on a regular basis.
For instance, if your average asset under management is $2 million with 0.5% management fee, each client is worth $10,000 to the firm. If you can improve the lead to client conversion rate from 5% to 10% and increase the pool of qualified leads from 50 to 100 per month, then your revenue would have increased from $25,000 to $100,000. You can see how a small increase in conversion rate and qualified leads can result in a significant increase in revenue.
The Alchemise Advantage
These are realistic targets after the proper sales enablement strategy is defined and deployed. It is a process which can take between 3 to 6 months before you can see results and not an overnight success. There is basically two ways which you can do these: hire a team or hire a consultancy. Even with 1 experienced sales activation hire, it would likely cost you at least $6,000 per month or $36,000 before you can see the results. The newbie might be cheaper but the results are likely to take longer to materialize.
If you missed our last article, please read also 4 ways to increase your AUM growth in Singapore private banking.
Alchemise Consulting provides you the advantage and value of combining a suite of experienced industry sector focussed consultants with their low-cost, shared risk and outcome-based approach. Studies have shown that the 99% of the best sales enabled companies hit their quota. Curious how we do it?
Written by Ong Kai Kiat, Singapore – Alchemise Consulting
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