If you have read our earlier articles about the importance of standing out and crafting an effective market message, one key question would have stood out; how can I bring these astonishing results to my financial institution as the Chief Marketing Officer? Every financial institution is unique in its own way. You have to deal with your own strengths and challenges.
While every financial institution is different, they have three common components: people, process and system. Regardless of which vertical you occupy, you will need marketing people to craft the message and sales people to deliver them. There has to be an agreed process of doing, whether it is done formally or informally. Finally, there has to be a system where customers’ information are captured and utilized.
If you can tune these three components properly, sales would naturally hit a new high under your leadership. In the following section, we will go into just one area for each of the three components.
In any small or medium sized organization, it is a challenge to find and retain talents. You start by recruiting a young talent whose skills are unpolished. After two years of painstaking nurture and guidance, he is now the star performer. Attractive offers start to pour in from external companies and within three months, your talent is gone. This is especially true for sales and marketing professionals.
Their work requires them to be out and about with frequent interactions with suppliers and clients. If they are good, they don’t even need to search for a new job. Whenever a good sales person leaves the company, the company will have to spend significant time and resources to hire a new sales person.
According to UK’s leading recruitment consultancy, for the average sales person on a $70,000 annual wage, the cost of hiring is a massive $170,000 if you consider both one-off recruitment and training costs and the recurring cost such as salary and benefits.
Do your own math of each category and you will have an idea of the actual cost of hiring a new sales person. Here at Alchemise Consulting, instead of this traditional hiring process, we would provide you with experienced hires at the fraction of the price and you can see immediate results.
Process – Proper Training Materials
One of the reasons behind the stalled growth for financial companies is that the knowledge and expertise are confined within the brains of the founding team members. The founding team members might be highly skilled after spending years in major financial companies before they left to start their own companies.
However, the hours of each co-founder is limited. If they wish to expand beyond their current pool of clients, they will need to hire and train their own sales personnel. Short of a brain transfer operation, the next best solution would be to train them up for them to be familiar with the company’s values, sales process and working chemistry with other supporting staff.
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