Community Bank - Building a Sales Culture
Community bank needed to build a sales culture and upgrade the skills of its employees to sell and service clients. The down economy required that they needed to save costs.
This Michigan-based community bank saw their business continuing to deteriorate. The number of new accounts had plateaued, and referrals to other departments (such as wealth management) had declined from prior years. Upper management wanted all employees to become more comfortable and skilled at needs based selling.
Sales Training Needs Assessment
Given the current economic climate and high unemployment levels in Michigan, the bank’s sales and business development challenges were daunting. Rather than watch their business continue to deteriorate, upper management said that they wanted to upgrade the skills of all their employees to sell and service clients. In addition, they shared that the bank had tried to implement a sales training program a few years ago, but that the other workshop was negatively received because it taught a pushy, hard-sell approach to selling. Management wanted to ensure that a needs based sales process be taught to their employees.
Sales Training Solution
Because STAR’s Needs Based Selling program is based on a consultative approach to selling, we were confident that the content would meet their needs. However, due to the prior bad experience in using an outside instructor who endorsed a hard-sell approach, we decided to partner with a local consultant who was known to upper management and who was respected throughout the entire bank. To save money, they licensed STAR’s sales training materials and used a local outside instructor to teach a series of sales workshops to over 100 employees. Net results: their referral rate increased by over 50%, and they also saw an increase of 20% in the opening of new core deposit accounts.
In addition to the customized sales training program and trainer training, STAR provided the client with access to web-based training for their future training needs. The client’s trainers were advised on how they could personally tutor new employees using the Needs Based Selling Skills Webinars to get them up to speed on the same concepts. This combination of traditional in-person training and sales coaching, along with web-based instruction provided a very efficient and effective learning system.
Now Available: An entire Needs Based Selling for Banks Training series is available Online (Web-Based) at the following link: Needs Based Selling for Banks