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Advanced Sales Skills and Business Development Program for International Private Bankers
Introduction
Objectives or Program
The late 1990’s and first half of this decade have proven to be a time of great change. Interest rates moved to record lows only to soar again. The stock markets around the world have proven to be a challenging place to invest. Today’s International Private Banker is faced with challenges and opportunities that predecessors never encountered. It is because of these developments that TMC Group developed Advanced Sales Skills and Business Development Program for International Private Bankers. The goals for the program are:
- Help participants become more effective in their business development efforts by understanding customers and what make them tick
- Maximize selling opportunities within each existing customer base through more proactive and compliant sales techniques and strategies
- Help bankers establish good time and territory management skills which balance business development with operational and compliance requirements
- Increase assets under management and quality of customer relationships through better use of more consultative sales practices.
Program Content
Prework
The prework will consist of a direct assessment of current work habits and sales techniques, laying the foundation for various exercises and discussions during the workshop. The prework will include forms and directions for completing the following:
- Personal account review and ranking
- Product mix analysis
- Time and travel log analysis
- Investment representative self evaluation
- Skill and knowledge evaluation of other bank employees
- Investment representative business and personal goals
Day 1
I. Understanding the Job
A. Objective: Create consensus agreement, as well as personal involvement, in defining parameters for job success and career growth. Begin to identify problems and obstacles that can be addressed by the individual.
B. Content
1. Define the core competencies for job success.
2. Look at the banker’s job from multiple points of view.
C. Results: This segment will solidify the objectives of the program-”What will make the two days a success” for each participant.
II. Understanding the Customer and Sales Process
A. Objective: Open a discussion on sales approaches and styles that work. Reinforce skills for obtaining and using customer-supplied information to advance the sales process, find out what makes customers tick, and identify their dreams.
B. Content
1. The value of a needs-based sales approach
2. Styles of buying and selling-why they should be matched
3. Customer investigation and communication techniques, probing and listening for cues
4. Strategies for more effective sales presentations.
C. Results: Participants will practice profiling customers with various styles. They also will develop and share approaches and scripts for various customer styles with critique from the group. Practice will demonstrate how probing and listening can uncover information that advances the relationship and sale.
III. Advanced Selling Skills
A. Objective: Share and role model effective techniques at each step in the sales process. Demonstrate a selling style that is designed to uncover information and avoid confrontation. Apply this style to common products and services.
B. Content
1. Self-assessment of current prospecting approaches and sales presentations
2. Identification of common roadblocks and objections
3. Product profiling to emphasize benefits in presentations, “Talking the client’s language, not your own”
4. Presentation techniques that work
5. Strategies for overcoming objections
6. Advanced presentation techniques-consultative selling, financial planning, and working with other advisors
C. Results: Participants will learn a selling skills model which they may use in self-assessment of calls and in evaluating why successes and failures occurred. They will share a “common language” of sales which they may refer to in communicating with each other. They will understand that the most effective way to avoid roadblocks and traps in the sales process is to probe first.
IV. Evening Round Tables
A. Objective: To show that in a dynamic, constantly changing industry, the keys to success remain constant, although they must be creatively adapted to fit current circumstances. To challenge Investment Representatives to apply the “constants” to today’s challenges and to motivate themselves to achieve higher production levels.
B. Content
1. 15 things successful salespeople do
2. Group discussions and presentations on how to create a positive environment for business growth in the year ahead.
C. Results: A dynamic process which creates actionable ideas and strategies which can be implemented following the training.
Day 2
V. Skill Application
A. Objective: To reinforce the Day 1 content in the context of “real world” situations.
B. Content
1. Presentation of case studies
2. Activities to apply “Day 1” content to solving the case studies
C. Results: Practice and discussion on using techniques taught in Day 1 in sales situations, with emphasis on remedying weaknesses and building on strengths
VI. Working with the Branches to Maximize and Leverage Sales
A. Objective: To reinforce the idea that Reps can leverage their own production through branch employees and use group dynamics to synthesize ideas and plans for achieving goals . Also, to introduce Investment Representatives to the tools and techniques of an effective sales coach and give them some practice in their application.
B. Content
1. How to create sales leverage through branch personnel by balancing personal selling, role modeling, motivating, and coaching.
2. Job profile and benchmarks for skills and knowledge for branch employees, identifying where branch employees do not measure up to benchmarks currently
3. Keys to coaching branch employees in product knowledge and effective sales techniques
C. Results: Participants will develop an assessment of their branch employees, with emphasis on areas requiring attention or improvement. They also will gain experience in sales coaching and lay the groundwork for the 90-day strategic plan which follows.
VII. 90-Day Strategic Plan
A. Objective: To sum up the two-day training event with tangible, action-oriented goals which can be monitored and evaluated in their contribution toward the firm-wide goal. To assess the efficiency of time and territory activity in relation to achieving higher production goals. To focus selling activity on priority accounts with the greatest potential.
B. Content
1. Time and territory management
2. Personal account development strategy
3. Organizing the business day according to time blocks
4. Evaluating and prioritizing a customer book
5. Setting personal goals and performance standards
6. Written plan to achieve 90-day goals
C. Results: Each Rep will create a 90-day written plan, to be shared with Sales Management that includes time, territory, account, production, and personal development activities. Each plan will include performance standards, time management guidelines, and activities to be pursued. These standards will be used to “keep score” by both Investment Representatives and managers.
VIII.Closing Summary and Challenge
The trainers will summarize key points covered during the two days and reinforce the challenge to increase production through leverage, effective time and territory management, role modeling and coaching, and systematic commitment to professional development.
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