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Institutional Training
The following outlines and subsequent training sessions were developed as part of a project that included a complete business and sales assessment, senior management sessions to develop a new “client centric” business strategy, and a four part training program for the institutional sales group, product support group, and sales management. There are four modules in this progressive training program.
Part 1-Two-Day Program
I. Holistic Approach - Becoming an Institutional Sales Consultant
A. What does it mean to be a relationship manager?
1. What is the business strategy?
2. Who are your team members?
3. What are your capabilities?
4. How can you work as a team?
B. What do clients need and want from you and your Company to do business now and in the future?
II. Positioning
A. Where are the points of entry? Salespeople in small groups create a typical client profile and infrastructure to identify key contacts. This is to be used as the basis for case study work.
B. Developing a value proposition for:
1. Your Company
2. You
3. Product
a. Strengths
b. Weaknesses
4. Product Specialist and support team
a. Strengths
b. Weaknesses
III. Qualify and Re-Qualify
A. Finding opportunities - Small Groups- Match Company products to each area of the client profile
1. Investment
2. Operational and execution services
B. Opportunities and challenges facing clients today
1. Financial
2. Regulatory
3. Client retention
4. Services and products
Note - The list will be prioritized based on individual competencies and level of client need.
C. Developing a qualifying strategy
1. Qualifying and re-qualifying - Objective for both
2. Grabbers - Positioning opportunities and challenges that can be solved by Company products and services. Sets the stage for questioning.
3. Qualifying questions
a. Confirm the opportunity for Company product/service
b. Key contacts and decision makers
c. Sophistication level of client, product/service need, decision makers
d. Complexity level of potential solutions
e. Decision making process
IV. Assessing Need
A. Sales team strategy
1. Who needs to be on the team?
2. Agree on roles
3. Prioritize and create timeline
B. Opportunity assessment
1. What do you need to know?
2. Who should be contacted and by whom on the team?
3. Questioning techniques - Using the opportunity assessment template
C. Uncovering deal makers and deal breakers
1. Finding advocates
2. Trigger points
V. Build Solutions
A. Fit products to client need and identify alternatives
B. Competitive advantage
VI. Present Solutions
A. Formal and informal presentations - when to use
B. Presentation format and strategy (Company template?)
C. Gaining commitment and agreeing on next steps
Part 2- Sales Development (Case Study Format) One-Day Program
I. Finding Opportunities to Do Business with Client
A. What business opportunities and/or challenges are clients facing today that can be solved by using Company products?
1. Investments
2. Advisory services
II. Qualifying and Re-Qualifying
A. Introduce case study - Profile case study client for group
B. Finding opportunities - Small Groups - Identify challenges and/or opportunities for Company products/services for client case. Categorize to:
1. Investment
2. Other Services
Note: Prioritize the list based on individual salesperson competencies and level of need of client today.
C. Qualifying strategy
1. Qualifying and re-qualifying _ What will be the objectives for each opportunity identified?
2. Grabbers - What strategy will be used to position the opportunity and/or challenge (identify key contact)? How will RM set the stage for profiling?
3. Qualifying questions
a. Confirm the opportunity for Company product/service
b. Who are the key influencers and decision makers?
c. What is the sophistication level of client (specific to product/service needs and decision makers)?
d. How will you determine the complexity level of potential solutions?
e. What is the decision making process and timeline?
III. Assessing Need
A. Sales team strategy
1. Who needs to be on the team?
2. What should the roles and responsibilities be for each team member?
3. Prioritize and create timeline for execution
B. Opportunity assessment
1. What do you need to know?
2. Who should be contacted and by whom on the team?
3. Questioning strategy - Using the opportunity assessment template
C. Uncovering deal makers and deal breakers
1. Who are the advocates?
2. What are the trigger points?
IV. Build Solutions - Introduce new proposal template
A. Fit products to client need and identify alternatives
B. Identify competitive advantage
V. Present Solutions
A. Formal and informal presentations - class presentations
B. Gaining commitment and agreeing on next steps
Part 3 - Sales Development-Live Case Format - One-Day Program
I. Qualifying and Re-Qualifying
A. Introduce case study - Profile client for group
B. Finding opportunities - Small Groups - Identify challenges and/or opportunities for Company products/services for client case. Categorize to:
1. Investments
2. Advisory services
C. Qualifying strategy
1. Re-Qualifying - Questions to confirm the opportunity identified
2. Qualifying - What strategy and questions will be used to position the opportunity and/or challenge?
3. Qualifying questions - Build list of questions that everyone on the team can use to:
a. Confirm the opportunity for a specific product/service
b. Identify who the key influencers and decision makers are
c. What is the sophistication level of client?
d. How complex is the potential solution?
e. The decision making process and timeline
II. Assessing Need
A. Sales team strategy (Will also be used as prep for joint meeting with product specialist)
1. Who needs to be on the team?
2. What should the roles and responsibilities be for each person on the team?
3. Prioritize and create timeline for execution
B. Opportunity assessment
1. What do you need to know to build a solution?
2. Who should be contacted and by whom on the team?
3. Questioning strategy - Using the opportunity assessment template
C. Uncovering deal makers and deal breakers
1. Who are the advocates?
2. What are the trigger points?
III. Build Solutions
A. Apply solutions to proposal template and identify gaps
B. Identify and confirm competitive advantage
Part 4 - One-Day Program - Finding Opportunities to Do Investment Business Now! - Case Study Strategy Session (Pre-work required)
Leveraging the “client-centric” sales strategy to uncover business opportunities for Company investment products and advisory services
I. RMs introduce case study profile and identify investment opportunities
(Note - Will use previous balance sheet training as template for opportunity spotting)
II. Case Study Sales Strategy
A. Positioning (grabbers) - How to create a strong foundation and credibility for RM to gain access to client portfolios
1. Strategy qualifying questions
a. Uncover critical investment needs/problems
b. Uncover/confirm mutually beneficial business opportunities
c. Define investment solution requirements and level of need (priority)
d. Determine how to meet (expedite) decision process
e. Identify key influencers, decision process, and decision makers
f. Determine knowledge and experience level of decision makers
g. Identifying deal makers and deal breakers
III. Using conceptual solutions to motivate clients to provide full disclosure of current portfolio and validate RM expertise
A. “Conceptual solutions” - Why are they important and how can they be used to expedite the sales process/strategy?
B. Criteria for isolating and positioning key benefits and competitive advantages
C. Presentation format
D. Individual RM case study presentations
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