The DriveSales™ | Proven and highly recommended sales strategies for retail banking companies!
Any financial institution which accepts deposits from the public and uses that money in lending activities can be termed as a banking company. Some top banks in India are Axis Bank, HDFC Bank, SBI, ICICI Bank, Kotak Mahindra Bank, etc.
As per the report by India Brand Equity Foundation (IBEF), the banking sector of India is well-regulated and capitalized. It consists of 20 public sector banks, 22 private sector banks, 44 foreign banks, 44 regional rural banks, 1542 urban cooperative banks, and 94,384 rural cooperative banks.
When do you think you worked on improving your sales strategies last time? If you can’t remember, it is time you start thinking and get hold of these amazing sales strategies listed below.
1) Find partners — The first strategy, if you want to bring in new customers, do not hesitate to align yourself with other businesses. Whether you run a banking company or a real estate one, when you are partnering yourself with other similar business would bring you new customers, knowledge, and mutual benefits.
2) Cooperative marketing — Cooperative marketing is one of the best ways of identifying new prospects. It would help you in building new relationships and finding new markets. For instance, homebuyers needing home loans, parents with young children trying to open a new bank account, etc.
3) Differentiate yourself from your competitors — When we say differentiate yourself, we mean in a good way of course, LOL! Keeping a check on what your customers are doing would be an intelligent move if you want to be a step ahead of them. For instance, if your competitors are offering online services but missed out on some critical points, you could do the same without repeating their mistakes.
4) Research well — Salespeople mostly assume that they know everything about their prospects, that’s where they go wrong. Researching well is crucial if you want to win your prospects. You should know who your customers are, how they spend their time, what their needs are, etc.
5) Use the right social media platforms — Firstly, you must know on which platform your prospects spend most of their time. For instance, you are marketing and networking on LinkedIn, but you are not getting the best results. Think, are you even using the right platform? If you are running a banking company, you would find prospects mainly on Facebook. Try to focus on Facebook marketing.
6) Teach your prospects — Your prospects may not know how the system works, especially when you are running a banking company. Teach them and educate them about the procedures, personal finances, savings, etc. Remember, you are the expert.
7) Get involved — If you want to build a good reputation in the market, getting involved with your community is essential. Try to sponsor events or provide funds for social welfare, this would help you get shout-outs from organizations and create a win-win situation.
8) Provide great in-person experience — Building in-person relationships with your customers is essential for improving your customer retention rates. Train your employees to cultivate relationships when a customer visits your bank regularly.
9) Use robust content marketing — If you are missing out on content marketing in today’s world, you are making one of the gravest mistakes. Include a hub in your website which features infographics, blog posts, FAQ, etc.
10) Use videos — Including videos in your content would attract more traffic. Show your prospects how your bank serves people and communities. Videos take less time and would prove useful in case of lazy prospects.
Now, as an effective SALESPERSON! We can do three things from here.
1. Ignoring the opportunity and blaming the situation for revenue loss.
2. Taking important notes and going back to revisit your sales strategy with the growth mindset.
3. Reaching out to us if you need any specialized help for sales.
To conclude, what you choose to think also provides some idea of your development as a consultative salesperson. It is something like Peter Dinklage’s quote, “Don’t bother telling the world you are ready. Show it. Do it.”