As the Indian Banking Industry expands, relationship managers (RMs) face mounting pressure to sell third-party products, such as insurance policies and mutual funds. While these products offer lucrative growth opportunities for banks, RMs often struggle to navigate the challenges of selling them. In this blog, we will discuss the major issues faced by RMs and how leveraging sales playbooks, like those offered by Sharpsell, can help overcome these hurdles.
- Limited product knowledge: RMs must stay updated with the latest industry trends and regulations, but it can be tough to keep up with the ever-changing landscape. Sales training and sales readiness initiatives can equip RMs with the required product knowledge, but ensuring consistent learning across the organization is vital.
According to a study by KPMG, only 57% of RMs feel confident in their product knowledge, which can hinder their ability to sell third-party products - Diverse client expectations: With clients having unique financial goals and risk appetites, RMs need to tailor their sales pitch for each customer. This customization requires a deep understanding of the client's profile and preferences.
- Compliance concerns: Compliance with regulatory requirements is critical when selling third-party products. RMs must adhere to stringent guidelines, maintain accurate documentation, and ensure transparency throughout the sales process. According to PwC, financial institutions face a 40% higher risk of non-compliance due to inadequate training.
So, how can a sales playbook help RMs tackle these challenges?
Banking sales playbooks, like those offered by Sharpsell, provide a standardized sales methodology that can be customized for each client. The Sales Playbook Automation platform offers:
- Just-in-time content: Access to the latest product information, regulatory updates, and sales training material, enabling RMs to stay up-to-date and knowledgeable about third-party products.
- AI-powered roleplays: Interactive simulations that help RMs practice different sales scenarios and improve their communication skills with clients.
- Learning journeys: Structured, targeted learning paths that ensure RMs develop the necessary skills and knowledge to effectively sell third-party products. Aberdeen Group reports that organizations with a formal sales playbook learning experience a 50% reduction in sales rep ramp-up time.
- Customizable presentation engine: Tailor-made presentations that allow RMs to address individual client needs and preferences, improving their ability to offer personalized solutions. A CSO Insights report reveals that sales professionals who engage in personalized selling are 25% more likely to achieve their sales targets.
- AI-based nudges: By integrating with the existing CRM, the platform can provide smart suggestions and reminders to help RMs maintain connect with customers and follow best practices throughout the sales process.
- Need analyzer: This feature helps RMs understand and prioritize client needs, enabling them to offer the most suitable third-party products.
In conclusion, RMs in the banking industry face various challenges while selling third-party products. A sales playbook automation platform like Sharpsell can help RMs overcome these obstacles by offering valuable tools and resources to enhance their sales training, sales readiness, and overall performance. By embracing Sales Playbook Automation, banks can empower their RMs to better serve clients and drive growth in the ever-evolving financial landscape.
Feel free to reach out to rohan.sabnis@sharpsell.ai
To know more about Sales Playbooks for Banks.
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