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Why Banks Need a Sales Methodology that Aligns Resources with Opportunity

Meeting revenue targets in 2021 requires a consistent and data-driven sales methodology

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Why Banks Need a Sales Methodology that Aligns Resources with Opportunity

West Monroe participated in a recent webinar, hosted by American Banker that covered the essentials of an effective sales methodology. Below is an overview of the webinar. 

Webinar overview:

The key to driving predictable revenue growth within Commercial Banking is for Relationship Managers to become trusted advisors to their clients. To do this, RMs must understand their client’s goals and strategy, know how those goals can be addressed by Bank products and services and bring the right product partners and stakeholders to the table to deliver against client needs. When they do so, they are able to recognize new revenue opportunities, sell efficiently, drive growth, and expand relationships—even in the face of growing competition and economic uncertainty. That’s a tall ask. But it’s entirely possible when they have the right tools, technology, data, coaching, and incentives.

Many banks entered the COVID-19 economy lacking a unified, strategic sales culture. When executed effectively, we have seen sales methodologies steepen revenue growth, improve net income and increase both RM and client satisfaction and retention. In one recent case, we saw collected fee income rise 20% from existing clients, while net new client acquisition increased by 35%.

This webinar covered the essentials of an effective sales methodology including:

  • How to equip your RM’s to penetrate client relationships
  • Improve targeted pursuits of strategic prospects
  • Strengthen sales accountability
  • Leverage data-driven tools to boost revenue and increase transparency

Featured speakers:

  • Jason Goldberg - Senior Vice President, Commercial Banking, Head of Sales, IDB Bank
  • Mike Perkowski - Co-Founder and Partner, New Reality Media, LLC (Moderator)

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