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.
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%.
With extensive commercial banking leadership experience, Dean has a unique aptitude for solving operational problems and delivering exceptional value.