Navigating the Complexities of the Sales Journey

Most sales resources want to chase and win every deal because that is how they are wired. Large banks need this competitive spirit brought to life, but they cannot really afford to chase every deal because not every customer is profitable. Deals are spawned from opportunities which most times start with a simple lead.

As far as those banks that do not want to chase every lead in play, how can they leverage their Big Data investments to quickly turn more of the right leads into profitable sales? Can banks make their sales resources and channels more effective by showing them factually which leads to chase and close first? Instead of simple cross-sell/up-sell campaign efforts, how can you sell smarter once a lead is identified?

A “smart-sell” concept encompasses lead decisioning in an environment where large banks intake and manage large numbers of leads. Current methods to score or grade a lead can still provide a basis for segmentation, but that is really only half the battle. The other half lies in gaining an understanding of the tools, techniques and technology resources brought to bear to triage leads – before you segment them. By applying the right rules, filters and propensity models, leads can be segmented and routed to sales execution faster and even smarter – for more profitable results.

A recent joint study by McKinsey and EFMA found that nearly three-quarters of European banks surveyed are focused on sales effectiveness, and almost two-thirds of them are focused on innovative tools development for sales along with improvement of lead generation. The May 2012 study goes on to explain that sales effectiveness is usually impacted negatively by outdated IT. There is a logical connection here, but with all the investments in data and analytics technologies to date by the large banks, why the apparent disconnect between sales effectiveness and IT resources? Was this supposed to happen this way?

I’ll examine these questions and more in my blogs. Please also look for my upcoming White Paper on this same topic.