Sales play a critical role in every business, and that is no different for the financial services industry.
One of the smartest investments a FinServ business can make is in its sales team’s knowledge, skills and abilities, an investment that can deliver a high ROI.
Let’s take a look at how sales training is a fundamental need for businesses like yours.
5 Ways Financial Services Sales Training Improves Performance
1. Manage and Adapt To Change in the Industry
The financial services industry has always moved fast and changed even faster, and FinServ sales teams need financial sales training to manage and adapt to shifts in the industry.
Economic uncertainty is expected to continue due to inflation, supply chain disruptions and regional or global recession fears. Not only are you and your sales team facing those uncertainties personally, but you also must address them during the sales process.
Today’s consumers and businesses rely on high-tech, intelligent solutions to their problems and turn to digital resources to address financial concerns. Your sales team must compete with online tools and robo-advisors whose numbers have swelled in recent years. However, financial advisor sales training focuses on building trust and strong relationships with customers, something that robo-advisors and other technology can’t do.
2. Build Strong Relationships
Relationship building is essential in all industries but is even more critical in financial services.
Discussing personal or confidential topics around finances, investments and insurance can be challenging for some, so your salespeople aren’t just selling financial advice or security; they are selling trust.
The most effective financial services sales training courses focus on strategies that promote strong relationships built on a foundation of trust. The most successful salespeople will have high levels of empathy and compassion, two traits of individuals with high emotional intelligence. Sales performance training should transform each member of your team and empower them to ask the right questions to understand their prospects’ feelings and needs and then offer ways to solve them.
3. Overcome Objections and Challenges
Empathy and compassion are essential when responding to objections and challenges.
Instead of pressure, the most effective way to overcome objections is to actively guide prospects into reaching different conclusions on their own. The best sales training programs for financial services won’t simply teach phrases to overcome objections but will provide general communication strategies and specific tactics for each of the common objection types.
Once those strategies have been taught, your sales team needs to reflect on and practice what they have learned.
4. Improve Results
Financial sales training should improve results in two ways — organizationally and individually.
Your business will benefit as your team learns to adapt to changes in the industry, build relationships and trust with your prospects and clients and learn communication strategies. You should be able to see these benefits even during financial services sales training.
Track key metrics and measure sales performance improvements in areas such as higher revenue, improved margins and numbers of upsells and cross-sells. The training and improved performance results will also contribute to a company culture of excellence.
Equally important, each salesperson can be transformed with the right training and company culture. Training programs often encourage a positive self-image and instill confidence, both of which can be reinforced as the company culture improves and their closed/won deals increase in number and value after training.
5. Retain Employees and Grow Leaders
If improved performance, increased productivity and developed skills aren’t enough reasons, how about this one?
The HR impact is one of the most important results of financial services sales training courses. When your company invests in your people, your employees will feel more appreciated for the work they do and have greater satisfaction in their careers. Ultimately, you will be less impacted by the constricted workforce in the FinServ industry since a robust sales performance training program can help you attract, acquire and retain employees.
Your investment in your sales team is an investment in organizational leadership. Increased sales skills and organizational knowledge can help you develop a leadership pipeline, ensuring long-term business success.
Selecting a Financial Services Sales Training Program
The right financial services training program can empower employees, managers and leaders at all levels of your organization. The best program will keep your team engaged and create a mindset shift for a lasting transformation. Successful training programs have distinct qualities, and you should evaluate companies carefully.
While doing your due diligence, start on your journey to sales excellence with XINNIX’s’ Ultimate Sales Coaching Toolkit. We’ve compiled a robust downloadable guide with many sales best practices, training advice, resources with quick tips for immediately applicable action items and so much more.