5 things to keep in mind when selling technology to executives in financial services
Ulysses Partners and Exceed Global recently ran a landmark series of training sessions for the sales team of a global technology provider. From the discussions, 5 easily overlooked concepts emerged as useful to keep in mind during the sales discussion - and after:
Don’t talk about the product. Talk about how you help to meet business need and adds tangible value to the executive’s business unit. While an understanding of the product is crucial, knowing how to communicate the impact of the technology against the backdrop of the client’s business goals will help increase the probability of closing the sale.
Ask why. Existing clients may be used to renewing the same service or product set - even when business needs have changed. When receiving a standard renewal, asking why or what’s needed can help open up the conversation on the use of more suitable products or cross-sell opportunities.
How does your customer’s business make money? Knowing how their business actually makes money (understanding net interest income and fee income for banks, for example) can help technology sales teams have a more strategic deal structuring conversation with the client.
Regulatory awareness. Technology sales teams can create rapport and relevant solutions by showing some understanding of the regulatory environment in which customers operate (esp. financial services). You don’t need to be an expert, just demonstrate some basic knowledge.
Understanding business and consumer trends. The financial services environment has changed significantly in a short time. Consumers expect more from their financial services providers. This has led to fintech and digital banks becoming closer competitors, as consumer loyalty (and stickiness) decreases. Being sensitive to trends like these can help create conversations about how a product can provide a competitive edge, trusted delivery capability, and sustainability in the face of this changing environment.
These 5 key points help to elevate the conversation, bringing customers insights to help them achieve their overall business goals. It also alleviates the frustration felt by many FS clients when they need educate external providers on the actual challenges they face.
Ultimately this leads to richer conversations between FS clients and their technology providers, and better business outcomes for all.
Exceed and Ulysses Partners work together to develop and deliver training customized programs for firms selling to financial services industry (FSI) clients. Reach out to learn more today.