Insider Tips on Selling Technology to Banks: Action 3

Demonstrate That You Are Serious

Continuing our series designed to help technology companies sell to financial services companies, we look at the need to demonstrate that you are serious, that you really want this business. Of course, you know that you want it, but is it obvious to the customer?

You want to appear hungry but not starving. There are some obvious and not-so-obvious ways to do this:

• Ensure you bring your best people to the table. Engage consultants to fill gaps rather than coming with an incomplete team.

• Be flexible with scheduling but turn up on time and well-prepared. Ensure logistics for meetings are tested in advance, and don’t leave early. This is obvious, except that I’ve so often experienced vendors that don’t get these basic points of respect. The impression they leave is that they don’t especially want the business.

• Respond to questions, both inside and outside an RFI or RFP process, within the requested time. If there is a good reason, then ask for an extension as early as possible with a very clear reason.

• Respond to questions completely, concisely, and creatively. Look for opportunities to demonstrate your understanding of the bank’s business. Offer alternatives or extensions that will provide meaningful benefits beyond what they have requested.

• Take the time to research the bank’s specific place in their industry for this domain. Aim to provide new insights on the market and regulatory challenges they face.
  

There is a balance, of course. You shouldn’t fawn over the bank team so much that they get the impression losing the deal would break you. You need to be serious, but you also need to show that you are stable.

Next time we will talk about ways to differentiate your value proposition to any prospective financial services clients.