Our industry spends millions each year installing and refining sales processes in various lines of business. The returns have generally been meager.
Here are some steps to make sure your efforts are effective.
Clarify the description on each key job. Develop a crisp definition of job content and expectations for teller, banker, operations supervisor, branch manager, and so on. Mealy-mouthed descriptions make it hard to hold people accountable.
Then consider your staffing mix. Good job descriptions help you assess productivity and recommend changes to staffing models and staffing levels. For example, if your loan officers do not originate at least $10 million of new commercial loans annually or manage a $25 million portfolio, they may not be productive enough. If they carry $100 million of commercial loans (not commercial real estate loans), they may be too stretched.
Identify key behaviors for each job. For example, tellers who just mention another product each time they deal with a customer can make a meaningful increase in needs-based sales. Such desirable behaviors should be spelled out.
Train your people. Do it fast, even if it causes a temporary drop in sales, so momentum builds fast afterward.
Do not leave training to the trainers. Managers who have led effective sales forces will do it better. Their stories, examples, and overall understanding of the sales process give them credibility and bring the training to life.
Identify daily reporting requirements. An important part of sales management is to catch people doing something right; for that, frequent reporting is essential. Daily reports give you more than 200 chances a year; with monthly you get only 12.
Is daily reporting too time-consuming and expensive? There are quick and inexpensive solutions. Reports can be generated off the main systems by downloading all transactions to another server and manipulating the data offline.
The key is to measure only a few things; reports on too many invite employees to pick their own priorities, not yours.
Formalize and structure a feedback process. High achievers thrive on feedback; it is a better motivator than money. In addition, some employees may need midcourse corrections and coaching. Swift feedback has more impact than quarterly sessions, and frequent reports produce better information for coaching.
Make feedback a non-negotiable aspect of the daily routine. I used to write at least 25 recognition notes a day to my bankers.
Stellar performers never tire of getting management recognition; it doesn't get old, nor does its value diminish over time.
Build an inspection process that includes observation of sales meetings. The words "coaching" and "inspection" are overused and underexecuted. Inspection needs to be formalized. Managers should be present during sales meetings, coaching sessions, and in general throughout the bank to observe, congratulate, and coach employees firsthand.
Develop ways to communicate the reasoning behind your sales process. If you don't, many of your employees will misunderstand.
Some may consider "sales" a dirty word that implies taking advantage of unsuspecting customers. Make it clear that you expect unwavering integrity.
You must also make it clear that your enhanced sales process is not a fad but a cultural imperative, and that management is behind it all the way.
You must craft your message and decide on the format, the frequency, and who will do the communicating.
Provide incentive compensation. Incentives are powerful but tricky, because employees will do precisely what they are incented to do. Incentives need to be meaningful, consistent, flexible, easy to measure, and fully consistent with shareholder value.
