RESCUING THE STALLED SALE IN PRIVATE CLIENT
The Relationship Review
Industry:
Financial Services: High Net Worth
Objectives:
Provide pipeline coaching to Private Client Advisors to advance sales opportunities and
to cull non-starters from the list. Reinforce Prospecting training delivered at Wharton
for select PCAs.
Approach:
Orchestrated pods of PCAs to receive live deal coaching via phone and web. PCAs
provided pipeline opportunities in advance with context: relationship objective, pipeline
aging and current conversations. Mapped touch strategies to look for opportunities for
closure, or forward movement. Recommended the BWST “Relationship Review” process
– a separate meeting designed to set up “the ask” based on spoken words and aligned
capabilities.
Results:
In first call, helped PCA win $10 million case. PCA followed 6-step Relation Review
process, which outlined 1.) Summary of the relationship and initial connection,
2.) Dates, times and venues of meetings held, 3.) Unique needs and opportunities
uncovered together, 4.) Responses to forms of resistance, 5.) Investment
recommendation, 6.) a “contextual ask” with easy next steps.
Financial Services: High Net Worth
Objectives:
Provide pipeline coaching to Private Client Advisors to advance sales opportunities and
to cull non-starters from the list. Reinforce Prospecting training delivered at Wharton
for select PCAs.
Approach:
Orchestrated pods of PCAs to receive live deal coaching via phone and web. PCAs
provided pipeline opportunities in advance with context: relationship objective, pipeline
aging and current conversations. Mapped touch strategies to look for opportunities for
closure, or forward movement. Recommended the BWST “Relationship Review” process
– a separate meeting designed to set up “the ask” based on spoken words and aligned
capabilities.
Results:
In first call, helped PCA win $10 million case. PCA followed 6-step Relation Review
process, which outlined 1.) Summary of the relationship and initial connection,
2.) Dates, times and venues of meetings held, 3.) Unique needs and opportunities
uncovered together, 4.) Responses to forms of resistance, 5.) Investment
recommendation, 6.) a “contextual ask” with easy next steps.
NEGOTIATING BETTER RELATIONSHIPS – INTERACTIVE BROKERAGE
Solving the Profit vs. Service Dilemma in Online Brokerage
Industry:
Financial Services: High Net Worth Interactive Investors
Objectives:
Provide training to effectively negotiate when responding to rate and award concession
requests from savvy traders. Provide participants with greater comfort when
negotiating within established relationships. Goal was to get Relationships Managers to
negotiate well, retain clients and consolidate assets whenever possible.
Approach:
Designed ground up training program with prework, realistic client case scenarios,
classroom training and post program reinforcement. Supported program with leader
coaching and ongoing relationship management and negotiating strategies.
Results:
In just 6 weeks post training, organization realized net new asset consolidations of over
$30 million while improving client retention. Other metrics achieved:
Financial Services: High Net Worth Interactive Investors
Objectives:
Provide training to effectively negotiate when responding to rate and award concession
requests from savvy traders. Provide participants with greater comfort when
negotiating within established relationships. Goal was to get Relationships Managers to
negotiate well, retain clients and consolidate assets whenever possible.
Approach:
Designed ground up training program with prework, realistic client case scenarios,
classroom training and post program reinforcement. Supported program with leader
coaching and ongoing relationship management and negotiating strategies.
Results:
In just 6 weeks post training, organization realized net new asset consolidations of over
$30 million while improving client retention. Other metrics achieved:
- Funded new accounts are up 114% YoY from summer 2017 to summer 2018
- Net New Assets up 97% YoY from summer 2017 to summer 2018
- Negotiation requests that were in “pending status” due to lack of information: Down 18% YoY
- Cash bonus offers given out decreased 10% in 2018
LASTING IMPRESSIONS IN RETIREMENT RELATIONSHIP MANAGEMENT
Meaning more to clients
Industry:
Financial Services: Large Market Retirement – Client Acquisition
Objectives:
Create greater sticking power in client relationships by bringing stakeholder-specific insights to existing plans. Develop a curriculum that supports in-depth research and messaging to add value to financial and non-financial stakeholders in existing accounts while maintaining margin by recommending value-added services.
Approach:
Three-part Value Creation training experience that leveraged pre-training needs assessment and custom case study development. Program featured two days of instruction followed by 90-days of live relationship coaching against live client challenges.
Results:
In first 4 months, helped client win $4 billion plan, of which they were only a divisional participant prior to selection. Provided Finals coaching and BWST’s Invite-to-Good Night™ facilities preparation approach to site visits to help CRM team guide prospects through their corporate campus and client service center.
Financial Services: Large Market Retirement – Client Acquisition
Objectives:
Create greater sticking power in client relationships by bringing stakeholder-specific insights to existing plans. Develop a curriculum that supports in-depth research and messaging to add value to financial and non-financial stakeholders in existing accounts while maintaining margin by recommending value-added services.
Approach:
Three-part Value Creation training experience that leveraged pre-training needs assessment and custom case study development. Program featured two days of instruction followed by 90-days of live relationship coaching against live client challenges.
Results:
In first 4 months, helped client win $4 billion plan, of which they were only a divisional participant prior to selection. Provided Finals coaching and BWST’s Invite-to-Good Night™ facilities preparation approach to site visits to help CRM team guide prospects through their corporate campus and client service center.
CONVERTING THE FINALS PITCH TO AN "EXPERIENCE"
From invite to good night
Industry:
Financial Services: Mid Market Retirement - Finals Process
Objectives:
Create a finals preparation and delivery approach that featured more than just presentation skills. Goal was to blend value creation principles and firm’s new value proposition with venue-specific presentation “experience” development. Process included salespeople; subject matter experts and relationship owners all participated in the experience. Move away from 87 slides in 90 minutes to 15 and higher engagement.
Approach:
Satisfied a client/consultant mandate that more “engine-room” personnel attend the finals meeting. Put over 100 participants through a custom process that featured sleuthing for and delivering a 3-part presentation experience orchestration in conjunction with consultant input. Approach also included real time videotaped feedback. Special emphasis on the role of team leader and the need for individual regard of all team members.
Results:
In the first 9 months after the engagements, net new client assets grew 22% with a stronger pipeline for the upcoming sales year.
Financial Services: Mid Market Retirement - Finals Process
Objectives:
Create a finals preparation and delivery approach that featured more than just presentation skills. Goal was to blend value creation principles and firm’s new value proposition with venue-specific presentation “experience” development. Process included salespeople; subject matter experts and relationship owners all participated in the experience. Move away from 87 slides in 90 minutes to 15 and higher engagement.
Approach:
Satisfied a client/consultant mandate that more “engine-room” personnel attend the finals meeting. Put over 100 participants through a custom process that featured sleuthing for and delivering a 3-part presentation experience orchestration in conjunction with consultant input. Approach also included real time videotaped feedback. Special emphasis on the role of team leader and the need for individual regard of all team members.
Results:
In the first 9 months after the engagements, net new client assets grew 22% with a stronger pipeline for the upcoming sales year.
ENTERPRISE SALES TALENT MANAGEMENT - MANAGED ACCOUNTS
Driving client AND employee engagement
Industry:
Financial Services: Prominent SMA Platform
Objectives:
Leverage individual development, meaningful messaging and firm-wide relationship management to attract financial professionals to firm’s managed accounts platform. Goal was to achieve ease of use in working with the system as well as leverage professional development to facilitate greater asset conversion.
Approach:
Year-long sales talent management system to equip senior distribution team to manage all human capital interfacing with financial professionals. Created talent management experience for senior leaders to kick off customized curriculum focused on Opportunity & Time Management, Advisor Profiling, Relationship Management and Closing Skills. Created overall development framework while creating messaging for leadership as complement to client's go-to-market strategy.
Results:
In 7 months, achieved 190% of gross, 150% of net sales goal while growing employee satisfaction from 38% to 73% during same period.
Financial Services: Prominent SMA Platform
Objectives:
Leverage individual development, meaningful messaging and firm-wide relationship management to attract financial professionals to firm’s managed accounts platform. Goal was to achieve ease of use in working with the system as well as leverage professional development to facilitate greater asset conversion.
Approach:
Year-long sales talent management system to equip senior distribution team to manage all human capital interfacing with financial professionals. Created talent management experience for senior leaders to kick off customized curriculum focused on Opportunity & Time Management, Advisor Profiling, Relationship Management and Closing Skills. Created overall development framework while creating messaging for leadership as complement to client's go-to-market strategy.
Results:
In 7 months, achieved 190% of gross, 150% of net sales goal while growing employee satisfaction from 38% to 73% during same period.
SENIOR LEADER SALES COACHING - LARGE MARKET RETIREMENT
Helping the best get better
Industry:
Financial Services: Top 5 Retirement Plan Services Provider
Objectives:
Enhance the selling skills of Vice President while preparing participant for broader management responsibility in the organization.
Approach:
Sales Coaching: Created an analysis tool to profile ideal prospects and clarify key decision criteria at targeted accounts. Used Myers-Briggs and David McClelland's Theory of Motivation tools to classify relationships and buying orientations of key players in benefits procurement. Mapped buyer decision criteria to create concrete contact strategies and provide role clarity for the support organization.
Results:
Participant's win/loss ratio improved by over 20%, while personal productivity as measured by sales compensation grew 50%. Candidate progressed to number 1 salesperson in 16 months and was promoted to Managing Director 6 months later.
Financial Services: Top 5 Retirement Plan Services Provider
Objectives:
Enhance the selling skills of Vice President while preparing participant for broader management responsibility in the organization.
Approach:
Sales Coaching: Created an analysis tool to profile ideal prospects and clarify key decision criteria at targeted accounts. Used Myers-Briggs and David McClelland's Theory of Motivation tools to classify relationships and buying orientations of key players in benefits procurement. Mapped buyer decision criteria to create concrete contact strategies and provide role clarity for the support organization.
Results:
Participant's win/loss ratio improved by over 20%, while personal productivity as measured by sales compensation grew 50%. Candidate progressed to number 1 salesperson in 16 months and was promoted to Managing Director 6 months later.
CREATING A DE FACTO SALESFORCE IN ASSET MANAGEMENT
Meaning more to advisors
Industry:
Financial Services: Mutual Fund Distribution
Objectives:
Prepare internal wholesaling desk of top tier asset manager to proactively engage Financial Professionals in seeking creative solutions to clients’ investment needs. Give reps confidence to proactively place calls to advisors in a way that stimulates interest and confirms need.
Approach:
Introduced ProDirect branded sales process with focus on prospecting. Trained over 50 wholesalers in Never Make a Cold Call Again™ curriculum with focus on prospect profiling and sales messaging.
Results:
Achieved 80% hit ratio on outbound calls in first week after training with new ProDirect elevator pitch and calling disciplines.
Financial Services: Mutual Fund Distribution
Objectives:
Prepare internal wholesaling desk of top tier asset manager to proactively engage Financial Professionals in seeking creative solutions to clients’ investment needs. Give reps confidence to proactively place calls to advisors in a way that stimulates interest and confirms need.
Approach:
Introduced ProDirect branded sales process with focus on prospecting. Trained over 50 wholesalers in Never Make a Cold Call Again™ curriculum with focus on prospect profiling and sales messaging.
Results:
Achieved 80% hit ratio on outbound calls in first week after training with new ProDirect elevator pitch and calling disciplines.
SALES COACHING
Meaning more to the market
Industry:
Professional Services: Institutional Business Development
Objectives:
Coached head of Business Development Center of big 4 audit firm. Goal was to achieve greater client penetration across Mid Atlantic Region through re-energized sales and marketing staff. Adopted engagement style that would yield greater participation in business development activities from regional firm Partners.
Approach:
Created coaching program following ProDirect's 5-step process of needs contracting, assessment, development planning, coaching and reentry. Focus areas included team talent management, stakeholder analysis and reorganization planning and deployment.
Results:
Achieved team talent goals within revised organizational structure. Promoted to Chief of Staff to the Chairman 11 months later.
Professional Services: Institutional Business Development
Objectives:
Coached head of Business Development Center of big 4 audit firm. Goal was to achieve greater client penetration across Mid Atlantic Region through re-energized sales and marketing staff. Adopted engagement style that would yield greater participation in business development activities from regional firm Partners.
Approach:
Created coaching program following ProDirect's 5-step process of needs contracting, assessment, development planning, coaching and reentry. Focus areas included team talent management, stakeholder analysis and reorganization planning and deployment.
Results:
Achieved team talent goals within revised organizational structure. Promoted to Chief of Staff to the Chairman 11 months later.
SALES EXECUTIVE COACHING
Stop selling the "car"!
Industry:
Business to Business: Corporate Car Rental
Objectives:
Supported SVP of sales in effort to rally organization and clients around new product and service capability in a highly competitive, low margin business.
Approach:
Worked with SVP of Corporate Sales to build new market-specific product from the ground up. Plan covered all aspects of team selection, market analysis, pricing, marketing and launch execution. Trained global sales team in BWST Value Creation methodology and applied live deal coaching over 90 days.
Results:
Sales team created product framework with senior management’s blessing in less than two business days. Landed two multi-year, multi-million dollar customers with 6 months of training.
Business to Business: Corporate Car Rental
Objectives:
Supported SVP of sales in effort to rally organization and clients around new product and service capability in a highly competitive, low margin business.
Approach:
Worked with SVP of Corporate Sales to build new market-specific product from the ground up. Plan covered all aspects of team selection, market analysis, pricing, marketing and launch execution. Trained global sales team in BWST Value Creation methodology and applied live deal coaching over 90 days.
Results:
Sales team created product framework with senior management’s blessing in less than two business days. Landed two multi-year, multi-million dollar customers with 6 months of training.
SALES ORGANIZATION DEVELOPMENT
Process as product
Industry:
B-to-B Sales: Software/Internet
Objectives:
Created and implemented a sales architecture for newly promoted VP of Sales. Goal was to help candidate assess sales talent pool, install a pipeline reporting process, build a higher level of sales coaching skill, and implement daily prospecting and time management disciplines.
Approach:
Developed a turnkey "selling system" for managing performance while simultaneously focusing on individual skill development. Set performance standards in step with personalized development plans for each salesperson. Developed tailored "elevator pitch" to boost prospecting activity. Trained salespeople to consultatively explore needs in complex sales situations and to better manage account portfolios with the help of a defined sales process.
Results:
Sales force doubled pipeline entries by nearly 50% in two months. Dollar value of actual pipeline opportunities increased by 20% during same period.
B-to-B Sales: Software/Internet
Objectives:
Created and implemented a sales architecture for newly promoted VP of Sales. Goal was to help candidate assess sales talent pool, install a pipeline reporting process, build a higher level of sales coaching skill, and implement daily prospecting and time management disciplines.
Approach:
Developed a turnkey "selling system" for managing performance while simultaneously focusing on individual skill development. Set performance standards in step with personalized development plans for each salesperson. Developed tailored "elevator pitch" to boost prospecting activity. Trained salespeople to consultatively explore needs in complex sales situations and to better manage account portfolios with the help of a defined sales process.
Results:
Sales force doubled pipeline entries by nearly 50% in two months. Dollar value of actual pipeline opportunities increased by 20% during same period.
EVERYBODY'S ON THE SALES TEAM
If your not selling, Help someone who is!
Industry:
Interactive Marketing
Objectives:
Create a go-to-market strategy for selling conceptual Web-based marketing programs to fashion marketers and advertisers. Craft new "elevator pitch" and "selling system" as part of reliable process for reaching senior decision makers in fast-paced fashion-related industries.
Approach:
Prospecting: Created unique sales and marketing message that spoke more closely to the results of the client's broadband marketing application. Trained CEO, CFO and sales team to uncover customer needs and tailor on-line fashion marketing solutions to meet them. Conducted weekly training sessions and coached salespeople one-on-one in the field. Leveraged information gathered in customer meetings to advance sales situations and write winning proposals. Developed and branded the company’s follow-up strategy and installed a CRM solution to capture incremental sales opportunities.
Results:
The average value of a transaction grew from $10,000 to over $80,000 in just 6 months. Salespeople increased their sales calls per week from 2 to 5.7 during the same period. More than 30% of the firm's revenue now comes from repeat business.
Interactive Marketing
Objectives:
Create a go-to-market strategy for selling conceptual Web-based marketing programs to fashion marketers and advertisers. Craft new "elevator pitch" and "selling system" as part of reliable process for reaching senior decision makers in fast-paced fashion-related industries.
Approach:
Prospecting: Created unique sales and marketing message that spoke more closely to the results of the client's broadband marketing application. Trained CEO, CFO and sales team to uncover customer needs and tailor on-line fashion marketing solutions to meet them. Conducted weekly training sessions and coached salespeople one-on-one in the field. Leveraged information gathered in customer meetings to advance sales situations and write winning proposals. Developed and branded the company’s follow-up strategy and installed a CRM solution to capture incremental sales opportunities.
Results:
The average value of a transaction grew from $10,000 to over $80,000 in just 6 months. Salespeople increased their sales calls per week from 2 to 5.7 during the same period. More than 30% of the firm's revenue now comes from repeat business.
