Closing the Value Gap – A Planning Roadmap
In an increasingly competitive, “me too” marketplace, many financial institutions are realizing a solution selling approach, on its own, isn’t enough to drive the results they need. That’s because success today ultimately comes down to the value the organization brings its customers—and that starts with your employees.
To pinpoint what might be interfering with your ability to retain and grow your customer base and share of wallet, start these three questions:
- Is the way you identify your company’s value tied to your products and services, or to the kinds of financial problems you solve?
- Are your sales and service teams solving the right problems, in the right way, and at the right time?
- Is every person—across the entire organization—accepting their responsibility in the value-creation process?
Any gaps in this value chain will keep your organization from fully realizing the benefits of solution selling. More importantly, it will open the door for your competitors.
Now more than ever, a financial institution’s success hinges on whether or not customers see your sales and service people as “trusted advisors and partners” who create value by helping them solve their financial challenges. That means your team members have to be able to develop deep partnerships internally as well as with their customers, establish trust through their personal commitment and integrity, and deliver value that is meaningful from your clients’ perspectives.
A Value-Driven Sales Process not only ensures the shift to solution selling really happens; it bridges the gap between concept and bottom-line results. For your team, it provides the system and behavioral alignment to effectively differentiate your value by:
- Establishing and maintaining trust.
- Shifting mindsets about selling.
- Anticipating segmented customer needs and wants.
- Creating a framework for operating with integrity.
These fundamentals focus the firm on a destination with a path to get the business to it’s goal quicker and keeps everyone on a path with fewer distractions. Not a bad place to be!