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Reviving Sales for a Line of Products

Sector

Retail bank

Context and objectives:

  • Strategic approach: revive sales for a line of financial savings products
  • Market uncertainty has progressively reduced the number of clients investing in financial products. However, once a contract has been in place for long enough to cover the risk of a market downturn, the profitability of the investment is likely to surpass that of more conventional savings options, particularly following a drop in interest rates.
  • Sensitive subject: the banks want to provide sound advice on the duration of the client's investment and clearly explain the risks and performance outlook

Strategy implemented

  • 1-day sales training following a technical training seminar given by the client
  • Behavioral training focusing on a series of techniques to be perfected by the end of the day. Working on the technical ability and, especially, the consultants' confidence that will lend them the courage to propose financial products

Results:

  • Avoiding the well-trodden clichéd approach to sales technique training proved highly successful
  • Training was a major success for the bank, but also undoubtedly so for the clients that received advice. Following 2005, stock market indexes increased by over 22% in two years
 

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