The “Complex Sale” in Financial Services
The “Complex Sale” in Financial Services By Scott Mills, APR For most companies that sell technology, solutions and related services to the financial industry the selling process is dramatically more complex and require a longer sales cycle than most business segments. Financial institutions are regulated and buying decisions are typically based on what is perceived as “safe.” So what is a “complex sale?” It is usually one that: • Impacts multiple departments, divisions or business units, • Involves a committee or input from multiple people, • Buyers seek multiple options, • Once sold, will be used for more than one year, and • Addresses a strategic need or solves a mission-critical issue. According to Jeanne Capachin, Research Director, Corporate Banking at Financial Insights, “Vendors don’t have to be large to be influential in the financial industry. They do, however, have be credible and show a good balance sheet.” Getting to “Safe” Status Making a complex sale in financial serv...