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 services requires selling on multiple levels. You have to know who will have to be “sold” and how the sale will be approved and funded. Do you have a champion who is: in the C-suite, a vice president, line of business head or in a technology capacity? Achieving safe status means you are in a position to validate that you can deliver the results you are proposing. This can be accomplished through the implementation of a customer reference program, association with other well-established partners and or through significant endorsements.
Safe status also means that you have to demonstrate that your company will be a contender in the industry for years to come. As vendors take on mission-critical processes, financial institutions and sometimes regulators, need to be assured that vendors are fiscally sound (or well funded) and have contingency plans in place.
Companies that excel at the complex sale can demonstrate both a return on investment (ROI) and the compelling benefits of the investment. The “Benefit of Investment” model of evaluating decisions addresses a strategic need or outcome, such as improving customer service, reducing operational risk or consolidating technologies.
Conclusion
People can’t buy from your company unless they know about you. Companies that invest in building the reputation of the business and the intellectual capital of its leadership are more likely to influence people to take action. While word of mouth advertising and referrals are the most important channels for leads, reaching the masses requires a concentrated, well-orchestrated marketing effort that includes a public relations function.
Scott Mills is president of William Mills Agency www.williammills.com
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 services requires selling on multiple levels. You have to know who will have to be “sold” and how the sale will be approved and funded. Do you have a champion who is: in the C-suite, a vice president, line of business head or in a technology capacity? Achieving safe status means you are in a position to validate that you can deliver the results you are proposing. This can be accomplished through the implementation of a customer reference program, association with other well-established partners and or through significant endorsements.
Safe status also means that you have to demonstrate that your company will be a contender in the industry for years to come. As vendors take on mission-critical processes, financial institutions and sometimes regulators, need to be assured that vendors are fiscally sound (or well funded) and have contingency plans in place.
Companies that excel at the complex sale can demonstrate both a return on investment (ROI) and the compelling benefits of the investment. The “Benefit of Investment” model of evaluating decisions addresses a strategic need or outcome, such as improving customer service, reducing operational risk or consolidating technologies.
Conclusion
People can’t buy from your company unless they know about you. Companies that invest in building the reputation of the business and the intellectual capital of its leadership are more likely to influence people to take action. While word of mouth advertising and referrals are the most important channels for leads, reaching the masses requires a concentrated, well-orchestrated marketing effort that includes a public relations function.
Scott Mills is president of William Mills Agency www.williammills.com