The “Complex Sale” in Financial Services, Part 2
Previously, I wrote about the “complex sale” as those sales to financial institutions, which are usually characterized by:
• A sales process that involves a committee or input from multiple people,
• Buyers who seek multiple options,
• Long sale cycles, and
• Decisions that address a strategic need or solves a mission-critical issue.
Getting to “safe” status means convincing your prospects that your company, even if small or new, is the right choice. The earlier post described the challenge and some insights on accomplishing the mission.
Now, let’s look at how to get to safe status through communications. As background, most everyone in our industry who manages or owns the marketing/communications area of a company did not arrive there via a straight line or career path. Most came from sales departments or did marketing in other industries. I don’t believe there is a “Marketing to Financial Institutions” degree available either. Therefore, most people have to learn on the job and through personal experiences.
Working at a public relations firm that specializes in this industry has afforded me a chance to see how a number of companies approach marketing communications. There are best practices and a few universal truths. The most important truth is that you need to establish your company and its executives as thought leaders.
Thought leadership means you are discussing issues facing the industry. It means you have an opinion or position. It means your company executives are well-read (READ THE TRADES!) and have a good clue as to where the industry is going – at least in the area in which you do business.
Thought leaders are recognized because they work at it and are consistent. It takes an investment in time.
Thought leadership campaigns are aligned with company goals and objectives.
Unfortunately, measuring the return on thought leadership is not as easy as counting the number of phones calls received, number of meetings or by the column inch of article placements.
So should we do it? Absolutely. Make it the centerpiece of your marketing efforts. Everything else you do should reflect on your reputation as that of an industry leader.
• A sales process that involves a committee or input from multiple people,
• Buyers who seek multiple options,
• Long sale cycles, and
• Decisions that address a strategic need or solves a mission-critical issue.
Getting to “safe” status means convincing your prospects that your company, even if small or new, is the right choice. The earlier post described the challenge and some insights on accomplishing the mission.
Now, let’s look at how to get to safe status through communications. As background, most everyone in our industry who manages or owns the marketing/communications area of a company did not arrive there via a straight line or career path. Most came from sales departments or did marketing in other industries. I don’t believe there is a “Marketing to Financial Institutions” degree available either. Therefore, most people have to learn on the job and through personal experiences.
Working at a public relations firm that specializes in this industry has afforded me a chance to see how a number of companies approach marketing communications. There are best practices and a few universal truths. The most important truth is that you need to establish your company and its executives as thought leaders.
Thought leadership means you are discussing issues facing the industry. It means you have an opinion or position. It means your company executives are well-read (READ THE TRADES!) and have a good clue as to where the industry is going – at least in the area in which you do business.
Thought leaders are recognized because they work at it and are consistent. It takes an investment in time.
Thought leadership campaigns are aligned with company goals and objectives.
Unfortunately, measuring the return on thought leadership is not as easy as counting the number of phones calls received, number of meetings or by the column inch of article placements.
So should we do it? Absolutely. Make it the centerpiece of your marketing efforts. Everything else you do should reflect on your reputation as that of an industry leader.
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