The US banking industry especially within the commercial side has dramatically changed because of compliance and the economy. Today banks appear to be as common as convenience and fuel stores, fast food chains and drug stores. There is a bank of every corner or it seems that way. These changes have also presented commercial side sales managers with these five sales leadership barriers:
Misalignment
Many banking industry sales managers have never heard of Galbraith’s 5 Star Model, but they should. When strategy, structure, processes/systems, rewards and people are not all in alignment, missed opportunities for increase sales and overall business growth are the result.
Execution
Failed execution still plagues those in sales management not to mention executive leadership. In many instances, the inability to consistently execute strategies stems from misalignment and overall leadership. The authors of Fail-Safe Leadership provide some great insight as to how to become a fail-safe organization.
WIIFM
The What’s In It For Me is a barrier to overall sales team success. When WIIFM unites with WIIFU (What’s in it for us) incredible results are possible. Here is where not only team must unite together, the existing culture within the bank must also be united. Any sales team including those within the banking industry does not operate in isolation.
Communication
Poor to missing communication continues to disrupt consistent commercial sales and creates OOP$. Clear and effective communication is a skill and can be improved. The first step is to better understand how each individual communicates and then applying y that knowledge such as DISC (Psychometric assessment), NLP (Neuro-Linguistic Programming) and TA (Transactional Analysis) when communicating with others.
Time Management
“I’m late, I’m late for a very important date” appears to be the mantra not only for the White Rabbit but those in sales management. In all actuality, time management does not exist because no one can manage a constant. The reality is all about better self leadership and self management.
When these five common sales management and leadership barriers within the banking industry are acknowledged, this is the first step to business growth and increase sales. The second second is to invest in your sales managers and realize the world has changed and your bank “must change or die” to quote a truism.
Learn more about bank sales training and give Leanne Hoagland-Smith a call at219.759.5601 CST USA to discuss these barriers in greater detail.
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