The 5 Core Pillars of Sales Enablement in Financial Services

In the highly competitive financial services industry, effective sales training is a game-changer.

Sales reps are crucial in promoting and selling financial products and services to a diverse customer base. To achieve success in this field, a well-trained salesforce that can communicate the value and benefits of the products they represent is essential.

Let’s consider some stats.

36%

Percentage of time spent actively selling

8%

Increase in win rates with coaching investments

Companies that don’t prioritize sales enablement see their reps spend just 36% of their time actively selling or even less. The average rep at these organizations spends more than nine hours each week searching for and customizing content alone. Conversely, companies that invest in coaching programs see an 8% increase in win rates.

The revenue and risk reduction impact of implementing best-in-class training is enormous for the average financial services organization.

In this blog post, we’ll outline the unique challenges faced in financial services sales training and provides practical solutions to excel in this critical area.

What we’ll cover:

  • Unique training challenges financial services companies face
  • Top use cases including
    Onboarding and ramping new reps fast
  • Enabling reps on new products & regulatory requirements quickly
  • Scaling role-plays to practice before reps are in the office
    Providing data-driven micro-coaching
  • Improving rep coverage with data-driven insights
  • DOs and DON’Ts of selecting a technology partner

Unique training challenges financial services companies face

In recent years, the financial services industry has been significantly disrupted by the shift from in-person to online and digital training programs. As fewer than 20% of financial services employees look to be in the office more than three days a week, it’s increasingly difficult for employees to keep up with new regulatory changes and technologies.

Some of the top challenges financial services enablement teams face include:

 

Traditional sales managers find it difficult to gain visibility into the daily activities of their account managers and sales representatives in the field. This lack of insight makes it challenging to provide timely feedback, identify coaching opportunities, and assess the effectiveness of sales strategies.

The financial services industry offers a wide range of products, each with its unique features and benefits. Onboarding and ramping up new sales representatives quickly and effectively, ensuring they have a comprehensive understanding of the product portfolio, can be a significant challenge.

he COVID-19 pandemic drastically reduced the amount of face-to-face time sales representatives have with prospects and clients. This shift to virtual interactions requires sales training programs to adapt and equip representatives with the skills needed to engage effectively in a digital environment.

The financial services industry is subject to strict regulatory guidelines. Sales representatives must be trained to ensure they adhere to these requirements in their interactions with prospects and clients. With compliance requirements changing regularly, financial services companies must ensure their field team has the most up-to-date versions of collateral.

 

5 pillars to excel in financial services sales training

In this section, we will delve into the key strategies that enable financial services companies to excel in sales training and empower their reps to thrive in this highly competitive industry.

  • Utilize technology-driven training solutions such as e-learning platforms and virtual training sessions to provide comprehensive information on products, services, compliance, and selling techniques.
  • Incorporate interactive modules and quizzes to assess knowledge retention and ensure new reps are well-prepared to engage with buyers and clients.
  • Utilize online training modules, just-in-time content, and virtual workshops to disseminate information on new products and regulatory requirements quickly.
  • Have a centralized and searchable platform for training and enablement, ensuring reps have access to up-to-date information anytime, anywhere.
  • Use AI-reviewed role-play exercises to enhance communication skills and refine product pitches.
  • Allow reps to practice presentations, handle objections, and refine selling techniques remotely, ensuring they gain experience and confidence before engaging in the field.
  • Utilize sales training platforms to access data on reps’ activities, behaviors, and in-field performance.
  • Leverage new technologies like revenue and conversation intelligence to provide targeted, data-driven coaching to reps.
  • Gather data on sales representatives’ activities, call frequency, territory coverage, and buyer engagement levels to make data-driven decisions.
  • Integrate sales training platforms with CRM to analyze the effectiveness of training programs in driving business results.

 

DOs and DON’Ts of selecting a financial services enablement provider

Now let’s dig into the essential dos and don’ts of selecting a sales enablement provider for your financial services organization. Making the right choice when it comes to partnering with a sales training provider can significantly impact the success of your sales team and overall business performance.

DOs

  • Define your requirements and the capabilities and resources you need.
  • Evaluate the provider’s financial services experience through case studies, references, and reviews.
  • Assess the provider’s technology for user-friendliness and integration capabilities.
  • Consider the quality and delivery of training and support.

DON’Ts

  • Choose a provider solely based on price.
  • Overlook the importance of user experience in the training platform.
  • Neglect to evaluate the provider’s ability to customize the platform to your organization’s unique needs.
  • Fail to consider the provider’s customer support and training resources.

What’s next for your org?

Implementing these five pillars will enable your organization to drive revenue productivity and achieve sales training excellence in the financial services industry.

Ready to learn more about how Mindtickle can help your organization? Set up time with our team to learn more about how financial services organizations can stand up sales enablement programs that drive more productivity and revenue.

 

Supercharge your enablement

Set up time with the Mindtickle team to talk through how helps other financials services orgs stand up their enablement programs. 

Request a Demo

Video: Becoming a Great Sales Storyteller

 

Episode summary

In this episode, Hannah and Tony delve into the importance of being both a skilled salesperson and a captivating storyteller. They have a conversation with Nick Capozzi, the Head of Storytelling at Demostack, who is an expert in creating compelling video content that enhances sales and strengthens a brand’s narrative.

Nick’s background in sales, starting from his time on cruise ships, gives him a profound understanding of the power of storytelling and the essential elements of exceptional content. He shares intriguing anecdotes about his career journey and reveals some of his well-guarded secrets for using storytelling as an effective sales tool. Additionally, Nick provides valuable insights on crafting a demo that could rival an Oscar-worthy performance. If you’re eager to elevate your brand storytelling, you definitely shouldn’t miss out on this episode.

Keep checking back here to see more videos of our podcast.

Listen and subscribe wherever you listen to podcasts:

Want more episodes?

Check out our archive of all Ready, Set, Sell episodes. 

Go to the Podcsat

How Fastmarkets Won Over Sellers with Mindtickle

 

Episode summary

In this video, Fastmarkets’ Anusha Purkins, Head of Sales Enablement, talks about how they’re using Mindtickle to roll out its first-ever certified sales enablement program. One of the main goals was to standardize the onboarding process and improve the efficiency of the go-to-market approach. They also aimed to provide sales managers with effective coaching tools to drive sales performance.

Mindtickle’s most valuable products included a digitized competency framework that allows salespeople to self-review and identify areas for development. The platform also incorporates a learning management system (LMS) for building and assigning coaching programs. Another crucial aspect is the call AI feature, which initially faced skepticism from salespeople but eventually proved valuable for self-assessment and immediate application of learnings. The speaker highlights the positive impact of Mindtickle, such as sharing best practices, improving average order value, and aligning messaging with marketing efforts. The implementation of Mindtickle contributed to a significant improvement in the company’s internal EPS score for sales.

Key highlights

  • Fastmarkets built and digitized its competency framework using Mindtickle which means they’re able to identify key development areas that managers can coach on.
  • Rolled out first-ever certified sales enablement program. All sellers now use a consistent sales methodology.
  • Fastmarkets now shares best pratices across teams so they’re able to ramp reps faster and shrink the learning curve for new sellers.
  • Starting to leverage Mindtickle’s Call AI, allowing sellers to self-assess immediately and then apply those learnings and those corrections in those next calls immediately.

Transcription

We’re essentially leveraging my Mindtickle for a number of initiatives. One was to try and standardize our onboarding process to make our go-to-market approach much more efficient. But also give our sales managers the right tools to coach effectively, and really move the needle with their sales reps where we can see value from that.

The most valuable products have been in helping us build our competency framework that’s now been digitized. It allows our salespeople to go online self-review, as long as we as long as we’re the managers as well. And that helps identify key development areas that managers can coach and can focus on.

We’re also starting to leverage, of course, the LMS, in terms of building those programs. It can be prescriptive that way. So once we’ve identified the areas to coach, we can assign the right coaching programs, and make sure that they are interactive, we’re using various modalities to do that. And then the final piece around that is the call AI. So that’s been instrumental in making sure the adoption is there.

I think that’s really important to bring us 360 Make sure that not only we do, do we have clarity on what we’re focused on, but also make sure that we’re moving the needle with our salespeople to make sure they can execute that as well.

[There’s] been a huge impact from Mindtickle. So it was the first time that we’ve rolled out any kind of certified sales enablement program. It ensured that everyone was working to a consistent methodology and process but also we’ve been able to ensure we can measure the progression of individuals within the business.

The other part that has been really important is sharing the best practices across teams. The creation of best practice libraries, adoption of new insights -- particularly for new starters. We've lost that learning curve, or it's definitely slowed over time as a result of remote working. Bringing in resources like Mindtickle allows us to accelerate the ramp-up time for for sale starters.
Anusha Purkins
Head of Sales Enablement

Another big one was the average order value. So we wanted to look at how can we ensure salespeople were achieving maximum value from each and every client interaction, extract the most amount of value in terms of customer renewal contract values, but make sure we weren’t cannibalizing on price. So it’s about doing the right things at the right time with clients. So we saw those two major KPIs.

And then the final one was go-to-market approach. So how do we ensure that when we launch a new product, our salespeople are positioning, the messaging is going out, and it’s aligned with what our marketing teams are sending out to market as well.

So one of the key statistics that I’m probably quite proud of was our internal EPS score for sales. So prior to sales enablement and Mindtickle coming into play, we had a -16 EPS score, it’s now gone to + 22. Some of that can definitely be attributed to salespeople feeling that they’ve been invested in and that there are clear programs around their advancement and their development and their trading needs. And those coaching needs are being met as well.

We’re in the preliminary stages of the adoption of Call AI. It’s an exceptionally powerful tool. So we’re starting to see that there are some advocates. And I think the biggest piece was there was some trepidation by salespeople who saw that it was a little bit of a big brother tool. They were worried about people overseeing their calls, they’re actually starting to see the value in being able to self-assess really quickly and then apply those learnings and those corrections in those next calls immediately as opposed to waiting for a weekly or BI monthly training session where the adoption of those learnings take much longer.

One of your differentiating factors – actually one of the reasons I chose to move forward with Mindtickle – I actually reviewed a number of your LMS counterparts. Two people stood out for me Absolutely. One was my account manager, Tom, whose discovery was so rigorous. I felt reassured that he understood the challenges and also built a business case that reflected that. And then coming into the actual fold of utilizing Jessica has been incredibly responsive. She’s very knowledgeable about her space. She also understands what her customers need, and she has a great balance between probing discovery versus delivering on results. Both of those Mindtickle employees were incredible in the process.


Want to see how Mindtickle can accelerate your sales enablement program and start driving more revenue? 

Effective Sales Coaching That Actually Saves Time: The Sales Rep Analytics & Insights You Need

Effective sales coaching and skills development usually come down to one thing: time.

In an in-person office setting, you can observe some rep behaviors firsthand. You know when sellers make calls, meet with customers, and practice pitches.

But even though you were physically there, sales managers still couldn’t sit in on every meeting or call with each rep. Our State of Sales Readiness Report 2022 shows that, on average, managers oversee eight sales reps. With time stretched across the entire team, skill coaching often falls to the wayside. Our research also found that manager-led coaching sessions with each rep happens just once a month.

Now that hybrid working is the norm, effective coaching can’t rely on in-person time with sellers. More than ever, sales managers now need to rely on data to drive and support business decisions—including training and coaching reps to boost performance.

What metrics do you need to measure performance and effectively coach? We break analytics down into three categories: knowledge, skills, and behaviors. Keep reading to learn more.

Knowledge

Knowledge informs mastery of skills as well as behaviors practiced. To effectively communicate your product’s benefits, a seller must know the features and capabilities of that product. To engage a buyer, a seller needs to know the buyer’s industry and pain points. And the best way to disseminate this information is through onboarding, training, and ongoing enablement.

Onboarding is an introduction to your organization and a new sales hire’s role—presenting the perfect opportunity to educate them on product, processes, competitors, and much more. And likewise, training beyond onboarding is particularly useful to reinforce learnings and expand knowledge.

But what should you be measuring to ensure sellers are actually learning? Start with these:

  • Onboarding and training completion
  • Onboarding and training engagement
  • Certification achievement

Offering microlearning opportunities with the right enablement tools makes it easier for reps to access and participate in training — and easier for managers to track these knowledge metrics.

Skills

Beyond tracking knowledge, it’s critical to understand how reps are applying what they’ve learned after their training. Skills assessments provide insights into whether the learning sticks and is being used properly.

These assessments can be done through simple quizzes, or as a collaborative effort in role-playing exercises. Reps can practice and record their pitches for you to evaluate. Assign a ranking of certain skills tied to role-plays to get an idea of where each seller is at, and where there are gaps.

Skills metrics can include:

sales skill metrics

Sales readiness platforms that utilize artificial intelligence (AI) analyze recorded role-plays to do most of the analysis for you. Such tools can provide a snapshot of the skills listed above (and more), which you can then use to inform additional training, personalized for each rep’s unique needs.

Behavior

Lastly—and perhaps most importantly—is how skills and knowledge translate to behaviors in the field. It’s one thing to know the ins and outs of your product, but are your salespeople able to communicate that to buyers in a way that demonstrates true value?

As helpful as it would be, managers can’t be in multiple places at once and have limited time each day. Further, they’ve got daily responsibilities beyond rep performance, like managing relationships with other departments, meeting with other leaders, and ensuring sales goals align with those of the larger business.

Behavior-centric metrics can be divided into three segments: call metrics, performance metrics, and coaching metrics.

Call metrics measure a seller’s behavior as it pertains to customer calls. A conversation intelligence tool records and transcribes calls and uses AI to provide deep analysis. Managers can view the following metrics for individual reps:

  • Use of filler words
  • Use of pre-established keywords
  • Questions asked by reps
  • Questions asked by buyers
  • Length of monologues

Performance metrics focus on your sellers’ and team’s overall sales performance. These are the numbers you are likely already tracking:

Coaching metrics focus on specific behaviors discussed in one-on-one coaching sessions between rep and manager, and how those behaviors are trending. An effective coaching platform enables managers to easily schedule sessions and follow-ups, seamlessly integrate training and coaching opportunities, evaluate manager coaching performance, and track improvement on reps’ lagging skills. Related to coaching are two other considerations: rep tenure and turnover. Sellers who feel supported are likely to stay longer, saving your organization significant time and money to bring in new hires. If you aren’t tracking rep retention, and correlating it with training and coaching efforts, start now.

Ensure managers and reps are ready

The Mindtickle Readiness Index is the best way to analyze and improve sales performance. With tools for benchmarking, training, and coaching, you can connect sales readiness with revenue — all in one platform. Our Call AI conversation intelligence solution gives managers a firsthand look at how sellers perform in buyer interactions. Training and virtual role-play opportunities provide ongoing and reinforced learning, solidifying skills that are essential to field success. And the Mindtickle Asset Hub means reps have access to all the latest training and customer-facing content needed to stay on top of their game and engage buyers.

Ready to get started? Request a demo of Mindtickle today.