Team selling is the new “it.” But most banks get it all wrong, sadly. They think team selling is “I send Joe out with Susie, and Pat goes out with Jane … and everything is good.”
That is not team selling. Harvard Business Review had an instructive research-based article making the case that team selling is clobbering the traditional Maverick model.
But, hey, to get better results, you’ve got to do the team-selling process correctly, right?
Video: Your Team-Selling Checklist
So, who goes on the team? What are each of the roles on the team? How does a team that goes out and does the first call differ from the team that goes out on the second call?
These are distinctions that are important to get right. And to do that, what position does each of them have? Who knows who talks when, who does what part of the questioning, who does what part of the presentation? All of these are things to be thought out. Also, who does the pre-call prep plan, who arranges the practice before the call? Who makes sure the proven template that generates an 85% closing rate is followed with exactness? How do YOU know?
When you go out on a significant top 100 prospect, since the top 100 customers account for 50 – 140% of your profits, that prospect might be worth $5,000 – $10,000 of profit per month for the lifetime value of your client.
Your chance of blowing it—either not closing at an 85% rate or above or having to match rate or not getting the entire relationship, is huge unless you are prepared.
A good team should have an 85 – 90% close rate, and that’s going to take some masterful connecting of how that team comes together and knows what it’s doing. The team-selling model works—but only if your sales culture and systems are managed with extreme attention to detail of what is proven to work.
– Roxanne Emmerich
Please watch the video above and share it with your exec team and board.