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Client Success Story: How a Financial Services Giant Overcame Commoditization

We would like to share a story of Greg Engalicev, the Managing Partner of SPI in Canada’s story with a large financial services organization that he has a long, professional history with.

Their Business Issue

Their original issue was a lack of market share growth. They were being commoditized in the commercial banking area and that they needed to upscale their people to have more financial sales acumen – business skills. They needed a more consultative way to sell and revisit their whole sales process.

Our Work

What we’ve been doing with them over the years is training 3,000 commercial bankers. And, we basically reinvented how to go to market, how to serve their current clients, how to manage business reviews, and how to go out and prospect in a very complex environment where they have to sell directly – but also through a lot of influencers, such as accountants, legal firms, etc.

It’s been fascinating to work with them because we were the first one to bring a provocative point of view to them. They absolutely loved the fact that we were willing to partner with them and really create something that was unique and fresh.

Takeaways

For sales leaders in financial services, there are three takeaways from this.

  1. Do you know what your people are doing today? Do you have a clear understanding of the kinds of sales calls they are making and how those usually go? Have you defined what “good” looks like?
  2. Do you have an overall sales process that goes to the granularity of defining what the top ten accounts are? And, what are the accounts where there is a mix of providers and where you really are trying to take away the other players and become the true incumbent?
  3. Do you feel that your sellers – your commercial bankers – have the necessary consultative skills on the business side to become a trusted advisor?

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