Spurring Sales Growth

A leading bank and asset manager built a successful approach to engage new customers, drive sales and create accountability.

A large U.S. institutional bank and asset manager saw its growth and sales penetration lagging competitors despite a broad suite of institutional products across lending, asset management, asset servicing and treasury services. Few clients were buying into multiple services, the rate of acquiring customers barely outpaced the rate of declining customers, and the bank was only concentrating on a few long-standing customers. As a result, the company was missing opportunities for growth: Teams weren’t pursuing product expansion into existing accounts or bringing joint value propositions to new accounts. Furthermore, between the multitude of institutional teams divided up by offering, coordination was rare and mostly isolated to large requests for proposals.

ZS communicated with division leads and bank leadership to get a clearer picture of the bank’s initial growth opportunities and priorities. From there, ZS culled data from across divisions to create a centralized account universe, using it to score opportunities, segment accounts and assign priorities within and across divisions. Building from that foundation, ZS recommended a new sales structure and team size. Next, ZS conducted interviews with salespeople across all divisions to identify sales best practices and disconnects, using the data to redesign the entire sales process to better reflect customer needs, focus sales rep attention on high-value activity, and clarify roles and responsibilities. Lastly, ZS redesigned the company’s sales incentive programs to reinforce new priorities and spur collaboration during the selling process.

The bank deployed a fundamentally different approach to selling to its top existing and prospective customers, and it substantially increased time spent prospecting for clients and its focus on multi-service sales opportunities. As one sales leader said, “We are finally bringing the best of the bank to our accounts.”

The company’s new sales structure survived a major merger and has grown steadily since, and its new incentive model has become key to driving sales and creating accountability.

Contact Jason Brown to discuss ways to deliver impact to your customers and accelerate profitable revenue growth.