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Performance Pyramid
Building Blocks for RE*INVENTING PERFORMANCE
February 2008
Thirteen Reasons Sales Programs Fail
Many organizations have set out to develop a well-trained, professional sales staff in order to
remain competitive in the marketplace, but countless programs still fail. Through our 25 years of experience, we have determined 13 key reasons
for failure. Each provides a valuable lesson from which we can learn.
1. Lack of communication - Tell employees where they are going and what is expected of them, with a vision, mission, and
set of core values; they will be far more likely to accomplish their goals.
2. Undefined responsibilities - The first step for managers should be determining the role of each employee and defining the
individual responsibilities for each position.
3. Square peg in a round hole - Managers must do a better job selecting the best people available for a particular position,
closely matching recruits
with the requirements of open positions.
4. No ongoing support - After a workshop, it is the manager's role to reinforce newly-learned skills through repeated practice and
supplemental on-the-job training.
5. Leadership and coaching deficiency - Too often managers fail to lead, coach, and manage in an effective and motivational way.
6. Failure to define goals - Goals must be clearly defined and measurable. Goals that cannot be met or measured serve no
motivational purpose at all.
7. Sales barriers - Financial institutions must remove barriers that inhibit performance such as unnecessary forms or processes that
could be simplified or combined.
8. Technological ineptitude - Financial institutions must take full advantage of new technology that allow staff to leverage time and
energy on satisfying the needs of customers.
9. Lack of effective staff motivation - Financial institutions need to establish a reward and recognition program that
celebrates success and motivates the staff's performance.
10. No accountability - When the benefits and consequences for good and poor performance are defined and fairly carried out, employees are
far more likely to want do what is expected.
11. Failure to incorporate - Systematic programs must involve back office and support staff, not just contact personnel. The work
behind the scenes guarantees lasting customer satisfaction.
12. No employee Buy-In - Management must continuously communicate a commitment to the new vision of a customer centric organization to
ensure buy-in on the side of the employees.
13. Lack of persistence - New people in the financial institution should be integrated as soon as possible within the sales and service
culture. Only persistence will spell ongoing success!
If your organization would like to understand how your sales program compares, please request a complimentary, no obligation assessment from FSS at
info@finselleys.com or 800-927-0937.
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A Strategy For Long-Term Low-Cost Funding:
Your Local Small Business
"Why Rate Cuts
Aren't Helping on Deposit Side" was just one in a recent string of headlines amplifying the current difficulty in growing low cost funding
sources within the financial services industry. Interestingly, that the solution may be just down the street...your local small
business.
According to data from the FDIC, financial institutions which consistently focus on developing low-cost core deposit funding
sources generally have higher net interest margins, less volatility in overall earnings, and better returns on assets and equity.
So what is the secret? Many of these organizations focus deposit gathering efforts on local small businesses and their
owners. Here's how they do it...
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A TARGETED FOCUS - Successful financial institutions develop a sales
culture that identifies key businesses and business owners within their communities. Through this strategic targeting, everyone within
the organization is focused on the proper goal...growth in core deposits.
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CONSISTENCY OF EFFORT - The market leaders in core deposit
generation develop their staff to understand the needs of small business owners and equip them with the right skills to be knowledgeable
advisors. Managers within these organizations are coaches and leaders, who consistently motivate and reinforce the attributes of
success.
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EXPECTATION OF RESULTS - The organizations that succeed in growing
low-cost funding are those that establish a clear vision for success and goals to measure accomplishments. After targeting a proper
focus, equipping their teams to be successful small business advisors, and developing leaders who consistently motivate, we have found that
successful organizations make core deposit generation a central focus of their market strategy and align organizational expectations to ensure
successful outcomes.
At Financial Selling Systems, we have a long history of helping financial institutions
learn to acquire, grow and retain customer relationships by reinventing the performance of their people. We have recently been
working with a bank in North Carolina that has seen core deposits dramatically increase as a result of a small business focus. If
you are interested, we can teach you how to drive the same results.
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Mini M.O.O.
At Financial Selling Systems, we talk a lot about the M.O.O. The Moment of Opportunity - that is. The M.O.O.
is that moment in time when an opportunity to wow a client or prospect presents itself. What do your employees do with the M.O.O? We
recently visited a bank in the Midwest and were quite surprised by how one bank teller maximized the M.O.O.
A very pleasant teller greeted us from behind her teller window. When we asked to see the
President, she very kindly requested that we would meet her at the end of the teller counter. She confidently walked out into the lobby and
introduced herself with a firm handshake. Her actions clearly indicated a desire to walk us over to the bank President's assistant and provide
a personal introduction.
What a pleasure it was to be personally walked into an
organization and introduced. It took less than two minutes to make an extraordinary customer experience! This delightful teller, in a
brief moment of opportunity, completely satisfied our needs for competency, courtesy and concern. We learned that this bank had a very tight
knit service culture, a hallmark of the Financial Selling Systems philosophy. Needless to say we were impressed. Until the next Mini
M.O.O., make somebody's day!
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Client Corner
FSS is pleased to recognize that our client, Bartow County Bank in Cartersville, GA, was awarded the American
Bankers Association's Marketing Network 2007 First Place Brand Award for institutions under $500 million. Out of 7,706 banks
within this asset size, Bartow County Bank was awarded the top spot for its branding initiatives. Congratulations to the BCB
team!
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FSS Calendar
FSS Chairman and Founder, M. Marshall Weems, will be a keynote speaker at the Southern Financial Exchange's
18th Annual Conference & Expo scheduled for April 21st - 23rd, 2008 in Tunica, MS. Please see http://www.sfe.org/ or call FSS
at 800-332-0937 for additional details.
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