The banking, financial services, and insurance industry is going through profound changes making it more diverse and competitive. Evolving customer behaviour, the growing impact of the Fintech industry and digital advancement have emphasised the need for digitally empowered extended enterprises. It includes sales teams, partner networks, distributor networks, agents, branches, franchises etc.
As the majority of revenue still comes from extended enterprises in the BFSI space. Sales acceleration platforms help bridge the gap between sales and marketing teams. With an omnichannel approach to scale business across different channels, such platforms create a more valuable customer experience, improve customer acquisitions and generate better revenue.
Companies with aligned marketing and sales teams are 67% more efficient at closing deals. (https://review42.com/)
The below-mentioned steps can help translate into an accelerated sales performance, higher brand recall and augmented lead conversions for the sector:
Sales and marketing alignment- Both sales and marketing teams have a common goal to increase revenue, but they often lack the necessary alignment. Hence, a well-integrated sales acceleration platform can play a crucial role in bridging the gap by providing easy access to sales and marketing material to keep customers engaged. Creating centralised compliance approved content repository that’s available on both mobile and web makes it easier to access it anytime and anywhere, also share it with end customers whenever required.
84% of sales executives cited content search and utilisation as the top productivity improvement area. (http://g2.com/)
Create consistent customer experience: Banking, financial services, and insurance companies must endow their sales teams with best practices and knowledge to go beyond the limited number of overachievers. Hence, providing necessary enablement, resources and training material to help sales reps communicate the value proposition of the products and services better for more sales closures.
If your sales reps don’t feel they are learning and growing in your organisation, you’re at risk to lose upwards of 60% of your entire workforce within four years. (http://g2.com/)
Accelerating digital sales reach: With changing landscape, BFSI companies need to speed, adapt and understand the changing customer behaviour. To improve their digital sales process and reach, companies need to meet their customers’ expectations and empower their extended enterprises digitally. With well-planned strategies, bespoke campaigns and tools, sales reps can engage with their diverse customer base based on their journey, need and interests at different stages of the sales cycle.
Global digital transformation in the BFSI market is expected to reach $164.08 billion by 2028. (Allied Market Research)
Data and Analytics: To create a better customer experience online, data and analytics act as an integral part of digital transformation, and data-driven actions can lead to improved business performance and better business decisions. Analysing various customer touchpoints across different digital platforms can help optimise marketing campaigns that can drive better business results for both BFSI companies and extended enterprises.
Personalisation: As the demand for innovation is intensifying customers expect creative solutions that can create a personalised experience for them. Hence, sales acceleration platforms can help generate that experience through targeted marketing campaigns and offers based on customers’ interests and desires in the buying cycle.
Personalisation can drive up to 15% revenue growth for companies in the financial services sector. (McKinsey&Company)
Considering the structural changes BFSI sector is embracing greater technological innovations and integrations. They are slowly adopting the new ideas and capabilities to future-proof their business, create a better customer and employee experience, generate more sales and stay ahead of the competition.
Views expressed in this article are the personal opinion of Samit Arora – The Founder of SalesPanda.