The financial services industry has survived a swath of massive changes: the digitization of operational workflows and financial products, a shakeup in the banking sector, staff reductions, and growing regulatory pressures. Yet it remains an increasingly client-centric industry.
Amid these changes, financial services firms have had to adapt to changing client expectations around digital experiences while addressing heightened competition. According to The State of Sales Enablement in Financial Services, a research study conducted by Highspot and Sales Enablement PRO, 62% of respondents believe the sales process has become more challenging over the last 12 to 18 months.
One way to solve these challenges is to look at revenue enablement systems – and strategic enablement processes – to help financial institutions better prepare to weather any storm and face challenges head on. By equipping revenue teams with the best content, training, coaching, and analytics, enablement helps financial services organizations remain competitive while building loyalty, improving client interactions, and driving revenue.
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Enablement is a growing priority within the financial services sector
Revenue enablement strategies are an increasingly integral part of the modern tech stack for the financial services industry. Sales enablement company Highspot surveyed 100 professionals in financial services across banking, accounting, investment management, and insurance to better understand the role enablement plays in efficiency, productivity, successful business outcomes, and revenue growth.
The survey found that organizations that use enablement tools are eight times more likely to have highly engaged advisors. This is pivotal because engaged teams drive sales productivity. Currently, 66% of financial services firms have a dedicated enablement person, program, or function, while 22% have this in the plan for the coming year. This investment signals that financial services firms understand that client-facing professionals need the tools to know what good behavior looks like in sales and business development and want to be able to replicate that behavior across their teams.
Repeatable tactics increase win rates
Developing trust and relationship-building are critical in the financial services industry, and an important way to support these goals is by creating a personalized sales experience. According to the report, 34% of respondents believe clients today have increased expectations around the client experience and personalization. But this remains one of the biggest issues for revenue teams, as nearly 20% struggle with delivering a strong client experience and customer retention. However, many enablement professionals believe they can change these stats, with 18% listing customer retention as a top enablement goal.
In an environment where personalization and trust are key, financial services firms need access to the right enablement tools to ensure the operational rigor is there to deliver high levels of productivity and win repeat deals. Enablement can also help advisors cultivate the high-quality engagements clients seek through repeatable tactics and templates that include messaging and information that resonate and help build meaningful connections with clients.
For example, the report found that organizations that leverage enablement to create Sales Plays (a set of repeatable steps for advisors to use during a specific customer scenario) report 3% higher win rates. At a time when financial services firms need to do more with less, and need their client-facing teams to excel, not having a sales enablement strategy or function leaves revenue on the table.
Driving consistency and the right content delivers results
In financial services, providing prospects and clients with a consistent experience starts with giving them the right content. 31% of financial services companies utilize content management tools, and organizations that find content tools to be highly effective in supporting sales efforts report a 9% improvement in win rates.
To improve sales productivity, advisors must have accurate, relevant, and compelling materials and content exactly when they need it. Not only is quick access to the right content key but providing context, including understanding how to best utilize it, is also key. Revenue enablement technology can provide a consistently positive experience by streamlining the process of managing and governing content so that advisors have the materials they need at their fingertips.
Data in the report shows that to drive increased win rates, companies find implementing a sales enablement strategy is imperative – in the financial services sector and beyond. Investing in a revenue enablement platform eases the sales process for client-facing teams, their managers, and prospective customers. By implementing efficient enablement strategies, streamlining access to content, and training and coaching advisors toward a highly engaging and personalized experience, client-facing teams can increase productivity, reach their goals, and drive revenue for their organizations.
The State of Sales Enablement in Financial Services report surveyed financial professionals across the globe to understand what sales enablement looks like at their organizations and how it is impacting their businesses. The report takes a closer look at insights from roughly 100 professionals across accounting, banking, insurance and investment management.
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