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How can you persuade decision-makers in a retail bank to buy your product?

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Selling a product to a retail bank can be challenging, especially if you are not familiar with the industry, the decision-makers, and the pain points they face. However, with some research, preparation, and persuasion skills, you can increase your chances of closing the deal and delivering value to your client. In this article, we will share some tips on how to persuade decision-makers in a retail bank to buy your product.

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Know their goals:

Research the bank's strategic objectives. Tailor your pitch to align your product with their specific needs, such as improving customer satisfaction or reducing costs.### *Build trust:Position yourself as a trusted industry expert by sharing valuable insights. Offer benchmarking data or market research to demonstrate your knowledge and commitment to their success.

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John Deacon

FSI Strategic Account/s Director at…

1 Understand the bank's goals

Before you pitch your product, you need to understand what the bank's goals are and how your product can help them achieve them. For example, are they looking to increase customer satisfaction, reduce operational costs, comply with regulations, or innovate their services? You can find out this information by doing some online research, talking to existing customers, or asking open-ended questions during your initial contact. By showing that you understand the bank's goals, you can tailor your pitch to highlight the benefits and features of your product that are most relevant and valuable to them.

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John Deacon

FSI Strategic Account/s Director at Broadcom Software (NASDAQ: AVGO) | Modernise. Optimise. Protect.
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A retail bank will spend if it is something on their pipeline of work. This will mean it is improving the customer engagement, simplifying through rationalisation or automation, giving a strategic advantage over their competitors ie. greater market share or reducing the cost to deliver the service, protecting the bank and its customers (cyber and privacy) and the biggie… regulatory compliance. At the end of the day banks make money from interest and fees only. Aligning to their innovation and ‘change the bank’ strategic plans is a great start to your sales planning.

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2 Identify the decision-makers

In a retail bank, there are usually multiple decision-makers involved in the buying process, such as senior managers, IT staff, compliance officers, and frontline employees. You need to identify who they are, what their roles and responsibilities are, and what their pain points and preferences are. You can use tools like LinkedIn, industry reports, or referrals to find out this information. By identifying the decision-makers, you can target your pitch to address their specific needs and concerns, and also build rapport and trust with them.

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Fred Cadena

Problem Finder | Digital Transformation Strategist | C-Suite Advisor | Speaker | Podcaster | 13x Salesforce Certified | At The Intersection of FinServ & Technology
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Equally important to identifying the decision makers, is identifying and building a relationship with a champion. Champions can provide you with insider insight. They understand the needs, challenges, culture and stakeholders within the organization & can advise on the best way to position your solution. Champions can help make introductions to key decision makers and influencers you have not yet connected with. Perhaps most importantly, champions help you build consensus fro the inside. They can rally support, address concerns, and communicate the value proposition internally when you aren't in the room.

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3 Demonstrate your credibility

One of the main challenges of selling a product to a retail bank is to overcome their skepticism and resistance to change. Retail banks are often risk-averse and conservative, and they need to be convinced that your product is reliable, secure, and compliant. To demonstrate your credibility, you can use testimonials, case studies, or references from other customers in the same industry or segment. You can also show your expertise and knowledge by using industry jargon, providing data and evidence, and answering questions confidently and accurately.

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4 Show your differentiation

Another challenge of selling a product to a retail bank is to stand out from the competition and show your unique value proposition. Retail banks are exposed to many products and solutions in the market, and they need to see why yours is better or different. To show your differentiation, you can use comparisons, contrasts, or stories to highlight the advantages and benefits of your product over the alternatives. You can also emphasize how your product fits the bank's goals, needs, and culture, and how it can provide a positive return on investment.

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5 Address objections and concerns

Even if you have done your homework and presented your product well, you may still face some objections and concerns from the decision-makers in a retail bank. These could be related to the price, the implementation, the support, or the results of your product. To address these objections and concerns, you need to listen actively, empathize, and acknowledge their point of view. Then, you need to provide clear and concise answers, solutions, or guarantees that can overcome their doubts and fears. You can also use trial closes, incentives, or urgency to move them closer to the decision.

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6 Follow up and close the deal

The final step of persuading decision-makers in a retail bank to buy your product is to follow up and close the deal. You need to maintain regular contact with them, provide additional information or value, and ask for feedback or confirmation. You also need to monitor the progress of the buying process, identify and resolve any issues or delays, and coordinate with other stakeholders or influencers. When you sense that they are ready to buy, you need to ask for the order, confirm the details, and thank them for their business.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Oluwaseun Lijoka

Lead Non-Oil Export and Agric Business @Nova Bank Ltd
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Drawing on my banking experience, I understand the intricacies of our retail clientele. To persuade decision-makers, I tailor my approach—linking our product to the bank's goals. I share real success stories, showcasing how it elevates customer satisfaction and boosts profitability. By aligning the product with industry trends and regulations, I position it not just as a solution but a strategic asset. The personalized narrative I craft emphasizes not only value but how our product can uniquely propel the bank ahead in the competitive retail landscape.

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How can you persuade decision-makers in a retail bank to buy your product?

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1 Understand the bank's goals

2 Identify the decision-makers

3 Demonstrate your credibility

4 Show your differentiation

5 Address objections and concerns

6 Follow up and close the deal

7 Here’s what else to consider

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