Who is afraid of Product Push?
I'm Tom Debus, helping one of the world‘s largest Wealth Managers to design their sales development approach. And since then, I helped a number of sales management executives, possibly just like you, to leverage their data and their people to exceed their client‘s expectations.
You may feel like all the data hype is an exaggeration and that the trained and experienced relationship manager can always outperform technology. But in your guts and in your records, you can feel that this is not true anymore. I agree that tech without the human is worthless, but just emotions without the data start to be obsolete as well. So recognize the sign of the times and make your data work as hard as you make your teamwork.
Don’t aspire to get it right on the first trial. It’s normal and it happens to everyone. Be patient. Don‘t crave that flashy, blinking colorful dashboard with lots of measures, when you‘re not clear what to do with it. Rather, look out for two or three measures that can really make a difference to your team’s performance. And when it gets really really frustrating at some point, and it will, have a drink.
The biggest mistake asset managers and private bankers make is thinking that personalization can only be achieved by expanding your teams and having more diligent people working harder and longer… and I'm here to tell you that there is nothing further from the truth. Think about it - how often have you seen large sales teams parachuted over a quiet and relaxed mid-sized bank to "reinvent banking" or to "revolutionize the advisory process"? It most often ends in sunk money and lost career opportunities and relationship managers that laughingly toast their little black contact books and damn the latest CRM fad. To succeed you'll have to make your sales team successful.
By the way, here is your Asset Management Product Push best practices document for download. Congrats - it’s a big deal!
I suppose you need it, because your asset management company may be in the middle of client engagement analysis or re-evaluating your approach to sales targets. Or your targets simply don't pan out as they used to. In any case, let me wish you a lot of patience and lots of luck.
Just remember - sales is the perfect storm of emotional intelligence and hard calculus. When you get into the eye of that storm everything seems to be calm. Then suddenly, you feel like everything is falling apart and nothing is ever going to move.
If you agree with me that in this day and age that data is one of the most powerful resources you have, you will likely find it helpful to learn how data-based approach could address the negative implications of the "product push" behavior within the wealth management industry.
Download the summary here.
Using data and staying focused is the key and you will definitely get happier clients and that highly engaged sales team soon!
P.S. If you are about to engage your sales team, you might find this article useful or listen to our podcast.