Integrate Sales and Marketing

Reps must be taught to gather this type of information, document the interactions, personalize the sales process to each individual's needs, and finally sell in the most effective manner that that individual prospects wants to be sold to. People do want to be sold to; they just don't want to be pushed. When we excel in all of the above our brokers will be first in mind when prospects decide to convert to our services.

 

There are systemic and deep-rooted issues that need to be addressed and resolved. Suggested "fixes" must be supported and maintained by every level of management in order to succeed. The solution must form part of the culture - from the top down.

 

The inability to “close”, “convert”, or failure to “ask for the sale” may be symptomatic of other underlying problems and must be addressed immediately. Ultimately, this behaviour may be borne out of a lack of sales expectations by management.

 

Asking for the order is obviously a vital part of the selling process. This is where self-confidence is most needed; a confident salesperson will ask for the order with a determined attitude. The prospect must feel confident that he's doing the right thing and believe he's dealing with a trusted rep.

 

Lack of sales process knowledge and associated techniques may be the root problem:

• Inability to educate, cultivate and build confidence for new potential clients
• Inability start relationships or be consistent with ongoing sales communication
• Lack of creditability in the buyers' eyes toward the rep
• Inadequate compensation plans to motivate reps
• Lack of process for reps to follow in converting various lead sources
• Lack of patience from seasoned brokers to nurture new prospects (and new employees)

Program design and problem identification should include both management and representatives; a feedback loop for collecting win-loss information should be implemented. Buy-in at a very early stage is critical if the process is going to have long term successful.

 

Producers should be recorded for training purposes. Indexed training tapes can be used to fast-track NEW reps through actual two-way calls with REAL contacts. All recordings can be catalogued with RCM lead numbers; any interactions will be available online, so that the conversions and best practices can be modeled or monitored by anyone seeking to improve their production. Training modules should be created for futures, FX, managed futures, prospecting, qualifying, platform walk-throughs, and soliciting trade recommendations.