How to succeed as a 360 sales representative in the financial service industry
The financial service industry is one of the most complex and regulated sectors, and selling to it requires expertise, agility, and relationship-building skills.
In this interview, our colleague Mayhadi Kabir shares his insights on succeeding in a 360 sales role, the challenges, and best practices in the financial service industry.
1. Tell us about yourself.
I am a 30-year-old Bangladeshi Sales Director born in London. I have many years of sales experience, whether in fine dining, retail, or, more recently, tech. I have sold data technologies for four years to all major industries across various countries in Europe and the Middle East.
I've been working with Trapets for 12 months, selling a crucial platform called Instantwatch. This platform is necessary for helping financial services fight financial crime and adhere to local and continental regulations.
2. Describe your experience as a 360 sales representative.
Within my role in Trapets, I can nurture a deal from its beginnings all the way to the conclusion.
Whether a prospect is inbound or outbound does affect the probability of agreeing on a deal. This is due to the prospect being able to research before the initial connection.
With a 360 role, you can craft your relationship with your prospect very early and maintain a longer and more meaningful relationship with your prospect.
One of the benefits of the 360 sales role is maintaining a long-term relationship with a client. It allows you to take charge of discussions and be the person responsible for planning and presenting deals during meetings. This way, you can navigate the solutions you want to propose and focus on the details of the problems to offer specific solutions.
3. What is your biggest challenge as a sales representative in the financial service industry, and how can you overcome it?
Due to changing AML regulations, companies need to take time to plan their technology purchases and rarely do it impromptu. This is especially effective within financial services, as time and budget have been allocated specifically through rigorous planning. This means most prospects approach you with a solution in mind; however, sometimes, they may not understand the full capability of the technology.
As salespeople, we should avoid making assumptions and fully understand the prospect's position.
Furthermore, being in this role has allowed me to understand that knowledge is key when speaking to prospects, and understanding the regulatory landscape and the source of customer pain will help you gain respect and help you build a solid foundation for a working relationship with your prospect.
4. Can you share three tips on how to get the knowledge as a sales representative working in the financial service industry?
- Read website/blog articles from reputable sources, such as Capgemini, Deloitte, etc. These articles can provide valuable insights, data, and analysis on the industry trends, challenges, and opportunities. They also help you stay informed and educated on the market and customer needs.
- Use AI tools for research, as they can help you access and understand complex and technical information, such as regulatory directives, industry reports, or product specifications. You can use AI to better understand the latest releases, the implications for your prospects and customers, and the competitive advantages of your product.
- Follow the key companies you're targeting, get reports, and understand their business and gaps. By following the companies on social media, news outlets, or industry publications, you can get a glimpse of their activities, achievements, challenges, and goals. You can also get reports, such as annual reports, financial statements, or case studies, to understand their business performance, strategy, and vision. This can help you identify their pain points, gaps, and opportunities and tailor your solution accordingly.
- Bonus tip: You don't have to do everything on your own. You can also leverage your internal resources and experts, such as product managers, engineers, or consultants, to get more information, support, and feedback. You can also learn from your managers, who may have more experience or knowledge in certain areas or situations.