Lecture Materials RETAIL BANKING Jack Hubbard - … · Lecture Materials RETAIL BANKING Jack...

Lecture Materials

RETAIL BANKING

Jack Hubbard Chief Experience Officer

St. Meyer & Hubbard Elgin, Illinois

[email protected] 847-717-4328

August 2, 2017

1

1 © 2017 St. Meyer & Hubbard, Inc.

Maximizing Relationship Development through Sales and Service Leadership

Jack Hubbard Chief Experience Officer [email protected]

847-717-4328


In Teams §  There are 5Cs of Trust-Based Leadership. What are they?

§  Discuss the sales related meetings that occur at your bank – type,frequency, format, value.

§  What one on ones between the manager and associate are done?What do they sound like from a relationship developmentperspective? How often are they done?

§  Describe the frequency, process and value of your coachingapproach.

§  What sales reports and sales enabling technology are availableand what are some key metrics bankers are measured on?

2


5 Cs of Trust-Based Leadership 1.  C________________________________

2.  C________________________________

3.  C________________________________

4.  C________________________________

5.  C________________________________


3


Sales Culture Versus Relationship Culture SalesCulture Rela,onshipCulture

CustomerService ConsistentCustomerExperience Consulta;ve TrustandValue-Based Involvement(optin) Commitment(allin) NumbersandTickMarks Quality StraightJacket FlexibleConsistency CampaignaJercampaign Sustainability QuickResults UrgentPa,ence Cross-Selling Cross-Solving BusyBank TargetedandFocused ScoreboardStaring ScoreboardGlancing Marke;ng,Opera;ons,ITcontrol Partner TrainingEvents LearningOrganiza,on YourWay(myprocess) OurWay(ClientExperienceProcess) ManageNumbers LeadPeople


Sustaining The Culture – 5 Theo-isms Commitment to Scouting and Banker Development

§  __________________________________ §  ______________________________ §  ______________________________

Living Your Way §  __________________________________

Establish sound decision making §  __________________________________

Interweave technology into coaching moments §  __________________________________

Develop a Winning Culture §  __________________________________ §  __________________________________ §  __________________________________

4


Relationship Development Culture Elements §  The Infrastructure

§  Sales Leadership – Chain of Accountabilities

§  Metrics that Matter


The Infrastructure

§  Hire right

§  Pay right

§  Live the sales process

§  Make technology sales enabling

5


Right People, Right Seats

§  Less than 15% of “superstar” salespeople succeed as salesmanagers

§  Only 19% of effective “hunters” or new business developers areeffective at “maintaining” long-term customers.

§  Less than 15% of “farmers” are comfortable “hunting”

§  Nearly 65% of salespeople who “fail” could have succeeded in the“right” type of sales function for their skills

§  People who hire must ask better questions

www.chally.com


Sourcing, Assessing, Onboarding

§  What strategies are in place to source top candidates?§  How are sales managers sourcing candidates? (War Board)§  What behaviors do top performer’s exhibit and how do candidates

mirror those?§  What behavioral interview questions are asked?§  What role plays are done during the interview process?§  What sales testing is in place?§  Where are your Sales Managers coming from?§  What retention strategies are in place to keep top performers?§  What sales related skills and competencies are expected and are

they built into job descriptions from the top down?§  How are new employees Onboarded when they join the bank?

6


One Bank’s Acquisition Questions

§  How much of your current business has come through your directsales efforts versus the amount you inherited from other portfolios?

§  How do you source and prospect ?

§  How do you secure telephone appointments with prospects?

§  How and when do you bring in partners?

§  How do you find new referral sources and how do you keep mindshare with your COIs?


One Bank’s Retention Questions

§  Talk about portfolio retention rates.

§  Give me an example of how you specifically add value to clients inyour portfolio.

§  What words would your clients use to describe their relationship withyou?

§  How do your stay current with Share of Heart events?

§  How likely is it that you know the COIs and trusted advisors of yourtop 10 clients?

7


One Bank’s Intangible Questions

§  Describe your pre-call planning process.

§  A prospect has suggested they will become your client if you loweryour price. What do you say and do?

§  Describe how you use CRM.

§  Describe your post-call follow-up.

§  Discuss how you use LinkedIn as a value and connecting tool.


Pay For Performance

§  Some Keys to Success• Make it easy to understand

• Let me see how I’m doing

• Tweak don’t change• Pay often

• Manager overrides improve coaching• Avoid the Flea Test

8


The Relationship Development Process

Level 1 – Random Process • Anti-process where bankers do their own thing their own way

Level 2 – Informal Process • Expectation to use the process but no monitoring or measurement

Level 3 – Formal Process • Bank regularly enforces the use of a defined process. Periodic

reviews of the process done to see how effective it is and changesmade based on the analysis

Level 4 – Dynamic Process • Bank dynamically monitors and provides continuous feedback on use

of its formal process. The process is proactively modified when keychanges in market conditions are detected


2017 Relationship Development Adoption

9


Level of Relationship Development Employed


Simple Business Banking Process

Iden,fy&Priori,ze

Opportuni,esGather

Information & Prepare

for Contact

Get Appointed

Make Discovery

Call

Involve Internal Partner,

When Appropriate

Make Anchor

Call

Make Presentation

Call

Implement Solutions

Onboard

Client/ Prospect/COI

10


A Retail Process

Face-to-FaceNeedsAssessmentProcess

On-BoardingProcess

#TellerReferrals

Walk-InOpportunity

TellerWalk-OverOutboundCallingProcess

Total#NewAccountsOpened

Future/NoOpportunity

Lead

14DayAppointment

Total#NewF:FSalesConversa,onsWalk-InOpportunityTellerWalk-OverReferralAppointmentKept

SalesConversionRa,oWin/LossRa;oCross-SellRa;o90DayReten;onRate

Appointment

NoContactFuture/NoOpportunity

NetNewAccountsConsumer/BusinessLoansConsumer/BusinessDepositsOtherFeeIncome

D Total#ClosedAccounts

A

D

C

B


Routines and the Leadership Chain Sustains It

Team Meetings

Check-Ins

Joint Calls/Observations

Coaching Measurement

11


Get To Go Meetings/Group Coaching §  Huddle: 15 Minute pre/de brief

§  Pipeline: 45 Minute strategic view of activities and team results

§  Skill Builder: 45 Minute meeting for specific skill


The Huddle 15-Minute Branch Check Up to:

§  Identify overall gap to goal§  Recognize individual successes (outcomes and activities)§  Identify improvement opportunities§  Strategize improvement action plans§  Determine specific outcome and activity goals for the coming

week

12


B

C

MTD QTDActual QTDGoal YTD PeerAve Top20%ThisWeek

#ofCampaignLeads

LeadConversionRa,o

#ofTellerReferrals

ReferralConversionRa,o

Total#ofProac;veF:FConversa;ons

Total#NewF:FConversa,ons

Win/LossRa;o

Cross-SellRa;o

90DayReten;onRa;o

F:FConversionRa,o

Total#ofNewAccountsOpened

NewRetailCheckingAccounts

NewRetailDeposits

NewRetailLoans

15

0%

3

0%

0

38

21.6%

1.25

86.1%

27%

0

$21K

$52.5K

10

60

4%

15

4.7%

4

598

23.3%

1.2

85.4%

28%

16

$550K

$890K

167

180

4%

45

4.7%

10

1,873

23%

1.18

85.3%

27%

46

$1,880K

$2,650K

508

180

10%

45

10%

22

1,800

25%

1.25

90%

30%

60

$2,100K

$3,000K

540

180

7.8%

45

4.7%

17

1,881

27%

1.3

88.6%

35%

63

$2,550K

$3,680K

660

180

14.2%

45

10.1%

31

1,789

39.6%

1.41

93.8%

56%

78

$4,100K

$5,900K

999

ReferralsToPartners 0 19 83 72 71 91

The Retail Scorecard


Pipeline Meeting Windshield not Rearview §  Meeting Introduction/Review of Success Tip

§  The Week in Review:• Team outcomes – gap to goal• Team activities – gap to goal• Review of wins and learns• Discussion of best practice

§  Sales Conversation Strategies:• Hot Prospect Lottery• Book Review – Learning to Life• Sales Practice in Action• Partner Visit

§  Preview of the Coming Week

§  Success Tip of the Week – LinkedIn Group and three connections

13


Business Banking Rollup Scorecard


Skill Builder Success Factors §  Set agenda ahead – they appreciate and plan§  Isolate the topic – link it to strategic objectives not tick marks§  Prepare one minute of prep to one minute of talk§  Glance at the scoreboard§  Set a positive tone – use icebreaker exercise§  Facilitate not pontificate

14


Skill Builder Success Factors §  Skill drills let you see it – nobody likes it – So?§  Be inclusive§  Prepare your partners§  Videos enhance but they are not a “babysitter”§  Give an assignment§  Distribute evaluation§  Follow-up – connect to other routines


Team Meeting Questions. Ask Yourself… §  How does this meeting connect to our strategic, revenue, and

customer experience objectives?§  What is everyone’s role in the meeting?§  What do I need to prepare to make the meeting successful?§  How will participants prepare effectively?§  How does time invested in attending this meeting compare to other

ways we could use our time?§  When partners attend the meeting, how am I working with them to get

them best prepared for an effective interaction with my people?§  What follow-up will I expect my people to do as a result of this

meeting?§  How will I link this meeting to my other coaching responsibilities?§  How can I continue to make this a “get to” versus a “have to?”§  What would I lose and the team not get if we did not have this

meeting?

15


The Check-In Process

I N F O R M A T I O N

Q U E S T I O N S

EVPRetail

President

TheBoardofDirectors

EVPCommercial

EVPMortgage

EVPTrust

BranchManager

HeadTeller Personal

Banker

Teller

Rela,onshipManager

Originator TrustOfficer

Rela,onshipManager

Rela,onshipManager

Originator

Originator

TrustOfficer

TrustOfficer


Check-In Guidelines §  Schedule in advance and make schedule consistent

§  In person (first), on the phone (second) – never via e-mail

§  Prepare in advance

§  Keep to 15-20 minutes

§  Balance the conversation (You talk 20% - they 80%)

§  Discuss activities, behaviors, and outcomes (use the scorecard)

§  Link to all other sales management routines - ”During our lastcoaching session”

§  Take good notes and create brief action plan

§  Focus on the future, touch on the past

16


Check-In Questions – Resource Manager §  How’s the success tip working? Be specific.§  Discuss your best call last week.§  How many sales ready opportunities did you uncover last week?§  Talk about your prospecting success last week.§  What COI(s) did you reach out to last week?§  What did you do to add value to each of them?§  What did you post on LinkedIn this week? What was the reaction?§  What appointments do you have this week?§  Talk about something you are reading related to sales.§  What joint calls should I be preparing for this week?§  What can I do to help you this week?


Check-In Questions – Personal Banker §  Discuss your Action Plan from our last Check-In.§  Discuss your best customer conversation last week.§  How many sales ready opportunities did you uncover last week?§  Talk about your Onboarding call successes last week.§  When you left voice mails what did they sound like?§  What percent of them were returned and why?§  What service opportunities did you turn into sales/referral

opportunities last week?§  What appointments do you have this week?§  What telephone calls do you plan to make this week?§  Talk about something you are reading related to sales.§  What in branch observation should I be preparing for this week?§  What can I do to help you this week?

17


A Simple Coaching Process §  Isolate

§  Discriminate

§  Observe

§  Communicate (Ask then Tell)

§  Simple Action Plan

§  Connect back to other routines


A=BxC- D

RetailSalesMetricsThatMatter

#F:FMeetings

NetNewAccounts

SalesConversionRatio

ClosedAccounts

(Win/Loss)x(Cross-Sell)x(90DayRetentionRate)o BranchSalesVelocityo TotalNewAccountsOpened/Day/FTEo TotalNewAccountsOpened

Walk-In|Walk-Over|Appointments

o #ofWalk-Overs/Weeko #ofF:FMeetings/Day/FTEo #ofService-RelatedConversations/Dayo Service/SalesConversionRatio

Retail Metrics that Matter

18


B

C

MTD QTDActual QTDGoal YTD PeerAve Top20%ThisWeek

#ofCampaignLeads

LeadConversionRa,o

#ofTellerReferrals

ReferralConversionRa,o

Total#ofProac;veF:FConversa;ons

Total#NewF:FConversa,ons

Win/LossRa;o

Cross-SellRa;o

90DayReten;onRa;o

F:FConversionRa,o

Total#ofNewAccountsOpened

NewRetailCheckingAccounts

NewRetailDeposits

NewRetailLoans

15

0%

3

0%

0

38

21.6%

1.25

86.1%

27%

0

$21K

$52.5K

10

60

4%

15

4.7%

4

598

23.3%

1.2

85.4%

28%

16

$550K

$890K

167

180

4%

45

4.7%

10

1,873

23%

1.18

85.3%

27%

46

$1,880K

$2,650K

508

180

10%

45

10%

22

1,800

25%

1.25

90%

30%

60

$2,100K

$3,000K

540

180

7.8%

45

4.7%

17

1,881

27%

1.3

88.6%

35%

63

$2,550K

$3,680K

660

180

14.2%

45

10.1%

31

1,789

39.6%

1.41

93.8%

56%

78

$4,100K

$5,900K

999

ReferralsToPartners 0 19 83 72 71 91

Retail Scorecard


Sales=AxBxCVelocityD

CommercialSalesMetricsThatMatter

AverageDealSize

#ofSalesReadyOpportunitiesAverageTime-To-Close

Win/LossRatio

o Average-Time-In-Stage

o StageProbabilityToCloseo StageAttritionRateso StageConversionRates

o NewAccounts/Loan

o #ofNewProspectso #ofProspectsWorkingo ProspectConversionRatioo #ofClientOpportunitieso ClientOpportunityConversionRatio

Commercial Metrics that Matter

19


Business Banking Rollup Scorecard


Business Banking Coaching Scorecard

20


Some Questions to Take to the Bank §  How dynamic is our Customer Experience Process?

§  How do we link the process to our routines?

§  How connected are the sales management routines?

§  What are the metrics that really matter for my organization?

§  Do we want a Sales Culture or a Relationship DevelopmentCulture?

§  Do we have the Urgent Patience to make it work?

Lecture Materials RETAIL BANKING Jack Hubbard - … · Lecture Materials RETAIL BANKING Jack...

Documents

Transcript of Lecture Materials RETAIL BANKING Jack Hubbard - … · Lecture Materials RETAIL BANKING Jack...