Small changes in technique, practice, and effort equal big changes in results
Watching the Olympic Games coverage and the in-depth analysis provided in slow motion by sports physiologists got me thinking about sales process and the variance in results we see between individuals playing the same game. The sports analogy for sales has been used so often because it really does fit. In both pursuits the difference in results comes down to preparation and desire. Preparation is technique, practice, and effort. Desire is that attitude or drive to win.
In financial services we see this play out time and time again, especially in branches that deal in high volumes of clients. Small changes in technique, practice and effort can have a huge impact on results. Take for instance a scenario that happens every single day in most branches: the rate inquiry over the phone. A small shift in attitude and technique will have a huge impact on results. When all you do is respond to the rate call by giving the caller the rate, you get very few appointments, if any. Results are totally rate driven. If you have a great rate, then a lot of people will come in. An average rate, people hang up and keep calling your competitors. Most financial institutions have average rates (competitive, but nonetheless, similar to everyone else).
However, if you respond to the rate inquiry the way we have suggested in this previous newsletter the small incremental changes will produce significant changes in results.
For example:
Take an organization which has 20 branches. Let's say they get 2 of these calls/day asking about investment rates. That's 40 calls/day organization wide and 800/month. By doing a better job on the call you can book 30% of these calls as appointments. That's an extra 240 appointments every month. And you know as well as I do that if someone books an appointment to come in to talk the percentage of time those will convert to sales is high. I'd say at least 80% of these will convert. That's 192 deals! If you think about the average investment (some invest 250,000. some invest 5,000.) - let's be conservative and say the average investment is 15,000. - that's 2.88 million dollars every month, just because we answered the phone differently!
If I told you that you could get an extra 2-3 million dollars next month in deposit money just because you answered the phone differently would you do it? Would you take the time to train your team in the techniques? Would you coach them throughout the month? Would you encourage them when they had a rough call? Would you hold them accountable to doing it properly? The harsh reality is that only a small percentage of managers will actually put in the necessary effort.
The reason the gold medal performance at the Olympics is so revered is because it's so rare. Only a few select individuals get to experience the feeling of being the best in their sport every 4 years. It's only those that dedicate themselves to the countless hours of gruelling training, and mastering of their sports fundamentals, that get to the top. Most sales managers want Olympic level performances from their people every month. Few are willing to put the effort in to get those performances. As a coach I once had used to say, "If you want to dance, you have to pay the fiddler". There's no free lunch.
Whatever cliche you want to insert here the challenge is the same: will you be the person that pays attention to the small details that will make you more successful; will you put in the necessary effort? Or will you be the person that just expects extraordinary results to just happen without any extraordinary effort? Small changes can have a huge impact on performance.