The foundation of any successful go to market strategy ...
The foundation of any successful go to market strategy ...
You can't have one without the other
A data platform built for expansive data access, powerful analytics and automation
RedSnap Inc. is an agency for fintech branding, marketing & sales. We power fintech growth by aligning your marketing & sales. We develop appealing brands, impactful marketing campaigns and successful sales strategies that truly drive growth. Let’s simply say: we make sure your (potential) clients see you, like you and buy you.
Spending money is easy, sounds fun, and gives people a bit of a rush. So why aren't your potential customers in the financial services industry throwing their money at you? They should be because your product is solving a major problem for them.
But before banks buy your product (or service), you first need to convince the buying committee. The people on this committee make sure that the banks money is well spent. Here is how you deal with them in order to close a deal.
Before we get lost in marketing and sales lingo, let's define what's what:
In general, marketers use buyer personas, and sales use DMU, but it comes down to the same in the end. As long as you understand that sales and marketing must work together to convince the buying committee to pick their product. That means that everybody on the committee needs to be at least neutral, or better: give a thumbs up.
We first need to get to know the buying committee. Think of your individual buyer personas as if you want to date them: you want to know every (cute) little detail about them. In business, this means that you need to know their interests, responsibilities, KPI's, what they read, what their educational level is, some personality traits, etcetera.
This way, you define how to get their attention by offering them great content or support to do their job.
To get a head start, you can first define the type of buyer. Within the financial services industry, you can define four types:
You can't shoot them all, so you have to work with the gatekeepers. Understand what is essential for them and help them get it. The gatekeepers are just doing their job, and from a highly regulated and complex banks perspective, they need these people to do their job well.
All people on the buying committee have their own reasons and views on whether they want to buy your product or service or not. These reasons are often even very personal. Because the people in the buying committee are from different disciplines within the bank, they can have wildly different motives and expert views on the decision.
Your sales team will have to make many different value propositions to these different people within the bank. Four (4) propositions are the minimum: one for the power sponsor, one for the sponsors, one for the users and at least one for all the NO-sayers.
So everybody who says that sales is a walk in the park should realise that it is Champions League level sales if you sell into a bank. It takes hard work and interaction with lots of different people. But oh, the reward of the sale can be so sweet.
In our next blog we will talk about the competition analysis and why you should never underestimate your competition.
Lack of structure and a lot of creativity. Are these the characteristics that come to mind when asked to describe a great salesperson? Not really right? Yet, the best sales people I know in the industry are not very structured, not very organised nor disciplined.
In our article 'From lead to deal: The sales game has changed' we observed that successful organizations changed from controlling the sales cycle to facilitating the buying cycle. This approach requires a deep integration of marketing and sales. For many organizations this is a fundamentally new way of thinking. How can you arrange a successful marriage between marketing and sales?
Welcome to our ‘mind the gap’ article about brand & identity. Let’s first make sure we are all on the same page about the terminology because the language used is often misunderstood. Brand: Your brand is a combination of a visual identity, tone of voice and behaviour - most visibly expressed through your logo, taglines and images used in communication campaigns.
Welcome to our ‘mind the gap’ article about positioning. Here we will discuss the importance of positioning and how it can help you stand out from your competitors. How many times have you walked into a bank to pitch for a piece of business only to be told ‘we already have the functionality you offer’ or ‘we solved that problem a long time ago’.
In this ‘mind the gap’ article we will discuss the value proposition and how it will help your fintech sales efforts in the financial services sector. That is, if applied correctly... Going the extra mile...
Most Fintechs face the same challenges in finding their target audience. They have a fantastic product which solves a problem for a bank. But how do they enter the considerable and risk-averse market of banks? A challenge like this isn’t a day at the beach, or is it?
A lot of fintechs might feel the urge to skip the competition analysis. Simply because they feel they don’t have any competitors. Their product is a unique solution, so why bother with looking at what others do? Well, fintechs should worry because there is always some competition; ‘special snowflake-ness’ is an illusion.
It might come as a surprise to you, but focusing on selling is sometimes the worst thing a sales organisation can do. A much better approach is to focus on the problem you solve for your customers and how can you help them navigate the deal through their own organisation.
Phrases like 'pipeline optimization' that we use in our Sales & Marketing businesses do not always sound exciting. Nevertheless, the topic of pipeline optimization is hot as can be! If you optimize your sales pipeline, you'll find the most effective way from lead to deal. Sounds like a plan, but how do you do it?
Let's have a look at 'Sales Enablement’. There seem to be many misunderstandings about this topic, but most companies don't even notice it.
Sales is like playing tennis. Nobody cares about how many balls you hit, or services you make, how hard you hit the ball or how many miles you ran on the court. At Wimbledon, it is all about the performance: winning the game. And that's the same with winning sales.