How do you track sales performance metrics for banking relationships?

The value that a bank can bring is in the matter of how banks relieve the people's worries. In case of an incident (securities) a lot of administrative-repetitive work has to be done while banks-securities have all of this info. At that moment the bank has to bring service by focusing on unburden people.

An effective method to track banking sales performance metrics is a core analysis of a combination of benchmarks including (but not limited to) Sales Cycle, Aquisition Costs, Volume (flows), Prospecting & Speed of Sale. Collaboration with internal teams is crucial for the analyst.

Customer satisfaction is tricky to truly measure as most clients really think about this once: a. something went really well or, b. something went terribly wrong. Nobody goes to a bank for fun, unlike hospitality/retail or leisure industries. So it more preventing bout terrible experiences and making it easy to do business with a bank. NPS is not great for this, as would you a dinner party really promote a bank to your friends? ( more likely a new phone, restaurant of holiday) Focus on Customer effort, and NPS after a complaint

Customer satisfaction is always the #1 objective. Tracking sales performance metrics is crucial for banks to assess the effectiveness of sales strategies, identify areas for improvement, and drive growth. Key metrics include customer lifetime value (CLV), customer acquisition cost (CAC), sales conversion rate, average deal size, customer retention rate, net promoter score (NPS), revenue per employee, meeting attainment rate, win rate, and customer satisfaction score (CSAT). Analyzing these metrics provides valuable insights to inform strategic decisions, optimize sales processes, and achieve long-term profitability.

Tracking sales performance metrics and customer satisfaction in banking involves identifying key metrics like new account openings, cross-selling rates, loan sales, deposit growth, and customer retention. Collect data through surveys, CRM systems, transaction analysis, and social media monitoring. Use tools like Salesforce, SurveyMonkey, and Tableau for data management and visualization. Regularly generate reports and dashboards to analyze trends and performance. Implement continuous improvement based on customer feedback and performance analysis. Benchmark against industry standards to stay competitive. Without company values, the most important metric, the rest won’t matter.

CLV is underestimated. We value SaaS companies so highly as they lock their clients into a lifetime of monthly payments. Their value is basically their cashflow multiple by X ( 5 -20 times) For banks, the ability to work with & for a client for a true lifetime is worth a lot. (Imagine servicing a client from the age of 16 to 76) Keeping that relationship should be key.

Tracking sales performance metrics for banking relationships to determine customer lifetime value (CLV) involves several key metrics. Proven favorites include Customer Acquisition Cost (CAC), Average Revenue Per User (ARPU), Customer Retention Rate, Churn Rate, Average Customer Lifespan, and Cross-Sell/Upsell Rates. Collect data using CRM systems, financial systems, customer surveys, and behavioral analytics. Use analytical tools like Tableau and Power BI for cross-referencing data. Creating dashboards and regular reports is essential for continuous improvement. Using feedback to refine products, target high-CLV customers, and enhance customer retention strategies reaps future benefits and makes the upfront work worth it!

From my experience CAC is often an overlooked, yet crucial metric when evaluating sales performance. Essentially, this metric can be used to measure ROI and the key consideration is whether the potential return is worth the upfront acquisition cost. Not all customers produce the same lifetime value, thus being intentional about the amount of time and cost invested in an acquisition relative to the average lifetime return for the customer segment will likely increase ROI over time. For example, customers with a high return are usually sought after in the market meaning they require more investment to acquire. However they may not produce the margins required to invest in the increased acquisition efforts.

Tracking sales performance metrics for banking relationships regarding customer acquisition cost (CAC) involves several key steps: 1. Data collection on marketing expenses, salaries, commissions, and other costs associated with acquiring new customers. 2. Segmenting customers by acquisition channels (digital, referral, branch). 3. Sales Funnel analysis on the customer journey from initial contact to conversion, noting drop-off points. 4. Cost calculation on the total costs and divide by the number of new customers acquired. 5. Performance monitoring using KPIs like cost per lead, conversion rates, and lifetime value to assess efficiency. 6. Continuous improvement analyzing data to identify trends, optimizing processes, and reducing CAC.

CRR is an essential metric that allows businesses to evaluate the effectiveness of its efforts in keeping existing customers satisfied and engaged. It’s an indicator of: -customer loyalty -product cost effectiveness -churn reasons -measure of customer success efforts

Implementing a comprehensive Customer Relationship Management (CRM) system can aid in tracking and analyzing these metrics effectively. Monitor the revenue generated through bank relationships, including fees, interest income, and other financial products. Evaluate the health of your sales pipeline by tracking leads, opportunities, and deals in progress. Measure the success of cross-selling additional products or services to bank customers. Gather feedback to gauge customer satisfaction related to products or services acquired through the bank.

To maximize cross-selling and up-selling ratios as a Customer Success Manager, it's essential to deeply understand your customers, nurture strong relationships, and tailor recommendations to their specific needs. Proactive communication, education, and monitoring product usage are vital. Offer data-driven, bundled, and incentivized solutions, supported by social proof and clear goals. Collaborate with sales and marketing, gather customer feedback, and stay updated on industry trends. Always prioritize customer success and satisfaction, ensuring that any additional products or services genuinely benefit them, resulting in higher usage ratios.

The ratio of cross-selling to up-selling depends on various factors including the nature of the business, customer base, and product range. Ideally, a balance is sought where both strategies are employed effectively. • In industries with a wide range of complementary products, like retail or technology, cross-selling might be more prevalent. • In sectors where products have clear upgrades or premium versions, like automotive or electronics, up-selling might be more dominant. A successful sales strategy often incorporates both, using customer data and behavior insights to tailor recommendations. This personalized approach not only boosts sales but also fosters customer loyalty and satisfaction by making them feel understood and valued.

For such applications, a proper structured and customised CRM software can help, if properly used. However metrics need to be defined first - what needs to be measured and the various ratios on CSI,total customer base vs services and so on..

The referral rate is a tricky measurement, as comparison sites have made it too easy to compare prices. Typically clients stay with their bank or choose for example a new mortgage based on the best rates. By offering referral options to clients, you stand the risk of just bothering them with emails/mails etc which they will never use. Often a client is asked" how did you hear from us" and has to choose an option. You have to wonder how many clients just click on something. Is that data even correct?

Creating a culture of measurement: Encourage a mindset of continuous improvement and data-driven decision-making within your sales organization. A regional bank noticed that their customer retention rate was declining. Upon further analysis, they discovered that customers who had only one or two products with the bank were more likely to churn. In response, the bank implemented a training program to teach their sales staff how to identify and cross-sell additional products to these customers. As a result, the bank's customer retention rate improved significantly.

Le parcours client ( Customer service Journey) , un indicateur qui permet de connaître le temps qu'un client passe au sein de la Banque.