Chief Sales Officer
eCapital
By James Poston
Anyone trying to predict sales trends at this time two years ago would have, most likely, been wildly off the mark. The last two years have impacted the specialty finance industry in significant ways, and while we still don’t know for sure what the future will bring, I believe some trends are emerging that will become stronger and more apparent in 2022. And, as they say, hindsight is 20/20, so I think we also need to look back to predict the trends moving forward. The COVID-19 pandemic has changed how we connect to partners and build relationships. By adapting to a new work environment, we have become more resilient and resourceful, which has helped us be more flexible. Below are five trends I believe we can expect to see in the next year.
Trend No. 1: The Evolution of Relationship Building
The pandemic has made it very clear that we can still do business and build relationships without meeting face-to-face. We started to do it out of necessity, but now we have the chance to take what we have learned and what we did before the pandemic to create a new hybrid approach. A blend of traditional relationship building — like meeting prospective clients at trade shows, events and dinners — and relying on technology to continue to build rapport in a virtual environment via Zoom or Microsoft Teams calls is the way forward. As sales leaders, we have the opportunity to reimagine not just how we connect to partners but how our relationships are formed. We’ve proven that seeing someone’s face — and sometimes their kids and pets — on a screen can be a great way to maintain a relationship because we all know the best relationships are personal, and any opportunity we have to build a connection allows us to see our clients and understand them. One of my best clients is also one of my oldest, a relationship forged not by the transaction but by building a multi-decade relationship. The opportunity to meet with contacts in person or via video, or even with a phone call, increases our connection points. We can build deeper and more lasting relationships as we expand our touchpoints with valued partners.
Trend No. 2: Multichannel Approach
The last 20 or so months have also highlighted the need for a strong, multichannel B2B approach. Intelligently and strategically planning, understanding financial and industry trends and targeting your audience across a mix of channels is key. In today’s environment, where our potential customers and partners are working in new ways, utilizing a variety of channels to effectively reach them allows sales teams to build and maintain connections seamlessly.
Technology enables us to better understand our prospects, customers and partners. Innovations in business intelligence mean we can quickly and effectively access information that helps us better understand their needs, which leads to more impactful and profitable relationships. Effective sales are built on a strategy that leverages your resources to help solve for a problem. As sales leaders, we must take a holistic approach and consider more than a customer’s overall business — not just their immediate needs — for our solutions to be of value.
Trend No. 3: Data and Transparency
The digital transformation of our industry isn’t new; it’s been happening for years, and I think we’ll see that continue in 2022 in even more significant ways. Data analytics are going to be not just helpful but vital to building business. Sales teams will continue to analyze data to identify trends and use those insights to increase the effectiveness of their outreach and business efforts. For example, we’ll use data to constantly define and redefine targets and allocate resources efficiently and effectively. Customers have increasingly high expectations for service, and they want access to information easily and quickly. Lenders will move toward digital front-end systems to provide transparency, real-time information and data for potential and existing customers as well as referral partners. Companies will continue to use data and technology to make account work easier and faster and, with more administrative operations automated, salespeople will be able to focus on providing even better client service and more value for their clients.
Trend No. 4: Diversity
As teams become more mobile, sales leaders building out teams will be able to look beyond geography to find the best people for roles. This is just one reason we will continue to see an increase in ethnic and gender diversity in our industry. It is already becoming more reflective of the population, and that will continue at a more rapid rate. Not only is it the right thing to do, it’s good for business. Research has consistently shown that companies with greater degrees of gender and ethnic diversity perform better. For example, according to McKinsey, financial service companies in the top quartile for gender diversity on executive teams were 21% more likely to outperform on profitability and 27% more likely to demonstrate superior value creation and companies in the top quartile for ethnic/cultural diversity on executive teams were 33% more likely to have industry-leading profitability. More diverse opinions, perspectives, ideas and skills will help propel our industry forward, appeal to the next generation of employees and help in employee retention. It will also benefit sales teams because people want to do business with people they relate to.
Diversity and culture have long been important to eCapital’s team but never so much as during the pandemic when we have been unable to connect in person. Maintaining regular virtual department events and checking in on team members will continue even as we go back to the office, as many employees will continue to be remote at least partially due to new mobility options and tools. Building a sales team is not done with people and targets; it is the chemistry of the team, the leaders you entrust with their roles and the continuous listening and responding to feedback that creates a positive and productive work environment.
Trend No. 5: Optimism
We haven’t had a whole lot to be optimistic about since the pandemic began, but I think that tide will start to turn in 2022. Sales teams will be motivated and excited to get back to in-person events and connect with people in live settings once again. Many businesses will focus on recovery and growth and are look to the future with new goals. Overall, we have a new appreciation for things we took for granted, and I think we’ll see that come to life in our industry.
As an industry, we will shift into a new normal. In 2022, we will embrace and appreciate the value of in-person meetings as much as we build on connections via video conferencing. We will continue to adapt swiftly to the changing business climate and understand that the most successful people in our industry will leverage technology to help us bridge any divides. While nothing is certain for 2022, it is clear that our industry is resilient and ready to embrace new opportunities and tackle all challenges.
