KYC is a term in Financial Services and is a requirement within the Wealth Management world around understanding your client and their goals / objectives to make sure their portfolio matches those goals re asset mix versus what makes the broker the most money. I would like to borrow the term to talk about KYC challenges I see with sales forces around the world.

I probably get to stand in front of 1,000 sales reps and leaders from around the world on an annual basis. As we work with them to shape their sales strategy and tactics, what becomes readily apartment is most of them do not know nearly enough about their clients [or prospects] to be able to guide the client in a different direction from what they may have always done or where they may be headed. This is a common challenge to be certain, but why do we care about this?

In the absence of having clear knowledge about the client, their strategy, their goals, their trends, their key metrics, their markets, their customers, their competitors, etc. we tend to lead our sales conversations with what we do know. We lead with OUR products and services or OUR company. We become a product in search of a solution.

Not surprising, your clients are less interested in you [and your stuff] than you may think they are. What they are interested in is what is happening around them, the key trends, what others are doing and the outcomes they are achieving. This forces most reps to think differently about what they are selling. It is about creating different outcomes for their client. This drives a different level of preparation in advance of the client conversation. Correspondingly this helps raise your peoples’ business acumen. These are two areas of common rep weakness that we see all the time that have a significant impact on your sales results.



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