Digitization and Competition Are Driving New Go-to-Market Initiatives
Banks are continuing to face enormous change in this new age of digitization. However, this change has also allowed them to evolve and innovate exponentially, creating a high potential for gains. This applies to B2B banking relationships, as well as retail environments.
Digital platforms are facilitating faster sales cycle times and driving coverage realignments for customer-facing roles. Coverage models of the past are changing and quickly. New virtual client and prospect interactions due to the pandemic have been an additional disruption. Performance expectations and goals, as well as traditional incentive plans that drive these new required behaviors, must be smartly modified.
To take control of the future, banks should assess their strategy, structure and management roadmaps and consider the following go-to-market imperatives:
- Prioritization of prospects within market segments
- Develop new RM capacity and GTM teaming models
- Streamline sales process and messaging
- Leverage cross-selling and usage of product specialists
- Redesign commercial model enablement
- Realign incentive compensation
Using our proprietary research and benchmarks, Alexander Group can help:
