Banking: Go-to-Market Trends and Initiatives
Digitization and Competition are Changing Banks
As banks shift their go-to-market (GTM) models in response to digitization and increased competition, revenue leaders are left with several questions about “how” and “how fast” to change. Balancing the pace of change, sorting the GTM options and simultaneously driving revenue growth is complex.
In the recent Alexander Group Banking Industry Survey of over 50 U.S. banks, data shows that there is consensus on GTM priorities. Based on banking engagements and the recent survey, the following highlights were extracted:
- Improving sales processes, value messaging and sales tool adoption rank as prominent initiatives
- GTM coverage investment towards new customer acquisition is now outpacing retention roles but hybrid hunter/farmer and x-selling models remain highly prevalent
- Transitioning from virtual to in-person client interactions remains a challenge because new sizing and workload models of teams must first be resolved
- Product specialists and inside sales are the leading roles for leveraging growth, however, other roles still rank as significant drivers
- Selling led by insights, compelling business cases and speed of delivery ranked highest as customer preferences
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