What’s the situation?
Traditionally, financial services firms used producer-led programs to add value to their bottom lines. But many haven’t had to rely on these channels to grow their market reach, and increase demand.
According to new research from market analysts at SiriusDecisions, financial services firms are facing a new shift in market dynamics, as greater power moves to consumers, who aren’t afraid to shop around.
This essentially puts buyers in a position to dictate what they want, rather than relying on financial services firms to deliver new products, or for producers to tell them what to choose.
What does this mean for financial services?
According to a sales enablement research brief from SiriusDecisions, financial services firms now have to adopt a “growth through recruitment” approach to managing their market expansion.
Because the buyers can dictate the types of solutions they want, it puts many of these organizations at a disadvantage. Put simply, many firms are too large to effectively communicate on a one-to-one basis.
To overcome these challenges, organizations are growing their market reach by empowering their producers to drive demand.
Producers have the personal contact and in-depth understanding of customers that enable them to build product packages more effectively. And, with the right tools and training, they can actively assist the suppliers by accessing new and developing markets.
This is similar to the shift in demand seen recently in the B2B IT industry—where channel partners have taken on the role of growing demand on behalf of IT suppliers.
Why channel partners need dedicated support
Many producers in the IT industry initially struggled to take on this shift in responsibility. While these partners excelled at dealing with customers, many lacked the time, resources, staff and marketing skills to effectively drive demand on their own.
Without specialized support, partners could not make the most of demand generation opportunities.
SiriusDecisions put forward a suggestion to financial services firms—stop charging producers for marketing collateral, start giving them access to actionable demand-generation assets, and support the process along the way.
In this article, co-authored by SiriusDecisions and Elastic Digital, we noted that savvy IT suppliers developed dedicated programs to help enable their partners. These programs gave partners the tools and training that let them effectively engage with prospects to grow demand. And, in many cases, these programs were provided as sales incentives—not as purchasable options.
A three-step program for lead generation in financial services
The process itself was broken down into three key parts:
- Targeting Prospects
- Subject Matter Expertise
- Lead Management
Over the next three weeks, we’ll be taking a look at each of these steps in detail, and seeing how they relate to Elastic Digital’s proprietary solutions.