Q&A: How to Build Data-Backed Sales Playbooks

Over the past several months, both Capital Performance Group and IBISWorld have helped banks and credit unions streamline their sales process by developing sales playbooks. These playbooks ensure that banking sales professionals are all in concert with one another and using the right tactics to differentiate their institution from the competition. IBISWorld’s Vice President of Commercial Banking, Matt Murphy, recently met with Ally Akins, Consultant at Capital Performance Group, to discuss how institutions both large and small are using more standardized sales practices to prospect better customers and close more deals.

Ally: Matt, I know we’ve both talked to a number of our clients about sales playbooks lately, but many banks and credit unions probably still have their Relationship Managers doing their own thing, with varying results, and might not be familiar with this concept. Before we look at what a sales playbook might include, what is a sales playbook and how is it used?

Matt: A sales playbook for business banking is a strategic guide that equips your sales team with the knowledge and tools to win more business clients. It acts as a roadmap, outlining best practices and data-driven strategies for every stage of the sales process, from prospecting to closing deals. They can be incredibly helpful in ensuring that your sales team members are properly trained and following the same steps for success.

Ally: That makes sense. Why are playbooks useful to business bankers?

Matt: Data-driven playbooks take the guesswork out of selling. By analyzing customer data, sales trends, and competitor insights, you can tailor your approach to resonate with specific business needs. This leads to more qualified leads, improved win rates, and a smoother sales journey for both banks and potential clients.

Ally: Improved win rates always sound nice, but often easier said than done. How do you build a sales playbook? Who is responsible for building one?

Matt: In our experience, a senior leader (Chief Lending Officer, Chief Banking Officer) will often guide an institution's sales strategy, but even if the salespeople aren’t all using the same playbook, a smart salesperson will stick to a system and routine that they can apply to all customers. The playbook itself is often a cheat sheet that reps can have handy when making calls or attending client-facing meetings. At IBISWorld, most of our experience is in providing the insights to customer industries that help position the banker as a trusted advisor, but Capital Performance Group has actually helped institutions build these from the ground up. What are the key elements of a business banking sales playbook?

Ally: When we work with clients to build sales and marketing playbooks, we focus on a few key elements:

• Target Customer Profile - Who is our target and what are they like?
• Value Proposition - Why us?
• Lead Management Workflow/Sales Stage Guide
• Sales Tools and Resources
  • Sales Scripts - Templates for effective communication during calls and meetings.
  • Data Sheets and Brochures - Information-rich materials showcasing your banking solutions and their advantages.
  • Case Studies - Real-world examples of how your bank has helped businesses achieve success.
  • Sales Presentations - Pre-built presentations that effectively communicate your value proposition.

Matt: That’s a nice 4-step process. Simpler is probably better when it comes to implementing a new sales process, but how do you ensure your playbook stays effective?

Ally: Regularly review and update your playbook based on new data. Track key metrics like lead generation and conversion rates to see what's working. Encourage feedback from sales reps on the playbook's effectiveness in real-world situations and how often they are utilizing it.

Matt: What data could be used to boost business development efforts?

Ally: Data empowers reps to personalize their communication. For example, knowing a business's industry allows reps to highlight relevant banking solutions and success stories from similar companies. Data on common objections can help prepare strong rebuttals.

Matt: I’m obviously happy to hear you mention industry research as being key to a sales playbook, but what types of industry insights? Is there other data that should be included as well?

Ally: The more data the better! Just kidding, there can definitely be a tendency for data overload, but we would recommend focusing on a few key pieces. 

• Customer Data - Demographics, industry trends, pain points, and banking history of target businesses.
• Sales Performance Data - Win rates, average deal size, conversion rates at different stages of the sales funnel.
• Market Data - Competitor offerings, industry regulations, and economic factors affecting business banking needs.
• Engagement Data - How businesses interact with your marketing materials, website, and social media.

Matt: How can that data be customized for different campaigns and business targets?

Ally: Depending on the campaign’s target, this data can be customized by sales-size, revenue size, credit need, client life-cycle, and industry. This data enables sales and marketing campaigns to be personalized to the exact target you are hoping to convert, making sales and marketing campaigns more efficient and successful. 

Matt: Thanks, Ally. Certainly helpful for myself and IBISWorld users to see where industry information like ours can fit into a broader sales strategy.

Ally: Having accurate and relevant customer and prospect data like what IBISWorld can provide by industry dramatically amplifies business banking sales campaigns. We’re excited to see what’s next!

Matt Murphy is the Vice President of IBISWorld’s Commercial Banking Division. For the past 10+ years, he has worked with financial institutions of varying shapes and sizes, helping them to better understand the industries they sell and lend to. With their database covering 1,400+ different industries, IBISWorld is the largest provider of industry research, including industry trends, call prep questions, financial benchmarks, and risk ratings.

Ally Akins is a Consultant with Capital Performance Group. CPG has provided management consulting to the financial services industry for the past 20 years, specializing in Strategic Planning, Marketing, Sales, Finance, and Distribution. CPG helps clients to make data-driven strategic decisions and optimize internal resources to get the most out of their marketing and sales efforts.