Those Somali pirates are a wily bunch. While pirate attacks off the coast of East Africa are down, the average ransom is up. Most of the increase can be attributed to going after more modern ships and with better negotiating tactics. The Economics of Security research initiative looked at 179 hijackings and interviewed professional pirate negotiators to see what can be gleaned. The results were not only interesting; they hold the keys for bankers looking to negotiate bank acquisition, a branch purchase, product pricing or a loan workout.
While lots of bankers study and pride themselves on selling, few banks train in “team sales.” Like playing a team sport, one-on-one selling is different than when selling as a team. To the extent your bank uses a “client action team” or group of bankers representing different products to bring over a big client, improving your team sales technique can turbocharge performance. In this article, we look at six, often overlooked ways, your teams can boost its commercial client conversions from prospect to customer.