Weekly Newsletter - 10.16.2024

Open Banking + Generative AI: Your New Money Mentor

Author

Zihan Lyu
October 16, 2024

Editor’s Pick 🌟

Sales is changing fast, and Hive Perform is at the forefront of this evolution. At the recent Innovate to Win: Sales Enablement Summit, industry leaders shared their two cents on what's working (and what's not) in today's sales world.

We’re bringing fresh takeaways from the summit:

◾ Perhaps the most sobering statistic shared was that only 20% of sales reps are hitting their quotas in 2024.

◾ Tom Lavery, CEO of Jiminny, noted that 60-70% of the buying process occurs without salespeople, emphasizing the importance of adapting sales approaches.

◾ Kelly Hagerty from G2 stressed the significance of buyer intent data, with over 56% of organizations having purchased AI platforms in the last quarter.

Forget the lone wolf approach. The future of sales focuses on building resilient, adaptable teams rather than individual "superhero" salespeople.

Laura Keith, CEO at Hive Perform, advocated for a human-centered design approach in sales. Her recipe? Spot real problems, test ideas, and let the data do the talking.

The summit reinforced Hive Perform's commitment to equipping sales teams with essential tools and insights for success in this evolving sales landscape.

Industry Insights 🔮

Generative AI and open banking are transforming customer engagement in banking. Olly Downs highlights AI-driven personalization, bridging traditional and digital banking, and enhancing marketing strategies. The future lies in personalized banking products, despite challenges in data consolidation, emphasizing customer engagement for long-term value.

Sales training programs often fail due to unclear objectives and lack of reinforcement. To ensure lasting impact, focus on executive sponsorship, customization, engaging learning experiences, reinforcement plans, and ongoing coaching. These factors enhance skill application and improve sales performance, aligning training with organizational goals for sustainable success.

Spoiler: It's not just about fancy tools or running a one-time training session. It’s about giving your sales team the ongoing support, resources, and coaching they need to thrive.

Think of it like a gym membership for your sales skills—you've got to keep showing up to see real results.

◾ Training alone doesn’t fix everything

◾ Tech is cool - human coaching is crucial

◾ Sales enablement is for EVERYONE, not just newbies

The goal? Closing better deals, faster.

Read more, comment, repost, Hive Perform wants to hear from you.

Generative AI is transforming sales training by automating tasks, enabling data-driven insights, and personalizing programs. It saves time, allowing sales teams to focus on strategic activities. However, security concerns and misinformation risks must be managed. Generative AI enhances efficiency but cannot replace human empathy in sales.

Aligned sales and marketing teams achieve 80% success in meeting yearly goals, according to the H2 2024 State of B2B Pipeline Growth report. Overcoming budget constraints, leveraging AI, and adopting a branded demand approach are key strategies. Alignment fosters high-quality leads and effective brand-building.