Compliance and sales aren’t two words you necessarily put together. Like Compliance and Marketing teams, they are often seen as being as similar as chalk and cheese.But good governance is more important to the business development process than you might think. And not just because it can avoid you falling into the regulator’s bad books.
Here we look at the four big reasons why good governance is important to business developers – and what you can do to work more closely with your team to achieve your objectives.
- Compliance means a strong corporate reputation
Your firm’s brand is built on your reputation for ethical client service, trustworthy products and services, and a consistent high quality approach.
A compliant ethos is central to all of these. In fact, it should be an essential element of your brand strategy, as our whitepaper explains.
And in a sector where many companies are not easily distinguished in the eyes of consumers, brand identity is essential. We explore this in more detail in our blog on why brand identity is more important for financial services firms.
So with governance an essential ingredient for a strong brand, and brand needed in financial services more than other sectors to give you a sales edge – there’s one good reason.
- Getting it right avoids complaints and penalties
It’s estimated that misconduct – which largely means mis-selling – has cost the UK banking £53bn in the last 15 years. And with complaints to the Financial Ombudsman on the increase you need to be surer than ever that your processes meet the regulator’s standards.
Fall short, and you not only risk financial penalties and the potential for your promotions and products to be pulled. You also risk harming your corporate reputation – which as we’ve seen, is pretty essential. It’s also something that takes a long time to repair once damaged.
- A consistent brand does some of your selling for you
You know how much harder it is to sell to someone who has no knowledge of your firm. Conversely, how much easier it is to ‘push at an open door’.
Your brand is the tool that gets that recognition. Ensuring consistency in your presentations, proposals and pitch documents amplifies your corporate brand. Logos are the right size and colour; you use the right font; on-brand imagery supports your messages.
The recognition this builds among prospects can’t be underestimated. But if using your brand correctly is too difficult, it’s all too easy for these elements to fall down.
A centralised asset library – where you can download the latest versions of brand guidelines and collateral – can help here. You will be able to easily find the correct brand assets, and your sales documents will get approval first time.
Branded corporate templates can help too, making it straightforward to create compliant documents in less time.
- Compliance saves you time
Might sound contradictory – surely the need to get approval adds time to the business development process? Not necessarily if your processes are efficient.
If you have an online slide library, where approved content can be locked down to ensure you can find up-to-date corporate data and stats, you can produce sales materials quicker.
And when they go for approval, you can be confident that your ‘right first time’ approach means faster sign off.
Plus of course it’s far quicker to get approval and ensure your presentations and proposals meet regulations from the start, than it is to potentially withdraw and re-do them.
So there you are – four pretty compelling reasons why compliance is important to Sales.
You can read more about how to create compliant sales presentations – in terms of both brand and regulations – in our download. 7 top tips for creating compliant sales presentations has lots of advice and shortcuts that will enable you to produce compliant presentations faster and more easily.