This week, Dani and Ned chat about the different methods and mindsets that are key to selling wealthtech.
Across the wide range of sales jobs that Ned has done, he finds that doing sales for Bambu has been the most enjoyable. What sets Bambu apart from his previous jobs is the agency he has, being able to change and improve the products he is selling. Thus, there is a sense of fulfilment and drive from not only being able to sell a product, but also improving it.
Diving into the discussion on sales, Ned raises two main ways to sell wealthtech. First, spend time building up your technology and proceed to sell it. This method is time-consuming and highly dependent on getting things right the very first time. It is certainly possible and has been done before, but Ned recommends another technique. Instead of investing time and money building tech, build nothing and sell. Rather than presenting a product to clients, present an inspiring idea that can be fulfilled with sponsorship from the client. This is the approach Bambu worked towards at the start of our business. For this to be successful, time and commitment spent on selling your brand is critical.
Ned believes that to be in sales; one needs to have relentless positivity and belief. While cold calling might be dead, the mindset of going out there and talking to as many people as possible needs to be alive. For Bambu, getting our brand known in the market was essential, driving us to participate in every competition and attend every conference. On the digital side, creating a series of company podcasts, writing blog articles, and attending webinars was just as important for us. By working hard to grow Bambu’s name, we successfully expanded our presence and attracted many clients. The assumption of having many failed attempts does not equate to a failed product or service. Patience is key as the right person is out there, you just have not found them yet; something Ned truly believes in. One piece of advice is to keep pressing on. Rejections will happen, but do not take them personally. Often, you might just be at the wrong place at the wrong time.
Lastly, the angle of your messages for your brand and products are vital in marketing. One of our mistakes was emphasising that we had the best technology and design, and we highlighted our tools. Ned explains why this is a mistake through an analogy of a gardener.A gardener who is hired to tidy a garden does not emphasise on his shovel, rake, or machine. He sells the idea of the final outcome which is a beautiful garden. Based on this analogy, we can learn that financial institutions pay more attention to the final outcome rather than the tools you have. Their main interest is creating the best digital wealth experience for their customers. In that case, what you should be selling is not your tools, but the ability to make their clients happy and improve the experience of your clients.
