Mastering Fintech Sales Hiring: Must-Ask Interview Questions

I recently conducted a search for a fintech salesperson, the first sales hire for a start-up. The founder hadn't hired salespeople before and asked for assistance with the types of interview questions he should consider asking, so I duly obliged and thought I'd share some of the advice I provided him. So, if you are involved in interviewing fintech salespeople, or a fintech salesperson preparing for interviews, hopefully you’ll find this article informative. 

Let's remember that salespeople are masters in selling propositions, including themselves, so it is important to generate a comprehensive list of 'deep dive' questions to help;

(1) Understand the nature of sales experience to assess fit for the company.

(2) Differentiate and identify the real top performers, after all every salesperson can't be in the top 10%!

Firstly, I advise gaining an understanding of the nature of each recent sales role using the following structure:

Doing What?

The nature of the sales role, was it pure new business sales acquiring new name logo clients, and/or was there a book of clients to retain and cross / upsell to. So, understand was it a 'hunter' (pure new name business) or a 'farmer' (account management) sales role, or a hybrid of the two.

Also understand the average deal sizes and how long the sales cycles were. Deal velocity is particularly important to understand, because the nature of a low deal volume, 12-24 month long sales cycle solution sales person, can be very different from that of a higher deal volume, 1-3 month sales cycle sales person.

With What?

The proposition(s) sold, was it technology, data or research; and what was the functional area i.e., trading, portfolio analysis, regulatory reporting, risk management or fund accounting etc.

To Who?

The prospect client types i.e., asset managers, hedge funds, wealth managers, or investment banks; and countries sold into.

How Successful?

Ask what their annual sales targets were, and what was attained; how their performance compared to others within the company i.e., where they ranked in the team and out of how many salespeople; If a new business sales role ask how many new logos they closed for the company, and if they achieved any 'first' product or country sales for the company.

Once you have understood the nature of sales roles held it is essential to ask deeper behavioural and situational questions, to arrive at a wholistic view of a salespersons experience and capabilities. The way and depth with which questions are answered will normally help differentiate the true sales professionals with 'real substance' about them, from those that are lesser capable. The following is an extensive list of example questions, too many for one interview, so perhaps pick one or two from each subheading:

Sales strategies

• Explain how data, market research and trend analysis have helped you optimise sales strategies.

• How do you leverage competitor research to inform your own sales strategies?

• Describe a successful sales strategy that you’ve implemented.

Lead generation

• What resources do you use to identify new leads, prospects, and potential customers?

• Describe how you leverage LinkedIn to find and reach new potential customers.

• How do you prioritise sales leads?

• Describe how you collaborate with other company staff to identify sales opportunities.

• How do you work effectively with sales development representatives (i.e., inside sales or lead generators)?

• Talk me through a marketing campaign you have devised and implemented with marketing.

Managing the sales process

• What strategies do you use to build relationships, develop, and maintain trust with prospects? 

• Describe how you manage prospect economic buyers, influencers, and other decision makers through the entire sales cycle.

• What makes a compelling sales presentation?

• What strategies do you use to nurture customer relationships after a sale is made?

• How do you customise your sales approach to different types of customers?

• What processes and tools do you use to track customer interactions?

• What is one of the greatest challenges you have faced as part of a sales process, and how did you address it?

• How do you handle objections from prospects?

• What role does curiosity play in your sales process?

• How do you handle rejection?

Closing

• What strategies do you employ when negotiating?

• Describe a situation when you had to adjust your selling approach in order to successfully close a deal.

• Describe how you handle difficult conversations related to pricing.

• How do you handle objections to close deals effectively?

Motivation

• What motivates you to achieve your sales target?

• How do you stay organised and motivated while prospecting and closing deals?

• In your opinion, what sets apart a successful fintech salesperson from an average one?

Improving sales performance

• How do you stay ahead of the competition when selling fintech products?

• Explain how you use data and analytics to improve sales performance.

• How do you leverage customer feedback to adjust sales strategies and improve performance?

• Describe an example of when you exceeded the expectations of a prospect.

Industry intelligence

• How do you stay up to date on the latest industry developments, trends and technology.

• Explain how you use competitor research to inform your own sales approaches.

• Describe how you help drive product development decisions.

• Explain how you use feedback from customers to improve your sales performance and strategy.

One final bit of interview advice, interview question answers aside, with a salesperson more than other fintech vendor roles it is particularly important to observe the candidate’s behaviour and body language. Do they appear confident? Are they listening attentively? Are they articulate? Is there substance to their answers? Are they asking good questions? Pay attention to these cues as they are indicative of a strong salesperson.

As a hiring manager for the fintech industry, it is essential to identify salespeople who possess the right skills, experience and track record of success. To ensure you hire the best for your company, make sure you understand their previous roles by finding out the nature of sales roles they've held, what they were selling, to whom they were selling, and how successful they were. But then ensure you delve deeper with meaningful behavioural and situational interview questions about their sales strategies, use of industry intelligence, lead generation, managing sales processes, closing deals, personal motivation and performance in sales. By asking the right interview questions you will be able distinguish the finest from the rest, and ensure your fintech sales team is comprised of top salespeople capable of driving business growth!

Good luck with your sales hiring, securing the best salespeople out there really can be a fintech company game changer!

Best, Shawn

P.S. If you like what you've read here are a couple more fintech sales related articles you might find an interesting read, with tips for both hiring managers and job seekers.

 About the author: Shawn Rutter is the founder of Excelsior Search, a market leader in international executive search and recruitment solutions for financial technology (fintech), data and research providers to the capital markets and investment industry across the Americas, EMEA and APAC.

If you are either a fintech executive looking to hire a great sales leader, a sales leader looking to strengthen your sales team with top performing salespeople, or a sales professional open to considering your next sales career opportunity, then please do reach out to Shawn here on LinkedIn or by email.