Posted by Ned Miller on Thu, Aug 26, 2010 @ 10:29 AM
As a high school basketball player I heard my coaches repeat certain messages day in and day out. On offense we were encouraged to “hit the open man.” On defense our coaches told us to “see the man; see the ball.”
As a consultant I have observed how sales coaches effectively deliver messages to their teams. Recently one senior commercial banker remarked to his boss, the bank president, that he was impressed by how Chris frequently reminded them of the importance of the sales process that the bank had embraced. Chris repeated the three word summary that they had heard in all the training sessions: “Identify, plan, execute.” He felt that the repetition was valuable.
What makes for an effective message? In my experience the best messages are clear, concise, and consistent. Wells Fargo, which has long highlighted the importance of cross selling as a driver of profitability, uses the phrase “Eight is great.” Bankers throughout the company know by heart that this is one of the keys to the bank's success. It is short like “hit the open man,” it is easy to remember, and my guess is that it does keep people on track.
The messages that your sales team needs to hear from you should be equally pithy and memorable. In this environment, many bankers are reluctant to prospect; some come up with a litany of reasons why prospecting is difficult. “I'm too busy.” “We’d just turn them down.” “There's no demand for loans.” “They're happy with their current bank.”
Setting aside for a minute the possibility that some or all of these are true, you still need to let people know that prospecting is a critical sales behavior. How can you deliver that message?
Certainly, you can take advantage of your weekly meetings. If you want to drive home the importance of acquiring new clients, some portion of your meeting should include a discussion of prospecting. In addition, your weekly sales reports should also differentiate between calls on customers and prospects. Discussions of pipeline opportunities should do the same.
The power of your messages regarding prospecting can be amplified by other members of your organization. For example, if the bank CEO or the head of commercial banking uses the same terms and phrases in conversations with all team members, your message is likely to stick.
So my advice is to spend some time brainstorming with other sales managers what specific messages your team needs to hear today. Boil them down to three or four that you want to use over the course of the next 3 to 6 months. Like the banker who recognized the power of repetition in the phrase “Identify, plan, execute,” you may begin to see changes in people's thinking and behavior.
But remember that you may have to repeat yourself a lot. That's what basketball coaches do to make sure that their teams remember what they need to at crunch time.
Interested in more on coaching? Check out our archived webinars at http://mzbierlyconsulting.webex.com or visit our blog for more articles at http://www.mzbierlyconsulting.com/bank-sales-corner-blog/
Posted by Ned Miller on Thu, Aug 19, 2010 @ 05:18 PM
I don’t know whether this assessment (which is shamelessly adapted from the Gallup Q12 ) will get me into trouble with Gallup. But my guess is that if bankers tasked with acquiring clients answer it honestly and then—and this is important—talk about it with their managers, some good things might develop. Let me know what you think at nmiller@mzbierlyconsulting.com.
Answer True or False
- I know what is expected of me when it comes to acquiring new clients.
- I have the materials and equipment I need to prospect.
- In the last month, I have received recognition or praise for doing good work on new business development.
- There is someone at work who encourages my development as a salesperson.
- A big part of my job involves bringing in new client relationships.
- My associates are committed to prospecting also.
- In the last six months, someone at work has talked to me about my progress in prospecting.
- This last year, I have had opportunities at work to learn and improve my skills in business development.
You can download our recent article on “Getting in the Door: How to Work with Gatekeepers” by going to http://www.mzbierlyconsulting.com/getting-in-the-door-with-prospects. For more information about our resources on prospecting, call Whit Midkiff at 727-741-0766.
Copyright © 1992-1999 The Gallup Organization, Princeton, NJ. All rights reserved.
Posted by Ned Miller on Fri, Aug 06, 2010 @ 01:27 PM
So are there any bank CEOs out there who don’t say people are their most important asset? Probably not, but most bankers wouldn’t dis motherhood and apple pie either.
But how those assets are doing is rarely discussed publicly, unless you’re Dick Kovacevich, the retired CEO of Wells Fargo. For a number of years their annual report included a brief discussion of their ongoing effort to gauge the level of satisfaction and engagement of their employees. They use the brief survey instrument developed by The Gallup Organization-- the Gallup Q12– which emerged from Gallup's pioneering research over the last two decades with thousands of organizations. According to one Wells annual report, the bank’s employees are “satisfied and happy in their work by a ratio of seven to one, in the top quartile, about four times the national average for all workers.”
If you’re not familiar with the twelve measures of employee satisfaction, you can skip to the end of this piece now. What has always been scary to me about Gallup’s statistics is the percentage of the American workforce that is “disengaged” --the number I’ve seen is about 26%. These folks are not just bored or underemployed; their negativity makes me wonder whether they’re going to go postal some afternoon. (OK, I’m exaggerating here, but stay with me.)
What struck me was how many of the twelve indicators can be influenced by good managers. If you are guiding a sales team, your efforts on all save #10 (see below) would be crucial. Giving people clear direction; providing the tools and training needed; coaching week in and week out; making sure people are in the right positions—it’s all there and, if you believe The Gallup Organization, it all matters.
I don’t know how the Wells’ numbers compare to other banks’. What I do know is that if sales managers work hard at supporting the individuals on their teams, good things will happen, including:
- Lower staff turnover
- Higher customer satisfaction
- More consistent sales results over time
So how engaged are your sales team members today? And more importantly, what are you doing about it?
Here are the Gallup Q12:
- I know what is expected of me at work.
- I have the materials and equipment I need to do my work right.
- At work, I have the opportunity to do what I do best every day.
- In the last seven days, I have received recognition or praise for doing good work.
- My supervisor, or someone at work, seems to care about me as a person.
- There is someone at work who encourages my development.
- At work, my opinions seem to count.
- The mission or purpose of my company makes me feel my job is important.
- My associates or fellow employees are committed to doing quality work.
- I have a best friend at work.
- In the last six months, someone at work has talked to me about my progress.
- This last year, I have had opportunities at work to learn and grow.
Copyright © 1992-1999 The Gallup Organization, Princeton, NJ. All rights reserved.
For information on how MZ Bierly Consulting can help your sales teams reach higher levels of engagement and results, email Ned Miller at nmiller@mzbierlyconsulting.com or call 610-296-4772. Go to our website www.mzbierlyconsulting.com for information on programs and services.
Posted by Ned Miller on Wed, Jul 28, 2010 @ 04:50 PM
Some of our clients believe that Branch Managers should take the lead in managing the top small business relationships in their branches. Others think that the Branch Managers should also allocate a percentage of their time to prospecting in the microbusiness and professional segments. That strategy can work, but only after addressing a number of issues:
* Many Branch Managers have a limited understanding of how businesses operate. In their meetings they tend to shift the conversation too quickly toward bank products and services.
* Most of their interactions with business owners have been reactive; they are not as comfortable proactively calling on companies where there may be no immediate need for their products or services.
* Branch Managers have limited knowledge about business products, outside of DDAs, cash management and merchant services.
* They don’t get enough “practice” calling on businesses. (In our opinion, unless a Branch Manager is making at least 4 or 5 scheduled business calls a week, he probably isn’t going to get either comfortable or effective.)
* Their bosses often have the same background and aren’t particularly adept at coaching outside business calls. They often defer to business partners to coach their teams in that area.
* Branch Managers often get mixed and conflicting messages about priorities. (Is my job to sell products or build relationships with business customers? Should I spend more time in the branch or make more calls?)
For insights into how banks are addressing these and other issues, visit our website to download a recent presentation on “Guiding Branches to Small Business Relationships” at http://www.mzbierlyconsulting.com/landing-page-temp-0/
Posted by Ned Miller on Wed, Jul 21, 2010 @ 01:40 PM
Almost every banker I know is behind on his loan goals. Here are four things you can do to improve your chances of booking more assets in 2010:
Differentiate between Sales Strategy and Credit Strategy.
- Credit is a solution to a need. How the solution is positioned, discussed, and matched to both short-term and long-term needs is selling.
- A high-performing salesperson does two things:(1) Ensures that what a decision maker “says” is his need “really is” his need and (2) Shows how the approved loan really is a match for the determined need.
- Determine your sales strategy before you begin the term sheet, not after it languishes: To whom am I selling? What are their jobs? What are their needs/interests/values? How do I change my sales approach to meet their value systems?
Discuss regularly with your Sales Manager the types of business that match your bank's credit quality and profitability objectives.
- Study your market. Focus on the businesses that best match your business objectives. Be clear about your bank’s credit appetite for certain types of business. If you’re unsure how a credit opportunity will be received, have a pre-flight discussion with your credit partners.
- Before you push out a term sheet talk through your pricing strategy with your manager. How aggressive can you be?
Manage Your Market, not Just Relationships.
- You are a market manager, managing growth in all sources of business from customers, prospects and COIs.
- Your objective is to grow wallet share and market share.
- Face-to-face is the best way to sell. Get out from behind your desk.
- Behind great bank Relationship Managers are great administrative support people. Get the support you need.
Think Like a Business Owner.
- Your job is to understand the owner and his business and anticipate his needs. Write RFPs, don’t respond to them.
- Educate your customers and prospects. Share ideas and recommendations. Be a resource to your customers and prospects.
- Sell at the right level. Decision makers and influencers have different value systems. Get in front of decision-makers early in the process.
If you have questions about how we help commercial and business banking sales teams through onsite sales training, webinars and consulting, call Ned Miller at 610-296-4772. Check out our website http://mzbierlyconsulting.com for more ideas on how to generate more loan opportunities. You can sign up for our blog at http://www.mzbierlyconsulting.com/bank-sales-corner-blog. Recent topics include:
- Business Development Doesn’t Take a Vacation: 9 Ideas for Bankers
- Preparing for a First Call
- The Five Mistakes Bankers Make on Sales Calls
- How to Ask Customers for Referrals
Posted by Ned Miller on Wed, Jul 07, 2010 @ 10:04 AM
Have you just returned from a short vacation and found 630 e-mail messages waiting for you? You might just be interested in these eight suggestions on how to cut down on e-mail from a recent book entitled The Tyranny of E-Mail:
- Think before you send it. Is it really necessary?
- Don’t check it first thing in the morning or late at night. Who are you trying to impress? There are enough workaholics out there.
- Check your e-mail twice a day. OK, that may not be possible in your current job. But how about once an hour?
- Keep a written to-do list that includes e-mail messages you need to send. Do it all at once.
- Give good e-mail. Keep them short. Use the subject line. No silly “Thank you” messages.
- Read the entire incoming e-mail before replying.
- Do not debate complex or sensitive matters by e-mail. Call or better yet, walk down the hall and talk face-to-face.
- Schedule media-free time every day. LinkedIn, Facebook, YouTube, e-mail—there are other ways to connect with people. And other things to do with your life.
Agree or disagree? Let me know any ways you’re coping with the deluge of e-mail at nmiller@mzbierlyconsulting.com.
If you’re interested in tips on how bankers are using letters and e-mails to get in the door with prospects, check out a recent article by Ned Miller at http://www.mzbierlyconsulting.com/getting-in-the-door-with-prospects.
Posted by Ned Miller on Tue, Jun 22, 2010 @ 05:05 PM
Heading to Italy for two weeks in August? Working on getting in beach shape for your vacation? Trying to get your golf handicap below 10? Reading the complete works of John Updike?
Whatever you plan to do this summer outside of work, here are some business development ideas for bankers:
- Do something nice for your best customers. I'm not talking about sending them tickets to a baseball game or a concert, although that's not a bad thing to do. Let them know you're thinking about their business. If you have something specific in mind-maybe something that would improve the way they manage their cash-visit them. If you don't, visit them anyway.
- Bone up on the competition. Mystery shopping is not just for branches. Use your network of customers and prospects and COIs to find out what your top competitors are doing with their business customers. Share your insights with your colleagues.
- Take a product partner to lunch. Get to know your Cash Management rep better. See if he knows anybody on your prospect list. Pick your Wealth Management contact's brain about what she's seeing in the market.
- Do some industry research. Not the First Research or RMA kind-everybody does that. Visit some trade association websites to see whether you can learn some things that will make you more knowledgeable about the issues facing your customers and prospects. Attend a trade association meeting.
- Meet some friendly accountants. Review all the financial statements you have received this year and see whether you know all the CPAs who prepared them. If you don't, ask your customers to set up a lunch so you can meet them.
- Write an article for a local business publication on a topic that would be of interest to your prospects. Milk it for all it's worth. Before mailing it to the editor, send it to your customers and prospects for comments. After it's published, get a PDF of the file and share it with everybody you know who might be interested.
- Review your relationship plans with your Sales Manager. What, no relationship plans? Send me an email at nmiller@mzbierlyconsulting.com and I'll get you a template that you can use.
- Keep improving your professional skills. Be honest with yourself about what you need to work on. If you're a credit wiz who struggles with selling, sign up for a webinar or buy a book on prospecting. If your product knowledge is sub-par, get some tutoring from one of your colleagues. Lousy at negotiating? Take a course.
- Show your prospect list to your satisfied customers. And to your COI buddies. You might be surprised how inclined they are to help you with your business development efforts. According to a Greenwich survey a few years back, over 65% of business customers would be willing to refer their bankers to others. Most are never asked to do that.
Summer is a time to recharge your batteries. But it's also a time to refocus your energies on how to retain your customers and acquire new ones.
Looking for a suggestion on how to jumpstart your prospecting efforts this summer? Check out our archive of recorded webinars on prospecting at http://mzbierlyconsulting.webex.com/ or call Whit Midkiff at 727-741-0766.
Posted by Ned Miller on Thu, Jun 17, 2010 @ 10:14 AM
If you want to read magazines on most domestic plane flights, you better bring them on board yourself. That is, of course, with the exception of your complimentary, monthly in-flight infomercial.
The May 2010 issue of USAirways' journal touts itself as "the magazine that connects you." It's not clear to what-maybe the guy who filled out the crossword on page 100.
I confess to skimming these things in search of a laugh. More often than not the chuckles these days come from advertisements. No matter how often I see it, I always read the one for the Rosetta Stone language course that entices a Midwestern farm boy to study Italian to be able to seduce a movie starlet on the Via Venetto. OK, anything that gets Americans studying foreign languages is a good thing, but really, guys...
Then there's Quickgym. Four minutes on this contraption (a value at $14,618) will get the same results as:
- 25 to 45 minutes of cardio training
- 45 minutes of lifting weights
- 20 minutes of stretching
The ad always lists how a typical buyer passes from total skepticism to a near religious conversion in less than 30 days.
If only it were so easy. Mastering anything-a sport, a second language, sales-is hard work. It may start with a dream-6 pack abs, fluency in another tongue, big commissions-but it always takes time.
In his book Talent Is Overrated Geoff Colvin says that 10,000 hours is the ticket to virtuoso performance in the arts or sports. In his view the difference between great performers and the rest of us is time and deliberate practice.
What does this mean for bankers interested in improving their sales results? Quite simply, don't be duped by the ads promising easy paths to success. If you want to master the techniques in a sales course, be prepared to use them over and over. Four minutes a day isn't enough: by my count it'll take about 417 years for you to become great using Colvin's measure.
Our next webinar is on June 28 and is on Negotiating Price. You can register by going to http://mzbierlyconsulting.webex.com. Or for a complimentary consultation on how we may be able to assist your sales teams, call Whit Midkiff at 727-741-0766.
Posted by Ned Miller on Mon, May 24, 2010 @ 08:43 AM
A survey conducted by Greenwich Research a few years ago revealed that nearly 50% of business customers had not been on the receiving end of an effective sales call from a banker in the preceding 12 months. That had been our experience at MZ Bierly Consulting. The sales calls that bankers had made on us had been uninspiring, unmemorable and unlikely to lead us to move our business. Until last Monday.
Some bankers think that the first call is all about developing rapport with the customer and spend too much time shmoozing. Others think that because business owners are typically pressed for time they need to cut to the chase and start talking business quickly.
Experienced bankers know that taking the time to get to know a prospect is very important. They also realize that by the end of a first meeting they need to find at least one valid business reason for the prospect to agree to see them again in the not too distant future. How do you do both in the first call?
It begins with how you sell the initial meeting. If your normal approach is to say something like "I just want 10 minutes of your time," good luck. Generally speaking, a first meeting with a business prospect takes about 60 minutes. In that amount of time, you can begin to build a relationship and identify possible needs that could provide the basis for a series of follow-up meetings.
Some bankers protest that they could never get an hour with a business customer. "They're too busy to spend time listening to me talk about banking products." Exactly. That is why the first call has to be about them, not about you and your products. Business owners are usually prepared to talk about themselves and their business. You will find that the same folks who have little time for bankers pushing products will spend time answering your questions about how their business works.
Listen to what impressed Buck Bierly about the call that two business bankers made on him last week. It's all true. Click on this mp3 file: HOW TO IMPRESS A BUSINESS OWNER: BUCK BIERLY
For more information on how to conduct a first call on a prospect, go to http://www.mzbierlyconsulting.com/keys-to-an-effective-first-call-on-a-prospect.
You can also find out more about our recorded webinar series on prospecting by going to http://mzbierlyconsulting.webex.com/ or emailing Ned Miller at nmiller@mzbierlyconsulting.com
Posted by Ned Miller on Sun, May 16, 2010 @ 06:09 AM
In case you missed it, the U.S. Post Office is in trouble. Until 2006 the Postal Service made an annual profit. But since then, a falloff in mail, in large part because of the ascendance of e-mail, has led to losses which this year will be in the neighborhood of $7 billion.
The Postmaster General is considering a number of cuts to reduce the budget gap. He's also investigating the possibility of adding more products, including some new direct mail tools for small businesses.
I have a modest suggestion for patriotic bankers. It won't make a huge dent in the deficit, but it might help you stand out in the crowd. Start using snail mail to communicate with customers and prospects.
I realize you can't wean yourself off of email entirely. But why not mix it up, particularly with those marketing "touch" pieces that you send to stay top of mind? A recent economic forecast or a particularly good industry assessment can get lost in anybody's e-mail box. Attach a handwritten note to a snail mail salvo may take a little longer but might just get through the clutter.
By some accounts George H.W. Bush got elected President because of his prodigious personal note-writing on the campaign trail. Legendary car salesman Joe Girardi religiously sent postcards to his customers, often with nothing other than his name and a scrawled "Thank you." Did this lead to more referrals? Joe was convinced that it did.
Yes, you say, but this is another time. We have LinkedIn, Facebook, Twitter. But think for a minute: If you want to be different, why not send that hard to reach prospect a letter? The same thing could be said of faxes-they're rare enough these days to stand out too.
See you at the post office.
Agree or disagree? Send me your comments at nmiller@mzbierlyconsulting.com.
Sign up for our blog at http://www.mzbierlyconsulting.com/bank-sales-corner-blog. Recent topics include:
- Preparing for a First Call
- March Madness
- Prospecting for Bankers: Get a Coach
- How to Ask Customers for Referrals
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