Posted by Ned Miller on Tue, Feb 07, 2012 @ 10:19 PM
Many senior bank executives question whether their sales managers have what it takes to get the job done. Some banks are redoubling their efforts to train and coach their first-line sales leaders on how to develop their commercial and small business teams. Others are actively recruiting management talent. The smart ones are doing both.
If you’re a sales manager, here are 10 mistakes you don’t want to make:
- Managing everybody the same way.
- Administering your bank’s sales process rather than leading it.
- Thinking that you can be successful from behind your desk.
- Forgetting about coaching the top of the sales funnel while helping your RMs close important business.
- Failing to provide ongoing refresher training to your teams.
- Letting average-performers develop their own prospect lists.
- Not strategizing with people about their top customers and prospects.
- Assuming that because you’re always available for quick informal coaching, you don’t need to schedule 1on1 coaching sessions every few weeks.
- Not coordinating with your line of business partners to keep conversations moving forward on non-credit products and services (e.g. Treasury Management, Investments, Capital Markets, etc.)
- Not maintaining contact with bankers whom you would like to hire, even if they’re happy where they are.
Webinar Alert: If improving the productivity of your branch managers is a priority for your organization, you might be interested in our new three part webinar series. The second webinar on February 27 is on “Building and Sustaining an Effective Branch Sales Organization.” For more information, go to http://www.eventspan.com/event/2012-02-27-building-and-sustaining-an-effective-branch-sales-organization.
Posted by Ned Miller on Mon, Jan 23, 2012 @ 09:12 AM
- Knowing how to do something is more important than knowing what to do. (Lots of bankers talk a good game; you want players.)
- If you’re not having an impact on the business, you’re not doing your job as a Sales Leader. (You have to lead your bank’s sales process, not push paper.)
- Don’t expect a CRM solution to create a sales process. (Build a process then buy a system that supports it.)
- Keep studying your competition. Learn how they sell. (And if you find yourself losing to any individual RMs consistently, try to hire them.)
- Strategizing with your team members on prospects starts before the term sheet is in the works. (You have to vet prospect lists and discuss strategy on a regular basis.)
- Recruiting top quartile performers can’t be left up to HR recruiters. (Build your own short list of top-performers—see #4 above.)
- Sales training “events” rarely produce sustainable results. (It’s what you do afterward that matters.)
- Reviewing why you won or lost a deal is important for everybody. (And don’t believe for a minute that “it’s always about price.”)
- Selling is changing. (Prospects expect more preparation and clear signals that you can add value to their business.)
- People + Process = Results. (If you have a good process but mediocre talent, you’re going to struggle.)
- Not all line of business partners are created equal. (80% of the qualified referrals usually come from 20% of the partners.)
- You have to keep sharpening your skills. (What are you doing to make yourself a better coach? What are you reading this year? What courses are you going to attend?)
Webinar Alert: If improving the productivity of your branch managers is a priority for you and your organization, you might be interested in our new three part webinar series on “Branch Manager as Inside Sales Coach and Outside Business Developer.” For more information, go to http://www.eventspan.com/event/2012-01-30-branch-manager-as-inside-sales-coach-and-outside-business-developer.
Other upcoming live webinars include:
- Opportunities in Health Care (February 13)
- Getting More Out of LinkedIn: Banking on Relationships (March 12)
And don’t forget what’s available in the archive—over 30 sessions on a variety of topics including the following:
- Coaching Commercial RMs in Challenging Times
- Is Adding Value Just About Cutting Price?
- The 7 Mistakes Bankers Make in Prospecting
You can register for a recorded webinar at https://mzbierlyconsulting.webex.com.
Posted by Ned Miller on Mon, Jan 16, 2012 @ 11:09 AM
Here are some good insights from a recent blog post from the Sales Training Connection ( http://salestrainingconnection.com/) on how sales training is changing:
- The best-in-class programs focus on skills such as partnering, selling to the C-suite, and account management.
- High-performing organizations see their sales teams as one way to differentiate themselves in the market place and have concluded that front-line sales leaders are critical to improving performance.
- Team members can’t rely on what worked for them in the past. Old dogs will be asked to learn new tricks and keep current with state-of-the-art tools and techniques. “They will constantly need to adjust, modify, and upgrade their skill sets—learning new skills and learning to apply their existing skills in new buying environments.”
- Salespeople need to be prepared to share an informed point of view in business conversations with their customers and prospects.
- Product knowledge training is undergoing significant changes with the availability of real-time support tools that can be delivered to mobile devices.
- As prospecting becomes even more difficult, training programs will focus more energy on top of funnel activities like lead generation and qualifying opportunities.
The days of objection resolution clinics, trial closes and pitching products are (thankfully) over. It’s a new world out there, and your sales training has to evolve to make sure that your team members can compete.
Is training branch managers a priority for you? For information on how to improve the ROI on training branch managers, check out our white paper at http://www.mzbierlyconsulting.com/a-winning-strategy/.
Webinar Alert: You might also be interested in our webinar series on “Branch Manager As Inside Sales Coach and Outside Business Developer.” For more information go to http://www.eventspan.com/event/2012-01-30-branch-manager-as-inside-sales-coach-and-outside-business-developer.
Posted by Ned Miller on Sun, Jan 08, 2012 @ 08:30 PM
Small business bankers and branch managers are hungry for earning assets. But growing loans is difficult when demand is weak. Many small business clients are cautious about borrowing money until they see a sustained rebound in the economy.
In this short (5 minute) mp3 file Buck Bierly suggests that businesses with revenues under $5MM aren’t getting the attention they deserve. Listen to his thoughts on why the small business market presents opportunities, and what branch managers and small business bankers need to do to succeed in building relationships and win market share.
To download the mp3 file go to http://www.mzbierlyconsulting.com/generating-loans-are-there-underserved-markets/.
Webinar Alert: You might also be interested in our webinar series on “Branch Manager As Inside Sales Coach and Outside Business Developer.” For more information go to http://www.eventspan.com/event/2012-01-30-branch-manager-as-inside-sales-coach-and-outside-business-developer.
Posted by Ned Miller on Tue, Jan 03, 2012 @ 01:04 PM
- Have your Relationship Managers invite CPAs to bank events for clients and prospects. If your bank isn’t offering many functions, invite a CPA to attend a meeting sponsored by another organization (e.g. a trade association) as your guest.
- Encourage your bankers to attend local meetings of the state CPA society. Know how you want them to handle the request to sponsor a future event. See whether you can provide a speaker or contribute an article to their publications.
- Go on “double dates” with your more junior team members. If you have a senior contact in a firm, ask him to bring a colleague to breakfast or lunch to meet your associate.
- Coordinate the activities of your bankers within each firm. Develop a strategic approach to managing the relationship with the CPA firm.
- Remind your bankers that quality referrals are well worth the time invested in building relationships with accountants.
For more insights on how to work constructively with accountants, sign up for our next live webinar on January 9 at 11 AM Eastern on “Getting Referrals from CPAs.” Joining Buck Bierly will be August Aquila, President of Aquila Global Advisors, who was named one of the 100 Most Influential Figures in the Accounting Industry by the AICPA.
You can register for the session three ways: (1) Call Susan Lersch at 610-296-4771 or (2) email her at susan.lersch@mzbierlyconsulting.com or (3) go to the Training Center section of our secure Webex website at https://mzbierlyconsulting.webex.com and pay the $225 fee for the webinar by credit card. If you can’t make the live webinar, the archived version will be available within 24 hours.
For more details on the webinar go to http://www.eventspan.com/event/2012-01-09-getting-referrals-from-cpas
Posted by Ned Miller on Wed, Dec 28, 2011 @ 11:20 AM
Question: What advice do you have about turning down a CPA’s client? What should I say to the CPA?
Answer: Few bank Relationship Managers look forward to bearing bad news. Here are some things to keep in mind:
1. Do it quickly. A quick “no” may score you points. Show specific reasons why you are passing on the deal. Discuss what the CPA’s client would have to do differently to improve the chances of approval.
2. Anticipate how the CPA will react. Generally speaking, CPAs are rarely surprised if you have taken the time to explain what you’re looking for before you ever see a referral.
3. Don’t pass the buck. Blaming others is not a winning strategy. Even if you feel like the messenger, don’t play that role. Use “we” not “they” in explaining your organization’s position.
4. If you think another financial institution might be willing to help the CPA’s client, say so. If not, say that too.
5. Make sure to take some time to reeducate the CPA about what you’re looking for. A quick review of your target profile might be appropriate.
6. Ask for another opportunity to work with one of the CPA’s other clients.
For more insights on how to work constructively with accountants, sign up for our next live webinar on January 9 at 11 AM Eastern on “Getting Referrals from CPAs.” Joining Buck Bierly will be August Aquila, President of Aquila Global Advisors, who was named one of the 100 Most Influential Figures in the Accounting Industry by the AICPA.
You can register for the session three ways: (1) Call Susan Lersch at 610-296-4771 or (2) email her at susan.lersch@mzbierlyconsulting.com or (3) go to the Training Center section of our secure Webex website at https://mzbierlyconsulting.webex.com and pay the $225 fee for the webinar by credit card.
For more details on the webinar go to http://www.eventspan.com/event/2012-01-09-getting-referrals-from-cpas
Posted by Ned Miller on Mon, Dec 12, 2011 @ 09:50 AM
Were you drafted into a sales role? You might have been a credit analyst in the commercial lending area who was asked to become a Relationship Manager. You could have been a Branch Manager overseeing the operations of a busy branch and are now tasked with developing relationships with small businesses.
Maybe you welcomed the change in your responsibilities. For some bankers the transition from a technical support or service role to a sales role is relatively easy. For others, though, it can be a daunting and sometimes dispiriting challenge. Some of the draftees recruited into sales positions struggle with the demands of the new job.
One of the underlying tensions for some bankers is the service to sales dilemma. Some branch managers who have grown up in a strong customer service culture—and more than a few commercial bankers—view sales as unsavory, dishonest and manipulative. They fear that adopting a “sales approach” will threaten their relationships with their customers, creating ill-will and distrust. In some extreme instances their aversion to anything smacking of “sales” makes it impossible for them to become comfortable in their new role.
One task for bank sales leaders is explaining why sales and service are not in conflict. Some have chosen to define sales as the highest form of customer service. Their logic sounds like this: If you take the initiative and proactively introduce something of benefit to a client, you can only strengthen the relationship you have.
Not everybody buys it. Bankers are wary—appropriately in my view—of selling something their customers don’t need. If they are encouraged to put the needs of the client first—ahead of sales goals, for example—their fears about pushing products may be allayed.
But in some organizations the pressure to perform translates into hawking bank products and services. This can turn well-intentioned but inexperienced salespeople into robots or worse. In the attempt to “sell” they lose the critical human touch needed to connect with customers.
Bank sales leaders do well to remind draftees that the goal is to build profitable long-term relationships. The research on the behaviors that drive customer loyalty is clear; successful relationship bankers demonstrate the following:
- Integrity—Are you trustworthy?
- Business acumen—Do you take time to understand the specific business challenges of your customers and prospects? Do you provide them with relevant ideas that will help their businesses?
- Good listening skills—Are you paying attention?
- Advocacy skills—Can you effectively represent the needs of the customer to the bank? Are you skilled at presenting the bank’s position to your customer?
- Passion—Do you wake up excited about what you do? Are you engaged at work? Are you able to communicate that to the people you meet?
For draftees—and for veterans—success comes if you care about the customer. If you forget that and place your own needs first, you’ll inevitably have problems.
Next Live Webinar: “Getting Referrals from CPAs” on January 9, 2012 focuses on building relationships with CPAs to generate referrals. You will learn:
- Which CPAs you should target for referrals
- Why your Value Proposition matters
- What the research shows about referrals
- How to plan for your initial meeting with the accountant
- What you should accomplish in the first appointment
- Strategies for staying in touch with CPAs
Special Guest: August Aquila, President of Aquila Global Advisors, who was named one of the 100 Most Influential Figures in the Accounting Industry by the AICPA
Time: 11:00 AM Eastern (10:00 AM Central, 9:00 AM Mountain, 8:00 AM Pacific)
Registration: You can register for the session three ways: (1) Call Susan Lersch at 610-296-4771 or (2) email her at susan.lersch@mzbierlyconsulting.com or (3) go to the Training Center section of our secure Webex website at https://mzbierlyconsulting.webex.com and pay the $225 fee for the webinar by credit card.
Upcoming Webinars:
January 30, 2012 “Branch Manager as lnside Sales Coach and Outside Business Developer” with David Kerstein
February 13, 2012 “Opportunities in Health Care” with Jim Unland
Posted by Ned Miller on Tue, Dec 06, 2011 @ 01:30 PM
In a recent webinar on “Developing an Effective Referral Network,” Buck Bierly discussed how bankers can leverage their customer base for introductions and testimonials.
Here are 10 things Sales Managers can do to support their teams in getting more customer referrals:
- Share with people the research on customer referrals. Greenwich Research says that 67% of business owners are prepared to refer their banker to a friend.
- Make sure everyone has a list of satisfied customers to approach for referrals.
- Identify the right times to ask for referrals-- after they’ve closed a transaction, when the customer expresses satisfaction with the relationship, if they haven’t asked recently, etc.
- Discuss how to position the request. It should be a big deal, not just a throw-away line at the end of a call.
- Share with your team a plan for a typical call to ask for referrals.
- Review the pros and cons of talking about actual prospect names (Dr. Howard, Dr. Fine, etc.) versus a broad description of a target segment (dentists).
- Go over the reasons why a customer might not be prepared to give referrals. Rehearse the responses to common objections.
- Get people to commit to one “satisfied customer” referral call per week for the next 8 weeks.
- Talk about the calls in your weekly sales meetings. Give people a chance to talk about what’s working and what’s not. Publicize any victories.
- Don’t let people give up to soon. They need to ask at least 15 or 20 customers to determine whether this works or not.
You can register for the archived webinar on “Building an Effective Referral Network” three ways: (1) Call Susan Lersch at 610-296-4771 or (2) email her at susan.lersch@mzbierlyconsulting.com or (3) go to the Training Center section of our secure Webex website at https://mzbierlyconsulting.webex.com and pay by credit card.
Next Live Webinar: “Getting Referrals from CPAs” on January 9, 2012 focuses on building relationships with CPAs to generate referrals. You will learn:
* Which CPAs you should target for referrals
*Why your Value Proposition matters
*What the research shows about referrals
*How to plan for your initial meeting with the accountant
*What you should accomplish in the first appointment
*Strategies for staying in touch with CPAs
For more information go to http://www.eventspan.com/event/2012-01-09-getting-referrals-from-cpas
Upcoming Webinars:
January 30, 2012 “Branch Manager as lnside Sales Coach and Outside Business Developer” with David Kerstein
February 13, 2012 “Opportunities in Health Care” with Jim Unland
Posted by Ned Miller on Mon, Nov 28, 2011 @ 05:16 PM
The Christmas season is almost here. Nobody outside of your immediate friends and family wants to see you between Thanksgiving and New Year’s. Forget getting in to see prospects.
Wrong, wrong, wrong. On this planet savvy bankers need to use what’s left of the year to keep their momentum in business development. If you’re at a loss for ideas on how to do that, here are six suggestions:
1. Keep scheduling appointments with your customers and prospects. If your competitors are too busy attending holiday parties, it may be that much easier to get in to see some people on your list. And if somebody isn’t free before year end, get on his calendar in January 2012.
2. Show your prospect list to some of your satisfied customers. (If you’re reluctant to do that, sign up for our recorded webinar on “Building an Effective Referral Network” at https://mzbierlyconsulting.webex.com.)
3. Spend some quality 1 on 1 time with your current COIs—and don’t forget your line of business partners or other internal referral sources. (And while we’re on the subject of colleagues, do something nice for your Administrative Assistant.)
4. Go with a plan to any holiday functions you attend. That might include preparing in advance a list of people you want to talk to or making a commitment to meet 3 new people at the event.
5. Call your customers to thank them for their business. If appropriate, see #1 and #2 above.
6. Review where you stand with your top prospects. If you’re at an impasse with any of them, set up a time to strategize with your boss on how to proceed.
Now is not the time to begin that long winter nap. There’s plenty to do between now and the New Year to get off to a great start in 2012.
Next Live Webinar: “Getting Referrals from CPAs” on January 9, 2012 focuses on building relationships with CPAs to generate referrals. You will learn:
- Which CPAs you should target for referrals
- Why your Value Proposition matters
- What the research shows about referrals
- How to plan for your initial meeting with the accountant
- What you should accomplish in the first appointment
- Strategies for staying in touch with CPAs
Special Guest: August Aquila, President of Aquila Global Advisors, who was named one of the 100 Most Influential Figures in the Accounting Industry by the AICPA
Time: 11:00 AM Eastern (10:00 AM Central, 9:00 AM Mountain, 8:00 AM Pacific)
Registration: You can register for the session three ways: (1) Call Susan Lersch at 610-296-4771 or (2) email her at susan.lersch@mzbierlyconsulting.com or (3) go to the Training Center section of our secure Webex website at https://mzbierlyconsulting.webex.com and pay the $225 fee for the webinar by credit card.
Upcoming Webinars:
January 30, 2012 “Branch Manager as lnside Sales Coach and Outside Business Developer” with David Kerstein
February 13, 2012 “Opportunities in Health Care” with Jim Unland
Posted by Ned Miller on Sun, Nov 13, 2011 @ 08:54 PM
Prospectors get down about many things they can’t control. Here’s a partial list of things most of you* should not worry too much about:
- The economy
- Your competition’s pricing strategy
- Your bank’s marketing budget
- The location of your branches
- The location of your main competitor’s branches
- Your credit policy
- Your competition’s apparent disregard for their credit policy
- The length or format of your loan write-ups
- Upcoming enhancements to your cash management products
- The incentive compensation plan
- Dodd-Frank
- Regulators
- Credit unions
- Your bank’s loan pricing model
- Your CRM system (or lack thereof)
- Slick TV and media campaigns run by your competitors
*If you are in a position of authority in your bank and are getting paid to worry or do something about any of these, disregard this article. But if you can help your teammates in any way with their prospecting efforts, please do so.
Bank Sales Leaders: Find out more about our next live webinar on November 21 on “Coaching Commercial RMs in Challenging Times” by going to http://www.eventspan.com/event/2011-11-21-strategies-for-sales-leaders
Can’t make the live session? All webinars are recorded and are available in our archive within 24 hours in the recorded sessions section of our website at https://mzbierlyconsulting.webex.com. If you have questions about our webinars, call Susan Lersch at 610-296-4771.