Posted by Ned Miller on Wed, May 15, 2013 @ 03:34 PM
One of the mistakes that business bankers make in prospecting is not leveraging the full power of their networks. One of the mistakes that Sales Managers make is assuming that everyone knows how to do this. Here are 5 things that you can do to encourage your team to use their connections to get information, introductions and referrals. To view this video, click on the link below.
http://www.youtube.com/watch?v=5jph2LNh9ko
New Sales Leadership Workshops with Buck Bierly sponsored by Western Independent Bankers Association:
Looking for ways to improve your bank’s sales results? Buck Bierly will be leading two workshops sponsored by the Western Independent Bankers Association in the coming months. He’ll discuss how to:
- Segment your market – focusing on the “right” relationships.
- Develop a market model – proactively strengthening the business relationships on your retention, expansion and acquisition lists.
- Build a relationship development processes – differentiating you and your bank in today’s increasingly competitive banking environment.
- Develop strategies for key relationships – it’s not the value you want add, it’s aligning with the business owner’s “value drivers.” Take the next step to learn more and register today!
Posted by Ned Miller on Mon, May 06, 2013 @ 04:34 PM
My friends in Denver are still reeling from the performance of Steph Curry in the first round of the NBA playoffs. In the Golden State Warriors' upset of the Nuggets, Curry made over 44 percent of his three point shots, while leading his team in scoring and averaging over 9 assists a game. Not bad for somebody who was once considered too small for big time college hoops!
Here are some coaching three pointers on prospecting for Commercial Relationship Managers, Business Bankers and Branch Managers who want to win new business. Be sure to click on the hyperlinks for more insights:
- Leverage your network
- Ask better questions
- Assess your performance
- Build your network
- Develop industry expertise
- Questions add value
- Tell better stories
- Develop internal COIs
- Use LinkedIn better
- Celebrate small victories
Upcoming Events:
Check out our two new live webinars on taking advantage of LinkedIn:
Buck Bierly will be leading two sales training workshops for Sales Managers and Relationship Managers sponsored by the Western Independent Bankers Association in the coming months. He’ll discuss how to:
- Segment your market – focusing on the “right” relationships.
- Develop a market model – proactively strengthening the business relationships on your retention, expansion and acquisition lists.
- Build a relationship development process– differentiating you and your bank in today’s increasingly competitive banking environment.
- Develop strategies for key relationships – it’s not the value you want add, it’s aligning with the business owner’s “value drivers.” Go to WIB Conference Information or call 415.352.2323 for more details.
Posted by Ned Miller on Mon, Apr 29, 2013 @ 08:01 AM
In a session I led on “Gaining Momentum with Small Businesses” at a recent state banking conference, one of the participants in the group reminded people that they weren’t the only ones using LinkedIn for research. She said that some business customers are starting to look at the LinkedIn profiles of the bankers calling on them.
If that makes you wince, do something up about it. If your LinkedIn profile looks like you put it together in three minutes, fix it. It shouldn’t look like a resume—unless of course you’re looking for a job. Update it with some insights into how you actually deliver value to your customers.
Savvy Commercial and Business Banking Relationship Managers and Branch Managers know that taking advantage of social media tools can help them establish their expertise in the marketplace. Here are 7 recommendations for your consideration:
1. Don’t ignore LinkedIn; it could help you build your brand.
2. Don’t let bank policy stop you if you think LinkedIn will be useful to you. (Translation: You have a home email address, right?)
3. It doesn’t replace traditional networking strategies.
4. Don’t expect miracles. It requires work. Your ROI will depend upon how well you invest your time.
5. Use it to research customers, prospects and COIs—and your competitors. You might be surprised what you learn.
6. Join the right LinkedIn groups—local, state, national, intergalactic.
7. LinkedIn will keep evolving in ways that will make it more valuable to you. Whatever your LinkedIn strategy is today, be prepared to revisit it in 3 months.
If you’d like to get more tips on how to incorporate LinkedIn into your sales efforts, sign up for our upcoming webinars on “LinkedIn in 60 Minutes a Week.” (If you have fewer than 200 connections, sign up for the first webinar on May 20; if you’re a LinkedIn veteran with more than 200 connections, you should sign up for the second webinar on June 10.)
Here are links to find out more information:
LinkedIn on 60 Minutes a Week Session 1-- May 20, 2013
LinkedIn on 60 Minutes a Week Session 2--June 10, 2013
You can register for the webinars three ways: (1) Call Susan Lersch at 610-296-4771 or (2) email her at susan.lersch@mzbierlyconsulting.com or (3) go to the live webinar section of our Webex website at https://mzbierlyconsulting.webex.com and pay by credit card.
Free Bonus Item: Download our article on How to Build a Business Network.
Posted by Ned Miller on Tue, Apr 23, 2013 @ 06:40 AM
What do you think of using a laptop to take notes on a sales call? The new Relationship Manager said that his boss frowned on it.
In a show of geezer solidarity, I confessed that I had a problem with it too. Now it’s not because I think taking notes is inappropriate—if you’re not trying to capture key ideas in a conversation, how are you going to remember anything? Legal pad, yes; iPad, of course; even a (fully disclosed) technological marvel like Livescribe (http://www.livescribe.com/en-us/), OK.
Maybe it was because I suspected that it might be hard to maintain eye contact while typing away—but that’s a potential issue with any form of note-taking. I remembered my Dad complaining about his internist, who spent the first 15 minutes of every exam with his back to my father tapping away on his laptop.
The laptop seemed like an artificial barrier, something that could needlessly irritate a prospect, even if you asked permission.
But even as I gave my definitive answer, I had doubts. Is this a generational bias creeping into my advice? Would customers view this differently? How do other sales professionals outside of banking view this?
So I lobbed the question to the LinkedIn group Fresh Sales Strategies and here are excerpts from what members said:
1. I see nothing wrong with taking notes on a pad of paper or a laptop. In fact, as a sales professional, I always like to take notes during a call. The older I get the less I remember and I am quick to point that out. I have never had anyone refuse my request. In fact, I think most folks are flattered that I want to record what they are saying.
2. Professionals in other industries will even be surprised if you don't bring your laptop. To my surprise, some even will not allow you to take notes. From a sales perspective, one should explain to the potential client that these notes will only help you follow-up It should not matter what device is used to take notes.
3. I love technology, but I hate how it can become a barrier to developing relationships. I think a small pad of paper is appropriate. If someone was using their thumbs on their iPhone typing in notes from our meeting, I would find it annoying. If you're face-to-face with someone, it's all about connecting. If you're going to have your laptop flipped up and your face in it, what's the point of a face-to-face meeting? Now, if it was a collaborative meeting where ideas were being thrown around, or designs discussed.....a laptop totally makes sense because "working together" on a vision/project is a way to close the deal. So, first time meetings.....keep the laptop and the phone put away and turned off. I think it depends on the customer and the detail of the conversation. No doubt the clicking of keys can be distracting and you have to have great listening skills if you're going to use a laptop. iPads are quieter. But, if your business is technology- oriented and there may be some "savvy" to showing that as sales person you leverage new technology/thinking/approaches, then I think it’s fine. It all comes down to the customer and what's best at that time and place.
4. My personal opinion is that the iPad is better suited than a laptop for most selling situations. It’s compact, light-weight, quiet and viewed as high tech. I have clients that use it at construction sites as well as within hospitals when talking to clinical personnel. What technology to use depends on the customer, the conversation, the details of the conversation, the location and to some extent what is accepted practice within the industry.
5. I actually find that taking notes on a laptop allows me to look directly at the client while I type, instead of looking up and down to a pad of paper.
6. My last blog post argued that colleagues who come to a meeting with a paper notebook instead of a digital device are wasting their own time and that of their colleagues. That argument met with a small uproar here and on Twitter, where many readers were outraged by the idea of prescribing or proscribing a particular approach to note-taking, even if there were also those who welcomed my assault on paper. "Why not consider the fact that people process information differently and have respect for the fact that not everyone operates in a single fashion?" asked one not-atypical comment. As Becki True put it, "Let's judge people's effectiveness on their results, and not on their methods." Or as Scott Berkun wrote on his own blog, "It's only after I see what people produce that I'd consider commentary on the means they used." Yet in meeting rooms, committees and workshops across the U.S. and around the world, people have their working styles dictated all the time. Not by colleagues who would prod them into the brave new world of digital notebooks, but by managers and meeting chairs who forbid them from using their core work tools: laptops, smartphones, tablets and even specific kinds of applications (like social media tools).
This last comment is from a fascinating post by Alexandra Samuel ont The Unfair Stigmatization of Digital Note-Taking.
But take a minute and weigh in on this question if you have a strong point of view. Use the space below for your comments.
Looking for more tips on how to improve your calls? Check out Buck Bierly’s comments on:
You might also be interested in our guide to The 5 Steps of an Effective Sales Call.
Posted by Ned Miller on Tue, Apr 16, 2013 @ 09:20 AM
In our workshops, most Business Banking and Commercial Banking Relationship Managers express interest in expanding their network of accountants. If building relationships and generating referrals to improve your prospecting results are important goals for you, how should you go about preparing for your first meeting with a CPA? Does it make sense to have your initial meeting at lunch? What are realistic objectives for the meeting?
In this short video you'll hear answers to these frequently asked questions. To watch the video, click on the link below:
http://www.youtube.com/watch?v=466e-EnySWE
Looking for more tips on getting referrals from CPAs? Download a recent article at http://www.mzbierlyconsulting.com/getting-referrals-from-cpas-10-thought-provoking-questions
Posted by Ned Miller on Thu, Apr 11, 2013 @ 09:13 AM
Did you watch Spike and Luke rain three pointers in the NCAA Championship game this week? Amazing stuff for hoops fans.
If you’re a commercial lender, business banker or branch manager looking for some more three pointers to score with business clients, here are 10 possible game-changers. (Click on the links to get additional insights on each.)
- Get their vision
- Join trade associations
- Network with forethought
- Rediscover your mojo
- Write that letter
- Don't get complacent
- Cultivate local CPAs
- Use board members
- Don’t strategize alone
- Demonstrate business acumen
If you're a bank sales manager and liked this post, share it with other members of your team and encourage them to sign up for our blog at http://www.mzbierlyconsulting.com/bank-sales-corner-blog/
New and noteworthy: Download Buck Bierly’s presentation on “Building B2B Client Loyalty and Increasing Wallet Share” from the Western Independent Bankers Conference at http://www.mzbierlyconsulting.com/wib-conference-building-client-loyalty/
Contact Ned Miller at 610-296-4772 if you'd like to discuss how we might help you with content for your next sales conference or offsite meeting.
Posted by Ned Miller on Thu, Apr 04, 2013 @ 12:33 PM
Here are five things you’ll never hear most bankers say:
1. “I overprepared for that call.” Winging it is still the most common approach to business calls. Some people would lead you to believe that they can draw on a vast personal reservoir of talent and experience and come out OK. Don’t believe them.
2. “I’d like to meet with you before the training class I’m attending next week to review your expectations and figure out what I should try to get out of the session.” Too many people dutifully appear at training sessions with little direction from their immediate supervisors about what they should be focusing on. That often makes the training less valuable than it should be. (And, for what it’s worth, do you think these same students return back to work and demand an audience with their bosses to review what they learned and how they plan to apply it? That’s why most of the money invested in things like sales training is squandered.)
3.“Price wasn’t the real reason we lost that deal.” That may be what everybody would like to believe. Sometimes it’s what customers tell you. But the truth is that often the other side did a better job of identifying needs and portraying its capabilities to the prospect. Sometimes you were beaten by a better prepared, more capable banker.
4.“Can you spend some time with me reviewing my account plans? I’d like to strategize with you about some of my key prospects.” Some form of account planning is introduced in all sales courses. How long it survives after the training is a function of management’s commitment to instilling a disciplined process around planning. Salespeople will only do account plans if you insist. But here’s a secret: most bankers do like to strategize about winning new business. Based on our experience working with bankers for over 20 years, the best way for them to get their thoughts together is by putting their plan in writing.
5. “I’m a lousy negotiator because I can’t afford to lose a deal on price.” The perverse incentives based on volume—as opposed to incentives based on profitability—make it hard for some bankers to negotiate well. If I am judged on loan outstandings and not on the profitability of my portfolio, I am more concerned about getting the deal booked than earning another 25 basis points. (There are other reasons too, but this is often the most challenging.)
So what does this mean for Sales Managers? Your job is to provide a structure for your team that improves their chances of success. Don’t look to your average-performers to come up with today’s best practices on their own. And even if they said all the right things, it’s really about doing them. A big part of coaching is making sure people know the difference.
Resources for Sales Teams
* How to Prepare for the First Call on a Prospect
http://www.mzbierlyconsulting.com/preparing-for-the-first-call-on-a-prospect
* The 5 Steps of an Effective Sales Call
http://www.mzbierlyconsulting.com/the-five-steps-to-an-effective-sales-call
* Acquiring New Relationships and other mp3s
http://www.mzbierlyconsulting.com/mp3-page/
Posted by Ned Miller on Thu, Mar 28, 2013 @ 07:21 AM
- Identify, plan, execute
- Think customers first
- Stop cold calling
- Attract bigger fish
- Develop your brand
- Narrow your niche
- Promote your expertise
- Ask for referrals
- Clarify your value
- Forget about RFPs
- Don't be afraid
- Study your competition
- Get CPA referrals
- Use the phone
- Control the controllable
- Different ain't better
- Build prospect list
- Develop more allies
- Make it fun
- Qualify prospects quickly
If you’re looking for more tips for yourself or your sales team, check out Recorded webinars on prospecting, getting referrals and effective calls.
Posted by Ned Miller on Thu, Mar 21, 2013 @ 08:56 PM
According the Kenan Flagler School of Business over 90% of small business owners would not set up a meeting based on a cold call or cold email. If cold calling is so ineffective, then what is your alternative? The key lies in getting referrals from your existing customer base. In this video Ned Miller walks you through 3 important steps for developing referrals from the satisfied customers you already have. To watch this video, click on the hyperlink below.
How to ask Customers for Referrals
Posted by Ned Miller on Mon, Mar 18, 2013 @ 05:29 AM
High-performing business bankers are different—and their clients know it. Here are 7 things that top RMs do to stand out from the crowd:
- They bring something relevant—ideas, industry information, partners—to every client or prospect meeting. That means that they prepare before they get in the car.
- They focus their discussion on their customer’s strategy, not on bank products. Initial conversations revolve around the company’s short-, medium- and long-term strategic goals.
- They position the bank’s capabilities before there’s an explicit need. And they don’t operate under the illusion that their business customers know everything that the bank can do, particularly in “non-traditional” areas like wealth management, leasing, capital markets, insurance, etc.
- They leverage Senior Management. In some instances top RMs call upon their bank CEOs to open doors with company brass; in other situations they use them to solidify their position with a long-term customer. The best RMs are never afraid to ask for help.
- They conduct regular relationship reviews of their top clients with their product partners. But it’s not just an intramural exercise—they share their thoughts with customers in formal meetings and solicit feedback from their senior contacts about how things are going. (Savvy RMs usually know when the best time for these discussions is, tying it to the client’s planning cycle.)
- Top bankers take a longer term view of building relationships. They think about where they want to be with a prospect 2 or 3 years down the road and plan accordingly. If you ask them what their calling strategy is for the next 3 meetings with a prospect, you’ll be surprised at how specific their objectives are.
- They win “mind-share” first by sharing insights and expertise. Most know how to engage in banter about sports and other “rapport-building” topics, but they realize that schmoozing doesn’t score lots of points with C-level executives.
If you like this article, share it with your colleagues and encourage them to sign up for our newsletters and our blog at http://www.mzbierlyconsulting.com/bank-sales-corner-blog/.
Are you a high- performing RM? Check out the Progression of Relationship Development Skills at http://www.mzbierlyconsulting.com/the-evolution-of-relationship-development-skills-where-are-you-today to see what stage you’re in.
Looking for a speaker for an upcoming meeting? Call Ned Miller at 610-296-4772 or email him at nmiller@mzbierlyconsulting.com to discuss your specific requirements. Check out http://www.mzbierlyconsulting.com/ to download recent presentations from national and state bankers’ association conferences.