What is it about the number 3? Some people consider it lucky. It is sacred in many religions. In some traditions 3 is considered the number of harmony, wisdom and understanding.
Heroes are often offered three choices or three tests. Others overcome difficulties on the third try.
Counting to three is common in situations where a group of people wish to perform an act together. (Now, on the count of three, everybody pull!).
Basketball coaches know that three word commands are easy to remember. See the ball. Slide your feet. Everybody box out.
Well, on 6/3/2015 I’m going to suggest to bankers that 6 things in 3 word snippets might change your business development results this year. Here they are:
- Leverage your network
- Ask better questions
- Assess your performance
- Develop internal COIs
- Use LinkedIn better
- Celebrate small victories
If one of these looks like it will help you make progress in landing more prospects and meeting your sales goals, do something with it—in the next 3 days!
Final tip: Be sure to click on the hyperlinks for more details.
95% of the bankers I know don't have a clear idea of how to integrate LinkedIn into their overall business development strategy. Here are some people who do.
1.) In the last 6 months since joining my new employer, I positioned my summary to demonstrate my "consultative approach" to helping commercial business owners and why the TowneBank culture and value proposition make for a great combination to deliver financial solutions to my friends and neighbors in my hometown of Richmond. This has led to numerous connection requests from COIs, some business owners, and a wealth of banking talent at other banks obviously looking for an employment opportunity.
Patrick Collins TowneBank Richmond
2.) My LinkedIn strategy to generate opportunities is to build my connections (I have over 1200) so I have a wide ranging network of contacts to tap into for warm introductions to prospects. I also use InMails to contact prospects directly and find they have a higher response rate than regular messages.
Roberta Bastow First Niagara Bank
3.) One way to generate opportunities that I recently discussed with others was to be visible and engaged with prospects when there aren't any apparent near term opportunities. You will always be aware of potential developments on a more timely basis and have a better understanding. The prospect will also think of you as a potential partner since calling efforts were consistent. I think it means a lot to a prospect to have someone genuinely interested in them when there isn't a near term opportunity and takes that into consideration when something becomes available. Show interest at all times and you will set yourself apart from the "fair weather" bankers.
Victor W. Capozzolo First Niagara Bank
4.)Connect to everyone I know and then work 2nd level connections. I use LinkedIn as a virtual Rolodex to easily reach people I want to contact. I find folks are pretty willing to connect with a banker, especially those who lend money and manage a team of lenders. It's also useful to connect with various groups and key people - Jack Welch for example - and read their pearls of wisdom.
Jeffrey Carstens Bank Leumi USA
5.) To share meaningful and "what's it in for me" articles that not only are beneficial for people but generate awareness of who I am. It gives me another tool to keep my name out there for banking opportunites.
Lisa DeCoste Fulton Bank
6.) When I meet someone at an event or am interested in an industry, I simply do a search on LinkedIn to see if I know anyone and I try to connect via that avenue. It isn't rocket science.
Vic Calonder Colorado Business Bank
7.) I saw Jill Rowley speak at the LinkedIn Sales Connect conference in September last year. She has 5 pillars of social selling and I have been using those (nothing original - just copying!).
Bob Newman Chatham Financial
8.) Knowing the industries to call in yields targeted prospects. LinkedIn means you never have to cold call again.
Talley Clower Regions Financial Corporation
9.) My LinkedIn strategy is to post once a week on the newsfeed a business item or some other topic of interest. I post to my tagged groups at least once every other week a specific topic related to the industry or to the bank.
Kelly Condon Colorado Business Bank
10.) I use LinkedIn as a branding tool. Visitors can learn my areas of specialty, read testimonial letters of recommendation written by current clients, and learn which industry groups I’ve been active with and what speaking engagements I've had. The goal is to enhance my professional credibility in the eyes of the viewer.
Doug Holtrop Mercantile Bank of Michigan
11.) The simplest and most effective way of getting in with clients is to compliment them on a work anniversary, remember their birthday or (yes!) a new profile photo. We are all, after all, vain creatures in need of acceptance by our peers.
Susan Eick Right Management (former Head of Retail Banking at community bank)
12.) I use LinkedIn to see who is connected to people I am targeting. I do use it to follow up as connections change positions and prompt meetings, congratulations, etc. I also use it to follow company pages. I am increasingly using it to keep up to date on industry trends.
Jeff Hultman, Illinois Bank& Trust
13.) LinkedIn has helped me with clients, prospects, and COI's. I use it as a tool for my credibility statement. With the banker turnover in our industry and clients getting a new RM every year, it helps build some trust early in the relationship and creates a sense of stability. It also gives them some confidence that they working with a true banking professional.
Ted Mossman Wells Fargo
What's your strategy? Share it in the space below along with any questions you have about getting more out of LinkedIn in prospecting.
Bonus: Here’s a link to more information on our website about LinkedIn.
Barry Trailer, co-founder of CSO Insights: “Our research shows the average B2B sale involves 4.5 buying influences and, more than likely, each of them touches base with at least one other person for buy-in, approval, etc. “
Question for Bank Sales Managers: Do your bankers have major pieces of business today that hinge on 1 or 2 personal relationships?
Joel Klein, former New York City Schools Chancellor: “Once they are hired, teachers in Finland are required to devote two hours a week to professional development throughout their careers.”
Question for Bank Sales Managers: How many hours a week are you devoting to improving the skills of your bankers?
Daniel Birke, David Sprengel, Jochen Ulrich and Michael Viertier:“Top performing sales organizations have the same percentage of sales staff in sales management roles—around 8%--as lower-performing companies. However, they have about 30% more sales staff in support roles. While this may seem counterintuitive, this approach frees up sales reps from more administrative tasks...to devote more of their time to customers. The result is that front line sales reps are three times more productive than their peers.”
Question for Bank Sales Managers: What are you doing to improve the administrative support for your bankers?
Dan Perry, Sales Benchmark International: “87% of Sales Managers tell me they want to spend more time with their ‘A’ players Yet Sales Manager selling time is hovering around 48%. SMs don’t have the time to spend with their ‘A’ reps (or any reps like they should). In comparison, World Class selling time is around 77% for SMs. And part of this time must be spent with those ‘A’ players.”
Question for Bank Sales Managers: Are you spending enough time with your top performers?
Terence Roche, Cornerstone Advisors: “An astounding 97% of recruiters recently surveyed said LinkedIn is the most common in-house recruiting platform. Everybody at our meeting said they use it almost daily.”
Question for Bank Sales Managers: How are you using LinkedIn in recruiting? (Bonus question: How are your bankers using LinkedIn to improve their results in prospecting?)
Looking for more resources on sales management? Check out these blog posts:
4 Weekly Tasks for Sales Managers (video)
6 Questions for Bank Sales Leaders about Process
20 Questions Bank Sales Leaders Should Ask Themselves
Question: Is it harder to get somebody’s attention the old fashioned way by calling them on the phone?
Buck Bierly: Cold calling was a mainstay in this industry for a while. We saw it particularly in certain geographic locations like California. Everyone became fascinated with cold calling. The mantra was “Stick with it.” People knew there would be rejection. Rejection was a part of the process and the goal was to move quickly on to the next call. The thinking was, “If I dial fifteen businesses or twenty-five businesses every day or every other day or every week if I stick with it I will reach my goals. Persevere and you will do fine."
Then the idea of two degrees of separation came on the scene. Most people in smaller markets, where you might not be able to build a niche, know each other in some way and the question became, “How can I get someone to introduce me to a prospect?”
Most people have a hard time with cold calling. That is normal. Recently I met a California banker. He said, “We keep getting stuck with the gatekeeper. How do we get around that?”
My response was, “What do you think LinkedIn is all about? It is about two degrees of separation.”
A veterinarian client of yours calls another veterinarian she knows and introduces you. A beverage distributor client calls their friend in the business and introduces you. Your client gives a testimonial referral and it gets you right past the gatekeeper. What is the result of meeting somebody in this scenario? We have created a favorable opportunity to create a satisfied client relationship in our target market.
Interested in concrete ideas on how to get more appointments? Download our eBook Q&A on Getting in the Door with Prospects. You can also check out our archive of recorded webinars on prospecting at http://mzbierlyconsulting.webex.com.
Next Live Webinar: "Q&A on Prospecting" with Buck Bierly and Ned Miller, September 15 at 11 AM Eastern. If you have questions about discounts for multiple lines, call Susan Lersch at 610-296-4771.
How’s your LinkedIn profile? Yes, I know, you signed up for LinkedIn with good intentions and you haven’t spent much time working on your profile. But are your customers and prospects going to be impressed when they reach out to you online? What would a potential COI think based on a quick view?
If the thought of somebody evaluating your potential as a partner based solely on what appears on LinkedIn makes you queasy, you can do something up about it.
Use our LinkedIn profile checklist to get some objective pointers on your LinkedIn profile. If you put it together in 20 minutes, you can fix it now with the help of the checklist.
For starters, it shouldn’t read like a resume—unless of course you’re looking for a job. You can update your summary with some insights into how you actually deliver value to your customers. You could also add some information that might be of interest to people you’d like to impress—articles, presentations, etc.
To download the checklist go to http://www.mzbierlyconsulting.com/linkedin-checklist.
If you’d like to get more tips on how to incorporate LinkedIn into your prospecting efforts, sign up for our recorded webinar on “How to Use LinkedIn in Prospecting.” You can register for the webinar three ways: (1) Call Susan Lersch at 610-296-4771 or (2) email her at firstname.lastname@example.org 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
Do you think your customers and prospects are going online to research you? Would a potential COI look at your LinkedIn profile before returning your call?
If the thought of somebody googling you makes you shudder, you can do something up about it. First, type your name and your employer into a search engine and see whether you’re pleased with the result.
Second, get some objective feedback on your LinkedIn profile. If it looks like you put it together in 20 minutes, fix it. It shouldn’t read like a resume—unless of course you’re looking for a job. Update your summary with some insights into how you actually deliver value to your customers. You could also add some information that might be of interest to people you’d like to impress—articles, presentations, etc.
More and more commercial and Business Banking Relationship Managers and Branch Managers are taking advantage of social media tools to help them establish their expertise in the marketplace. If that's a priority for you personally or for your team, here are some things to keep in mind:
1. If you’re not sure whether you're getting enough benefit from LinkedIn, get some coaching. You can sound out people whose opinion you value (which could include current clients and contacts in the legal and accounting world, as well as some of your most successful younger colleagues.)
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. LinkedIn doesn’t replace traditional networking strategies. You still have to press the flesh.
4. Don’t expect miracles. It requires work. Your ROI will depend upon how well you invest your time. (And don’t get sucked into spending hours and hours on this and ignore #3.)
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, and national. There are lots out there that could be valuable (e.g. business groups, alumni organizations, trade associations, etc.)
7. LinkedIn does give you a platform for staying connected with others in your network and sharing information with them. (And if you can’t immediately come up with how, sign up for the webinar we’re having on “How to Use Your LinkedIn Network in Prospecting.”)
LinkedIn will keep evolving in ways that may make it more valuable to you. Whatever your LinkedIn strategy is today, be prepared to revisit it in 3 to 6 months.
If you’d like to get more tips on how to incorporate LinkedIn into your prospecting efforts, sign up for our upcoming live webinar on “How to Use Your LinkedIn Network in Prospecting.” You can register for the webinar three ways: (1) Call Susan Lersch at 610-296-4771 or (2) email her at email@example.com or (3) go to the live webinar section of our Webex website at https://mzbierlyconsulting.webex.com and pay by credit card. If you can't make the live session the recorded version will be available within 24 hours.
Free Bonus Item: Download our article on How to Build a Business Network.
Question: What’s the best way to follow-up with a prospect after an initial meeting? I usually send a quick note and any information that I think would be relevant. Then I follow-up by phone and often end up leaving a voicemail message. Any suggestions?
Answer: Obviously the best approach is often to get your prospect to agree to a follow-up meeting before leaving the first call but if that doesn’t happen, you need to have a plan. The most important thing is to know what your objective is—usually it involves getting another appointment or getting the prospect to send you information.
Some bankers immediately follow-up with prospects with an invitation to connect on LinkedIn. If you are already connected, a follow-up note via LinkedIn may avoid some of the clutter that finds it way into email in-boxes. Hand-written follow-up notes stand out. But send something.
Review your notes from the meeting. Figure out what specific needs you uncovered. (If you have trouble doing this or if your notes are vague, you may not have had a very successful first meeting.)
Develop the questions you want to ask about the needs you identified. Your goal is to keep the dialogue going. You may want to bring some additional information to the discussion based on further reflection about the prospect’s situation.
Come up with a good reason why the prospect would want to speak to you again. Don’t wing it. Way too often bankers dial the phone before engaging their brains. They end up leaving a message that sounds like “I just wanted to check in with you…” You can do better than that if you think for a minute about what you’re trying to communicate.
Your follow-up message should be short and to the point. It could include any of the following:
- Something relevant that may apply to the prospect’s business or industry
- Any analysis you have done based on what you learned about the prospect
- A story about a similar company that you or your bank has helped
- Questions you’d like to ask the prospect
If you’ve left a good message for the prospect, decide how and when to follow-up. Some people like to vary their approaches between emails and phone contacts.
Bank Relationship Managers often don’t want to appear too pushy. But if your follow-up is thoughtful and informative, it will be appreciated. Persistence coupled with some creativity usually wins out in the end.
Looking for help on prospecting? Check out the following resources:
Live Webinar alert: Getting in the Door with Prospects on March 24 at 11 AM Eastern. For more information call Susan Lersch at 610-296-4771 or email her at firstname.lastname@example.org. You can also register online by going to https://mzbierlyconsulting.webex.com
How do you build a bigger and better prospect list? Most bankers are well advised to start with published sources like D&B and InfoUSA. Bankers moan about them but that’s because they expect perfection. Most lists that have been purchased within the last 12 to 18 months are probably 80% accurate. That’s acceptable as a point of departure.
You need to get the following basic information on any prospect:
The best prospect lists use a variety of sources. In addition to D&B or InfoUSA (or their online "do it yourself" entities) these include electronic versions of state and local directories, Chamber of Commerce rosters, business publications, and specialized sites. Some lenders like to review UCC filings to see which banks the prospects have borrowed money from in the past. More adventurous bankers are starting to use LinkedIn to build lists of likely companies based on their connections.
Trade associations provide useful data on their members. If you are going after dentists or architects or veterinarians, use the “Find a Member” feature at the ada.org, or aia.org or avma.org. Guidestar.org and other sites furnish valuable information on 501c3s and other not-for-profits including copies of tax returns that may help you determine whether they are viable prospects. FreeErisa.com will give you information on companies that have retirement plans.
If you are able to assign the task of building and maintaining the prospect database to someone in the bank, do so. It could be something that Marketing can do for you, but most banks we work with have more success using an Administrative Assistant who is good with Excel or Access.
Sales managers are the only ones who should be able to add or drop names from the master database. They should meet with their teams to parcel out the prospect names and arbitrate any petty disputes that may ensue.
Bankers should review their lists regularly with theirsales managers and with theirline of business partners (e.g. Credit, Cash Management, Trust, Private Banking, Branch Managers, etc.) Often colleagues can provide valuable insights and information. The best business developers know that prospecting is a team sport.
So what’s a good prospect list? It must meet the following criteria:
It matches your bank’s target profile
It incorporates various sources of leads
It has an appropriate number of business names
It has been vetted by your sales manager
It is a written document that you can share in whole or part with satisfied customers, COIs and others in your network.
Sign up for our upcoming live webinar on March 3 on “Building a Good Prospect List” by going to http://mzbierlyconsulting.webex.com. Can’t make the live event? All webinars are recorded and will be available in our archive within 24 hours of the event.
For more information on the Prospecting Strategies Webinar Series or discounts for multiple lines, call Susan Lersch at 610-296-4771 or email her at email@example.com.
Recently one of my clients decided to institute a regular time for all business bankers to schedule prospect appointments for the coming week. The theory was good—it is important to set aside time to do this.
Unfortunately the first few weeks have turned into an exercise in cold calling. The initial results have been about what you’d expect. Cold calling has a very low hit rate—in this case, fewer than 5% of the calls are generating appointments. While the Sales Leaders are still convinced that this is a step in the right direction, at least some business bankers are grumbling about “dialing for dollars.”
I’m not a fan of cold calling but I can endorse this experiment if the following conditions are met:
- The bankers have already attempted to get introductions to the prospects from the people in their network. This includes their partners from other areas of the bank and Senior Management, as well as their customers, business connections and COIs. It might also include endorsements from another party in the prospect’s organization who knows them and their work.
- They have researched the company and the individual on the list. Doing homework before picking up the phone is the only way to avoid sounding like everybody else who is trying to get in front of a prospect.
- For less experienced prospectors, Sales Leaders have reviewed the “script” that is going to be used in the telephone call and in any other communication contemplated (see #4.) The most important part of this script is why the prospect should give you more time. Is it your industry knowledge? Experience with similar companies? Your Sales Manager can help you think through the best value proposition to use to get an initial meeting.
- Letters, emails, and LinkedIn messages are considered as part of the mix of the prospecting communication strategy. You don’t have to do all of them, but you should think about whether any could improve your success rate. Well-crafted, customized emails can show how you might add value for a particular prospect. LinkedIn is a much less cluttered channel than email and has opened doors for some business bankers who understand how to use it. If you’re only relying on your charm on the phone, you could struggle.
- Sales Leaders have approved the overall plan for follow-up. (You don’t think the first call is going to magically result in an appointment, do you?) This means that the banker has thought about other content to send to this prospect (e.g. articles, ideas, case studies, etc.) and other ways to connect either online (through LinkedIn groups) or offline (at trade association gatherings or by dropping by where appropriate).
- At least a portion of each banker’s weekly prospecting effort is devoted to the previous 5 bullet points. Cold calling is rarely the best option and shouldn’t be the default if bankers are having difficulty getting in front of prospects. Leveraging your network, researching prospects, strategizing with Sales Leaders, and getting coaching can often spell the difference between success and failure.
A final note: Tracking what is producing results—and while this starts with initial appointments, it really means what’s surfacing opportunities that lead to closed business—will help my client decide whether to continue the weekly calling regimen or to put more emphasis on ways to generate warm leads.
What do you think? Please share your advice, insights, and experiences in the COMMENTS area below...
For more on Ned Miller’s views on cold calling check out Stop Training Bankers on Cold Calling.
Looking for ways to energize your team? If you’re planning a sales meeting or refresher workshop, contact Ned Miller at 610-296-4771 to discuss how we might help. Check out our popular prospecting workshop on “Building Prospect Momentum” by clicking here.
I am frequently asked by bankers to give them feedback on their Linkedin profiles. It's something I am happy to do. I find myself repeating the same advice to both novices on socaial media and old hands, many of whom have built sizeable networks. My recorded message sounds like this:
1. Your profile reads too much like a resume in my view. Write a summary for clients and prospects, not headhunters.
2. You should seek out some current clients for recommendations-- for Linkedin, but also for other uses (e.g. in proposals, as part of leave behind material, etc.)
3. Think about developing a communication strategy targeting the Linkedin groups your prospects are part of (CRE, manufacturing, law firms, etc.). It doesn't have to be original content but it does have to be relevant and valuable.
When it comes to Linkedin-- and other social media that more and more bankers are using to network-- it may be time for a reality check.
- Are you visible online? If prospects or potential COIs looked for you, what would they find?
- Does your online profile demonstrate any of your expertise?
- Are you taking advantage of tools to help you stay current on what's happening that may impact your customers and prospects?
Wherever you are in your career you need to think about your professional brand, and that includes how you appear in cyberspace.
Recorded Webinar Alert: Sign up for our recorded webinar on Networking in the Age of Social Media. Ned Miller and digital marketing guru Eric Cook from WSI Internet looked at how savvy bankers are leveraging social media in networking.
They started by reviewing the most popular social media sites and then examined their usefulness in a business context. Along the way they showed tools and applications (many free) that will make researching and communicating with prospects and potential COIs easier. To sign up for the recorded webinar click on the link below:
Networking in the Age of Social Media
Call 610-296-4771 for details on discounts for multiple lines.