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, Feb 16, 2010 @ 12:01 PM
This week I had the chance to spend time with three wise bankers, each with 30 or more years in banking. Two are CEOs, the other is a Chief Credit Officer who served as a bank president earlier in his career. When you find yourself in their company it pays to listen up.
Here are some of the things they said about selling in banks, which are relevant whether you're a management trainee or a veteran.
- It is a good time to be a banker. Not an easy time, for sure, but one when it's possible to learn a lot.
- Don't expect things to return to the way they were in 1997 or 2003 or 2007. The banking landscape has changed forever. Don't let yourself get nostalgic.
- You don't have to be a great salesperson to be successful in banking. But you have to be active and visible in your community and committed to pursuing new business opportunities.
- It's not about making calls; it's about building relationships.
- Don't kid yourself: It takes time to develop a professional network.
- Be a good partner. If you team well with bank specialists and line-of- business partners you'll go far-and your customers will clearly benefit.
- It's easy to lose sight of what's important. There's a tendency today to spend too much time thinking about operational or administrative matters. One president remarked that if some branch managers spent as much time worrying about taking care of business customers as they do about locking the vault, they'd be a lot more successful.
- While it's important to learn about the bank's products and services, it's more important to learn as much as you can about your customers and prospects.
Agree or disagree? Send me your comments at nmiller@mzbierlyconsulting.com.