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 Thu, Apr 15, 2010 @ 04:29 PM
Selling is a form of social influence. Effective sales people influence the thinking of customers, prospects, and COIs. A value proposition is the method of social influence that a salesperson uses (consciously or unconsciously). Here are some specific things Sales Managers can do:
- Define, articulate, and train your team members to focus on a value proposition that best matches your long-term business objectives. It may not always match the values of a given customer or prospect, but it creates a sharper focus of who you are at a company level and a sales team level. For example: "We are financial experts. An expert identifies, defines, and proposes solutions to a business owner's needs before they become a request."
- Understand the value proposition that your relationships managers use naturally in prospecting. Make sure they understand their tendencies and talk about when they will have to adjust them on sales calls. Selling service and relationship banking to a price shopper does not lead to success.
Click here to listen to some of Buck's thoughts on value propositions.
You might also be interested in signing up for the sales training webinar on "Value Propositions: It's Not Always About Price" on April 26. You can register for the webinar three ways: (1) Call Ned Miller at 610-296-4772 or (2) email him at nmiller@mzbierlyconsulting.com or (3) go to our Webex website at https://mzbierlyconsulting.webex.com and pay the $225 fee (per line, not per person) by credit card. We do provide team discounts for organizations that are interested in using multiple webinars. Call for details.
Posted by Ned Miller on Thu, Apr 08, 2010 @ 09:54 AM
Ready for a quick assessment of your small business sales efforts? Here's a chance to determine where you are.
1. Are your branches actively involved in the small business effort? Good branch managers are knowledgeable about what's happening in the market, have a wealth of contacts in the local community, and know the value of small business relationships.
2. Are your branch managers comfortable talking about your core small business products? If they're not at least "conversationally competent" in your deposit, cash management, business credit and investment products, they probably won't bring them up in conversation.
3. How successful are you selling to both the small business owner and the business? One important measure is the percentage of your business customers who have their personal accounts with you. (And if you don't know where you stand, you need to find out; many banks are surprised at how low their wallet share is.)
4. Can your branch salespeople explain why a business prospect should switch to your bank? If all they talk about is "service" you might have a problem.
5. Do your branch managers make outside sales calls? Not the "I'd like to stop by and drop off donuts" marketing calls that often masquerade as sales calls. We're talking about substantive conversations that focus on ways to help the business owners grow their business. These typically are scheduled calls with a defined business agenda-a plan in other words.
6. If the answer to question 5 is no, why not? Is it a sales training issue? Or does it have more to do with infrastructure-not the right people, not enough people, etc.?
7. If the answer is yes, how would you rate the quantity and quality of the calls? In our experience if a manager is making fewer than 4 or 5 calls a week, the chances are that he'll never get very good at outside calling. There are many ways to gauge call quality but the only way to know for sure is by going on a joint call.
8. Are any silos standing in the way of success? How well do your branch managers team with their product partners from Cash Management, Commercial Lending. Trust and Investments, etc.?
9. How effective are your sales managers as coaches? Be honest now. Are they administering a process or leading one? Putting out administrative fires or training their teams?
10. Are you satisfied with your results? If you're not, what do you plan to do about it?
If you'd like to discuss ways other banks have addressed these and other sales issues, call Ned Miller at 610-296-4772 or email him at nmiller@mzbierlyconsulting.com. You can also visit our website at http://www.mzbierlyconsulting.com/ for more insights on bank sales and management topics.
Bonus tip: Check out the article on "The First Call on a Prospect" that appeared in a recent issue of the ABA's Commercial Insight Newsletter at http://www.mzbierlyconsulting.com/keys-to-an-effective-first-call-on-a-prospect
Posted by Ned Miller on Thu, Apr 01, 2010 @ 11:24 AM
Listen to what Buck Bierly views as the five most common mistakes bankers make in sales calls.
- Failing to prepare adequately
- Using the wrong question set
- Jumping at the first need that surfaces
- Not sticking to their plan
- Not having a clear idea of what they need to accomplish in the next call
You can download a four minute mp3 file with Buck's thoughts by going to http://www.mzbierlyconsulting.com/the-5-mistakes-bankers-make-in-sales-calls
Note to Sales Managers: This could fit very nicely in an upcoming meeting or training event. If you need some help figuring out how, call 610-296-4772.
You might also be interested in signing up for the April 5 webinar on "The 5 Mistakes Bankers Make in Sales Calls." The webinar begins at 11:00 AM Eastern time. You can register for the live webinar three ways: (1) Call Ned Miller at 610-296-4772 or (2) email him at nmiller@mzbierlyconsulting.com or (3) go to the upcoming webinars section of our Webex website at https://mzbierlyconsulting.webex.com/ and pay the $225 fee (per line, not per person) by credit card. If you can't make a live webinar, you will be able to view the recorded version within 24 hours of the event. We do provide discounts for organizations that sign up for three or more lines for a live webinar. Call 610-296-4772 for details.
