Bank Sales Corner

7 Mistakes Bankers Make in Prospecting: New Webinar

  

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What are the keys to success in prospecting? Here are eight things that high-performing relationship managers do consistently:

1. They focus on the right companies. Bankers need to understand what their banks are looking for. But there's more to this than just memorizing the target profile. Bankers have to assess whether they’re a good match for the prospects as well, considering whether they have the requisite skills and experience to deliver a compelling value proposition. If you're unsure, talk through your strategy with your sales manager. (Note: if you're not the best person to lead the charge with the prospect, you can still play a role.)
2. They prepare appropriately for the initial contact. At a minimum they familiarize themselves with the prospect’s industry using resources like RMA, First Research or LexisNexis. They also spend time reviewing the prospect’s website. By comparing industry trends with what appears to be going on in the company, they're able to frame intelligent questions for the first meeting.
3. They build relationships at the right level. In most cases successful prospectors start at the highest point in the organization that they can reach. In small to midsize businesses this is usually the owner or president. In larger companies they may be dealing with a chief financial officer or treasurer. Starting at the top of the organizational totem pole is not always easy, but usually pays dividends in the long run.
4. They have clearly defined objectives for both the first and second meetings. These objectives are far beyond just getting in the door and getting to know the individuals involved. Often they include such things as learning more about the organization’s specific business model and short to medium term strategy. Every successful prospector knows that the primary goal of the first meeting is getting a second appointment. To do that requires the ability to ask intelligent questions based on the research conducted on the company.
5. They use their team members effectively in developing and executing their sales strategy. These team members include their sales manager and partners from different lines of business who may see other ways to add value to the prospect relationship. Good prospectors are good quarterbacks and leaders in implementing strategy.
6. They work to understand their prospects better then the competition does. Specifically they learn more about the industry in which the company operates, its business operations, how it manages its financial affairs and perhaps most importantly, the value systems of the company's key decision makers and influencers. They seek to be known for their experience and expertise.
7. They find a coach, somebody inside or outside the prospect organization who can give them a window on the inner workings of the company. A coach can help bankers see things in a different light (e.g. who the real influencers are within the company, what the values are of the key players, and who the real competition is in a given situation.)
8. They understand that prospecting takes time. In our experience, it takes between five and eight face-to-face calls to move a significant share of a prospect’s business. That requires both patience and persistence.

What mistakes do bankers typically make in prospecting? Join us for a new live webinar led by Buck Bierly (see below.)

The Seven Mistakes Bankers Make in Prospecting (In conjunction with the Graduate School of Banking at LSU)

September 27, 2010              10:00 AM Central/ 11 AM Eastern

Program Description:  In this 60 minute webinar we will discuss:

1.    The 7 most common mistakes in prospecting

2.   The difference between reactive and  proactive prospecting

3.    What small to mid-sized businesses value in banking relationships

4.   Building a profile of the best prospects in your market

5.  How to generate more qualified leads from business customers

6.  Doing your homework on the industry and the business to prepare for first and second meetings with prospects

7. Proven techniques for getting first appointments 

8.  How to identify and develop a range of needs by focusing on business and financial operations

 Who Should Attend?  Bank Management, Commercial Lenders, Small Business Bankers, Branch Managers calling on small businesses, Cash Management Specialists, Business Development Officers and their Sales Managers

 The webinar begins at 11AM Eastern time. You can register for live webinars three ways: (1) Call Whit Midkiff at 727-741-0766 or (2) email him at wmidkiff@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 the 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 727-741-0766 for details.