Bank Sales Corner

Bank Prospectors: Celebrate Small Victories

  

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My friend Kathy is a phenomenal salesperson. She’s very adept at building relationships with senior executives in the companies she’s targeting.

Like most of us, she gets frustrated by the lengthy sales cycle in new business development. How does she deal with it? By celebrating the small victories.

What is a success worth enjoying as you prospect? Here’s a partial list:

• Getting a referral to someone on your prospect list.
• Scheduling the first appointment.
• Finding an internal coach—somebody in the prospect organization who can provide you with insights into the company and its decision-making process.
• Accomplishing your main objectives in the first face-to-face meeting.
• Booking another appointment with the prospect.
• Receiving the financial information you requested at your meeting.
• Having the prospect comment favorably on your approach.
• Being introduced to others in the organization. 
• Receiving an invitation from your prospect to connect on LinkedIn.
• Being asked for advice on another financial matter.
• Getting asked to make a formal proposal.
• Marshalling support for your proposal inside the bank and securing all the necessary sign-offs internally.
• Reviewing the proposal in person with your prospect.
• Being asked for more information about the proposal.
• Losing your first deal to the incumbent bank.

What? How can losing any piece of business be construed as positive? I can almost hear some of the skeptics saying, “Get real; the name of the game is closing business.”

Agreed, but unless you take a minute to pat yourself on the back when you make progress with a prospect, you run the risk of giving up too soon. According to our research, it usually takes 5 to 6 face-to-face meetings to get a prospect to move its relationship. That often includes a chance to bid on something—which often does not pan out, more often than not because the prospect chooses to stay with its current bank. But if you pick yourself up, find ways to provide more value and keep after the prospect, you’ll often be rewarded.

So in addition to not giving up when you lose an initial skirmish in prospecting, remember to celebrate the small victories. 

For more thoughts on prospecting, check out our recent archived webinar on “The 7 Mistakes Bankers Make in Prospecting.” You can register for recorded webinars three ways: (1) Call Whit Midkiff at 727-741-0766 or (2) email him at wmidkiff@mzbierlyconsulting.com  or (3) go to the recorded webinars section of our Webex website at https://mzbierlyconsulting.webex.com and pay the $225 fee (per line, not per person) by credit card.