Bank Sales Corner

7 Mistakes Bankers Make in Prospecting

  

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Here are the 7 most common mistakes bankers make in prospecting and a remedy for each:

Mistake 1: Not having a prospect list that has been “vetted” by your Sales Manager

Remedy: Build a list of the businesses you want to pursue that matches the bank’s target profile. Review it with your boss—and any partners whose input you consider important.

Mistake 2: Not using your network to gather information about and introductions to the prospects on your list

Remedy:  Share your prospect list with colleagues, satisfied customers, and COIs to get information and, wherever possible, referrals. Ask for testimonials. Third party recommendations are the best way to get appointments with prospects.

Mistake 3: Not having a defined relationship strategy for the prospects on your list

Remedy: Build relationships based on providing value.  Demonstrate your experience and expertise in every interaction with your prospects.

Mistake 4: Planning one meeting at a time

Remedy: Always plan two calls at a time. You need to be clear what the likely next step is before you have your first meeting. The same would apply to every subsequent meeting. The best approach is always to set the next appointment before you leave your meeting.

Mistake 5: Not preparing “cognitively”

Remedy: Visualize the call—know where you need to take it to be successful and accomplish your objectives. Being prepared is a huge confidence booster and a differentiator.

Mistake 6: Using the wrong question set

Remedy: Avoid the same questions that everybody asks (“Where are you banking? What products are you using? How are they priced? What do you wish your banker did a better job of? Can I have a copy of your statements?”) Instead, use questions that help you understand the business challenges faced by the customer and demonstrate your value proposition.

Mistake 7: Selling to the first need

Remedy: In your initial meetings with prospects look for 3 to 4 possible needs. Let the business owner prioritize them. To overcome inertia—which is in many respects the biggest competition you face—you need to build momentum through a series of discussions. Having a number of areas to discuss is a huge plus when building relationships.

If you’d like more insights on prospecting, check out our website at http://www.mzbierlyconsulting.com/bank-sales-prospecting.

You might also be interested in viewing the Prospecting Clinic series of recorded webinars. For more details go to http://mzbierlyconsulting.webex.com or call Whit Midkiff at 727-741-0766.

Also our article in the ABA’s Commercial Insights newsletter answers common questions about dealing with gatekeepers including:

• The pros and cons of sending a letter first
• Using scripts
• How to treat secretaries and administrative assistants
• Following-up after the first meeting

You can download it by going to http://www.mzbierlyconsulting.com/getting-in-the-door-with-prospects