Bank Sales Corner

Prospecting Tip for Bankers: Find a Niche

  

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Question:  In your webinars on prospecting you recommend developing a niche or industry specialty. How should I go about doing that?

Answer: Niches can be a springboard to success in banking.  Specialists with strong personal brands often attract quality leads. Their expertise is what separates them from the competition.

I’ve met bankers who have successfully targeted health care, law firms, specialty food manufacturers, aviation, government contractors, non-profits, high tech companies, condominium and home-owners associations—the list goes on and on.

Before settling on a niche, talk to your sales manager. If you have an idea about what you’d like to focus on, that’s great. If you don’t, your boss might have some suggestions.

Your selection process should answer the following questions:

• Does your bank want more business from the niche?
• Is there enough potential business to justify your time?
• Are you personally excited about working with the segment?

The last question is important. If you’re not passionate about non-profits, say, don’t go there. If the thought of dealing all day with prima donnas with medical degrees turns you off, avoid health care.

Once you have decided on a niche the real work begins. For starters, think about:

1. Strategizing with your manager about resources. Will the bank foot the bill for memberships in trade associations? Will it send you to conventions? (See #4 below.)
2. Sounding out any customers you (or your colleagues) have who are knowledgeable about the industry.
3. Connecting with other professionals (e.g. accountants, investment bankers, consultants, etc.) supporting the niche.
4. Joining any industry groups that you can and attending meetings. If that’s not possible, sign up for any association newsletters to stay current with the issues facing the industry.

Building a new personal brand takes time and effort. Be prepared to invest 6 to 12 months before seeing any significant return on your investment. It can pay big dividends, though, as many successful bankers can attest.

Targeting professional practices? Check out our recorded industry-specific webinars on prospecting law firms, dental practices, veterinarians, etc. at http://mzbierlyconsulting.webex.com.

You can also call Whit Midkiff at 727-741-0766 for more information.