Bank Sales Corner

Stop Training Bankers on Cold Calling

  

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Peter Drucker once observed that we spend a lot time teaching people what to do but don’t devote nearly enough time to instructing people what to stop doing.

Training sessions on prospecting often focus on reviewing the best value statements a banker can offer up to get an appointment. Trainers tout “foolproof” scripts to pique a prospect’s curiosity and set up drills where bankers rehearse responses to the most common objections they get trying to woo gatekeepers.   

Here are two things I’d encourage anybody training bankers on prospecting to stop doing:

1. Cut the segments on cold calling to a bare minimum. Tell them it’s an option, but that there are at least three more promising approaches. Listen to Buck Bierly’s recent blog post on the value of systematically leveraging a network of satisfied customers, line of business partners, COIs and others if you need ammunition (go to http://www.mzbierlyconsulting.com/why-do-bankers-struggle-getting-in-the-door-with-prospects?&t=8614).
2. Stop creating the impression that small to medium-sized business prospects aren’t interested in talking to bankers. Yes, it’s true, most are satisfied with their current banks—depending on whose research you believe, 70% may fall in the satisfied (not necessarily ecstatic) category. But in my opinion a banker who approaches a business owner or CFO intelligently can probably get an initial meeting with even the most entrenched prospects.

The way for bankers to begin their prospecting efforts is not to anguish about stalking their prey over the phone. The best prospectors believe that they can get an appointment with any prospect if they leverage their network and are reasonably persistent.  (Note: In my experience many bankers fall short on both. If you know somebody who needs help in this area, encourage him to sign up for our webinars on “Building an Effective Referral Network” or “Asking Satisfied Customers for Referrals” at https://mzbierlyconsulting.webex.com.)

The starting point is to have bankers ask themselves what they bring to the table that could conceivably help a prospect. Don’t start with products. The prospect already has those. Inventory instead what you know about the prospect’s industry. Are there any trends that are likely impacting his business model? If you don’t know, find out. (Note to Sales Leaders and Executive Management: There are plenty of resources out there—eMentor, First Research, IBIS World, and Vertical IQ are all great investments for a bank interested in improving the success rate of calling teams. Pick one.)

Analyze the prospect’s website. What can you learn about their strategy? Do you have a clear understanding of their business operations? What financial issues do you expect to them to be concerned about? What questions would you have to ask your prospect to demonstrate your business savvy?

Keep your thinking cap on. Have you—or any of your colleagues-- ever worked with similar businesses? How did you assist them? Would any one of them be prepared to provide a testimonial or a recommendation to you that you could use with your prospect?

The end game is getting a prospect to decide to do business with you. To do that usually requires a number of face-to-face meetings (the research suggests somewhere in the neighborhood of 7 or 8 with a prospect).  In order to get that much face time with a prospect, you have to have something to offer, something that the prospect values.

Message to trainers (and Sales Leaders): Coach people on how to build a strategy for key prospects that includes getting in the door, but goes far beyond that.

Find out more about our next live webinar on October 17 on “Building an Effective Referral Network” by going to http://www.eventspan.com/event/2011-10-17-building-an-effective-referral-network.

Can’t make the live session? All webinars are recorded and are available in our archive within 24 hours in the recorded sessions section of our website at https://mzbierlyconsulting.webex.com.  If you have questions about our webinars, call Susan Lersch at 610-296-4771.