nyba getting in the door with prospects

MZ BIERLY CONSULTING

Getting in the Door

with Prospects

Ned Miller MZ BIERLY CONSULTING, INC.

610-296-4772

[email protected]

www.mzbierlyconsulting.com

mailto:[email protected]

http://www.mzbierlyconsulting.com/


Notice

This publication is protected by copyright. It is licensed for a single user. It is

licensed for internal use only.

Copyright © 2008 – 2013 MZ BIERLY CONSULTING, INC.

ALL RIGHTS RESERVED

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1. Sources of Referrals: Your Satisfied Clients, Your Business Network, Your

Business Partners, COIs. . . are some better than others?

2. Why Clients give Bankers referrals.

3. Why some Bankers avoid asking for referrals.

4. Working with Satisfied Clients as a Referral Source (and for Testimonial

Referrals).

5. Working with a Business Network as a Referral Source.

6. “Cold Calling”, if all else fails.

Today’s Agenda Getting in the Door with Prospects

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BUILDING NEW RELATIONSHIPS

FASTER

Getting in the Door with Prospects

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Developing new relationships is critical in today’s banking

environment. But sustainable success in “prospecting” significant new

relationships requires 2 things:

1. Building momentum in the First 3 Meetings.

2. Consistently getting the 1st Appointment.

Building New Relationships Faster

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What does it take to build momentum more quickly and to

consistently overcome inertia?

1. In the First 3 Meetings. . . build momentum by establishing your

business “acumen” and your ability to align with the Business

Owner’s “business strategy”.

2. When Getting the 1st Appointment. . . be introduced by someone

the prospect trusts. Trust and Rapport is built more effectively and

more quickly when you are introduced with a testimonial referral.


6











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1. The key to acquisition and expansion of new relationships is overcoming

inertia. . . It’s easier for the Business Owner/Decision Maker not to move.

2. It’s one thing to move a product, it’s another thing to move a significant

portion of a new relationship. Your objective is to move 55% to 65% of the

relationship in less than 12 months.

3. Your strategy is to build enough momentum in the first 3 meetings to

overcome the inertia.

4. The most effective method of building momentum in today’s banking

environment is. . .

Aligning with the Business Owner’s Business Strategy, Business Plan,

Business Objectives and Business Operations. . . And, as a result,

finding multiple needs.

Building New Relationships: Overcoming Inertia

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Business Owner

DDA DDA

MMA MMA

Internet Banking Short-Term/Long-Term Investments

Line of Credit Retirement Planning/Retirement Plan

Equipment Loan/Lease Mortgage

SEP HELOC

Liability Insurance Term Life Insurance

Employee Relationships

Total: 7 Total: 7

Defining New Relationships. . . 60% Wallet Share

Professional Practice: 10-years, $600,000 in sales 60% of the

“Relationship”

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Business Owner

DDA DDA

MMA MMA

Web-Based Banking/Cash Management Web-Based Banking

Line of Credit Investments

Equipment Loan/Lease Retirement Planning/Retirement Plan

Commercial Mortgage Jumbo Mortgage

401(k) HELOC

Liability Insurance Life Insurance

Key Man Insurance, Buy/Sell Agreement

Total: 9 Total: 8


Business Services: 15-years, $3,500,000 in sales 60% of the

“Relationship”

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Business Partners(s)

DDA/Cash Management DDA

MMA MMA

Line of Credit, Acquisition Financing Web-Based Banking

Equipment Loan/Lease Private Banking

Commercial Mortgage Investment Management

Payroll Retirement Planning/Retirement Plan

Merchant Account Jumbo Mortgage

401(k) HELOC

Liability Insurance Life Insurance


Total: 10 Total: 9


Professional Practice: 18-years, $8,500,000 in sales

60% of the

“Relationship”

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Business Services: 20-years, $28,500,000 in sales

Company Decision Makers, Key Employees

Treasury Management Private Banking

Working Capital, Acquisition Financing Investments

Equipment Loans/Leases Jumbo Mortgage

Commercial Mortgage HELOC

Swaps, Derivatives Life Insurance

Investments, 401(k) Retirement Planning/Retirement Plan

Liability Insurance Estate Planning


Employee Banking

Total: 9 Total: 7

60% of the

“Relationship”

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All the good customers are already taken. And, in many cases the Business

Owner of that “good business” has some degree of loyalty to the incumbent

bank. That creates a predictable situation. . .

1. A focus on products in the early calls often results in the “loyal” Business

Owner taking your recommendations and ideas back to the incumbent

bank. . . the loyalty issue.

2. Overcoming loyalty requires that you build “your own loyalty” with the

Business Owner.

3. When the Business Owner thinks and feels that you have provided ideas,

education, insights, competitive knowledge, he/she wants you to keep

coming back. . . and then begins to think that he “owes you” for what you

have provided. Loyalty is building! He wants you to keep coming back.

Building New Relationships: The Loyalty Issue

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“Product” Conversations, “Product Questions”

1. Where are you banking?

2. What products are you using?

3. How are they priced and structured?

4. What are 2 things you wish your bank

was doing but they’re not?

5. Can I have a copy of your

statements to put together an offer of

how we would handle your banking

relationship?

Where are the Business Issues here? These

questions focus on products; comparing your

products with a competitor’s. These questions

demonstrate product acumen!!

Look at these Questions. . .

2

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“Business” Conversations, “Business Questions”

These questions align with a Business Owner’s Business

Strategy, Business Plan, Business Objectives, Business

Operations. These questions build Momentum Faster and

Overcome Loyalty more effectively.

Use this Question Set to Focus on Business Issues

and Build Relationship Momentum

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What does it take to momentum more quickly and to consistently

overcome inertia?








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Building New Relationships: Conversion Rates, 1st

Appointment Rates and Testimonial Referrals

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0%

10%

20%

30%

40%

50%

60%C

on

vers

ion

Rate

(%

)

CustomerReferral

Line of Business

Referral COI Referral

RM Cold Calling

“Referrals” can get

you an introduction, a

testimonial and add to

your prospect list!

Third Choice

Last Choice

Testimonial

Referral

Second Choice

First Choice


ASKING FOR REFERRALS


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Recent studies in the banking industry show that Business Owners are

more than willing to help you. . .

• 66% of Business Owners are willing to provide referrals to Bankers.

But to get the referral you will have to ask; and most Bankers don’t

ask.

• Only 22% of small-to-medium-size Business Owners have been

asked for a referral in the past 24 months.

• Only 37% of Middle Market Decision Makers have been asked for

a referral in the past 24 months.

Is a Consistent Flow of Referrals a Possibility?

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Why do Business Owners provide referrals?

1. They may like to help other business people.

2. They may want to be “heroes” to their friends and business partners.

3. They understand that it’s the best way to grow business for them and for

you.

4. They may see referrals as a way to “pay you back”.

Why don’t Bankers ask for referrals?

1. The quality of referrals isn’t always the best.

2. They don’t want to “harass” good clients.

3. They’re not sure whom to ask; they’re not sure when to ask.

4. They don’t have a process for asking!

Referral “Reluctance”

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There are multiple ways to build a Network Referral Process. . . but

one works better than the others. Here are the three most prevalent:

1. Wait and See: “If I continually provide outstanding service. . . when

they hear of an opportunity they’ll give me a call.”

2. Let them know I’d like a referral: “Jack, if you think of anyone who

would be a good a match for me and the Bank I’d love to talk with

them. Let me know if you think of anyone.”

3. Proactively ask for an Introduction: “Jack, there are a several

people in the area I’m trying to meet, I was hoping I could run their

names by you. . .”

Number 3 is always the best choice.

Asking for Referrals

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Let’s differentiate between these referral processes. . .

Wait and See:

“If I continually provide outstanding service. . . when they hear of an

opportunity, they’ll give me a call.”

The Problem:

a. Referrals are less frequent. . . Giving you referrals is not “top of

mind” with the potential referral source.

b. You can’t control the “quality” of the referral.


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Let them know I’m Interested:

“Jack, if you think of anyone who would be a good a match for me

and the Bank I’d love to talk with them. Let me know if you think of

anyone.”

The Problem:

• The client has to do all the thinking. . . he says he’ll keep you in

mind. The problem is; he has a lot on his mind.

• You can’t control the “quality” of the referral.


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Proactively Ask for an Introduction:

“Jack, there are a several people in the area I’m trying to meet, I

was hoping I could run their names by you. . .”

The Problem:

• The client may not know anyone on your “list”.

• The client may give you a referral anyway; a referral that doesn’t

match your target profile.


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Why Number 3?

1. You control the “quality of the referral”. . . It matches your target

profile because you are putting the names of the Business Owners

you want to meet in front of the Satisfied Client.

2. You control how often you ask for an introduction.

3. 2 degrees of separation is a “fact” in most markets; one of the

people in your client base or business network already knows

the Business Owner you want to meet!


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BUILDING AND WORKING WITH A

PROSPECT LIST


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1. If you’ve done your homework, you already have a Prospect List

that matches a Target Profile (built in conjunction with your finance

and risk management teams).

2. If you want your Referral Network to add names to your Prospect

List you’ll need a Target Profile to show your Referral Network

what you are looking for (or you may get what you’re not looking

for).

It Starts with a Prospect List and a Target Profile

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Target Industries Limited Appeal Industries

Distributors, Wholesalers Low-End Retail

Manufacturers Trade Contractors

Law Practices Real Estate or Construction Businesses

Architect, Engineering, and Business Service Firms Service or Gas Stations

Medical, Dental, and Health Practices Used Car Dealerships

Accounting Firms Restaurants

Insurance Brokers or Firms Mini-warehouses/Carwashes

Transportation Businesses Landscaping Contractors

Large Retailers

An Example of a “Target Profile”

Define the Industries you want to do more business with.

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Business Characteristics

In business over 5 years

Sales revenue between $1,000,000 and $20,000,000

Employing more than 5 people

Plant located within 10 miles of a branch location

Privately held

Experienced management team

Borrowing needs over $250,000

Satisfactory business borrowing-track record

Profitable (Net Profit After Tax) for at least two consecutive years

Deposit balances average more than $50,000

Using or needing 5 or more business product categories

An Example of a “Target Profile”

Define the Business Characteristics of the businesses you want to

do business with.

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Middle Market [$25 million to $250 million] 25 businesses

Business Banking [$2 million to $25 million] 35 businesses

Small Business Market [$500,000 to $2 million] 50 businesses

How Many Names on a “Good” Prospect List

Depending on the segment, the “size” of your Master Prospect List varies.

Middle Market [$25 million to $250 million] 10 businesses

Business Banking [$2 million to $25 million] 15 businesses

Small Business Market [$500,000 to $2 million] 15 businesses

The size of the Short Prospect List varies (This list is a subset of your Master

Prospect List).

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BUILDING A SHORT PROSPECT LIST


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Build a “Short Prospect List” for your Satisfied Clients

1. Who do the Clients on your Satisfied Client List know?

a. Review any client data (payable/receivable lists, client/supplier lists, for example)

that lists who your Satisfied Clients do business with or know.

b. Additionally, if any of the businesses on payable/receivable lists or client/supplier

lists match your Target Profile, ask the Satisfied Client to introduce you to those

Business Owners.

2. Look at the “industry” for each of your Satisfied Clients.

a. Given their industry or sector, who might they know in that industry or a

related industry; make a list of the related industries.

b. Review your Master Prospect List and select prospects in the related

industries you listed. Add the selected prospects to your Short Prospect List.

You’ll want to show these prospects to your Satisfied Clients in the same industry.

Building Your Short Prospect List

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Build a “Short Prospect List” for your Business Network

1. Sort your Master Prospect List.

a. One version based on Industry (NAIC Code)

b. Another Based on Geographic Location

2. Create a Short Prospect List based on Industry and Related Industries.

3. Create a Short Prospect List based on Geographic Locations.

Here’s an example of using #1 and #2: Your market is a County Seat. There

are over 50 Law Firms in the area. You have 11 Law Firms that match your

Target Profile on your Master Prospect List. So, you build a Short Prospect

List with all 11 Law Firms on it. Today you’re meeting with someone who has

connections in the legal world and you’ll this opportunity to show her Law Firm

Short Prospect List.

Building Your Short Prospect List

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WORKING WITH SATISFIED CLIENTS

FOR REFERRALS


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1. Determine the Criteria for a Satisfied Client. For example:

a. Has repeatedly told you how helpful you have been.

b. Has written or communicated to your manager that you are

outstanding.

c. Has given you multiple referrals in the past.

2. Build a list of Satisfied Clients.

a. “Carefully” review your client list and build a list of your clients

who match the Criteria of a Satisfied Client.

b. Your List of Satisfied Clients should be 10 to 25 names.

Building the Satisfied Client List

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1. A To-Do list for completing and adding to your Satisfied Client List.

2. From your data systems, print a list of all your Business Clients. Ideally,

your list should include the data in most of the column headings on the

Satisfied Client List.

3. Start your List by using the criteria on Slide 33 and applying it to your

Business Client List. Start by adding at least 15 names. Add the names to

the spreadsheet labeled Satisfied Client List.

4. As you go through next 13 weeks keep your eyes and ears open for

additional names you can add. Shoot for a list of 25 names on your

Satisfied Client List.

Building the Satisfied Client List

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1. Your objective is to review your Short Prospect List with your selected

Clients; determine the method you want to use:

a. Lunch Meeting

b. Relationship Development Meeting

c. Wait for a high point in the relationship

2. Determine the outcome you will ask for (1 or 2 are the best choices).

a. Satisfied Client makes the appointment with the Prospect for you

b. Satisfied Client calls the Prospect, makes an introduction and gives a

testimonial

c. Satisfied Client says “OK, you can use my name when you call your Prospect

for the appointment.”

Working with Satisfied Clients for Referrals

Share your Short Prospect List with Your Satisfied Clients.

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3. Set a Target for the your Activity.

a. For example, “I’ll show my Short Prospect List to at least 1 Satisfied Client

each week for the next 15 weeks.”

4. Using a Lunch Meeting as an example. Here is the suggested “scenario”:

a. “How are things going with us (your Bank)?”

b. “Any areas of concern in your work with the Bank (again, your Bank)? Any

Issues we need to resolve?” [Make a note of issues and their resolutions.]

c. If all is well, you have a high point in the relationship; now, ask for a

“personal” favor.

d. Show him/her your Short Prospect List.

e. Indicate and suggest possible “introduction” method.



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5. Keep the Satisfied Client in the Loop.

a. After you get the appointment, call and tell the Client.

b. After the 1st meeting with the Prospect, send a Thank You note to the Client.

6. Additional ways to say Thank You.

a. Invite them to lunch or to a social event.

b. Send them a referral.



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High Points in Relationships are the optimal time to ask for referrals:

When they thank you for your help.

When they express satisfaction with you or the bank.

When you give them a referral and they thank you.

Some of these “moments” happen without planning. . . Keep your

Short Prospect List with you at all times.


Identifying High Points in Relationships

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Example #1: You have just finished resolving a problem for your client Jack

Smith. He thanks you for your help and you respond:

“I’m glad I could help you out.”

“If you have a minute I could use some help too.” (Wait for a response.)

“Over the last few months I‘ve been working to build my client base. To get things

moving I built a prospect list of 15 names of businesses in the area who would be a

good match for me and the bank. As you know, finding a way to get an introduction to

prospective clients isn’t easy.”

“Would you be willing to take a minute and look over my prospect list? I would be

grateful for any suggestions or help you could provide.”


You can use these “templates” as a model for asking for Short

Prospect List Referrals:

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Example #2: You just finished closing a loan or completing a cash

management installation for your client Jane Doe. She thanks you for your

help and you respond:

“I’m glad I could help you out.”

“If you have a minute I was hoping you could help me out on a project I’ve been

working on.” (Wait for a response.)

“Over the last few months I‘ve been focusing on building my client base. To get things

moving I built a prospect list of 15 names of businesses in the area who would be a

good match for me and the bank. My goal is to have an opportunity to meet with the

owners of each of these businesses.

“Since you’ve been doing business in the area for many years, I thought you might

know some of the Business Owners on my list. Would you be willing to take a minute

and look over my list? I would be grateful for any suggestions or help you could

provide.”


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Example #3: You just completed a 3rd meeting with a prospect. At the end of

this meeting, the prospect thanks you for the ideas you discussed with him

during each of the meetings.

“I’m glad that our conversations have been helpful. Do you have another minute? I

could use some help too.” (Wait for a response.)

“At the beginning of the year I made a personal goal to bring in 10 new clients this

year. To keep things moving I consistently maintain a prospect list of 15 names of

businesses in the area who I think would be a good match for me and the bank.”

“Since you’ve been doing business in the area for over a decade and have an

extensive network I thought you might know some of the Business Owners on my

prospect list. Would you be willing to take a minute and look over my list? I would be

grateful for any suggestions or help you could provide.”


44


WORKING WITH YOUR BUSINESS

NETWORK


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Remember, 2° of separation is what networking is all about. By

combining all the names on your Satisfied Client List with this list

we’re building now, we’ll get the 35 to 50 names we’re looking for.

1. Get the spreadsheet that says Business Network List. This is

where you’ll build your Business Network List.

2. This list should have 25 to 35 Business Owners.

Building the Business Network List

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If you are new in your market or new to Business Development, we

recommend joining 2 Trade Associations.

1. Select several industries that are “plentiful” in your market (for example,

attorneys in a county seat or health care where there is a major hospital).

2. Now narrow down to 2 industries that you find “interesting”.

3. Join those Trade Associations (for example, mgma.org, the Trade

Association for Medical Practice Business Managers).

Another option is to join a networking club (for example, Business Network

International.

And in community markets, where the options above are limited, you’ll need

to be involved and visible in the community. (But keep in mind, being involved

does equate to getting referrals. . . you’ll still have to be proactive and ask.)


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Build Your Business Network List using these sources of Business

Owners.

1. Your clients (this listing of clients may go beyond your “Satisfied” Clients)

2. Your COIs (Accountants, Attorneys, CFPs, Business Consultants, etc.)

3. Prospects you have called on (who responded well to your meetings but had no

opportunities now. . . and thanked you for being a resource)

4. Suppliers of your clients (payables lists)

5. The businesses your clients sell to (receivables lists)

6. Your Legal Board or Advisory Board members

7. The members of the Trade Associations you belong to

8. Your business-related network “club” [for example BNI]

9. Neighbors who sell for a living or who own a business

10. Friends who sell for a living or who own a business

11. Anyone you know who sells to Business Owners [for example, someone who sells for

Paychex or ADP]


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A To-Do list for adding to your Business Network List:

1. Begin by building a Business Network List of 20 Names. The ultimate goal

is to have a Business Network List of 35 names.

2. Record the names on the Business Network Spreadsheet in the Excel

Spreadsheet.

3. As you go through the week keep your eyes and ears open to additional

names you that you could add to your Business Network List. . . over the

next weeks more names might come into your mind that initially you

overlooked.

4. Continue identifying possible Business Owners to add to your list. Don’t

stop until you have a total of 35 names.


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Working with your Business Network List:

1. Start taking your Short Prospect List with you everywhere you go.

2. Set a weekly target for “meeting” with Business Owners on your Business

Network List to ask for a referral [for example, at Trade Association

meetings, community events, lunch/breakfast meetings].

3. Start using the appointment request templates and edit to your style. . .

But ask proactively!

4. Practice, practice, practice.

Remember always face-to-face!

1. As you go through the week keep your eyes and ears open to additional

names you that you could add to your Satisfied Client List and Business

Network List.

Working with Your Business Network

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Show Your Prospect List to People on your Business Network List.

1. Review your Business Network List for possible conflicts with your Short

Prospect List.

2. Call (on the phone) the Business Owner on your Business Network List to

ask for a personal “favor”. Unless you know the person extremely well

[and they owe you for past favors], do not ask for the “referral” over the

phone, wait until you are face-to-face to ask.

3. Meet with your Business Network Business Owner.

Working with Your Business Network List

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Show Your Prospect List to People on your Business Network List.

4. Show your Short Prospect List to the Business Owner, ask if he/she

knows any of the Business Owners on your Short Prospect List.

a. If he doesn’t know anyone on your list, show him your Target

Profile and ask if they have any “business partners” that match your

Target Profile (here’s where your target Profile is important). Add those

names to your Prospect list.

5. If he does know someone on your Short Prospect List, ask for a next step.

Two possible scenarios are:

a. Ask if he would call the prospect that he knows and introduce you,

encouraging the Business Owner to take your phone call and to meet

with you.

b. Ask if you could use his name when you call for the appointment.


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1. Contact the Prospect (from your Short Prospect List) with the “Referral” Provided.

2. Contact the prospect by phone (or drop-by). Be prepared to get to the Business

Owner, have your value statement ready!

3. If you can’t get the Business Owner on the phone, leave a message referencing the

referral source. [Use the script in this section.]

a. First choice: leave a message on the Business Owner’s voice mail.

b. Second choice: leave a message with the gatekeeper (try to make sure the

message reflects your value statement. . . It probably won’t).

4. Be prepared to leave 4 messages [1 per week for 4 straight weeks] before you give

up. Persistence is critical!

5. Place any information about the business next to your phone so it’s readily

available if he/she calls you back [avoiding “brain freeze”].


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“Hello, this is John Doe from FirstBank. Is Mr. Jones available”?

(Wait for a response.) In some cases you may be transferred to the decision maker or

their voicemail, so be prepared with your value statement.

Gatekeeper Response: “Mr. Jones is not in at this time, may I take a message?”

Your Response: “May I leave him a voice mail?” (This is always your first choice.)

Gatekeeper Response: “May I ask what this is in reference to?”

Your Response: “I work with a number of veterinarians in town. I was referred to Mr.

Jones by a mutual acquaintance, Richard Evans of Ft. Smith Animal Hospital. He

suggested that we could be a potential resource for each other.”

Ask for the Decision Maker’s voicemail again.


Example #1: Leaving a Message

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“Hello Ms. Jones, this is John Doe from FirstBank. I’m a Commercial Banking

Relationship Manager here in our market. Thanks for taking my call.”

“I was speaking with a mutual acquaintance of Mr. Dietz, Rob Thompson from Worldwide

Distributing, and he suggested I give Mr. Dietz a call. Would you please pass this

message along to Mr. Dietz and ask him to give me a call at his convenience?”

Gatekeeper Response: “May I ask what this is in reference to?”

Your Response: “I work with scrap metal dealers in the area supporting their

import/export trade finance needs. Rob Thompson thought that some of the solutions we

were providing to his clients would be a good match for the business that Mr. Dietz has

built in Asia and the Pacific Rim and suggested it would be useful for Mr. Dietz and me to

meet.”

“Would it be possible for me to leave a voice mail for Mr. Dietz”?


Example #2: Leaving a Message

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Follow-up with the Business Owner Example using “Industry Expertise” Value

Statement. Even with a referral, your appointment request needs a strong value

statement.

“Hello Mr. Dietz, this is John Doe from FirstBank. How are you? I’m a Relationship Manager in

Chestertown market, thank you for taking my call.”

“I was speaking with a mutual acquaintance, Rob Thompson from Worldwide Distributing, and he

suggested I give you a call. I work with a number of scrap dealers in the area supporting their

trade finance needs. Rob thought that some of the solutions we are providing to his business

might be a good match for the business you are doing in the Pacific Rim and Asia.”

“Over the last 20 years, we have worked with a number of ferrous and non-ferrous scrap dealers.

Increasingly, we have been supporting our non-ferrous clients in two areas: letter of credit issues

in the developing countries in the Pacific Rim and currency exchange issues in Asia.”

“As a non-ferrous dealer with clients in areas where we have broad experience, Rob and I thought

you might find useful some of the expertise and solutions we have been providing to other non-

ferrous dealers.”

“Do you have some time in the next few weeks when we could get together?”


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COLD CALLING


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Without a referral, getting appointments comes to

numbers, luck or a great “value statement”.

For a prospect to give up his valuable time,

he will need to see something of value

in the time he will spend with you.

Cold Calling and Value Statements

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Here are several areas that have proven to be reliable areas of interest

and value for prospects.

1. Third-Party Referrals: Use a referral from an existing client, an

acquaintance or a third-party professional. Be sure to ask for permission to

use his or her name before using it as a referral. Success Rate [65%]

2. Industry Experience and Expertise: Focus on your experience and

expertise with the prospect’s industry. Success Rate [45%]

3. References: Refer to a piece of news or an article in a publication.

Success Rate [25%]

4. New Situations/Products/Services: Discuss a new situation, a new

product, or any innovation at your bank that might be of value to the

prospect. Success Rate [15%]


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For many bankers calling in a smaller community, there is a an effective

alternative to numbers 2, 3 and 4 above. . .

5. Community Approach: Discuss the fact that you both do business in the

same community and could be a resource for each other in the future . . .

“You’ve been doing business in this area for a number of years and so have we.

Unfortunately, we’ve never had a chance to meet. I’d love the opportunity [1] to find

out more about your business, where you are and where you’re going; [2] to tell you

more about us and the kind of things we’re doing.

Then, who knows, maybe we can be a resource for each other somewhere down

the road.

Do you have some time in the next week or so to get together?”


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No referral? Next best choice, use Experience and Expertise in your Value

Statement. This example uses industry experience as a value statement to get

an appointment:

“Hello Mr. Dietz, my name is John Doe with FirstBank. How are you?”

“Over the last 20 years, we have worked with a number of ferrous and non-ferrous

scrap dealers in Baltimore, Philadelphia and Newark. Increasingly, we have been

supporting our ferrous clients in two areas: resolving letter of credit issues in Central

Europe and advising on currency exchange issues in developing economies in the

Pacific Rim.”

“As a ferrous dealer with clients in locations and economies where we have broad

experience, I thought it might be helpful to discuss with you some of the issues we’re

seeing in those markets and the solutions we have been providing to other ferrous

dealers.”

“Do you have some time in the next few weeks when we could get together?”


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These are responses to the most common objections that bankers hear in

proactive business development.

“Tell me over the phone that’ll save us both time.”

“Mr. Dietz, we provide a variety of resources for business owners. The services that I

would recommend for your business depend on the specific needs of you and your

business. If we could meet and I could find out more about your business, I think I

could make some recommendations that would carefully match your needs. . . now or

in the future. Would it be possible to meet in the next couple of weeks?”

Cold Calling and Objections

62


“This is a bad time, I’m busy.”

“I understand. Is there a time that would work better for you?” (Wait for a response.)

Sometimes this objection is a cover for one of the objections above.

(If the answer is Yes)

“When would work best for you? (Wait for a response.) Great, I’ll give you a call a

week or so in advance to set up an appointment. I look forward to talking with you

then.”

(If the answer is No)

“I can understand, running a business is demanding. With your permission, I’d like to

check back with you from time to time to see how things are going and if I can help in

any way. May I give you a call in say 3 months?”


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“My primary bank is XYZ. I’ve been with them for 15 years and I’m quite

satisfied.”

“For you to stay at one bank for 15 years tells me a lot about you as well as your

relationship with XYZ Bank. Respecting that relationship, I’d still like the opportunity

to come by and find out more about you and your business — then if a need arises

where a second bank or a second opinion might be helpful, you’ll have me as a

resource. Would it be possible for us to meet in the next couple of weeks to talk

further?”

“It sounds like you have developed an excellent relationship with your primary bank. I

would still like the opportunity to come by and meet with you. What I’d like to offer is

an opportunity to preview with you the newest set of financial products designed

specifically for small business owners. This would give you an opportunity to see

what’s out there today. Would it be possible for us to meet in the next couple of

weeks to talk further?”


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“I’ve got an X% rate on my loan; if you can you beat it, I’ll be happy to talk

with you.”

“That sounds like a very competitive rate. Over the last several years, our

rates have been highly competitive too. As you may know, there are many

factors lenders use to price their loan products. Before I can give you a

realistic idea of how we would price your loan, I’d need to get a better

understanding your borrowing needs and your business. If we could get

together and discuss these areas, I could quickly put together the

information I need to get you a rate. Do you have some time in the next few

weeks?”


65


“Convenience is important to me; do you have a branch close to me?”

(The answer is “No”)

“I understand location convenience is often important. Usually location

convenience is most important when a business makes many deposits or

has employees who cash their checks after being paid. Is that the case?”

Listen carefully to the response. If it is all about frequent deposits/locations,

there’s not much you can say.

If convenience is about something other than location, proceed with the

following:

“However, technology has made banking less dependent of branch location.

Would it be possible to meet in the next couple of weeks to learn more

about your business and discuss how today’s technology may make your

banking more convenient.


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1. All these methods work. . . with varying degrees of effectiveness.

Now it’s time to make a commitment.

2. Sit down with your Sales Manager and make a decision on the

steps you will follow to implement these. Each one requires work

and practice, practice, practice will be the key to success.

3. But once you’ve made your choices stick with it for 26 weeks,

Commit!

4. No whining, no complaining, no wondering if it’s really going to

work, get with it and stay focused!

Final Comments

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Visit Our Website

After the conference take a few

minutes to explore our website. . .

And register for our email

newsletters and blog. Each month

you’ll get suggestions, tips, and

how-to’s to fine-tune your sales and

sales leadership processes.

Find out about our archived

webinars on sales and sales

leadership topics.

To find out more about our

resources for business banking

teams go to

www.mzbierlyconsulting.com or call

Ned Miller at (610) 296-4772 or

email him at

[email protected]

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