Bank Sales Myth #2: "It's a numbers game"

 

One of the first goals my first boss in banking set for me was to make 50 cold calls a day.  His logic being, I didn't have an established portfolio, and the best way to find new customers is to reach out to your targeted leads, make cold calls, and schedule appointments to meet.  

His favorite saying was, "Sales is a numbers game!"  

What a load of crap.  Give a banker 10 good leads they can work with, and they will close more deals than a banker with 100 cold call "prospects."

Everytime

Fortunately for me (and in my opinion, to the benefit of the banking world.  If anything because I was seriously considering quitting, which means that this whole Sales Math experiment would probably never have happened.  Hopefully that thought makes you as sad as it does me.), he was forced out of the industry shortly thereafter, and my next boss allowed me to take an entirely different, and far more productive, approach...and that's what this week's video...

Continue Reading...

Windshield Wisdom #54 - This Single Biggest Prospecting Mistake I See Bankers Make

 

A lot of banking professionals I see put the cart before the horse when they're out looking for good prospects, but you know there are other triggers that have to come first...and that's what this week's Windshield Wisdom is all about.   

Three Big Takeaways

1.  All too often, when we're prospecting what we're really doing is looking for deals we can add to our pipeline.  

2.  Problem is, because we're coming into the prospect's buying cycle later, those deals are often a lot less likely to close.  We're setting ourselves up to be at a competitive disadvantage...where rate, term, or factors beyond your expertise and value, are the most likely differentiating factors.

3.  Successful bankers don't play that game if they have a choice.  Instead, they look for prospects earlier in the buying cycle and create engagement which attracts customers to their personal brand.

Matt Middendorp is a nationally acclaimed speaker and sales coach with...

Continue Reading...

Windshield Wisdom #49: Are You Making the Right Offer?

 

 

So my wife and I have a running joke for every time we drive past this place on the highway not far from where we live.  

I ask her, "Hey honey, want me to pull over so you can get your free hug?"

She hasn't said "yes" yet, and once you take a look at the picture, you will probably guess why.  

Apparently the offer I'm making isn't one that sounds good to her, and I can't blame her for that.  Let's be honest, would you stop?  

There's an art to making the right offer...to the right prospect...at the right time, and that's what this week's Windshield Wisdom video is all about.  

Three Big Takeaways

1.  In banking we do it all the time, but if you're offer doesn't solve their problem, it isn't an offer worth making.  You can do lasting damage to your personal brand in the community if you screw the offer up in the first place.       

2.  Knowing why they have decided to solve their problem now...

Continue Reading...

Windshield Wisdom #46: Actual Sales Advice From A Prospect Who Chose Your Competition

 

I had the privilege of secretly watching one of your best prospects meet with you, then debrief him afterwords and gather his insights into the sales efforts of his "banking friends"...and it wasn't pretty. 

You see my customer (your prospect) valued his "banking relationships", but that was only enough to get you in the door.  To win his business, you need to be great in three other areas, and it was here that everyone fell short.  .

Check out what your best prospect said it will take to win his business in this week's Windshield Wisdom.

Three Big Takeaways

  1. Relationships will only get you in the door, it's how you connect your knowledge of the customer to the offer you're making that gets the deal done.  
  2. Your best prospects expect to know how important they are to you.  It's up to you to figure out how to show your appreciation in a way that resonates with them.  
  3. Don't be afraid to get creative when putting together your offer. Your...
Continue Reading...

Getting there faster (how I think about relationships)

convert relationships Dec 13, 2017
 

Quick question for you...

Have you ever completely misread the status of a professional relationship you've been developing?  

I don't mean you tried and failed to build one - I mean you thought there was mutual trust and a desire to work together which ultimately proved to be a one sided assumption (meaning it was just you). 

(You can't see it, but I'm absolutely raising my hand.  Like it or not, we've ALL done it.)

This week's Windshield Wisdom is about a single unifying idea that's behind some of the most profitable relationships I've built and seen built, and how you can get there faster.  

Three Big Takeaways

  1. The main goal of relationship building can't be to learn just enough to make a sale.
  2. Asking better questions, hearing the right cues and clues, and acting with proper timing all matter, but they aren't the single unifying predictor of relationship success.  
  3. Real relationships (i.e. real trust) are all about creating WINS for your...
Continue Reading...