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Improve Bank Officer Calling Results
The secret is in the training and coaching program.
by Rick Wemmers
Guru BIOS
There are numerous services, books and training companies who offer to show banks how to address this question. I have two problems with these sources:
- They usually provide too little, too quickly and the training doesn't stick.
- They are bought with the wrong expectations.
It is abundantly clear to me bank employees don't hire on to be sales people. They are accustomed to and fully expect to have people come to them for "help", not go seek them out and sell them on switching banks. A current research report show banks still have not mastered cross-selling either.
I would like to offer a fresh approach to officer calling effort, based on what I know is working today for many businesses including some banks.
Step # 1 - The bank CEO makes a public commitment to employees he will do what he can to support a new effort to gain new accounts.
Step # 2 - Hold meeting with those who are expected to get new accounts. Instruct them to stop "selling" and start looking for opportunities to "help" prospects. They are not even to take any bank literature on the first call. While this may seem like a minor thing it is a big thing for people who hate to sell.
Step # 3 - Provide REAL SALES training which is a whole lot different than bank product training. Most people hate to sell because they have not been taught simple, easy ways to get over their fears of personal rejection and making cold calls to strangers. The proper SALES training coupled with individual sales behavior assessments works great to solve this problem. It arms each officer with tools, knowledge and motivation to tackle even impossible prospects because they have knowledge they didn't have before about selling.
Step # 4 - Create two prospect lists - A & B, either businesses or individuals.
The A Prospect List should be no longer than 12 names. Shorter is better. These 12 prospects should have no apparent reason why they couldn't become a customer. They also fit the desired profile of very profitable current customers.
The B Prospect List should be no longer than 25 names. Shorter is better. These 25 are desired but there is a clear reason that this prospect won't become a customer, at least right away.
Let me point out these lists are not cast in stone. They are "living" lists and can, should be adjusted frequently (even weekly), as new information becomes available.
Step # 5 - Do The Homework. Most bank sales calls are usually filled with the standard old phrases - "We want your business…any part of it." "We're good people!" "You'll be important at our bank." This is accompanied with dumping a bunch of bank brochures on the prospect's desk.
Any good salesman knows the value of "call preparation". The same applies for bankers. Get to know your prospect before you make the first contact. Learn what problems his industry faces, especially concerning finances and banking services. Know something about the history of his own business. This can be done quickly and cheaply. There are no excuses!
Start a prospect profile card, noting the specific questions you will ask on each call. Banking is a relationship-driven business and just like making strangers feel comfortable, there is a proven process to build relationships.
Think about it. Aren't you more interested in talking to someone who has obviously done his/her homework and talks about your needs, regarding the product he is selling.
Step # 6 - Start a Tracking Program - The old saying, "If it isn't measured, it doesn't get done" is very true with bank officer calls.
Tracking programs can as simple as an excel sheet, reviewed each week. Or each officer can use their desktop, Microsoft Outlook for example, to help track calling efforts.
Step # 6 - Appoint an Outside Sales Coach I know. The CEO is the coach! Right? How many bank officers see their CEO as a sales coach? Few I would say if they are truly honest.
A good sales coach, who understands bank selling, can be worth his/her weight in gold. He has a big bag of helpful tips and tactics. He can help find background information on prospects. He can be a personal confident without jeopardizing a career path. He can add accountability that is acceptable to everyone. He can be the spark to light the fire of excitement.
How long should the coach be involved? I would strongly recommend 120 days. With the proper CEO support, the right coach can provide ongoing reinforcement by phone, email and occasional site visit. Less than 120 days won't give the program a chance to build its own momentum.
Those are my proven steps for significant improvement in Bank Officer Call results. They certainly are not for most banks, just those who want to take giant growth steps.
First published on BankersOnline.com 7/11/05
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