Tag: Bank Sales

How To Become A Better Trusted Advisor In Banking

Improving bank product sales
IMPROVING BANK PRODUCT SALES

A surge in alternative lenders and intense competition among banks has forced community bank lenders to further differentiate themselves and their institution. Many lenders are switching their professional focus from being a salesperson to being a trusted advisor. Recent teaching from St.

Why Commercial Loan Prepayment Provisions Matter

Protecting Commercial Loan Profitability

In an article two weeks ago, we discussed why community banks should desire prepayment provisions in their loans.  We also acknowledged that in this very competitive banking market banks are unable to negotiate a meaningful prepayment provision.  In this blog, we will identify techniques that some banks may use to obtain a meaningful prepayment provision, and we share a video explaining how CenterState Bank lenders use these techniques with commercial borrowers to negotiate a powerful prepayment provision. 

 

How Many Questions Should A Banker Ask On A Sales Call?

Better Bank Sales Calls
BETTER BANK SALES CALLS

Statistics show that bankers do not ask enough questions on a sales call with a customer. The average banker asks about five to seven questions, and unfortunately, most of those are pretty standard like “What keeps you up at night?” or “Do you have your latest financials available?” As we like to say, good questions are better than good answers and customer questions are one easy area where bankers can improve.

One Reason Why Bankers Are Not Building More Relationships

Bank Sales Persistence

One reason why your bank is not selling more loans and building more deposits is likely your bankers may be giving up too quickly. While banks may know all the data about their balance sheet, when it comes to selling, most banks could use a crash course in focus. When it comes to bank sales, it is often not the bank that offers the best rate or the best product, but the banker that puts in the work to get the sale over a long period of time.

How To Speed Up The Deposit Sales Cycle

Growing Deposits

Given that it is the start of the year, it is a common practice in banking to clean your desk to kick things off. When it comes to desk cleanliness, you have two choices:  leave your desk alone or set it on fire.

A New Feature on LinkedIn That Your RMs are Probably Not Using

Event Networking With LinkedIn

Any relationship manager (RM) that has ever worked a conference knows how frustrating it is to try to track down that one prospect you have wanted to meet or catch up with. While you may have an attendee list, it is also equally frustrating to know who is in the room. This is where LinkedIn comes in with a feature that can revolutionize how you network and get the most out of any given marketing event. In this article, we show you how to leverage the technology to make you the smartest banker in the room.

 

Why Your Bank Should Rent and Market Shared Office Space

Banking and Shared or Co-Working Space

Statistically, we call it the density function. The more potential clients that are located in close physical proximity to each other, the higher the probability that each will become a client of your bank. Consider that during college, a time in your life was you likely had a high density of people around you, at any given moment, 20 people could randomly show up to your apartment or house. Sometimes you would be asleep only to wake up to find a small party in your living room without so much as an invitation.

Teaching Team Sales To Relationship Managers

The Bank Sales Team

While lots of bankers study and pride themselves on selling, few banks train in “team sales.” Like playing a team sport, one-on-one selling is different than when selling as a team. To the extent your bank uses a “client action team” or group of bankers representing different products to bring over a big client, improving your team sales technique can turbocharge performance. In this article, we look at six, often overlooked ways, your teams can boost its commercial client conversions from prospect to customer.

 

How Role-playing Can Help Improve Bank Sales Performance

Improving Bank Sales Performance

We are big proponents of developing a sales process for bank calling officers.  We believe that without a well-defined and implemented sales process, a community bank cannot succeed as a sales organization.  One very effective tool that more bankers should be deploying for their sales process and training is role-playing.  However, few community bankers are doing so, and at a recent bank meeting where we discussed role-playing as a sales tool, we had two bankers (a CEO and a CLO) roll their eyes at us and state that they would not subject their

Note Taking Systems To Improve Your Bank’s Sales Calls

Improving Sales Calls Note Taking

Recently, we sat down with Jack Hubbard of St. Meyer and Hubbard to compare sales call note-taking approaches. We were both amazed at how few bankers take notes during meetings and sales calls. While there are lots of reason not to take notes, there is one scientific study out there that shows you can have 70% or better recollection of an event past three months. Since the customer is one of the most important assets to your bank, and you likely pride yourself on being relationship-driven, then it only makes sense that every banker should take notes.

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