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
nmiller@mzbierlyconsulting.com
www.mzbierlyconsulting.com

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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
4

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
5

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.
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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
8

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”
10

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%ConversionRate(%)
Customer
Referral
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”
21

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
32

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.”
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WORKING WITH YOUR BUSINESS
NETWORK
45

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
46

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]
48

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
50

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
51

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
54

“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
55

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
57

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
58

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%]
59

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?”
60

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?”
61

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?”
63

“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?”
64

“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.
66

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
67

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
nmiller@mzbierlyconsulting.com
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NYBA Getting in the Door with Prospects

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