Have Your Lenders Become Sales Dinosaurs?
So what did the Sales Dinosaur Assessment for Bank CEOs in my last email reveal about your bank? What new insights did you have about how your bank needs to evolve? The bank-assessment in my last blog asked bank CEOs and Presidents twelve questions designed to expose a small portion of the antiquated thinking that currently exists in your bank.
Why should you care about “antiquated thinking”?
Because nothing stifles progress, creativity and innovation faster than old, familiar habitual ways of thinking. Wait a minute! Did I just suggest that our thinking is habitual? Yes I did! Just like our behaviors are habitual, the ways in which we think are also habitual.
Our habits of thought are like blinders. They obstruct our peripheral vision and in doing so prevent us from discovering new ways to hone our organization. As bank leaders, are you cultivating a culture that encourages and rewards new ideas? Do your managers understand how valuable employee perspectives are in the quest to improve the customer experience? Or are your executives, managers and employees comfortable with the “status quo?”
Has Your Bank Become a Sales Dinosaur? Yes! That is the best possible answer. It means you’re not in denial about the fact that your lenders, relationship and branch managers are pretty much saying and selling the exact same way as your competitors. It means you realize your sale teams continue to use the same, tired old approaches to finding and closing business as they have for the past two and three decades. Every banker is approaching the same commercial real estate brokers, CPAs and attorneys for referrals. What could be less original than that?
This, the second, follow-on blog is a “self-assessment” for lenders and relationship managers to help them determine if they’ve also become sales dinosaurs. You likely will find this assessment to be very revealing.
Have Your Lenders Become Sales Dinosaurs?
Sales-Assessment for Lenders and Relationship Managers
You have likely become a sales dinosaur if…
- You’re still working the same types of COIs as you have for the past 10 to 30+ years
- When you think of a COI, you think of a “high profile” person
- Half or more of your deal flow are referrals from real estate brokers, CPAs and attorneys
- Your pre-call planning consists of discussing your call in the car on the way to the sales call
- You rely on your years of experience and “wing-it” on sales calls
- You consider yourself a “generalist”
- You believe specializing in an industry limits your opportunities
- Your goal on an initial prospect call is to get a package
- You receive far more referrals than you give
- You look for and like “deals with hair” on them
- You bring in more real estate deals than C&I business
- You often find yourself competing with 3 to 5 other banks for a deal
- You use phrases like “relationship banking,” “personal relationships”, “customized solutions,” “we’re dedicated to the community” and “excellent customer service” when talking to prospects and customers
Looking in the mirror isn’t easy. Confronting the truth is uncomfortable. The more “yes” or “possibly” you had as answers to the questions above, the more likely it is that you’ve become a sales dinosaur. If more than 50% of your answers were yes, you’re among a dying breed.
What’s the point of the sales assessment for lenders and relationship managers? Awareness! To make you aware that you and your bank are undifferentiated, commoditized and antiquated in your approach to marketing and sales!
Einstein said “you can’t solve a problem with the same thinking that created it.”
As lenders, relationship and branch managers, it is imperative we understand and acknowledge we’ve commoditized yourselves due to lack of originality, lack of a defined strategy and lack of discipline. As a result, every banker sounds and sells like every other banker in the market.
We all know the game is changing in banking; the
question is how are you going to change with the times?
Check out BTI Growth Advisors evolutionary, new website and resources.
Would it be valuable to see your competitor’s marketing plans? Keep an eye out for my next blog in a couple weeks! I am going to show you the exact marketing plan of all your competitors.