Pub. 7 2017 Issue 3

13 ISSUE 3. 2017 calling efforts with your internal team, schedule pre-calls to re - view logistics, talk through the flow of the meeting, discuss ma - terials to be prepared, etc. so you can put your best foot forward in the meeting. And, always debrief afterward to discuss how it went, assign responsibilities for follow-up and the like. • Identify your dream team. Which staff members need to be part of the calling efforts? And which need to be part of the on - boarding and servicing once you’ve landed a new relationship? Engaging key staff early in the sales process will help facilitate a smooth transition for the client and avoid common mistakes that can be made when a team member is brought into a deal too late in the game. Plus, the prospect can get to know the entire relationship team in the beginning phases to help in relationship building.… knowing the team they’ll be working with can some - times be the deciding factor when selecting a service provider. (Be sure it is clear though who is their main point of contact.) • Start with a dialogue. Go into the initial meeting with the sole purpose of fact-finding. Plan to listen more than you talk. Don’t bring up your product offering unless the prospect asks. The goal of this meeting should be to learn as much as possible about the company; discover what is important to them in a financial partnership; what pain points it has or how efficiencies could be added; what the business’ goals are and the like. Asking plenty of open-ended questions to encourage a dialogue will provide invaluable information to then strategize around how your insti - tution could meet the company’s needs as a next step. Be sure to take good notes so you don’t have to go back and ask for the same information over again. • Treat all products as equally beneficial. When a financial insti - tution can meet the full demands of its clients, whether through a loan, checking account, credit or debit card, online banking, etc.; the business is more likely to think of the bank or credit union as a ‘one-stop’ financial provider. However, financial institutions often lead with lending products and the depository services are secondary considerations or thrown into the mix with the loan as the priority. Treating loan and deposit products as equally important will demonstrate to the prospect that your institution is a full-service provider that can meet their current and future banking needs. • Let your partners shine. If you are engaging your treasury management officer or deposit specialist in the sales opportu - nity, give your partner the opportunity to deliver on their area of expertise. So many financial institutions collect bank or analysis statements in initial meetings and ask their partners to put together pro forma comparisons when the expert hasn’t had a conversation with the business. Most institutions can match exactly what a company has with their current provider. There is no value in that scenario. The value is in the dialogue; letting your partner ask questions to determine how the current structure is working, any changes that need to be made, what additional needs your prospect may have, etc. so your proposal demonstrates a clear value proposition that stands apart from the current provider or other competitors pursuing the business. • Do what you say you’re doing to do. If you tell a prospect that you’ll follow-up with them next Friday, setup a tickler and make sure you reach out to them that day. Or, at least reach out to let them know you’re still working on their request and give them a new date that you’ll circle back. Demonstrate to your prospect early on that you’ll be timely in handling their requests should they decide to partner with you. • Charge what you’re worth. When you immediately jump to waive your pricing or offer exception pricing, what message does that communicate to your prospect? Businesses pay for value perceived. Charge a competitive price that is fair to the institution and the business, and focus your relationship on the value you deliver; not simply the price tag. Defining expectations with your staff around prospecting for business deposit relationships can not only help grow your business portfolio, but can cultivate your team to develop or sharpen their skills. With the rapidly changing business landscape due to new technologies, changes in societal expectations, growing global business opportuni - ties, etc., mastering how to prospect will help position your financial institution for growth with the business segment and leave a lasting impression in your marketplace. w Melissa Giddens is the SVP, Consulting Business Leader for WesPay Advisors, a consultancy helping organizations advance their development and deploy - ment of electronic payments. Prior to joining WesPay Advisors, Melissa worked with businesses for over 21 years to help build optimal structures for managing payables and receivables, mitigating the risk of fraud, and maximiz - ing cash flow. In 2016, she won the Frank E. Zima Payments Advocacy Award and has won numerous sales awards throughout her career. Melissa earned her Master of Business Administration from Green Mountain College. She holds the Certified Treasury Professional (CTP), Accredited ACH Professional (AAP) and National Check Professional (NCP) designations. Contact Melissa at mgiddens@wespayadvisors.com or 415-373-1180. TREATING LOAN AND DEPOSIT PRODUCTS AS EQUALLY IMPORTANT WILL DEMONSTRATE TO THE PROSPECT THAT YOUR INSTITUTION IS A FULL-SERVICE PROVIDER THAT CAN MEET THEIR CURRENT AND FUTURE BANKING NEEDS.