Know-How Exchange : Strategy

What do you say when you make your sales calls? what are the objections your suspects come up with?

I think educational marketing would work here. You could create some free webinars and invite all your prospects. Include real content, and if possible, a third-party speaker in addition to a speaker/moderator from your company. Don't do a hard sales pitch. But at the end, you can include a slide w/ your contact info in case they want "more information." You could also send a survey to all participants (incent them to participate with a prize), which is basically a lead form -- then you can pass on the hot leads to sales for follow-up.

You might also do a white paper. Same idea... make killer content, include a third-party for credibility if you can. Have prospects register (or somehow submit some of their info) to receive the free white paper.

Webinars have worked exceptionally well for me in the past. They work best when you can get a good speaker. (And definitely practice them before presenting - lots of logistics can go wrong).

You are right, you have to frame the call so that they do not get defensive. You have to take the consultative sales approach -- and avoid insulting the buyer.

The different mediums are ok, but they are passive. Unless you hit a nerve, you won't get their attendance. And they are bombarded with these types of presentations all day long. How do you rise to the top? You can with repetition, but how long can you wait?

If you are going to use them, I'd advise developing a good script-- with good pain finding questions. You don't have to divulge everything you know. You can ask, do you have $xx in commercial RE holdings (you know the answer). Do you know the FDIC recommends.... .

Developing non commercial presentations to the industry and writing articles to their trade mag's will help establish your credibility. Webinairs, of course-- but unless you have a plan to drive people to that site-- they won't be very effective. All should be part of your marketing plan-- as well as direct sales efforts. Direct contact and relationship, consultative selling will make the difference.

Sell Well and Often tm

The strength of the message will be underpinned by a perceived need for your service on behalf of the banks.

If there are competitors offering the same services, how will you differentiate? (If the differentiation is also a key driver of customer purchase behavior, that will likely generate awareness.)

Will your services help banks to comply with new regulations or requirements? Is there a deadline for them to do so? If so, this should be part of the message. Several years ago, when brokerages were required to offer a certain number of independent research options to their clients, they were quite open to hearing from anyone who could help them best fill their requirements.

Is your service designed to increase alpha through risk management? Do you have proprietary approaches or analyses? These should be highlighted.

I agree with Tracy - this sounds like a consultative sell with multiple decision-makers. If you have success stories from existing clients, you can work them into white papers and media content. Also, consider using PR for visibility - introduce your experts to editors of the major banking media, send frequent (monthly) "media updates" with direct quotes from your experts that they can use in their pieces, etc.

If your target client is a senior-level banker or portfolio manager, direct emails likely won't be a very successful means of introduction, unless you have something that you can offer for a limited time while they determine if the analyses have relevance and value for their portfolio.

Best of luck!

What you're offering is not of interest to the line officer. Your target here is not the these people but rather whoever the credit policy officer is.

I think a visual of a lop-sided scale or something to that nature along with a statement that suggests they already know the issue and you're simply coming up with a solution. This way they don't get defensive. Chances are, they already know they need to diminish risk. So if your approach is something like- looking for ways to balance your portfolio? Let us take off some of the weight...

Instead of focusing one-bank-at-a-time, why not create a presentation for one of the upcoming American Bankers Association events (https://www.acbankers.org/conferences__education/)? Or, become an exhibitor. Let the bankers who purchase these services come to you.

I agree w/ Jay on sponsoring an ABA event. I've done them in the past and had good results. You could also try the myriad other banking organizations. You might also consider doing an e-newsletter to your prospects. Or even holding your own educational event (though that takes a lot more resources).

How about putting together some type of risk assessment tool that you distribute free of charge. Put it either on a CD or website but make it so that they can enter data anonymously. The submit button should trigger their company's risk assessment results along with possible 1-line solutions. Solution details will put them in touch with your sales department who can seal the deal.

You could also make it so that if they contact your company and setup a meeting, they get a prize or entered into a drawing for a bigger prize.

Good Luck!

I appreciate everyone's desire to make this work, but I'm suggesting there's a good reason why these previous efforts have not yielded fruit.

I worked in commercial banking for ten years, so I think my points are valid here.

First of all, I'm not sure what you mean by that your company "funds" loans for banks, but that's not really what you're selling or asking about here anyway.

I really don't think there's an education opportunity here. The banker on the line is really more of a salesperson than a finance person, and they don't have too much say in what gets approved or declined. Sure, they should know going into it what they can and can't do, but they don't ultimately approve anything (except maybe very small loans).

If you could shed some light on what your service is and how it specifically helps banks, you might get some feedback that will help, but the way I see it, it's someone at the credit policy executive level or higher that you need to sell (with smaller banks, this is probably either the president or maybe a chief lending officer). It's not the people in the day to day field.

As far as your service, I'd be interested to see what it is.

ok there are a few things you can consider here

the kind of people you are meeting are more the type who may have secretary - hence you need to pass this PA

so maybe you need to create a reason why the PA will let you meet their boss

secondly try out blogs etc...

Interesting. (I have no idea what that last post is saying) Really, at this high level the most cost effective is one on one consultative selling. Which is exactly what Inbox is saying too. Education seminars, and other ideas presented are attended by those in the field. This is a high level executive sell. You can identify and present at functions geared to this level, but I'd work on your sales staff, sales cycle and message to find where the break down is. Execs at this level are not passive --and passive marketing won't get you the results you need.