It wasn’t so long ago that a business banker could get by based on their personality, some basic knowledge of the local economy, and maybe one or two unique bank product offerings. But those days are now in the rearview mirror as clients and prospects have come to expect more from their banker. This is why we decided to write our latest white paper, “5 Essential Trust-Based Strategies for Business Banking Success Today.”
This dynamic within business banking stems from the proliferation of the internet, where anyone can find information on any topic at any time. But this drastically altered sales landscape means bankers must evolve too, adjusting their strategy and tactics for establishing relationships and winning business.
Understanding today’s sales environment
There are two important trends impacting the financial services industry that bankers must understand if they want to continue to win and grow business.
- Thanks to the internet, today’s bank customer is doing his or her own research to educate themselves about various financial products and the industry-related challenges they face. As a result, they are savvier than just a few years ago, and bankers are having a tougher time wowing them.
- Decisionmakers’ time is increasingly valuable and thus more limited when it comes to meeting with a banker. Unless you stand out from the 12 other bankers who have called on them this month by offering a solution to address their day-to-day business challenges and priorities, your prospects simply don’t have time for you.
Many bankers have a difficult time adjusting to this modern sales environment because they are still operating under an old banking model that encouraged small talk and was primarily transactional, sales-focused, and product-oriented. Too often, bankers are not engaging in the same level of curiosity, research, or preparation as their business prospects.
More knowledge means higher client expectations
Today’s business banking clients expect more. They want a banker who is knowledgeable about the issues, challenges, and needs of their unique industry and business. But unfortunately, many bankers aren’t even aware that the business landscape has shifted so dramatically. This chasm has created a trust deficit between customer and banker.
In an age where earning trust is foundational to sales and business banking success, how can bankers adjust their strategies to better differentiate themselves and meet their clients’ evolving needs?
Bankers must adapt by utilizing knowledge tools, like Vertical IQ, to pursue, earn, and grow client relationships. Thankfully for you, your competitors have set a low bar. If you are curious, consistent, and persistent in your quest for relevant industry knowledge, you can become a trusted adviser to your customers and achieve markedly better business and sales success.
Free relationship-building strategy white paper
What’s the secret to a successful sales strategy in today’s business landscape? You’re in luck: We’re going to tell you in our newest Vertical IQ white paper titled “5 Essential Trust-Based Strategies for Business Banking Success Today.” This free downloadable PDF:
- Explores the advantages of pursuing and leveraging industry content to build trust.
- Offers expert opinions and insight from banking industry veterans.
- Showcases a case study of a bank that is achieving success with these strategies.
- Introduces an array of available industry research tools, including our very own Vertical IQ.
Ready to update your sales strategies to better appeal to both new and existing business clients? Click here to download this free white paper and get started today!