According to a recent survey by FDIC National Survey on Unbanked and Underbanked Households, 92% of US households have a checking or savings account with at least one financial institution. This scenario makes it difficult for retail banks to grow their customer base and increase revenue.
So, how does one overcome these tough times??
In my experience the best business development officers network through an organization, talking to multiple contacts.
The key is to recognize that there is more than one person in each organization who may make decisions about buying your product or service. That means there are multiple selling opportunities. The more business development you do, the more business you will develop. If you need any more evidence consider this I witnessed recently:
1st call:Me: …how do you normally do your banking?Front desk: I don’t, everything is being taken care of the owners family friend so you’re wasting your time here, sorry!
2nd call: Me: …I was just speaking to your Front desk, how often do you go to the bank? Office Staff (same company as above): Me? All the time. I have to make at least 2 stops to the bank every day, we are looking to effectively changes some of that time spent at the moment …” 3rd call: Me: …what involvement do you have in the ongoing bank selection process? Office Manager (same company as above): We are reviewing proposals from bank A and C, send through some of your details and I’ll add it to the file for the board to review. Notice three contacts all at the same business with a different situation. Had that been you, would you have spoken to all three? Identify the key contacts. Decide who has the most likelihood of buying in the near future. Identify who the true decision makers are, who has influence over the process? Once you have established who the key players are and have begun to network through the business only then can you really set a strategy as to how you will make them your customer. The survey by FDIC may be true, but so is the fact that there is always a cluster of need when you are ready to provide the right solution to the right candidate.