The Key Ingredient to Successful Business Development

During my first week here at MarketMatch, I’ve been commuting from Columbus to Englewood (a little over an hour drive) in order to get acclimated to the team and my new role as VP of Client Management.  I wanted to maximize this extra time in the car by listening to an audio book.  My business coach, Dan Stover, recommended a book to me about leadership, and so I spent those hours in the car this week learning about how to be a better leader.

One of the things that stood out to me was a point the author made about passion.  Our body language as we speak about something is the indicator of the amount of passion we have about the subject on which we are speaking.  Passion cannot be faked. 

You can know the ins and outs of a given service – for example, like all of the kinds of checking accounts your financial institution offers and their features.  But, if you don’t bank there and realize the benefits for yourself and really look to see how your credit union or bank is truly helping someone financially, your body language is going to convey something less than passion.  Therefore, the likelihood of making a sale is substantially less. 

How many conferences around the country have sessions for successful business development?  Like, a lot.  But here’s a piece of advice: your biggest asset as a business development person is yourself and the stories you have to tell. 

Even though banking is an errand, we are in the business of emotions.  People aren’t emotional about their loans!  They are emotional about what loans get them: a new car, a bigger house with a backyard for their kids to play in, a dream wedding, or a few extra dollars when ends won’t meet.  These are the stories on which we should be building our product suites, our marketing strategies, and our business development plans. 

Everyone has a story when it comes to their financial picture.  Find the stories.  Therein lies the passion with which you can weave a pitch to a new business client, a meeting with a potential new homeowner, or a potential employer group. 

Amanda

MarketMatch solves business problems for credit unions and banks through marketing by providing FOCUS, generating MOMENTUM, and creating measurable RESULTS.  

Contact me to learn how MarketMatch can help you with your marketing efforts, whether it is through marketing strategy, branding or rebranding, budget planning, and much more.  Learn more about all of our client services by clicking herewww.marketmatch.com/services.

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I Think; Therefore I Am...[Not]

The simple meaning of French philosopher, Rene Descartes’ phrase is that if someone is wondering whether or not he exists, that is, in and of itself, proof that he does exist.  However, too many banks and credit unions ignore the inherent value of the voice of the customer (VOC) in their product development and marketing processes.

Consumers want a marketplace that is in direct parallel to their lifestyles, and one that puts them more in control of their buying experiences.  They want to share their personal insights so that companies will be better equipped to respond to their specific needs.  Consumers don’t want assumptions made about their needs and preferences.  They want companies to hear their voice and to make more relevant decisions in their product development.  And their personal preferences are the deciding factor in the choice of products they deem to have relevance to their lifestyles.

Consumers want to be part of the process.  They want to participate in the creation of their products.  They have the power because through technology they already know what many of their options are before they walk into your financial center.

Who do we talk to?

Current customers are the first source of information if the product is aimed at the current market. Potential customers are the primary source of information if the product is aimed at a new market. In addition, talk with competitor’s customers. They provide a good source of information on the strengths of competitor's products and why they don't buy from you.

During customer discussions, it is essential to identify the basic customer needs. Frequently, customers will try to express their needs in terms of HOW the need can be satisfied and not in terms of WHAT the need is. This limits consideration of development alternatives. Development and marketing personnel should ask WHY until they truly understand what the root need is.

Challenge, question and clarify requirements until they make sense. Document situations and circumstances to illustrate customer needs. And then address the priorities related to each need. Not all customer needs are equally important. Use ranking and paired comparisons to aid in prioritizing customer needs. Fundamentally, the objective is to understand how satisfying a particular need influences the purchase decision.

Incorporating the VOC is the key to deepening existing relationships and gaining new ones.  Whether it’s through focus groups, customer advisory boards or surveys, banks and credit unions need to be more proactive in order to stay relevant to their customers.  Consumers are more than willing to share their insights and needs.

As Rene Descartes once said, “Divide each difficulty into as many parts as is feasible and necessary to resolve it.”

Carpe Diem,

Nick Vaglio, CFMP