Here’s a collection of information-packed, research-based articles we invite you to read and share.
“Negotiation” is a process we use to close a deal when we haven’t been able to reach agreement through our discussions to a particular point in time. There’s a notion that “negotiations are not predictable” and that we have to be prepared for anything, armed to the teeth with tactics. While we get surprised from … Read more »
by Nick Miller, President, Clarity Advantage & Charles Wendel, President FIC Most middle market banking groups are failing to achieve their potential in the middle market. As banks struggle to generate new revenue and grow, more are increasing their focus on middle market companies (typically $10 million to $100 million in revenues) because they are … Read more »
High levels of dissatisfaction with banks—particularly larger banks—hint at an oncoming train of significant customer attrition and churn when the economy improves and business owners feel confident they can get credit or better service at other banks. How can individual business bankers and branch managers raise the odds of retaining small businesses and their owners … Read more »
Negotiation and overcoming objections go hand in hand, right? Not necessarily. Change your mindset from “overcoming” to “collaborating” and you’ll see that your negotiations lead to relationships, connections, and respect rather than a tug-of-war around your prospects’ points of view. Collaborate on prospects’ concerns rather than overcoming objections for win-win negotiations. Here’s how: Ask questions … Read more »
A well-designed proposal development process offers two benefits to your bank: (1) higher consistency across proposals and (2) higher probabilities that sales people will identify, quantify, and sell value to your customers. Standardize your proposal development process and close more deals at higher margins. Here’s how: Forget product features; customers want to know about the … Read more »
Do you view sales and negotiation as separate functions? All too often sales people do and all too often they are not. Selling is about assessing and building value; negotiation is about dividing the value – they happen together. Good negotiating outcomes begin with and depend on value-oriented discovery and selling. To increase negotiation results: … Read more »
If you want to increase or protect your price, your teams’ proposals must focus on value, a change in customer operating conditions. Why? Because customers want to know what’s in it for them – how your proposed solution(s) will save them time, make them money, reduce their stress, or make people think more highly of … Read more »
When sales people begin negotiating on price too early to get the deal, they give up the bank’s value and margins. The solution: spend time building up the value side before you start negotiating. Here’s how: Correctly identify the client’s problems. Clarify the implications of those problems for the client. Know what additional costs, delays, … Read more »
Business owners think about things like hiring and managing the operations of their business. Branch managers and business bankers think about profiling business owners’ needs and selling something because they’ve got goals to meet. When branch staff and business bankers engage prospects around the challenges they face, there are three key benefits: The prospect … Read more »
Preparation—it’s the key to a successful sales call (especially the first call on a prospect), yet so many sales people focus on the wrong types of prep work, or don’t prepare at all. Proper preparation gives sales people the perspective needed to establish credibility and earn the opportunity for additional conversation. How to … Read more »
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