22 The Community Banker mibonline.org GUEST ARTICLE We find most banks have a high level of concern for the costs, the performance and the productivity of their business development efforts. Business development reps and loan reps today face many obstacles. Clients are indecisive or apprehensive with a reliance on the internet for their information. They want supporting infrastructures and products flexible enough to provide options and answers to their specific situation. The old loyalties of the past have all but disappeared. It used to be that if you had a client, you could count on them for additional business over a period of time. The current environment requires a new level of involvement for business development. As measured by client actions, this involvement promises to be anything but an extrapolation of the past. As a result, business development must be placed in a more holistic, solution-oriented context. No longer can the business development function simply make predefined offers to a client with the anticipation that the client will see value in the offerings. Rather, what must happen is solid relationships need to be built utilizing a strategic approach that examines problems/needs and allows for the development of a bank-related, situationimproving solution. We have found three basic types of reps tasked with growing the bank’s business: • Product reps who competently offer a product or service. Clients look to get a low-interest rate and/ or add-on features at no extra cost. Loyalty is to whoever meets their price expectations today. • Benefit reps who translate features into client benefits. Clients still look for a lower interest rate but tend to see more value in the offering by a “features to benefits” rep. • Program reps who present a scenario that addresses a client’s situation. Clients see this rep as a valued, knowledgeable person who offers solutions How to Get More From Your Business Development Efforts By Joe Chimera, BankServices1
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