industry and its impact on their clients and potential customers. This knowledge also helps them to differentiate their approach in the sales process. Bankers with highly developed business acumen are not focused on the sale at hand but on the broader goal of being a partner and advisor for the long term. For those in a producer’s role, whether it’s sales or business development, cultivating business acumen is essential. It allows relationship managers the ability to uncover and articulate the challenges faced by the customer or client before they do. This skill involves understanding their problems, the impact of those problems or opportunities, and seeing the world from their perspective. Business acumen is the key to perceiving the hindrances and challenges impeding their business growth. It’s about comprehending their aspirations to strive and thrive. Every CEO or division manager is striving to overcome challenges, bring in new talent and expand into new markets. Simultaneously, they are thriving by increasing revenue and optimizing costs to enhance the bottom line. By demonstrating a deeper understanding of business acumen, a banker can position themselves as a trusted advisor who comprehends their world. One exercise to test business acumen is to see how long it takes for a lender engaged in a conversation with a prospect or customer to introduce their products, services or bank. Are they able to extend the conversation for two minutes, 20 minutes or even two hours by focusing on the prospect’s needs and challenges before pushing their own solutions? DEVELOPING BUSINESS ACUMEN In addition to using every industry tool at hand, a well-thought-out pre-call plan can guide a relationship manager to organize and articulate the relevant points during the conversation. Instead of entering a sales interaction with the sole aim of making a sale, a banker must shift their perspective to building a relationship. They should ask themselves, “How can I establish a meaningful connection with this person?” Developing and exercising their sales superpower — business acumen — is crucial for success in this endeavor. We partner with Objective Management Group (OMG), the pioneer and industry leader in sales evaluations. According to OMG, these are some of the qualifying competencies that contribute to helping bankers, and all salespeople, develop business acumen: • Able to stay in the moment. • Self-limiting beliefs won’t be an obstacle. • Know why the prospect would buy. • Ask about everything. • Not vulnerable to competition. • Meet with decision maker. • Uncover the actual budget. • Will discuss finances. • Know the decision-making process. • Can influence the decision-making process. • Handle high-ticket pricing. • Need to be liked doesn’t get in the way. Relationship managers who are successful at developing their business acumen superpower have a frame of reference for continual learning. This includes their desire to fully understand their client’s goals and objectives. In fact, according to Amazon CEO Andy Jassy, the second a person thinks they know it all — or even just enough — is the second their career generally starts to stall out. Those who continue to grow into greater and greater success, on the other hand, remain hungry for learning. “The biggest difference between the people I started with in the early stage of my career and what they’re doing now has to do with how great they were at learning,” states Jassy. To learn more, visit anthonycoletraining.com/banking-sales-training. 9 The CommunityBanker
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