When it comes to banks, businesses have a sort of love/hate relationship. The banker is usually there when you don’t need them, but too frequently not able to help when you do need them.
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When it comes to banks, businesses have a sort of love/hate relationship. The banker is usually there when you don't need them, but too frequently not able to help when you do need them.
I'd like you to meet Sal Cabibo. Sal is a relationship manager with Wells Fargo Bank. He works with small- to middle-market companies in the Tucson area, primarily those companies with revenues up to $20 million per year. Sal meets and exceeds his goals every year.
There are thousands of bankers across the country whose job description would match Sal's, at least on paper. Sal, though, is the banker that defies expectations. He delivers on the things that a business owner hopes for and expects from their banker. In order, those things are understanding, empathy, trust and then solutions.
Sal seeks first to understand. His approach to everything begins with the person. He's not focused on whether there is a deal, or even the possibility of a deal in the offing. Sal just wants to get to know you and to understand who you are and what your business is all about.
Sal recognizes that in terms of products and services, banks all sell basically the same stuff. Sure, there may be some variations in strength of offering and terms from bank to bank, but in essence, money and money management don't change a lot from institution to institution.
Sal also recognizes that money for a business owner is a very personal thing. In order for a customer to open up so Sal can understand their business, that customer needs to share a lot of personal financial information.
As Sal shared with me, learning about this information plays into the heart of what he really sells — honesty, integrity and character. That's why Sal begins every encounter by listening and seeking to understand.
Understanding leads to the second expectation everyone should have of their banker — empathy. According to Merriam-Webster, empathy is the feeling that you understand and share another person's experiences, emotions and feelings. When one seeks first to understand, the opportunity to empathize builds.
Sal understands entrepreneurs, having worked with them for almost 30 years. His experiences have enabled him to appreciate the trials and tribulations of what business owners go through on a daily basis. That's why he is so well matched to the market he serves. He can empathize with a customer's situation because he's been there before. He knows the facts of the situation, and he feels the emotion of the situation.
This is critically important. Empathy opens the door for building trust. Trust is the third expectation. When there is trust, customers are more open to sharing not only their current situation, but also their future goals and desires. Not just the business and financial goals, but the personal desires. The personal motivations that drive them to do what they do.
That leads to the fourth expectation — solutions. I said earlier that most banks sell basically the same thing. Sal has at his disposal, through Wells Fargo, almost any kind of financial solution a customer might need or desire. He selfishly leverages these resources and solutions, approaching each customer situation from a team perspective.
From a position of trust, Sal introduces specific resources and solutions when and where they are needed. For example, the line of credit is established now because forecasts indicate the customer's industry will probably experience a downturn sometime in the next two to three years. Or, for the expanding customer, Sal sets up the construction and/or equipment loans early in the process. The customer has at least financial peace of mind as they contemplate their next big step.
Sal described his approach very succinctly. Most salespeople see a need and sell a solution — a transactional approach. Sal builds a relationship first. From a relationship built on trust, Sal is in a position to solve problems, be they immediate or anticipated. He finds solutions in anticipation of needs rather than panicked reactions.
For the customer, this describes the love side of the banker relationship. Sal's there before you need him. He's also there when the unexpected hits.
Ken Cook is the co-author of “How to WHO: Selling Personified,” a book about building business through relationships.
