Can bankers interested in developing new business benefit from developing expertise in one or more segments or niches? I think they can.

Niches can be a springboard to success in banking.  Specialists with strong personal brands often attract quality leads. Their expertise is what separates them from the competition.

But even generalists can benefit from a focused effort to develop more detailed knowledge in 2 or 3 areas for new business development. If your market includes a major medical center, you could devote time to becoming more knowledgeable about what’s going on in health care. If your branch is near the court house, maybe you should be targeting lawyers.

Before settling on any niche, talk to your sales manager. If you have an idea about what you’d like to focus on, that’s great. If you don’t, your boss might have some suggestions.

This short video includes some other thoughts that might be helpful to you. To get my comments, click on the link below.  

 

Banker Bonus: Download a new VerticalIQ whitepaperWhy Business Bankers Should Adopt a Vertical Sales Model and How to Do It, and learn the best way to incorporate Industry Specialization into your sales process using industry research tools. Here’s the link http://go.verticaliq.com/whitepaper

Bank Sales Managers: Are you interested in upping your team’s prospecting game? Consider a fast-paced refresher on prospecting led by Ned Miller or Buck Bierly either in person or via webinar. You can help shape the agenda to meet your team’s needs. Email Susan Lersch at susan.lersch@mzbierlyconsulting.com for more details.