Developing Centers of Influence Get Out of the

Developing Centers of Influence Get Out of the Cold Calling Business Develop COIs ©ACTGLLC 2013 - 2018 1

Good, Bad & Ugly Did you know? According to a recent Baylor University study, 75% of Business Owners will not answer the phone call of a person they do not know. Develop COIs ©ACTGLLC 2013 - 2018 2

What is a COI? COIs – Why or Why Not? A Systematic Approach Execution Keys to Success Sales Practice Action Plans Develop COIs ©ACTGLLC 2013 - 2018 3

A COI Strategy Won’t Work if You: Have plenty of prospects and revenue Have no system for success Won’t make it a daily priority Lack patience and consistency

COI Defined A person of influence • CPAs • Attorneys • Business Brokers & Consultants • Other Financial Advisors– Mortgage Bankers, Wealth Advisors, etc. • Local Small Business Owners Develop COIs ©ACTGLLC 2013 - 2018 5

The Entrepreneurial Attitude Growing our bank is ‘my own business’ – I own it I am the brand in this market I have the responsibility for building and communicating our Value Proposition I cannot rely on my/our existing book for growth I have to focus on external sources for business Develop COIs ©ACTGLLC 2013 - 2018 6

Your COL Workplan Have a systematic approach • Your approach/pitch • Materials • Communication information and methods • Survey – why they do what they do, why they might do this • Follow through Develop COIs ©ACTGLLC 2013 - 2018 • Goals & Inspection 7

Rules for Developing an Effective USA Don’t Look Like Everyone Else: NO ONE OFFERS: High Cost Terrible Service Lack of Expertise Develop COIs ©ACTGLLC 2013 - 2018 8

Develop Your USA “Essentially what I do Lisa is “I provide buckets of money to mid-size companies. “I’m there with the right amount of money at the right price when they need it the most” “Generally speaking I’m looking to serve high net worth individuals and families who are looking to have a relationship with a financial institution that is more than a place to get money or put money. ” Develop COIs ©ACTGLLC 2013 - 2018 9

Develop Your COI USA Call __________________________________________________ Develop COIs ©ACTGLLC 2013 - 2018 10

Getting Started • Call your current clients ü Ask to be introduced to their other trusted advisors v “As your Banking Advisor, I have found that it makes sense for me to be on the same page as the other professionals that work closely with you so that I have a holistic understanding of your business and personal needs. I’d like to ask you to introduce me to your other advisors so that they have some knowledge of the work that we’ve done together as well as to ensure that they are comfortable contacting me as a source of information. How does that sound? ” Every client has potential of at • Develop COIs ©ACTGLLC 2013 2018 least 3 COIs! v Do you have a legal advisor? Who is your accountant? Can you think of other advisors that it would make sense that I connect with? Use a similar approach at seminars, 11 associations, groups, networks etc.

Calling a Potential COI 1. Greeting 2. Segue 3. Positioning Statement 4. Two Examples 5. Discussion & Drill Down 6. Close for the Appointment Develop COIs ©ACTGLLC 2013 - 2018 12

The Advisor to Advisor Interview 1. Glad we could find time to get together. When we spoke on the phone… 2. Tell me more… 3. Tell me the story of how you started and grew your business. 4. What challenges do you face in growing your business? 5. How do you see us working together? Develop COIs ©ACTGLLC 2013 - 2018 13

It’s All About Them - the ‘Informal’ Survey Develop COIs ©ACTGLLC 2013 - 2018 Ø What does their typical client look like? Ø What type of information would you like to receive on a regular basis to help you stay informed about the banking business? Ø What topics would be beneficial to you or your clients in a seminar? 14

Growing the COI Relationship 1. Send thank you letter 2. Follow up with a call to outline process to work together 3. Meet regularly to inform COI 4. Look for introductions for them 5. Once a relationship is established, you will earn introductions to their clients Develop COIs ©ACTGLLC 2013 - 2018 15

What You Can Expect • Fatigue • Slow process • Limited success at first • Skepticism • Get out of the cold call business Develop COIs ©ACTGLLC 2013 - 2018 16

The Keys to Success • Don’t be in a hurry • Don’t ask for names at first meeting • Have ongoing, relevant information exchanges • Be a problem solver for them Develop COIs ©ACTGLLC 2013 - 2018 17

Sales Practice Forum Activity and Skill Focus Objective and Outcomes My Action Items Break into groups of 3 and take turns role playing as RM, COI prospect and observer/timekeeper Create a COI strategy (if it makes sense) and master the phone dialog and first meeting conversation to build relationships with targeted 1. Each person should develop and share their COIs. COI introduction USA (page 10) and gain input 2. Then each should take turns role playing the initial phone call and meeting with a targeted COI. 2. Each participant should then develop their short list of COIs to target prior to leaving the session. (next page) Use real cases wherever possible. Group will reconvene and share observations and best practices. Develop COIs ©ACTGLLC 2013 - 2018 18

COI Target List Clients/Names that I will Call to Gain COI Names Date Called & Meeting Dates Results 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Develop COIs ©ACTGLLC 2013 - 2018 19

MAP: My Action Plans Action Items Next Step By When? 1. 2. 3. Develop COIs ©ACTGLLC 2013 - 2018 20