WEBVTT Kind: captions Language: en 00:00:00.160 --> 00:00:04.719 Welcome to our webinar. It’s titled “The Future of Commercial Growth: A 00:00:04.720 --> 00:00:08.719 Modern Framework for Relationship-Driven Financial Institutions,” sponsored by 00:00:08.720 --> 00:00:13.839 RelPro. And thank you so much for joining us today. I'm Lara Hocheiser, 00:00:13.840 --> 00:00:17.439 the Vice President of Marketing and Partnerships at RelPro. And I'll be 00:00:17.440 --> 00:00:21.679 moderating today's discussion with the wonderful Matthew Smith and Rosemary 00:00:21.680 --> 00:00:25.999 Hopkins. For those who may not be familiar with RelPro, we serve 00:00:26.000 --> 00:00:30.399 financial institutions by providing data and software solutions that help them 00:00:30.400 --> 00:00:34.238 identify and engage commercial banking opportunities through company and 00:00:34.239 --> 00:00:38.558 executive intelligence, business insights, and timely market signals that 00:00:38.559 --> 00:00:42.718 help relationship managers and business development teams focus their efforts 00:00:42.719 --> 00:00:47.038 where they'll have the greatest impact. Today's conversation comes at an 00:00:47.039 --> 00:00:50.558 important time for the industry. Commercial growth has become 00:00:50.559 --> 00:00:54.639 increasingly challenging as financial institutions navigate industry 00:00:54.640 --> 00:01:00.238 consolidation, economic uncertainty, changing customer expectations, and a 00:01:00.239 --> 00:01:04.878 lot of growing competition. At the same time, many of the traditional approaches 00:01:04.879 --> 00:01:09.599 to business development and prospecting are becoming less effective and really, 00:01:09.600 --> 00:01:14.239 really difficult to scale. So winning institutions aren't abandoning 00:01:14.240 --> 00:01:17.758 relationship banking, but they're finding ways to strengthen it by 00:01:17.759 --> 00:01:21.999 becoming more intentional about who they serve, where they focus their efforts, 00:01:22.000 --> 00:01:26.319 and how they identify opportunities. And that's exactly what we'll be 00:01:26.320 --> 00:01:30.559 discussing today. Today, we'll explore the factors making 00:01:30.560 --> 00:01:35.039 commercial growth more difficult, how leading institutions are thinking about 00:01:35.040 --> 00:01:39.758 strategic targeting and differentiation, and what it takes to build a compelling 00:01:39.759 --> 00:01:43.679 value proposition, and how business intelligence and market insights can 00:01:43.680 --> 00:01:48.719 help relationship managers identify opportunities sooner and engage more 00:01:48.720 --> 00:01:52.239 Proactively. It’s really you got to be the first there. You got to you got to try 00:01:52.240 --> 00:01:58.398 to beat the others. Our goal for you today is to leave the session with 00:01:58.399 --> 00:02:02.478 practical ideas that you can apply within your own institution. Whether 00:02:02.479 --> 00:02:06.078 that's refining your growth strategy, improving how you prioritize 00:02:06.079 --> 00:02:10.398 opportunities, or creating a more proactive approach to commercial 00:02:10.399 --> 00:02:14.639 relationship development. I invite you in the audience to please add your 00:02:14.640 --> 00:02:19.119 questions to the Q&A at any time throughout the webinar. We'll hold a Q&A 00:02:19.120 --> 00:02:23.039 session toward the end to address your questions or if they come up and it 00:02:23.040 --> 00:02:29.359 works into the conversation, we'll fold them in. And so we also have several 00:02:29.360 --> 00:02:33.598 questions for you. So, we'll encourage you to participate in our three polling 00:02:33.599 --> 00:02:36.639 questions. And actually, it's going to be four polling questions today. We 00:02:36.640 --> 00:02:44.079 added one right at the end. So without further ado, let's jump into 00:02:44.080 --> 00:02:48.559 that first polling question and I'll read it to you and then you can go ahead 00:02:48.560 --> 00:02:52.799 and add your answer. So, what is the biggest challenge your institution faces 00:02:52.800 --> 00:03:01.119 when it comes to commercial growth today? So, just selecting one. 00:03:01.120 --> 00:03:05.518 And the options. Finding new qualified prospects, differentiating from 00:03:05.519 --> 00:03:10.318 competitors, identifying opportunities early enough, prioritizing where 00:03:10.319 --> 00:03:16.559 relationship managers spend their time, or growing existing relationships. 00:03:16.560 --> 00:03:20.799 And to help us explore these two these topics, I'm joined by two 00:03:20.800 --> 00:03:25.279 outstanding speakers. First, we have Matthew Smith, the founder of Mallard 00:03:25.280 --> 00:03:29.679 Smith, a strategic growth leader and advisor whose experience spans Fortune 00:03:29.680 --> 00:03:33.199 500 companies, high growth organizations, and financial 00:03:33.200 --> 00:03:37.598 institutions. Recently, Matthew served as head of strategy and implementation 00:03:37.599 --> 00:03:41.359 at Veritex Bank, where he led initiatives focused on growth, 00:03:41.360 --> 00:03:45.199 transformation, and organizational alignment. Today he advises 00:03:45.200 --> 00:03:50.399 organizations on growth strategy, go-to market execution, and building scalable 00:03:50.400 --> 00:03:55.039 commercial growth frameworks. We're also joined by the lovely Rosemary Hopkins, 00:03:55.040 --> 00:03:59.438 an account executive with me at RelPro. And she brings extensive experience in 00:03:59.439 --> 00:04:02.878 banking and financial services, including leadership roles in the 00:04:02.879 --> 00:04:07.759 industry and at American Express. In her role at RelPro, she works closely with 00:04:07.760 --> 00:04:11.438 financial institutions across the country, and she has a front row seat to 00:04:11.439 --> 00:04:15.759 the challenges banks face as they look to grow commercial relationships, 00:04:15.760 --> 00:04:20.399 improve prospecting efforts, and becoming more proactive in identifying 00:04:20.400 --> 00:04:25.039 opportunities. She is known to be a master connector, networker, and she 00:04:25.040 --> 00:04:29.519 knows everyone. Alrighty, so let's cover the polling 00:04:29.520 --> 00:04:34.959 outcome. And it looks like the most people here most respondents said 00:04:34.960 --> 00:04:41.599 finding new qualified prospects that's 33% was the biggest challenge faced 00:04:41.600 --> 00:04:46.959 followed by prioritizing where the RMs spend their time. So those are the 00:04:46.960 --> 00:04:52.399 the greatest ones we've we're seeing there. So wonderful. Alrighty. So thank 00:04:52.400 --> 00:04:56.799 you for sharing what challenges you're facing. And now I'm gonna pass the mic 00:04:56.800 --> 00:05:01.679 to Matthew with the first question. So, Matthew, why do you think commercial 00:05:01.680 --> 00:05:06.638 growth is more challenging than ever for financial institutions? 00:05:06.639 --> 00:05:10.719 Yeah, well, first, Rosemary and Lara, thank you so much for having me 00:05:10.720 --> 00:05:13.679 on board. Looking forward to the conversation. Certainly a fun one for 00:05:13.680 --> 00:05:21.119 me. We're definitely in some dynamic times. We're all aware 00:05:21.120 --> 00:05:26.159 well aware of the factors that are causing disruption in the industry and 00:05:26.160 --> 00:05:31.359 for our clients. Bank consolidation is absolutely a factor. The rate 00:05:31.360 --> 00:05:36.079 environment and access to capital is absolutely a factor. New players 00:05:36.080 --> 00:05:41.038 whether it be fintech startups or alternative lenders, those are certainly 00:05:41.039 --> 00:05:45.679 factors. But I think if you take a step back and you think a 00:05:45.680 --> 00:05:49.198 little bit more broadly, there's some other things that are going on that 00:05:49.199 --> 00:05:54.239 actually may be equally or even more important. The first one is access to 00:05:54.240 --> 00:05:59.198 information, particularly in the AI world. a founder or a CFO, and we all 00:05:59.199 --> 00:06:06.159 know this, they can do 70 to 90% of all the necessary research and education 00:06:06.160 --> 00:06:10.719 that they need to make an important decision without talking to anybody and 00:06:10.720 --> 00:06:15.918 we would never know that. And while on one end, it actually may give he or she 00:06:15.919 --> 00:06:21.038 more information to make that decision, it also may drive confusion and clutter 00:06:21.039 --> 00:06:25.599 and impact their confidence in where they're going. So, that's something to 00:06:25.600 --> 00:06:31.679 consider. Another thing is let's just call it this the consensus-driven 00:06:31.680 --> 00:06:37.279 environment when it comes to decision making. Uh 15 years ago one decision 00:06:37.280 --> 00:06:41.599 that may have needed one person now takes four. And that's a factor when 00:06:41.600 --> 00:06:46.318 we start thinking about you know our charge at being a trusted advisor. And 00:06:46.319 --> 00:06:50.799 when you blend all that stuff together what you end up with is an industry and 00:06:50.800 --> 00:06:55.679 an environment that is extremely competitive. Right? What you 00:06:55.680 --> 00:07:01.439 see is every single institution or bank is going after the same great clients 00:07:01.440 --> 00:07:08.079 and those great clients are absolutely quietly scoping all of us out to make a 00:07:08.080 --> 00:07:13.679 good determination on the bank that fits their business best. Lara, I 00:07:13.680 --> 00:07:17.679 will tell you one thing that's most interesting to me being relatively 00:07:17.680 --> 00:07:23.598 new in the banking industry is we are an industry that is founded and prides 00:07:23.599 --> 00:07:29.758 prides themselves on relationships. However, you know, when you read the 00:07:29.759 --> 00:07:34.559 insights from Barlow Research, they will tell you that one in three small 00:07:34.560 --> 00:07:39.439 businesses are actually actively considering making a change in their 00:07:39.440 --> 00:07:45.038 primary financial institution. So those points conflict with each other and it 00:07:45.039 --> 00:07:50.159 leads me to think that maybe we're missing something uh with our clients. 00:07:50.160 --> 00:07:54.638 Yeah, that's pretty astounding. And we actually also partner with Barlow 00:07:54.639 --> 00:07:59.279 Research Associates. They're one of our partners and to hear that one in three 00:07:59.280 --> 00:08:04.079 are considering a bank change is absolutely astounding. So we know 00:08:04.080 --> 00:08:08.159 that relationship banking still matters, but there's obviously some meat on the 00:08:08.160 --> 00:08:12.799 bone there and a lot to defend. So that leads me to my first question for 00:08:12.800 --> 00:08:17.519 you, Rosemary. So, you work with dozens of commercial banking clients. What are 00:08:17.520 --> 00:08:21.598 you seeing the strongest relationship driven bankers do to find commercial 00:08:21.599 --> 00:08:24.638 success? Yeah, thank you. And I'd like to echo 00:08:24.639 --> 00:08:28.559 Matt with thanking not only you, Lara, and Matt for putting in the time and 00:08:28.560 --> 00:08:32.158 effort to all the magic that goes behind this webinar, but for everyone attending 00:08:32.159 --> 00:08:37.038 and those that will be listening to the recording. And for me, I have found the 00:08:37.039 --> 00:08:41.038 most important thing, no matter if you're in banking or any kind of 00:08:41.039 --> 00:08:45.518 relationship first business is you've got to start with a human in front of 00:08:45.519 --> 00:08:50.958 you. Sometimes we think about a profile. Sometimes we think about a title, but at 00:08:50.959 --> 00:08:55.518 the end of the day, they're a human and we need to find something that we like 00:08:55.519 --> 00:09:01.039 and respect about them to really be able to connect on that human level. And that 00:09:01.040 --> 00:09:07.039 starts with the research. So be curious about the person. Why are they meeting 00:09:07.040 --> 00:09:11.199 with you? Why do they have this job? Why are they getting to make this decision? 00:09:11.200 --> 00:09:15.439 But even further than that, I really implore people to also be very curious 00:09:15.440 --> 00:09:19.599 about the business. Me personally, I like to think about if I was an 00:09:19.600 --> 00:09:23.838 investor, if I had money to put into this business, what questions would I 00:09:23.839 --> 00:09:27.518 ask? What would get me excited about their growth goals or ways they're 00:09:27.519 --> 00:09:32.079 refining their own business? The other thing that you want to really 00:09:32.080 --> 00:09:37.039 be great at is the vein that you work in. So today we're talking about the 00:09:37.040 --> 00:09:42.479 commercial market. There's small business, there's very large companies. 00:09:42.480 --> 00:09:47.919 And to do that, you need to always be doing two things, listening and 00:09:47.920 --> 00:09:53.039 learning. So for example, everyone on this webinar, you're definitely doing 00:09:53.040 --> 00:09:58.079 that learning piece. 21 years in the industry and I swear I learn something 00:09:58.080 --> 00:10:04.398 new every week. So those are really key things that you can do to start that 00:10:04.399 --> 00:10:11.919 relationship and to really be that trusted advisor like Matt is. 00:10:11.920 --> 00:10:17.679 Wow. So yeah, it's really interesting that listening and learning piece that 00:10:17.680 --> 00:10:22.398 you've got to you got to really have your ear to like hear what's 00:10:22.399 --> 00:10:26.639 happening. And I thought it was interesting talking about seeing a 00:10:26.640 --> 00:10:32.239 potential client or a current client as if you're the investor because 00:10:32.240 --> 00:10:37.119 you're really starting to think how they would think or even at a more advisory 00:10:37.120 --> 00:10:41.039 level at a more high level. So that that's really interesting. Kind of 00:10:41.040 --> 00:10:44.879 combining that old school personalization and relationship 00:10:44.880 --> 00:10:51.039 building with some really great tips. So a lot of those seem aligned 00:10:51.040 --> 00:10:56.319 with traditional business development and that has its limitations in the age 00:10:56.320 --> 00:11:01.999 of data and AI. So Matthew, you've witnessed a lot of 00:11:02.000 --> 00:11:05.999 change in the business development space. In your point of view, what are 00:11:06.000 --> 00:11:09.518 the biggest limitations of traditional business development and growing 00:11:09.519 --> 00:11:15.039 commercial relationships? Yeah. So, a quick spoiler alert. When we 00:11:15.040 --> 00:11:20.479 talk about traditional business development methods and tactics, you 00:11:20.480 --> 00:11:26.639 say think COIs, your referral network, your community, whether it 00:11:26.640 --> 00:11:31.119 be your church or place of place of worship or your clubs or your 00:11:31.120 --> 00:11:37.119 associations, that is always going to be the lifeblood of business development in 00:11:37.120 --> 00:11:41.518 the banking industry, particularly in the community banking industry. So 00:11:41.519 --> 00:11:45.039 I'm not going to say that that is dead because it will always be a key 00:11:45.040 --> 00:11:48.799 component of it but it is important for us to know that that does 00:11:48.800 --> 00:11:55.199 have some limitations. Number one it's really difficult to effectively and 00:11:55.200 --> 00:12:01.518 efficiently scale using just those methods. Number two production 00:12:01.519 --> 00:12:05.838 tends to be a little bit lumpy when you're just focused on some of those 00:12:05.839 --> 00:12:10.719 traditional methods. And actually one of the more important things at least from 00:12:10.720 --> 00:12:17.359 from my perspective is the network that bankers keep within their community 00:12:17.360 --> 00:12:24.719 and COIs that client mix and that client portfolio may not actually match up with 00:12:24.720 --> 00:12:30.398 the strategy and the objectives that the bank is looking for as they think about 00:12:30.399 --> 00:12:35.518 where their overall client growth and client portfolio is going. So it leaves 00:12:35.519 --> 00:12:41.838 you with the question where do we go to find the clients that we want? How do 00:12:41.839 --> 00:12:47.518 we identify them in a systematic way? And most importantly, what do we 00:12:47.519 --> 00:12:53.518 actually have to do to win them to win that business? So that's kind of 00:12:53.519 --> 00:12:57.439 where my mind is thinking about with regard to these limitations. But I do 00:12:57.440 --> 00:13:00.319 Lara, if you don't mind, I want to go back to the first question and I 00:13:00.320 --> 00:13:03.838 think it leads into kind of what we're going to be talking about. 00:13:03.839 --> 00:13:11.199 I think it is safe for everybody on this call to assume that your best clients 00:13:11.200 --> 00:13:18.078 are actively researching you and shopping you compared to your stiffest 00:13:18.079 --> 00:13:24.559 competition. I think it's also a decent assumption to assume that your 00:13:24.560 --> 00:13:30.239 stiffest competition is aggressively targeting your best clients. And if you 00:13:30.240 --> 00:13:35.199 have that mindset, it should give you the sharpness to start to think 00:13:35.200 --> 00:13:42.559 about how you want to go to market, and how you want to serve your clients. 00:13:42.560 --> 00:13:45.599 Really good. Rosemary, do you have anything to build to build off Matt's 00:13:45.600 --> 00:13:51.359 answer? Yeah, I really love that idea of the COI 00:13:51.360 --> 00:13:58.078 or circle of influence, and it's such a critical part to the success of top tier 00:13:58.079 --> 00:14:02.398 business leaders. I want though when we think about our 00:14:02.399 --> 00:14:07.518 COI circle of influence, not just to think about it from a business 00:14:07.519 --> 00:14:12.559 perspective or making a sale, but I want you to think about the circle of 00:14:12.560 --> 00:14:18.398 influence is actually your elite marketing team. So, I work with a lot of 00:14:18.399 --> 00:14:23.759 bankers. Let's say there's a banker who knows an incredible business owner, but 00:14:23.760 --> 00:14:27.919 to Matt's point, they know their bank. They know what they can do in the 00:14:27.920 --> 00:14:34.078 community and their bank might not be the best fit for their business. So, do 00:14:34.079 --> 00:14:38.559 you have somebody in that circle of influence that might be competition but 00:14:38.560 --> 00:14:43.198 that you highly trust and respect, of course, that you would make that 00:14:43.199 --> 00:14:49.518 introduction and referral to. Now, good business development people 00:14:49.519 --> 00:14:55.039 usually have that list, but great business development people are on the 00:14:55.040 --> 00:15:01.359 top of that referral list for nearly everyone in their circle of influence. 00:15:01.360 --> 00:15:07.919 And what I say as a mantra is your reputation is what you own. So you can 00:15:07.920 --> 00:15:12.239 ask yourself some really critical core questions as you're thinking through 00:15:12.240 --> 00:15:18.958 this which starts with what do those core clients have to say about you? Of 00:15:18.959 --> 00:15:23.119 course those you have the right business relationship. So one are they even 00:15:23.120 --> 00:15:27.759 talking about you? And if they would talk about you would you actually like 00:15:27.760 --> 00:15:34.799 what they had to say? And if yes is the answer to both of those two questions, 00:15:34.800 --> 00:15:40.479 then my holy grail question comes into play, which is are you considered part 00:15:40.480 --> 00:15:46.638 of that COI inner circle? And what I mean by that is when you 00:15:46.639 --> 00:15:52.398 think about your insert your own expertise, whether it be marketing, go 00:15:52.399 --> 00:15:58.239 to market, banking, are you that expert that comes to mind for your circle of 00:15:58.240 --> 00:16:02.719 influence? And are you indispensable or is your 00:16:02.720 --> 00:16:08.398 company? Because that makes a really big difference. And then my last favorite 00:16:08.399 --> 00:16:13.758 thing to consider as a little bit of a history buff is are you at the round 00:16:13.759 --> 00:16:19.039 table for those mission-critical conversations that that business owner 00:16:19.040 --> 00:16:24.078 needs to have? If you can do all of that, you are truly in the inner circle 00:16:24.079 --> 00:16:28.239 of the COI. 00:16:28.240 --> 00:16:32.398 Yeah. You’re saying the magic there and actually we had a webinar in the 00:16:32.399 --> 00:16:38.559 previous quarter all about you know how that center of influence is so 00:16:38.560 --> 00:16:43.599 Critical. We had that webinar about business succession but it's not just 00:16:43.600 --> 00:16:48.479 succession, right? Really it's anytime you're growing a business you need to 00:16:48.480 --> 00:16:52.799 have those people in your corner and are you one of those indispensable 00:16:52.800 --> 00:16:57.039 people? Love that and that you're in the right expertise you're the guy. They go 00:16:57.040 --> 00:17:02.078 to you. So really lovely and I think that will lead really perfectly into our 00:17:02.079 --> 00:17:08.159 second poll for today, which is to provide insight into how everyone here 00:17:08.160 --> 00:17:13.119 in the audience identifies new commercial growth opportunities. So here 00:17:13.120 --> 00:17:17.678 is the question. How does your institution primarily identify new 00:17:17.679 --> 00:17:23.359 commercial opportunities today? Is it existing customer referrals, 00:17:23.360 --> 00:17:28.719 personal and professional networks, your center of influence such as your CPA or 00:17:28.720 --> 00:17:34.239 attorney, um business intelligence and market data, cold calling, or a 00:17:34.240 --> 00:17:40.239 combination of several approaches? Lara, while we have people answer that 00:17:40.240 --> 00:17:44.959 question, I remember coming into the sales world 21 years ago and cold 00:17:44.960 --> 00:17:49.599 calling was just the expectation. You dialed for dollars. You were used to be 00:17:49.600 --> 00:17:54.079 told no. And I don't know, I feel like in today's 00:17:54.080 --> 00:17:57.759 world, like you brought up, if you're still cold calling, you're probably 00:17:57.760 --> 00:18:01.279 doing something wrong. I don't want to say anything for the people taking the 00:18:01.280 --> 00:18:08.159 poll, but that kind of surprised me a little. 00:18:08.160 --> 00:18:11.918 That's right. It's not really cold calling today. It's more of a warm 00:18:11.919 --> 00:18:16.879 calling. Right. You got to Okay. You got to warm them up. 00:18:16.880 --> 00:18:20.079 Okay. 00:18:20.080 --> 00:18:26.239 Let's see. So, do we have… there we go. So, the results are now in. So, let's 00:18:26.240 --> 00:18:31.119 see. We've got 73% of our respondents are using a combination of several 00:18:31.120 --> 00:18:35.678 approaches and then yeah, really there's not much of a the next one would be 00:18:35.679 --> 00:18:40.079 Profession, personal and professional network. So, really people are using a 00:18:40.080 --> 00:18:44.879 combination of these approaches. So there's no one way to skin a cat when it 00:18:44.880 --> 00:18:48.959 comes to business development. And we're seeing, you know, folks taking quite 00:18:48.960 --> 00:18:56.239 a broad range of these directions. So alrighty. 00:18:56.240 --> 00:19:01.839 All right. So back to Matthew. So each institution has its unique way 00:19:01.840 --> 00:19:05.839 of finding new opportunities. I'm wondering how financial institutions 00:19:05.840 --> 00:19:09.839 determine where to focus their development e efforts. Matthew, how 00:19:09.840 --> 00:19:15.999 should institutions think about their strategy, targeting, and prioritization? 00:19:16.000 --> 00:19:19.519 So, this is one of my favorite questions in the entire world, Lara. I could 00:19:19.520 --> 00:19:24.558 literally talk for hours about it. But I'll try to be as concise as I 00:19:24.559 --> 00:19:32.479 possibly can. So I use and actually recommend a framework 00:19:32.480 --> 00:19:36.719 that was built out by Roger Martin. and it's called the Strategic Choices 00:19:36.720 --> 00:19:43.359 Framework and it's five questions. It is they're really easy to talk about. 00:19:43.360 --> 00:19:47.519 They're pretty difficult to execute. So I'll talk a little bit 00:19:47.520 --> 00:19:51.839 about each of those five questions and how they kind of work together. Question 00:19:51.840 --> 00:19:55.279 number one is, you know, and think about this as a bank or a financial 00:19:55.280 --> 00:19:58.558 institution. Question number one is what is your winning aspiration? Think of 00:19:58.559 --> 00:20:03.119 that as what is the flag in the distance that you want your enterprise to be at 00:20:03.120 --> 00:20:08.558 at a certain point in time. That's kind of the North Star. Question two is 00:20:08.559 --> 00:20:12.639 where to play and that is some folks will call it your target addressable 00:20:12.640 --> 00:20:18.159 market or your ICP. It's really important for a financial institution. 00:20:18.160 --> 00:20:22.558 Candidly, it's important for any business to clearly understand who do 00:20:22.559 --> 00:20:28.479 you clearly want and equally important, who do you clearly not want. Okay, 00:20:28.480 --> 00:20:33.279 question number three following where to play is how to win. So think about this 00:20:33.280 --> 00:20:39.038 as your value proposition. What do what do you do that gives you an 00:20:39.039 --> 00:20:44.879 undeniable right to win the clients that you are looking for? It's 00:20:44.880 --> 00:20:49.759 a position that needs to be superior and it needs to be defensible to be 00:20:49.760 --> 00:20:53.279 long-term sustainable. Question number four is your 00:20:53.280 --> 00:20:57.199 capabilities. So, think about this as your people, processes, and tools that 00:20:57.200 --> 00:21:01.439 you're that support your how to win. And then question number five are your 00:21:01.440 --> 00:21:06.239 management systems. This is how you're structured and how you set up your 00:21:06.240 --> 00:21:11.439 systems to truly inspect what you expect. And while I've listed these five 00:21:11.440 --> 00:21:15.359 these five questions in order, it's important to know that they're all 00:21:15.360 --> 00:21:19.439 interrelated. They're intertwined. They're built on each 00:21:19.440 --> 00:21:24.798 other. And if you unsuccessfully answer one of these questions, it actually 00:21:24.799 --> 00:21:29.439 calls every other question or it challenges every other part of the 00:21:29.440 --> 00:21:34.158 question. So every other part of the five questions. So, what I would 00:21:34.159 --> 00:21:38.319 recommend and what I would say is if you're a business that can take the 00:21:38.320 --> 00:21:43.759 time and effectively answer these questions and then truly put them into 00:21:43.760 --> 00:21:48.158 practice, you got a much stronger chance of being successful in reaching your 00:21:48.159 --> 00:21:53.678 overall growth goals. I love that, Matt. And I think one of 00:21:53.679 --> 00:21:57.999 the things that we really have to start with, no matter if you're in banking or 00:21:58.000 --> 00:22:03.599 really any industry, is knowing your value proposition and why your business 00:22:03.600 --> 00:22:08.639 exists and why you are the best at what you do. Right? We talked about are you 00:22:08.640 --> 00:22:13.678 the expert or is the company the expert? And you've got to ask the right 00:22:13.679 --> 00:22:18.959 questions about where you're headed specifically within the strategy of the 00:22:18.960 --> 00:22:23.439 business. So for example, a bank that wants to grow commercial real estate 00:22:23.440 --> 00:22:27.999 loans should have a radically different plan than one that wants to expand 00:22:28.000 --> 00:22:32.079 treasury management solutions to existing clients. 00:22:32.080 --> 00:22:35.839 And I think this goes back to where we had talked earlier about what is 00:22:35.840 --> 00:22:41.199 happening in the industry. What is your risk threshold as a bank or 00:22:41.200 --> 00:22:45.599 an organization? And this is really the time when honesty 00:22:45.600 --> 00:22:50.959 is the best policy. I think back to the round table. Are the people there going 00:22:50.960 --> 00:22:56.719 to tell you the good, the bad, and the ugly? And are you going to listen? 00:22:56.720 --> 00:23:01.199 And remember, your firm might not be the right one. And that's okay. 00:23:01.200 --> 00:23:04.879 And once all those questions are kind of answered, and to your point, Matt, they 00:23:04.880 --> 00:23:08.798 can be interchangeable or you may have to go back to a question or rewrite your 00:23:08.799 --> 00:23:14.079 answer, but really only after answering those questions are you ready to ensure 00:23:14.080 --> 00:23:20.239 that you are meeting with the right people with your incredible products at 00:23:20.240 --> 00:23:25.918 the right time for their unique their unique needs. And this for me is the 00:23:25.919 --> 00:23:31.678 perfect timing within that strategic plan to bring in something like a RelPro 00:23:31.679 --> 00:23:38.319 into the mix. But really, it starts with you, your company, and where you want to 00:23:38.320 --> 00:23:41.918 service your clients. 00:23:41.919 --> 00:23:46.479 Well, that's yeah, really well said. And something that came up during 00:23:46.480 --> 00:23:51.359 Matthew's answer, you know, talking about like who you serve. You 00:23:51.360 --> 00:23:56.079 mentioned the use of RelPro. makes me think about our um total addressable or 00:23:56.080 --> 00:23:59.839 our target addressable 00:23:59.840 --> 00:24:04.079 market, right? So, like what is that segment and how do we who are we 00:24:04.080 --> 00:24:08.879 focused on? I think we actually have a slide on this one as well. Rosemary, 00:24:08.880 --> 00:24:13.599 I think you you're pretty good at speaking to that. Let's get the slide 00:24:13.600 --> 00:24:17.119 going first. There we go. You're pretty good. I feel like this is where 00:24:17.120 --> 00:24:22.399 you're magic, you know, like when you partner with our clients at RelPro, 00:24:22.400 --> 00:24:27.359 this is like where you work your magic. So, love to hand the mic to you, hear a 00:24:27.360 --> 00:24:32.719 little bit about what you have to say. Yeah, absolutely. You can look at a 00:24:32.720 --> 00:24:37.678 total addressable market and you can say, I'd like to work with every med spa 00:24:37.679 --> 00:24:43.119 in South Texas that's owned by a minority. You can really get this very 00:24:43.120 --> 00:24:47.278 unique thing and you could see that there might be 10,000 people that meet 00:24:47.279 --> 00:24:51.199 that market but that doesn't mean again that you are the right person, the right 00:24:51.200 --> 00:24:55.839 firm or that that company needs you at that moment. So that's when we really 00:24:55.840 --> 00:25:00.239 have to start to align with what does the business need? 00:25:00.240 --> 00:25:06.879 Can we help? What companies can we help at this exact moment? And then you don't 00:25:06.880 --> 00:25:12.879 call on a company, right? You call it an actual human being. And I am also, 00:25:12.880 --> 00:25:17.839 outside of working at RelPro, a small business owner alongside my husband and 00:25:17.840 --> 00:25:23.999 there are times when I critically need my banker or my lawyer or my CPA and it 00:25:24.000 --> 00:25:28.879 might be every six months, it might be every other year. So, it's great to know 00:25:28.880 --> 00:25:33.038 the market and the scope, but you definitely want to focus on the people 00:25:33.039 --> 00:25:38.959 that you can help at that time. 00:25:38.960 --> 00:25:44.879 Really lovely. So, thank you both for these answers and you know, we know 00:25:44.880 --> 00:25:48.479 where we need to target, right? We're starting at the company 00:25:48.480 --> 00:25:53.839 level, but Rosemary, how do you differentiate and stand out to start a 00:25:53.840 --> 00:25:57.439 conversation, right? So, how can our bankers be doing this? How can they get 00:25:57.440 --> 00:26:01.918 to the yes for the meeting? What is it that they need to do? So, how do 00:26:01.919 --> 00:26:06.079 you put your prep work into practice when you're first speaking with a 00:26:06.080 --> 00:26:10.399 prospect? Well, my hope is that any new 00:26:10.400 --> 00:26:14.959 conversation I start is a warm introduction from somebody in my circle 00:26:14.960 --> 00:26:19.918 of influence. And of course, it always helps to be vetted before the 00:26:19.919 --> 00:26:24.239 conversation. And then I would say making a meaningful 00:26:24.240 --> 00:26:27.439 introduction. And to do this, you'll need a lot more 00:26:27.440 --> 00:26:32.158 than a warm smile and good listening ears. You really have to have something 00:26:32.159 --> 00:26:37.439 that you are excited to ask the person you're meeting with, but also a nugget 00:26:37.440 --> 00:26:43.599 that you can share with them. And this is why it's so important to understand 00:26:43.600 --> 00:26:48.239 what's important to the person you're speaking to, not only maybe for this one 00:26:48.240 --> 00:26:54.399 opportunity or conversation, but to positively impact their business and 00:26:54.400 --> 00:26:58.639 solve their problems, right? That's what we're here to do. 00:26:58.640 --> 00:27:03.599 So you have to have a strong value proposition and this is the key that you 00:27:03.600 --> 00:27:07.678 believe in. Two, you have to know who you best serve 00:27:07.679 --> 00:27:12.719 in that total addressable market. And then you need to find who's who in the 00:27:12.720 --> 00:27:18.239 zoo. That is not my quote, but it's my absolute favorite thing to say. The next 00:27:18.240 --> 00:27:24.158 is fold in that value. Whether it be your industry research, whether it be 00:27:24.159 --> 00:27:29.278 some homework you did on the company you're reaching out to, but make sure in 00:27:29.279 --> 00:27:34.479 that conversation value is given. I also recommend, Lara, as we talk about a 00:27:34.480 --> 00:27:39.199 total addressable market, which could be quite large, what we really need to 00:27:39.200 --> 00:27:44.959 focus on is what makes the conversation relevant right now. Why did you reach 00:27:44.960 --> 00:27:49.999 out to this business owner or this person in your circle of influence now? 00:27:50.000 --> 00:27:54.079 And there's a lot of triggering moments within a business or the industry that 00:27:54.080 --> 00:28:00.079 we can really keep an eye on. And one of the things I say is when you 00:28:00.080 --> 00:28:05.439 think about the differentiations, why are you reaching out now and why are you 00:28:05.440 --> 00:28:10.719 the person to answer the question? And Lara, here's how I break down the math. 00:28:10.720 --> 00:28:16.319 Based on your value proposition plus the triggering events within a company plus 00:28:16.320 --> 00:28:21.839 the personalized content that you are bringing in from your research equals 00:28:21.840 --> 00:28:30.319 value brought to everybody in the conversation. 00:28:30.320 --> 00:28:34.239 So I'd like to hear a little bit more like what does this actually look like 00:28:34.240 --> 00:28:40.079 in practice, Rosemary? So what types of signals are being seen? What are 00:28:40.080 --> 00:28:44.158 how do people know what to respond to and how do they get those signals? 00:28:44.159 --> 00:28:49.199 I love it. Well, one of the first things that you need to do as an interested 00:28:49.200 --> 00:28:55.918 person within a circle of influence is follow your prospects and your clients. 00:28:55.919 --> 00:29:00.079 Make sure that you are following them whether it be on LinkedIn, if you have a 00:29:00.080 --> 00:29:05.678 tool like RelPro, following it within there. We are all busy people. We all 00:29:05.679 --> 00:29:09.278 are running around in a hundred different directions and you may have 00:29:09.279 --> 00:29:12.558 somebody that you want to meet with next quarter or they ask you to follow up 00:29:12.559 --> 00:29:17.839 with them but nothing changes like time. So being able to see if something pops 00:29:17.840 --> 00:29:22.558 up in the news, if you see something on the internet that impacts their 00:29:22.559 --> 00:29:28.158 business, you always want to be aware of that. It also was brought up earlier 00:29:28.159 --> 00:29:32.639 about just the changes in business. I swear especially in the banking world 00:29:32.640 --> 00:29:40.158 there is a merger or an acquisition every other day and that's a big change. 00:29:40.159 --> 00:29:44.398 So we really have to know what is our value proposition. Who are we and where 00:29:44.399 --> 00:29:51.119 do we sit and as that changes also these humans grow and develop. So 00:29:51.120 --> 00:29:54.798 maybe they started out at one firm or organization where you worked with them 00:29:54.799 --> 00:29:59.599 in one scope. Maybe they were a controller moved to a CFO. So those 00:29:59.600 --> 00:30:04.158 roles, those responsibilities really could change. 00:30:04.159 --> 00:30:10.719 And I also would say with AI, with technology, with big data, there's a lot 00:30:10.720 --> 00:30:17.199 of expansion happening at an incredible pace. We can't read the news a week 00:30:17.200 --> 00:30:22.398 later. We have to have timely information that we can act on right 00:30:22.399 --> 00:30:26.879 away. So that's where you've really got to watch those trigger events, not just 00:30:26.880 --> 00:30:34.719 wait for somebody to tell you they need you. 00:30:34.720 --> 00:30:39.599 Excellent. So it sounds like there's a clear role for data and analytics in 00:30:39.600 --> 00:30:45.759 scaling commercial growth and I'd like to ask another polling question now 00:30:45.760 --> 00:30:50.719 to get a little more information about how the institutions present today are 00:30:50.720 --> 00:30:55.038 utilizing data and analytics. So, which statement best describes your 00:30:55.039 --> 00:30:59.999 institution's use of data and analytics in your commercial growth strategy? We 00:31:00.000 --> 00:31:04.479 have plenty of data but struggle to act on it. We rely heavily on individual 00:31:04.480 --> 00:31:08.158 bankers knowledge and relationships. We have a defined growth strategy but 00:31:08.159 --> 00:31:12.319 inconsistent execution. We have a repeatable process for identifying and 00:31:12.320 --> 00:31:17.199 pursuing opportunities or we're actively exploring AI and automation to improve 00:31:17.200 --> 00:31:23.759 commercial growth. Such a good question. 00:31:23.760 --> 00:31:27.278 Matt, I don't know how many events you've been to lately, but I swear if I 00:31:27.279 --> 00:31:32.158 go to one more convention that says the word AI, you could never have a drinking 00:31:32.159 --> 00:31:35.839 game or anything around it. We hear that AI word a lot. So, I'm really glad this 00:31:35.840 --> 00:31:39.599 is in here alongside other things as well because it's such a big buzzword 00:31:39.600 --> 00:31:44.319 for us right now. 00:31:44.320 --> 00:31:47.678 Matt, would you say there's one, Matthew, that you see more than 00:31:47.679 --> 00:32:11.119 than any other in your work? Of these responses? 00:32:11.120 --> 00:32:16.319 The best description is going to be different. That's why this 00:32:16.320 --> 00:32:21.918 is such a rich question. Excellent. So, let's cover the actual 00:32:21.919 --> 00:32:27.278 response and see what our folks today said. So, let's see. 44% 00:32:27.279 --> 00:32:30.879 rely heavily on individual bankers knowledge and relationships. No surprise 00:32:30.880 --> 00:32:34.239 there, right? That's kind of that old paradigm and hasn't gone away. That 00:32:34.240 --> 00:32:40.158 relationship and the banker is the core of that. Our next biggest is plenty 00:32:40.159 --> 00:32:44.319 of data but struggle to act on it consistently. So I think Matthew 00:32:44.320 --> 00:32:47.119 will as we move further into the conversation, we'll have a bit of 00:32:47.120 --> 00:32:52.158 guidance there. And yeah, so I think a lot of folks are actively exploring 00:32:52.159 --> 00:32:58.158 AI and automation, but it's really like we're trying to 00:32:58.159 --> 00:33:01.678 figure this out. It we're building the ship as we sail it to some degree. I see 00:33:01.679 --> 00:33:06.319 a lot of banks know they need to have this impetus towards data and analytics 00:33:06.320 --> 00:33:12.079 and figuring out their strategy. We're seeing it unfold in real time. So, 00:33:12.080 --> 00:33:18.639 okay, perfect. So Matt, back to you. How do you operationalize intelligence 00:33:18.640 --> 00:33:23.999 across a financial institution? How do you guide these folks to do so? 00:33:24.000 --> 00:33:29.119 Yeah. Well, I will I'll just come clean and tell you guys that 00:33:29.120 --> 00:33:32.639 we in my past life and with folks that I'm working with today, 00:33:32.640 --> 00:33:37.199 RelPro is a big part of everything that we're talking about between 00:33:37.200 --> 00:33:42.798 working with the executive team to define the target addressable market 00:33:42.799 --> 00:33:46.719 to you know use that as a springboard on clarifying the value 00:33:46.720 --> 00:33:52.639 proposition and then building out the system of what I'm going to call 00:33:52.640 --> 00:33:59.119 anticipation. This system of anticipation around how we build the 00:33:59.120 --> 00:34:02.959 nervous system starting with external market intelligence, blending with 00:34:02.960 --> 00:34:08.638 internal market intelligence and then using it to identify, you know, going 00:34:08.639 --> 00:34:14.239 back on Barlow's stats, going back to identify which of those of our target 00:34:14.240 --> 00:34:19.999 addressable market can we find that one in three businesses that are truly 00:34:20.000 --> 00:34:25.199 experiencing enough change that says that they may be looking at alternatives 00:34:25.200 --> 00:34:29.598 to their primary financial institution. So, that's kind of how we that's kind of 00:34:29.599 --> 00:34:34.559 how we thought about it. But, I will tell you that I'm keying in on 00:34:34.560 --> 00:34:39.838 Rosemary's comments from previous. And, you know, I had someone 00:34:39.839 --> 00:34:44.638 ask me last week, you know, if you, Matt, were starting a bank, what 00:34:44.639 --> 00:34:47.918 would you want to be known for? And first of all, I'm not even near 00:34:47.919 --> 00:34:51.039 qualified to start a bank. So, it's a fun question for me because I can say 00:34:51.040 --> 00:34:55.358 whatever the heck I want, right? But the three things that came but the 00:34:55.359 --> 00:34:59.279 answer that I gave him and the three things that came to my mind is if I 00:34:59.280 --> 00:35:04.639 was a bank I would want to be known as someone that has a strong reputation 00:35:04.640 --> 00:35:10.078 of anticipating opportunities and needs before they actually happen. Number two, 00:35:10.079 --> 00:35:16.078 I would want to be an institution that made it really easy or the overall 00:35:16.079 --> 00:35:21.759 effort for my clients to do whatever they needed to do was super low. But 00:35:21.760 --> 00:35:26.799 most importantly, I would want to be known as an institution that helped 00:35:26.800 --> 00:35:33.838 their clients make decisions with as much confidence as humanly possible. 00:35:33.839 --> 00:35:39.519 And that really ticks and ties with what Rosemary was talking about. And it 00:35:39.520 --> 00:35:43.679 doesn't take a big jump to start to think about how market 00:35:43.680 --> 00:35:49.679 intelligence or more explicitly RelPro supports that. 00:35:49.680 --> 00:35:54.159 That’s wonderful. And could you actually expand on how that execution 00:35:54.160 --> 00:35:58.639 adoption looks within the institutional level as you've experienced it and 00:35:58.640 --> 00:36:02.719 really been the forefront of that change? 00:36:02.720 --> 00:36:07.919 Yeah. So again, I think number one is really important that an 00:36:07.920 --> 00:36:10.879 institution understands where they want to play and where they don't want to 00:36:10.880 --> 00:36:14.879 play and they feel very good that when they define where they want to play, 00:36:14.880 --> 00:36:18.799 they know how and when they win. So, I think that's number one, and that goes 00:36:18.800 --> 00:36:23.919 before any kind of work from a data or market intelligence standpoint. I 00:36:23.920 --> 00:36:29.279 think number two is a really good collaboration between your data and 00:36:29.280 --> 00:36:33.919 market intelligence experts within your organization and your actual banker team 00:36:33.920 --> 00:36:37.358 and your producers, the people that know your client the best. It's 00:36:37.359 --> 00:36:41.358 important to get aligned on what are the things that are happening externally 00:36:41.359 --> 00:36:45.759 within the market and internally within existing clients that are important that 00:36:45.760 --> 00:36:51.759 are positive indicators of change that really kind of beg the question does 00:36:51.760 --> 00:36:56.959 this business needs to talk to an advisor about where they're going? And if you 00:36:56.960 --> 00:37:00.479 can identify that together and then leverage the market intelligence whether 00:37:00.480 --> 00:37:05.199 it be internal or external to where it is, let's just call it firing when it 00:37:05.200 --> 00:37:09.519 Happens, as close to real time and as close to relevant as possible. Then you 00:37:09.520 --> 00:37:12.879 build go to market systems whether it be through your marketing organization or 00:37:12.880 --> 00:37:17.118 your banker and sales organization to connect the dots between what's 00:37:17.119 --> 00:37:21.919 happening within that business to what the bank or the financial institution is 00:37:21.920 --> 00:37:25.519 doing to gain an audience with that business. 00:37:25.520 --> 00:37:29.199 I love it. So that's like really at the 00:37:29.200 --> 00:37:32.639 institutional level. And it made me think a bit about your work, Rosemary, 00:37:32.640 --> 00:37:37.759 because you strategically support commercial and business bankers. 00:37:37.760 --> 00:37:44.879 So, I have a question. How do you guide them to use intelligence to 00:37:44.880 --> 00:37:49.439 prioritize outreach? Like what does an example look like in practice? 00:37:49.440 --> 00:37:54.319 What should they be looking for? 00:37:54.320 --> 00:38:01.279 I love it. Typically, when you work for a firm like a bank or other institution, 00:38:01.280 --> 00:38:06.799 you typically have KPIs, key point indicators. You typically every quarter 00:38:06.800 --> 00:38:11.759 have some initiative and then you're going forward. To Matt's point, the 00:38:11.760 --> 00:38:15.598 organization and the firm should know what those are and they should tell you 00:38:15.599 --> 00:38:19.439 those things and you should intimately understand them. So, kind of the 00:38:19.440 --> 00:38:24.799 pre-step is do you understand that? Does your institution understand that? And is 00:38:24.800 --> 00:38:29.838 it well defined? So once that's well defined, then that's where you really 00:38:29.839 --> 00:38:35.919 have to be an individual human. I am a raw cheerleader. I love to be on stage. 00:38:35.920 --> 00:38:39.999 Speaking to everyone on here is going to jazz me up for the day. But there's a 00:38:40.000 --> 00:38:43.919 lot of people that are introverted. There's a lot of people who would rather 00:38:43.920 --> 00:38:49.598 send an email and maybe never pick up the phone. So for that, really think 00:38:49.599 --> 00:38:53.519 internally. What makes you want to talk to somebody? 00:38:53.520 --> 00:38:57.919 Is it a cheeky email? Is it them referencing a webinar you attended? Is 00:38:57.920 --> 00:39:03.039 it something on LinkedIn? But what would get you excited to talk to that person? 00:39:03.040 --> 00:39:07.679 And then just say it. And a piece of advice, Lara, that I am taking and 00:39:07.680 --> 00:39:13.039 learning myself is keep your authentic voice and keep it short and sweet. 00:39:13.040 --> 00:39:17.279 You've got something to say, say it. Then that active listening and learning 00:39:17.280 --> 00:39:22.078 will be very easy to do. Second, but by no means should you copy and paste the 00:39:22.079 --> 00:39:27.838 Rosemary Hopkins way if this is not your personality. 00:39:27.839 --> 00:39:32.879 Yeah. Like they can figure out what matters to the person. Try to keep 00:39:32.880 --> 00:39:36.799 the message short and sweet. We used to have a rule of thumb to go by and 00:39:36.800 --> 00:39:40.799 it's one, two, three many. You know, just don't give too many details. What do 00:39:40.800 --> 00:39:44.799 they really, what's at the core of what they care about? And 00:39:44.800 --> 00:39:50.879 reaching out in that way. Alrighty. So that is wonderful. That's more or 00:39:50.880 --> 00:39:58.239 less the bulk of our conversation today. We've got you know just one more 00:39:58.240 --> 00:40:02.719 question before we wrap up and then some Q&A coming up ahead. So Matthew and 00:40:02.720 --> 00:40:07.439 Rosemary, thank you both so much for your contribution today. One of the 00:40:07.440 --> 00:40:11.919 key themes from today's discussion is that relationship-driven commercial 00:40:11.920 --> 00:40:15.999 growth is becoming more intentional through a combination of strategy 00:40:16.000 --> 00:40:20.399 planning using traditional business development tactics alongside of course 00:40:20.400 --> 00:40:24.559 the data and analytics you need to build and deepen those commercial 00:40:24.560 --> 00:40:28.639 relationships. We've talked about the importance of understanding who you 00:40:28.640 --> 00:40:32.959 serve best, creating a differentiated value proposition, identifying 00:40:32.960 --> 00:40:36.399 opportunities earlier, right? Trying to beat out the competition. That one in 00:40:36.400 --> 00:40:42.479 three clients might be ready to move on or you know one in three of your 00:40:42.480 --> 00:40:48.319 competitor's clients might be looking for a new solution. And so we're 00:40:48.320 --> 00:40:51.999 looking to identify opportunities earlier. We're equipping relationship 00:40:52.000 --> 00:40:55.838 managers with the insights they need to focus their time. We're really going to 00:40:55.839 --> 00:40:59.519 move the needle, right? Rosemary talking about the KPIs like what do you need to 00:40:59.520 --> 00:41:06.159 do to get to a win? And it really is through that relationship. So while 00:41:06.160 --> 00:41:10.719 technology intelligence can help support these efforts, they do not replace the 00:41:10.720 --> 00:41:14.799 relationship. They simply help institutions become more proactive and 00:41:14.800 --> 00:41:19.199 strategic in how they grow them. So really it's kind of old school meets new 00:41:19.200 --> 00:41:23.519 school. We need the data. We need the AI. We need the alerts, right? But we 00:41:23.520 --> 00:41:26.879 still have to be a human first. And I love the way you phrase that, 00:41:26.880 --> 00:41:31.039 Rosemary. So, we have one final poll question for our audience and it's 00:41:31.040 --> 00:41:36.078 really simple question is would you like any more information either about 00:41:36.079 --> 00:41:41.039 RelPro, Matthew Smith the founder of Mallard Smith maybe working with them, or 00:41:41.040 --> 00:41:44.318 both. So, if you would like us to, we're not going to show the results of this 00:41:44.319 --> 00:41:48.239 one. This is just how we know who you'd like to reach out to you following the 00:41:48.240 --> 00:41:52.479 conversation today. Lara, it's a trigger event. 00:41:52.480 --> 00:41:57.439 It's a trigger event. It might not be relevant to you guys right now, but hey, 00:41:57.440 --> 00:42:02.479 it would allow Matt and I to follow up with you at a time you need with a 00:42:02.480 --> 00:42:05.919 product you're interested in. So, I love that, Lara. 00:42:05.920 --> 00:42:11.439 Perfect. Perfect. So, now we're just moving into the Q&A. So, we've 00:42:11.440 --> 00:42:16.479 received a few Q&A questions throughout, but if you have questions for Matthew or 00:42:16.480 --> 00:42:21.598 Rosemary, you can type them right into the Q&A area. If you 00:42:21.599 --> 00:42:26.959 want a specific person to answer it, you can address them. And we'll start 00:42:26.960 --> 00:42:32.959 with one that we have in there now. So here's a question. Should I be 00:42:32.960 --> 00:42:37.439 presenting my value proposition differently when I speak with clients 00:42:37.440 --> 00:42:41.598 versus prospects? 00:42:41.599 --> 00:42:49.358 I think it's again being centric to what that meeting is about. I'm a huge agenda 00:42:49.359 --> 00:42:54.879 person. Now, we all have heard if you assume it makes a blank out of you and 00:42:54.880 --> 00:42:59.439 me. So, I always send an agenda with a couple of items I think are 00:42:59.440 --> 00:43:03.358 Mission-critical. I think should be talked about at the round table. But Lara, 00:43:03.359 --> 00:43:06.639 just because I think that does not mean something hasn't happened in their 00:43:06.640 --> 00:43:10.479 business or I've completely missed the mark. So, I think that you should have 00:43:10.480 --> 00:43:13.519 the kind of relationship where you say, "Here's some things I want to talk 00:43:13.520 --> 00:43:17.439 about." And if they come back to you and they're like, "Nuhuh. I want to talk 00:43:17.440 --> 00:43:21.598 about this.” Well, then you're ready to have that value proposition. I'm just 00:43:21.599 --> 00:43:25.759 going to pick on RelPro for a minute. We could talk about prospecting. We 00:43:25.760 --> 00:43:29.118 could talk about client intelligence. I could talk about real pro for four and a 00:43:29.119 --> 00:43:33.279 half hours. You're not going to want to listen to it. So, I really think having 00:43:33.280 --> 00:43:37.838 an agenda and an understanding of what that content is is going to really help 00:43:37.839 --> 00:43:42.399 that value proposition shine for the individual at that moment for their 00:43:42.400 --> 00:43:47.039 needs. Matt, I'm sure you've got some more to add to that. 00:43:47.040 --> 00:43:51.838 Yeah. So, this is this will be a little bit of the old sales dog in me, but you 00:43:51.839 --> 00:43:56.959 know, my answer to the question that is no one cares one thing about your value 00:43:56.960 --> 00:44:02.719 proposition until there's a clear understanding of a potential opportunity 00:44:02.720 --> 00:44:08.559 and there is value attached to it. Whether it be saving time, making money, 00:44:08.560 --> 00:44:13.199 helping them sleep better at night, giving them new ideas. If we can't 00:44:13.200 --> 00:44:16.479 get aligned or an understanding on where those opportunities are and what 00:44:16.480 --> 00:44:20.639 potential value is associated with it, people aren't going to care about the 00:44:20.640 --> 00:44:24.959 value proposition that connects with it. So good. 00:44:24.960 --> 00:44:30.239 Excellent. Okay. And one more question from our Q&A. What are some key 00:44:30.240 --> 00:44:35.358 data points to help you anticipate a company may be in need of your services? 00:44:35.359 --> 00:44:41.598 What should they be looking for? Is this to me? This one wasn't 00:44:41.599 --> 00:44:44.159 addressed to either. So Matthew, why don't you start? 00:44:44.160 --> 00:44:48.559 And is the question around in need of my services, do you think? 00:44:48.560 --> 00:44:54.399 Let's do this for your services. Yeah. So the thing that I 00:44:54.400 --> 00:45:01.039 generally tell folks is if you are a business or an institution that has made 00:45:01.040 --> 00:45:05.039 the decision what got you where you are today is not going to get you where you 00:45:05.040 --> 00:45:09.999 need to go tomorrow, then it's probably worth having a conversation. You know, 00:45:10.000 --> 00:45:14.559 I'm probably not a good guy to talk to when you like status quo. If you 00:45:14.560 --> 00:45:18.559 like the way things are going and you want to just keep on going, then I think 00:45:18.560 --> 00:45:22.879 that is awesome. Congratulations and let's go have lunch and talk about it. 00:45:22.880 --> 00:45:25.838 But if we want to have a real serious business conversation, it's 00:45:25.839 --> 00:45:29.679 generally with folks that have made that decision that change needs to 00:45:29.680 --> 00:45:33.759 happen. Excellent. Thank you, Matthew. So, and 00:45:33.760 --> 00:45:39.279 Rosemary, if and I want to ask this for you from the banker's perspective. 00:45:39.280 --> 00:45:45.118 So, if a banker is what signal like what events should a banker be looking for to 00:45:45.119 --> 00:45:49.279 know that someone might need their services? What types of events or 00:45:49.280 --> 00:45:53.279 triggers? Can you give an example? Take off my RelPro hat, put it to the 00:45:53.280 --> 00:45:56.318 side, and I'm going to put on my business owner hat. 00:45:56.319 --> 00:46:01.999 Business owners, especially those that are serial entrepreneurs, 00:46:02.000 --> 00:46:05.598 they're very busy. Sometimes they're the president, sometimes they're CEO, 00:46:05.599 --> 00:46:09.519 sometimes they're the janitor, sometimes they're the salesperson. And few days it 00:46:09.520 --> 00:46:16.559 will be all of those at the same time. So you may think that you are relevant 00:46:16.560 --> 00:46:20.399 or not. You may think that you've got a great product or not. But to Matt's 00:46:20.400 --> 00:46:25.999 point, it's all about what they want and need. So again, outside of maybe 00:46:26.000 --> 00:46:30.239 following them on like a LinkedIn or whatever, I like to follow buying signs. 00:46:30.240 --> 00:46:36.719 Big data is out there. I'm a geriatric millennial. I've got a tinfoil hat on. 00:46:36.720 --> 00:46:41.679 And I bring this up to say there's so much technology out there where I don't 00:46:41.680 --> 00:46:46.639 have to guess and check. I don't have to have a crystal ball. I can utilize are 00:46:46.640 --> 00:46:51.279 people searching the internet at an above average rate for products and 00:46:51.280 --> 00:46:57.999 services that I have or expertise that I bring alongside of me. If I’m seeing that 00:46:58.000 --> 00:47:03.039 there's a change in leadership or business owners, nothing will change a 00:47:03.040 --> 00:47:09.838 banking relationship, like a change in a CFO or other C-suite. A lot of CFOs, a 00:47:09.839 --> 00:47:12.799 lot of controllers, they got people in their circle of influence, they've 00:47:12.800 --> 00:47:16.719 already got their round table. And if they come into a new organization, they 00:47:16.720 --> 00:47:20.239 might want to bring the people with them. So you want to intimately 00:47:20.240 --> 00:47:24.239 understand not only the people that are currently in management, but also those 00:47:24.240 --> 00:47:28.399 new incomers. And you can't again just do that with a crystal ball. You have to 00:47:28.400 --> 00:47:33.679 have a way that you are following people to follow up with them at the critical 00:47:33.680 --> 00:47:37.039 time. Yeah. Thank you, Rosemary. And we really 00:47:37.040 --> 00:47:40.719 have seen that first thing you spoke to, the buyer intent piece has been 00:47:40.720 --> 00:47:47.279 absolutely massive for our clients to know, hey, these prospects have been 00:47:47.280 --> 00:47:51.199 searching for the solution that I specialize in. That's my value 00:47:51.200 --> 00:47:56.959 proposition. I know that they are looking for this. So, right now is a 00:47:56.960 --> 00:48:01.838 great time to reach out to someone at that organization and say hello and 00:48:01.839 --> 00:48:05.039 introduce myself. So, even if that's not the type of person I am, maybe if I am 00:48:05.040 --> 00:48:09.039 one of those introverted folks as you mentioned, looking for some 00:48:09.040 --> 00:48:13.039 personalized way to connect, you know, their alma mater. I know the two of 00:48:13.040 --> 00:48:18.399 you share an alma mater, right? We're eat them up cats. Go Texas State. 00:48:18.400 --> 00:48:22.078 That's right. So, looking for a point of connection and then what is the signal? 00:48:22.079 --> 00:48:26.479 What is the thing telling you that it's time to reach out? So, thank you so much 00:48:26.480 --> 00:48:32.799 everyone. That will conclude our Q&A for today. And if you liked this 00:48:32.800 --> 00:48:37.279 discussion, you may really enjoy RelPro's new white paper on the SBA 00:48:37.280 --> 00:48:41.519 regulatory changes. It's all about how commercial and business bankers can find 00:48:41.520 --> 00:48:46.399 Expansion-stage businesses. You can scan the QR code here or 00:48:46.400 --> 00:48:51.999 you can find it at the RelPro content hub at our resource center. If you'd 00:48:52.000 --> 00:48:56.239 like to learn more about Matthew Smith's work at Mallard Smith, you can visit his 00:48:56.240 --> 00:48:59.999 website there on the screen, mallardsmith.com. 00:49:00.000 --> 00:49:03.439 Follow him on LinkedIn. And we'll provide the links to everyone that's 00:49:03.440 --> 00:49:07.759 watching or who registered later to f follow him. And to learn more about 00:49:07.760 --> 00:49:12.479 RelPro or to connect with Rosemary, you can visit relpro.com. You can find her 00:49:12.480 --> 00:49:17.838 on LinkedIn. She's a big LinkedIn user. And we'll send out the recording to 00:49:17.839 --> 00:49:21.598 those of you who may have missed today or for you to share with your friends in 00:49:21.599 --> 00:49:27.039 the next 48 hours or so. Um and we'll get you we have the poll. We know who 00:49:27.040 --> 00:49:29.838 you want to be in touch with. So, we'll deliver that to either Rosemary or 00:49:29.839 --> 00:49:33.358 Matthew and we'll follow up with you soon. Thank you all for your 00:49:33.359 --> 00:49:37.679 participation today and for being a wonderful audience and we hope you have 00:49:37.680 --> 00:49:41.039 a great day. Thank you everybody. 00:49:41.040 --> 00:49:44.920 Thank you all. Thank you.