There’s a question bankers have been asking business owners for as long as I can remember: “What keeps you up at night?” It’s a classic for a reason. It’s open-ended. It gets people talking. And it can uncover challenges that ultimately lead to meaningful conversations about how the bank can help.
But lately, when I’m training bankers, I’ve been challenging them to retire that question … or at least rethink how they use it. I’ll often ask a group, “What’s the one question in your repertoire that you always ask a business owner?” Without fail, someone says, “What keeps you up at night?”
My response to them is simple: If you’re using Vertical IQ, you should already have a pretty good idea.
Do your homework before the meeting
One of the most important lessons I learned during my years in banking is that business owners can tell when you’ve done your homework. There’s a big difference between walking into a meeting and saying, “Tell me about your industry,” versus demonstrating that you already understand some of the pressures their business may be facing.
This is where Industry Intelligence from Vertical IQ can completely change the conversation.
Before a meeting, take a few minutes to review the Industry Challenges section of the relevant Vertical IQ Industry Profile. You can quickly get up to speed on the issues affecting businesses like your client or prospect, whether that’s rising labor costs, difficulty finding skilled workers, changing consumer demand, supply chain pressures, regulatory requirements, margin compression, new technology, or something else entirely.
Now you’re not walking into the meeting asking the business owner to educate you from scratch. You’re walking in prepared to have an engaging, meaningful conversation.
Replace a generic question with an informed one
Of course, I’m not suggesting you walk into a client’s office, point your finger, and announce, “Here’s what should be keeping you up at night!” The goal should be to use what you’ve learned to ask a better, more informed question.
For example:
“I’ve been looking at what’s happening in your industry, and labor continues to be a significant challenge for many of your peers. Are you experiencing that as well? How is it affecting your business?”
Or:
“We’re seeing margin pressure become a bigger concern for a lot of companies in your industry. Is that something you’re feeling right now as well?”
Think about how different those questions sound from, “What keeps you up at night?” You’re still giving the business owner an opportunity to talk about their unique concerns. But you’ve also demonstrated that you understand their world without them having to explain it to you.
And sometimes, you may introduce an industry-related issue they haven’t been thinking about yet. That’s when the conversation can get especially interesting!
Bring timely data into the conversation
Industry Intelligence also gives you something else that can make these discussions more valuable: quantitative evidence. Rather than simply saying, “I hear labor is a problem in your industry,” you can bring relevant Vertical IQ data and insights into the conversation. You might say, “Here’s what we’re seeing across the industry. Does this line up with what you’re experiencing?”
That framing does two things. First, it gives the business owner context. They can see whether a challenge is unique to their company or part of a broader industry trend. Second, it gives you a natural starting point to dig deeper. If they say, “Yes, that’s exactly what we’re dealing with,” your next question becomes: “How is it affecting the business? Is it increasing expenses? Limiting capacity? Slowing growth? Creating cash flow pressure? Delaying investments? Making it harder to serve customers?”
Now you’re getting beyond identifying the challenge and beginning to understand its financial and operational impact on their individual business.
Move from challenge to opportunity
This is the point where bankers have an opportunity to really differentiate themselves. Knowing what keeps a business owner up at night is useful. Helping them do something about it is far more valuable to them!
As you uncover ways an industry challenge is affecting the business, start thinking about the resources, expertise, connections, or financial solutions your bank may be able to provide.
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- A working capital challenge might lead to a conversation about a line of credit.
- Cash flow pressures could open the door to treasury management solutions.
- Plans to invest in automation because of labor shortages might create financing needs.
- An owner facing uncertainty may benefit from a conversation with one of your bank’s specialists.
And sometimes the best answer isn’t a banking product at all. It could be introducing the owner to another client — an accountant, an attorney, or another trusted center of influence who can help.
That’s what being a trusted advisor looks like. You’re not searching for an opening to sell something. You’re understanding the business well enough to recognize where you might be able to help.
Make curiosity more powerful with preparation
There will always be a place for open-ended questions. No Industry Profile can tell you exactly what is happening inside one particular business. The business owner will always know their company better than you do. But Industry Intelligence can help you ask smarter questions from the start.
So, before your next client or prospect meeting, spend a few minutes on Vertical IQ. On the appropriate Industry Profile, look at the Industry Challenges; identify two or three issues that could be relevant to that particular business; bring a useful data point or insight into the meeting. Then ask the owner whether what you’re seeing across the industry matches what they’re experiencing.
You may discover that the issue keeping them up at night is exactly what you expected.
OR, you may discover it’s something completely different.
Either way, you’ve changed the starting point of the conversation. Instead of asking the business owner to tell you everything you need to know, you’ve shown up with knowledge, context, and genuine curiosity.
So, the next time you’re tempted to ask, “What keeps you up at night?”, challenge yourself to walk in already knowing what might be keeping them up at night. Then use that knowledge to start a more meaningful conversation, uncover how those challenges are affecting their business, and explore where you can help. Because the best bankers don’t just ask about their clients’ challenges; they come prepared to anticipate them, understand them, and help solve them.
Image credit: vitaly gariev, unsplash