SUCCESS STORIES

Land more business clients and retain them longer

By leveraging Vertical IQ’s industry profiles prior to meetings, bankers are better prepared, more confident, and impress prospects. Prepared bankers ask smarter questions and engage with clients more about their business — instead of just discussing bank products, to offer solutions based on need vs. products based on guesswork. Vertical IQ is for bankers who aspire to be trusted advisors.

Many of our users share success stories with us as a result of putting Vertical IQ to work. Here are just a few of them.

We recently hired a new banker and I was asked to introduce him to a client at a family-owned law firm. This client is a reserved and relatively closed individual, which makes him a little difficult to speak with. Before the meeting, I reviewed the “Call Prep Questions” and “How Firms Operate?” within Vertical IQ to better prepare myself and the new banker. As expected, the owner did not have a lot of interest in talking with them until she asked, “Do you lease or own your building?” This one question sprung into a conversation about how he currently leased his office but was looking to buy in the near future. That opened the door to a great conversation resulting in him buying the building and establishing a LOC, yielding $30,000 in revenue for the bank.

Jessica Waltersdorff, AVP/Branch Manager, M&T Bank

In La Crosse, Wisconsin, dentists are a huge industry. Our bank sends out several letters to all the dentists in the area telling them about State Bank Financial and then chooses the ones to pursue based on their responses. For the dentists I was able to contact, I began my research with Vertical IQ. My common routine: first view the profile of the industry and then watch all available videos several times. The videos are especially helpful in gaining quick insight when I’m in a rush.My most recent success was with a dentist where I’d previously closed over $1 million in loans. This same dentist later opened several satellite offices, which led to another couple million in loans. This was huge for my bank because it also led to several referrals.

Terry Crolius, VP of Business Banking Solutions, State Bank Financial

I was calling on a well-known restaurant and hotel investor in California. I knew that he was working with a major hotel chain, so I began sending him Vertical IQ’s Quarterly Emails. Since he already had a lot of experience in the hotel industry, he didn’t immediately see the value of these emails. However, as I persisted, the investor’s target market started to expand, and he began to see the value. He was able to use the “Just the Numbers” knowledge in negotiations and saw great success. The investor promised that because of my help, any new hotel purchase would be financed through me.

Susan Mackey, VP Relationship Manager, Banner Bank

A local funeral home was a top-40 prospect of mine, and there was a lot of competition over which bank was going to win their business. I reviewed almost every feature that was offered within Vertical IQ’s funeral home’s profile. With this wealth of information, I felt prepared and confident going into the call. I was able to win the business of the funeral home because I was prepared, knowledgeable, and demonstrated a clear understanding of the industry.

Will Anderson, VP, Senior RM, Business Banking, M&T Bank

I’ve used Vertical IQ quite a bit for my prospecting efforts, especially when going after niche-oriented industries like machine shops. It allows me to formulate well-informed and unique questions while fueling my knowledge of what businesses within my focus industries are actually doing — thus increasing my confidence before calls and my credibility on those calls.When I was researching for a customer call who runs a veterinary practice, medications became a prevalent and recurring topic. I honed in on the “Industry Trends” from the “Quarterly Insight” chapter and had an in-depth conversation with my client focused on medications. Pulling news articles and emerging trends from Vertical IQ helps me to remain aware and engaged with how the industry is changing.

David Trent, Commercial Lender/AVP, Park Sterling Bank

As a fairly new bank employee, I often felt intimidated by colleagues who had previous knowledge about several industries in the area. I recently heard about a lender who had bought a new nursing facility out of town, and was determined to have a success! However, I was leery about how to approach this call, considering my minimal experience and lack of knowledge about the industry. After preparing with the “Banking Solutions” and “Call Prep Questions” sections, I felt ready. I ended up acquiring both a loan and a deposit, thanks to the research I had done with Vertical IQ. To this day, these customers remain loyal and always request to speak with me when they have a question. Vertical IQ has given me the confidence to walk into meetings feeling prepared and knowledgeable!

Kelly, Business Banking Specialist, Chelsea Groton

One of our managers recently met a CPA at a networking event. Initially, the CPA was a bit condescending towards her, acting as though the manager could bring little to no value to her. Following this initial interaction, the manager used Vertical IQ to do extensive research on CPA practices. She focused specifically on “How Firms Operate” and “Risks to Watch Out For” and then ended her research by printing and reviewing the “Call Prep Sheet.” She brought the notes with her, and it saved the whole call. The CPA was extremely impressed, which not only led to acquiring their business but also resulted in several referrals. Vertical IQ helped to add value to the CPA as well as enhanced the manager’s overall credibility.

Koren Smith, SVP Regional Manager, Coastal Community Bank

I happened to find a relevant industry article on Vertical IQ that was discussing how millennials were purchasing my particular prospect’s product (RVs). After sending the article along, he accepted my invitation to meet. When I showed up for the meeting, he had the article hung up on the wall! We had many more meetings after that. Vertical IQ allowed me to build rapport with a prospect and create an opportunity that may not have existed had I not found that article.

Jon Miller, Branch Manager, Banner Bank

I frequently use the articles found on Vertical IQ to ask relevant questions of prospects and clients, which oftentimes produces a look of surprise on their faces. The Quarterly Emails and “Industry Trends” section help me uncover information in my conversations, which helps determine how in-tune the business owner is with their current practices.

Wendy Werner, Branch Manager, Banner Bank

I enjoy using the Vertical IQ Working Capital Quick Tour as well as the Call Prep Sheet. In a very fast paced environment it allows me to get my head in the game before a call; providing me with information that will be important to my client or prospective client. The Industry Insight emails that I receive are also very beneficial and provide real world information that I can share and discuss with clients/prospects. The client always appreciates the information and it allows us to maintain conversation that is valuable to their industry.

Andy Poquette, Treasury Management Relationship Manager, American National Bank Fox Cities

I specifically like to use Vertical IQ when meeting with a business owner that I may not have a lot of experience in their industry! Even when meeting with an owner of an industry that I have experience in working with them, I like to check out the latest and greatest to stay up to date on the industry and perhaps this gives us something more in depth to talk about it. My go to is the “call prep sheet.” This gives you a few key questions without overwhelming the client on the first visit. And, the fast facts found on the call prep sheet are great too. When I meet with a prospect, I think this helps separate my meeting from the competitors.

Tracy L. Hall, VP, Commercial Relationship Manager, Sandy Spring Bank

To remain relevant, business bankers have had to become More “value-added” and Therefore More industry-specialized.

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