By: Kyle Enger, Executive Vice President of Finagraph
As bankers, we have all participated in sales training. We have been coached and guided on developing a 30-second elevator pitch. Some may have even had some training on creating a value proposition. But how do you make your value proposition work for you? What distinguishes someone who has an effective value proposition? Simply put, they talk the talk and walk the walk.
Developing a value proposition is about more then putting words that sound good down on a page, or adding a tagline to your businesses card. It’s a way of communicating and living that illustrates the core of what you stand for. One of the biggest disconnects that I have seen working with bankers is that their value proposition does not resonate with their clients and prospects because their actions either contradict or distract from their message.
For example, a recent survey was conducted by BAI that sited the most popular value proposition given by bankers in the marketplace is relationship banking, with the second being service quality. The same study also found that over 40% of bank clients report being actively skeptical that relationship banking exists.
This survey illustrates the impact that actions have on a value proposition. If you say that you are a relationship banker, yet the only time you stop by is for an annual review, your actions and your value proposition are not aligned. You lose credibility because your value proposition is not authentic. Your journey into defining your personal value proposition should not be a 15-minute exercise that sits in your top drawer. It’s something that should be thought about, come from within, and be aligned with your words and actions. It should be something that you are inspired to live everyday both personally and professionally.
What inspires you about being a banker? What is it about banking that makes you excited when getting out of bed every morning and facing the day? There are lots of amazing things about being a banker. It’s one of those unique professions that allows others realize their possibility. As a banker, you provide a path to achieving dreams. You help companies grow, hire new employees and build that new facility. Bankers provide the opportunity for individuals to own homes, pay for college and purchase new cars. What is it about this honorable profession that resonates with you? How do you choose to define and live your value proposition?