You Can Still Win New Clients & Keep Your Pipeline Filled In A Turbulent Market!

I have said it many times before and I will say it again:  the fastest way to win over new business clients is by convincing them that you understand the challenges and opportunities they are facing in the marketplace and that you have the solution they need!  You accomplish this by being able to deliver powerful insight on demand!  The impact of rising interest rates is a very hot topic.  Do you have a rock-solid response when a prospect asks your opinion and do you have a plan to deal with the impact it will have on your pipeline?  If you don’t, I urge you to keep reading.

I came across an article written back in April of this year.  It talks about the impact of rising interest rates and is still very relevant because rates continue to go up.  I like the article because it concisely explains what is happening with interest rates.  You can tuck this information away into your knowledge base and use it when a prospect, client or referral source asks your opinion.  As usual, I will add my take on it.  I believe rates will continue to go. There is a lot of uncertainty in the marketplace, nationally and globally.  Not only do we will have Covid to deal with but now we have Monkey Pox as well.  We also have a war in Europe and one brewing in Asia.  We have high prices on fuel and a lot of common household goods.  This uncertainty isn’t going away overnight or anytime soon!  

What does this all mean?  It means that there is very elevated and persistent risk of global disruption that will financially impact all of us!  What does it mean for your clients and prospects?  It means that some of them will go into survival mode and put off capital expenditures and investments.  What does it mean for Business Bankers?  It will be hard to find qualified prospects and harder to fill your pipeline.  Is this a hopeless situation?  Absolutely not!  In any type of economy, there are business owners still doing deals!  A lot of your colleagues and competitors will throw in the towel and not be able to see past the challenges!  What do you need to do?  You need to improve your marketing game and double down on hunting for prospects!  I had my best years in banking after the 2007-2008 market collapse…I doubled down on the hunt while others sat around doing nothing because they gave up hope!

If you need a roadmap to improve your marketing game, check out the free Commercial Lending Toolkit at www.bizpetrol.com.  It also includes a crash course on using digital marketing strategies to keep your pipeline filled. I strongly encourage to read the article.  Knowledge is power and will keep you relevant (aka employed!). 

Bizpetrol has information, knowledge and tools that will help you become a Business Banking Rockstar.  You can start elevating your business credit skills using the free Commercial Lending Toolkit at www.bizpetrol.com. You can see all the Business Banking News articles (like this one) at www.bizpetrol.com/blog. You can access a series of how-to business banker guides https://www.bizpetrol.com/Downloads-Free.

Follow #bizpetrol on LinkedIn if you want to see more articles like this one in your feed! If you found this article to be useful, please do me a huge favor and spread the knowledge by sharing the article with your colleagues! 

Article Title:  What Do Rising Interest Rates Mean For Banks & Borrowers?

Article URL: https://businesswest.com/blog/what-do-rising-interest-rates-mean-for-banks-and-borrowers/