Agricultural Banking
Background
The agricultural banking sector is one of the most rate sensitive areas in all of banking. Understanding how to show in dollars and cents how the economic value of your relationship helps todays producer achieve a higher level of financial success is imperative in todays marketplace.
Agricultural banking is at the heart of what we do. With the experience of almost 1,000 live sales calls on producer farmer sites we have developed a unique insight as to the needs of the American farmer.
With the strong competition community banks face from farm credit system, credit unions, and alternative financing sources it is imperitive that todays community banker understands how to justify the economic value of their expertise in the face of lower rates.
The Problem
Prospect: Farrow to finish hog intergrator
Current bank is not acting in a proactive consultative manner
$7,000,000 loan and $500,000 deposit opportunity
Our Solutions
In this farrow to finish operation hogs are continually being sent to market. The need for a an efficient well managed cash management solution is very important and not being met by the current bank.
An existing client of a consultative banker recommends that this prospective client speak with their banker. As a result of the referral an introductory meeting is set up to explore if there is a need that can be met.
At the conclusion of the initial meeting the consultative banker determines that the integrator needs help with how cash flows in and out of their operation and loan optimization. Even though a need is identified the prospect is not immediately ready to move their relationship.
Since a true business need has been identified the consultative banker creates a prospect pipeline for the new prospective client. Over the course of a 24 month sales cycle the consultative banker continues to respectfully manage the relationship in a way that always speaks to how his expertise can help them.
The sales cycle ended when the prospect became a new client of the consultative banker and has the help of the new banks products, services and expertise moving forward to improve the profitability of their operation.