COI Strategy

It is critical that Bankers have a COI strategy to guarantee both the quantity and quality of referrals they need.

Transcript

This is Chris Carlson, and I want to welcome you to Core Insights.

Core Insights is designed to share concepts and ideas to stimulate both the thinking and the actions of Relationship Bankers.

In this edition of Core Insights, I want to talk about COI Strategy. 

While many Bankers believe they do a good job of working with COIs, most Bankers do not have a well defined strategy that will guarantee both the quantity and quality of referrals they need.

Marshall Goldsmith wrote a book with the title:  What Got You Here Won’t Get You There.

While this book is not about COIs or referrals, it is spot on when it comes to a Banker’s COI strategy.

Bankers must take a honest look at their COIs to determine first, which COIs they need to keep working with, and second, which COIs they need to stop working with.

As you look at 2023, think in terms of the 1-10-20 COI Strategy.

The 1 stands for the 1 advocate who is incredibily influencial in your vertical or your geographic area.  They are willing to say, “I will stake my reputation on the fact that if you meet with Chris Carlson, I guarantee that the conversation will add great value to your company.”  With an endorsement like that, what prospect is not going to take a meeting with you?

The 10 stands for the 10 Current COIs you are working with that have a proven track record of introducing you to companies that actually result in you bringing on new customers.  Now, maybe that number is currently 5 or 7, but you are striving for 10.

The 20 stands for 20 COIs that you have identified as potential COI partners, but you still need to develop and deepening the relationship before you can move them to the Top 10.

Now that you have these names, it is critical that you have a monthly marketing plan to add value to the relationship.  Put together a plan in which each month you will send them an e-mail and in which you will send them a piece of direct mail.

Now the e-mails and direct mail pieces are not about you.  But rather they are resources or ideas that add value to them.  This on going marketing better positions you as the go to Banker in their minds.

You are playing the long game here.  By sticking to this monthly marketing plan, both the quantity and quality of your referrals will go through the roof!

Don't forget to check out the latest episodes of The Bolder Banking Podcast.  You can check us out at www.thebolderbankingpodcast.com or on your favorite podcast platform.

Thanks for taking time for this edition of Core Insights.