Are Your Business Development Officers Negotiating or Bargaining?
How many times have you seen this – you present a proposal to one of your bank’s potential customers and you go back and forth on a particular term or set of terms. For loans, the discussion is often over amount, rate, term, amortization or guarantees. For deposits, it is often over fees, services or rates. More than 60% of the cases that we have observed, the seasoned business development officer bargains when they should be negotiating. Worse yet, they don’t even know the difference, and as a result, they lack a major tool in relationship development.