A woman who was working as a highly paid scientist decided to start a clothing design business as a side venture. She used an incorporation service, and said that if we opened her checking, she wanted credit. She also said that a competing multi-state bank took good care of her.
I called her back once her incorporation was complete and she told me that she was not interested, that she had opened her checking at the competing bank.
Nonetheless, I followed up with her several weeks later and she told me that the competing bank would not issue a credit card to her new business. She was indignant that she could not get it in the name of the business alone. I told her that with us, her business would be eligible for credit when she had two years time in business. So, it is normal in similar circumstances at all banks that she gets it jointly under her personal tax identification number (TIN) and the TIN of the business too. She accepted this. I got the card application expedited and approved and she opened her business checking accounts with us. We delivered where the competition would not.
She got what she wanted when she accepted the reality that her new business was simply not eligible for credit on its own. Then, she worked with us to implement an alternative solution.
Key to Triumph: While she was emotionally tied to the competing bank, she was flexible enough to change banks and her approach when it no longer suited her purposes and another could. Also, “no” does not have to be the final word.
In sales or business, don’t be afraid to be constructively persistent when there is an opportunity to overcome objections.
**NOTE: All “Bankable Stories” were written by One Click Advisor founder James Chittenden and are true stories of clients that he assisted as a business banker. Names have been changed to protect client confidentiality.