I have recruited and led a lot of BDM teams over many years in the mortgage industry. One of my key challenges has always been to unlock the potential of those who were resistant to change.
One particular experienced BDM is a good example. He regularly met with the same broker ‘mates’, often culminating in afternoon drinks at the pub. Although some business was generated from these intermediaries, the BDM showed little appetite to meet new brokers. He was not hitting his target and not earning a bonus.
It was clear the BDM needed to expand his broker network where there was more sales potential. He also needed to acknowledge that his broker mates were never going to be a rich source of sales.
I suggested the BDM continue with the social meetings but in a business capacity. He could still talk to the lads about football but, importantly, he could also educate them on how he could help their clients.
However, it was important that he met them at their office too to qualify as a business visit.
The BDM was also encouraged to visit new brokers in his area where there were better opportunities to boost his sales.
Reluctantly, the BDM agreed to change his focus. Working in conjunction with his line manager we monitored his calling pattern, ensuring some of his friends were in the diary during early office hours.
We also identified new broker visits, which we got him to highlight in his calendar, as well as follow-up meetings to first-time visits.
Over time, the BDM bought in to this new pattern of sales focus.
At his quarterly review meeting, he was pleasantly surprised to discover that his sales figures had significantly increased, and the new approach was working. Furthermore, he was particularly pleased to learn that sales volumes from his friends had also improved.
A new but simple approach meant the BDM could see how his previous way of working was not achieving the desired results. Buying in to a new approach meant he beat his target and earned a bonus. A wider broker network was also on his side to support him across the whole of his territory.
Don’t be afraid to change your way of working, and consult your colleagues if you’re stuck for ideas. They’ll be glad to help.
