Clare Jarvis breaks down 4 ways to get the most from your BDM.
How much time do you spend with BDMs who pop in for a coffee, rattle through some rates and then disappear from your radar until the next time they turn up at your office with a box of doughnuts? It may be a very pleasant way to spend half an hour, but how productive has it actually been?
This is not to say that you shouldn’t spend time with BDMs. A good BDM is invaluable to your business and should provide a positive return on the time you invest with them. So, how do you recognise a good BDM, and what is the best way to work together to grow your business?
Here are some of my tips about how to get the most from your BDM.
A good BDM is not a sales rep and business development is not selling – it’s a collaborative process that involves understanding your business and your challenges.
A good BDM should be as interested in growing your business as you are and will take the time to get to know you, how you operate and understand the type of business you encounter. A BDM who immediately launches into a sales pitch as soon as they cross the threshold might be more interested in selling their products than finding solutions for your clients.
As well as working together to identify solutions for your existing clients, a BDM should also be able to point you in the right direction of new opportunities to grow your business and support you in exploring those opportunities.
A conversation with an informed BDM will help you understand all of the available options for your clients.
This is particularly important as criteria is becoming such a crucial part of selecting the right lender, and a quick call with your BDM at the outset could be the most valuable two minutes you spend during your day.
3. Problem solving
A BDM should strive to help you whenever you need it and do whatever it takes to try and find solutions when you have an interesting case or encounter an issue.
If you work with a BDM who is empowered by their lender, you will find that you have an important ally in finding the best solutions for your clients, and once a case is in the system, your BDM can then become your conduit to that lender, working with the underwriters and operations team to overcome any hurdles and ensure that the case progresses as smoothly as possible.
Good BDMs are usually busy meeting brokers and travelling between appointments. While it is reasonable to expect a quick response from your BDM, they may not always be able to answer your call immediately. Therefore, look for lenders who support their on-the-road BDMs with telephone BDMs, so you can be sure there is always someone on hand to answer your questions.