Transforming Business Development: Town Bank, N.A. and EBD’s Winning Partnership
In 2016, Jay Mack, President & CEO of Town Bank N.A., embarked on a transformative journey with Expert Business Development (EBD). This partnership has since driven significant growth and success in Town Bank’s commercial and business banking efforts.
The Challenge
Town Bank N.A., a subsidiary of the Wintrust Community Bank family, has been a cornerstone in Southeastern Wisconsin for over 25 years, managing assets exceeding $4 billion. Despite their growth, traditional marketing methods were failing to connect with key C-Level decision-makers.
Jay Mack highlighted the issue: “The old traditional ways of advertising in the newspaper, sending postcards out, putting billboards up, etc., weren’t effective for us in reaching our target market. We needed a more proactive approach to engage with our prospects directly.”
Town Bank’s bankers excelled at nurturing existing relationships but struggled to balance prospecting and cold calling with their other responsibilities. Mack explained, “Effective cold calling takes time, discipline, and consistency. Our bankers have multiple goals, including relationship management, underwriting, and compliance. Switching gears to make prospect calls was challenging.”
This gap in business development efforts hindered Town Bank’s ability to convert qualified prospects into customers. Mack added, “We just weren’t getting enough consistent, proactive, disciplined prospect calling activity, and that’s where EBD came in.”
The Solution
To address this challenge, Town Bank partnered with EBD, a Philadelphia-based firm specializing in targeted cold calling and appointment setting for the financial services industry. EBD’s focused prospecting approach aligned perfectly with Town Bank’s needs.
Key elements of the partnership included:
Targeted Prospect List: EBD helped develop a granular prospect list aligned with Town Bank’s ideal customer profile across various industries. Mack noted, “The prospect list was very valuable, not only for EBD to set up calls but also for us to have a database to work with going forward.”
Collaborative Training: EBD enabled a smooth launch with pre-campaign training, Mack explained, “We worked directly with the EBD calling team to ensure they understood who we are and our value proposition.”
Cold Calling Expertise: EBD leveraged its expertise to initiate conversations with qualified prospects on Town Bank’s behalf. Mack noted, “People started to hear the name Town Bank and Wintrust because of EBD’s calls.”
Seamless Handoff: EBD’s process allowed Town Bank’s team to take over the sales process for warm, interested prospects. Mack stated, “It allowed our bankers to take the handoff from EBD, making the best use of their time.”
The Results
The partnership with EBD delivered significant benefits for Town Bank:
Increased High-Value Prospects: EBD’s outreach efforts led to a measurable increase in high-value, actively engaged leads in Town Bank’s pipeline. Mack stated, “We have a lot more qualified prospects in the P2 and P1 (high value, actively engaged leads) category now.”
New Client Acquisitions: The campaign resulted in multiple new client acquisitions across sectors like mid-market commercial, municipal/non-profit, and small business/CRA lending.
Elevated Brand Recognition: EBD’s targeted prospecting approach enhanced Town Bank’s brand recognition among C-level decision-makers.
Efficient Use of Marketing Dollars: The partnership provided a better ROI compared to traditional advertising methods.
Optimized Banker Efficiency: By managing the front-end prospecting work, EBD allowed Town Bank’s bankers to focus on their core strengths of relationship management and deal execution.
Mack added, “Partnering with EBD has made our bankers more efficient with their time, allowing them to convert prospects into customers more effectively.”
Conclusion
EBD’s focused prospecting approach continues to help Town Bank overcome business development challenges and accelerate new client acquisition efforts. Mack said, “To reach and make the market aware, you can spend your dollars on billboards, but we found that the marketing dollars spent with EBD made a significant difference. EBD called a lot of prospects, the billboard didn't.”