Canadian Bacon

I’ve been phoned recently by two banks that want to lend my business money.

Never mind that my business assets consist of two computers, a printer, one-eighth of a car and 12 shelves of books.

TD Canada Trust pre-approved me for a $15,000 loan at 1 percentage point below prime. Of course, it set some harsh conditions. Neither my business’s assets nor its annual revenue may exceed $500,000. (If they do, though, I’m pre-approved for a loan at 1.99% above prime.)

About six weeks after I received the direct-mail piece, which was cleverly designed to look like a personalized cheque, they called me. The telemarketer was very effective. She sounded concerned and genuinely puzzled that I might not take advantage of this cheap money, and asked if there was anything else she could do to help me.

She actually made me feel guilty for not borrowing their money. I was very impressed.

Not so impressive was the guy from Wells Fargo who called the other day to give me a credit line (I think it was for $40,000). The rate: prime plus 1%. I told him I didn't need that much money, and that a competitor in the marketplace is offering me funds at prime minus 1.

No problem, said my mechanical friend. If I didn’t want to open the account today, he said, I could access the offer later on the Wells Fargo website. He then proceeded to spell out a long URL, and then some other long access number, both of which I politely pretended to write down.

A couple of lessons from these interactions:

* Listening is so important. I felt the TD marketer listened to me. She responded creatively and genuinely. Mr. Robot from Wells Fargo had a job to do and did it, whether I wanted him to or not.

* Reputation is key. I know Wells Fargo has been active in the Canadian market for 10 years, but I don't think it has ever been part of the market. I don't see ads from them, I don't know if they have any physical Canadian presence, I don't see their name sponsoring business events. (The pony-express logo on their “Canadian” website certainly doesn't seem to fit the Canadian character. And why no maple leaf on the stagecoach?)

TD we all know. Whether we patronize them or not, we know them as a civil, reasonably positive force in the community. Who would you rather deal with?

* Mixed media work. TD’s letter alone was shrugworthy, but adding the phone followup makes for a very compelling sales pitch.

Occasional “one-off” offers may meet short-term objectives, but thoughtful, integrated campaigns will always bting home the bacon.

They care about their people!

I had an interesting conversation today with a retired Canadian entrepreneur. They never really retire, you know.

I’ve met this man several times, but not in the year since he left the company he founded. Last month that firm announced a major strategic change, so I called him up to see what he thought about it. He outlined the business case for what they're planning to do, although with little enthusiasm, so I guess he’s onside but not ecstatic about it.

But here’s what he was passionate about.

He complained that he’d heard the news from a friend who used to work for the company. Then he heard about it from a stockbroker. He’s the former CEO, and still a major shareholder, and he obviously feels the company has an obligation to inform them about these things. You can take the entrepreneur of the company, but it sure is hard to get the company out of the entrepreneur.

Here’s the other thing he got hot about. This change will affect a lot of longtime employees. He expressed more regret over what might happen to them than he did about the change to the business as a whole. “It’s a different company now,” he said, but it was clear that he hoped the company would treat the affected employees well.

He also noted hopefully that with the general skills shortage around the country, some employees might be better off, and actually get better jobs.

Clearly, he still retains that entrepreneurial ego, even in retirement, But I was impressed by his concern for his former employees. They’re still his people, and he still cares.

Bottom line: If you’re marketing to business owners, remember their commitment to their teams. If you can make things better for their people, entrepreneurs may just listen to you a little more closely.