I believe that everyone wants to feel special and be treated uniquely according to the specific needs and wants. And when it comes to sales, some prospects are more special than others.
Research shows that for banks up to 2 billion in asset size, that their top 100 most profitable customers account for between 50 to 120% of their profit.
In this episode, I’m going to show you how to find another 100 just like them so that you can double profits without adding more people or expense, and build a plan to get all the most profitable customers out there,
I believe every business has a breakthrough opportunity—a missed profit opportunity, in fact—in several of their product lines.
In this episode, I’m going to share with you how any one of your product lines could be the source of thousands of dollars of additional profits within a few short weeks.
You’ll need to radically change your strategic planning process to make it happen.
If you’re the kind of person…
- Who knows your team can sometimes keep repeating what they’ve been doing instead of taking the time to implement breakthrough ideas for a breakthrough increase in profit…you’re going to love this.
I believe most banks are sitting on a goldmine of untapped potential for organic growth and increased profits.
In this session, you’ll discover how you can get far more—and more predictable—profit and growth impact from your strategic planning process.
After reviewing over 500 strategic plans, I find that many banks lack effective strategies, lack intentional congruence, and essentially have a list of goals, but lack an effective way to get there.
If you’re the kind of leader…
- Who hires a brilliant facilitator and comes out with a well-written plan that sounds good… but doesn’t shake the ground from under your feet for a transformative profit surge,
During challenging times, the one thing you can count on is that desperate competitors and fly-by-night organizations are going to come in and try to take away your best customers.
Let’s face it, your top 100 customers, for any bank under $2-billion asset size, account for anywhere between 50 to 140% of your profits.
That’s a significant thing to understand. They are precious. They pay for all the bills, and you must, of course, keep all of them.
I don’t know about you, but I loved the movie The Founder, probably because I’ve been a systems thinker all of my life, and I truly believe there’s one way that’s the best way to do everything.
I believe that when you obsess over how to get the fastest way from A to B in everything that you do in your business, things begin to really shine quickly. (more…)
What’s the biggest mistake made during a strategic planning day? That’s easy.
Lack of intentional congruence.
A dear friend asked me a question one time, “Oh really, can you afford not to?”
And I thought that was one of the most brilliant questions I’ve ever heard.
Let me pose it to you this way.
Can you afford not to figure out how to increase your net interest margin by 100 basis points while bringing down your cost of funds and bringing up the quality of the loans you’re making?
And hear your customers say, “I Don’t Want To Work With Any Bank But You.”
If you don’t care about premium pricing, you can stop listening right now.
This is for bank executives who want to figure out how to command premium pricing despite the too-common assumption that banking is a commodity. Therefore, they cannot command premium pricing—or, at best, maybe 25 basis points more on the loan side.
Here’s The Problem
Any bank that can only command 25 basis points of premium pricing will probably not have its name on the front door five years from now.
If your top 100 customers do account for 50 to 140 percent of your profits, like they do for most every bank with under $2 billion in assets, you have to ask yourself: Do you really know how to identify your next top 100 potential customers?
I am a nerd. I’ve always been a nerd.
When I was a little kid, I used to go to the library every other day and I would drag books all the way up to my chin back onto the bus and back off of the bus, then back to the library. I’d fill up with books about twice a week.
I’ve always had a passion for learning and discovering and finding out what other people know—rather than having to discover everything myself. I have some favorite books. One of them, I think, is really important during strategic planning season for your executive team to get their brain unlocked from where it has been,