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 blog, 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, by making them feel like you exist just for them.
If you’re the kind of leader who:
- Finds that banking feels too hard lately with all the competitors making desperate moves and on top of the regulators and the hoops that you jump through…
- Has a team that keeps doing what they did 10, 20 even 30 years ago to get customers, and you want to get them on a new track, so they are attracting the best quality prospects who are ready to pay premium prices…
- Is already attracting great customers at premium pricing but wants to create even more traction for an over the moon profit impact…
…You’re going to love this!
Many banks still measure how many new accounts they opened each month as if it matters. Consider that 87% of those accounts lose money from day one going forward. Your people don’t know what they should measure instead that does drive profit.
Most people who are strategic planning experts lack the marketing abilities to define the psychographic and firmographics of the most profitable customers. They certainly can’t help you find the list or create a strategic system that works to attract them. Instead, they tell you the numbers you should hit without any real strategies to take that beyond a pipe dream, which misses the point of effective strategic planning.
Your people may also have a “busy” problem. Busy is a four-letter word in my book. They work hard, but very few understand that opening 100 random new accounts doesn’t matter when, alternatively, they must open the two that bring in a lifetime substantial profit to the bank.
Every bank CEO is complaining about how they can’t seem to break their team out of these busy over profit ruts that keep everyone exhausted while losing huge opportunities.
Here the Four Steps That Are Going to Change All of That within a Few Short Weeks
Step 1: Focus Your Plan in the Top 100
Unlike so many strategic plans that do this “what, mission, vision, and values,” but never ever equate tangible and real strategies to lift the organization to a new level of performance, you need a plan where everything and everybody aligns to how exactly you will get the next 100 best and most profitable customers fast while never having them bring up price.
Step 2: Create Specific Actionable Strategies to Get All of the Top 100 from the Key Target Markets
Throw out the fuzzy goals in most plans that sound something like “do sales training, rebrand the bank, or buy a sales CRM.” Those are projects, not strategies, and they don’t belong in a strategic plan.
Instead, you need your strategy to align with how you will be the undeniable best option for the elite few who will pay all your bills. Those few who bring the privilege of affordable banking to the masses by being part of the 100 top customers who create your profit.
Step 3: Change the Mindset of Your People to Focus Effective Strategies on the Few That Create That Profit
Create an understanding among your people that they need to put the oxygen mask on themselves first. By this, I mean the best way to help the poor is not to become one of them. Your income will match the abundance or scarcity of the markets you target.
Step 4: Change the Behaviors of Your People to Get Those Top 100 at Premium Pricing
This is the biggie. Get your team to concentrate on doing the few things that matter and doing them so well that you can see the needle move every week and how many of those top 100 most desirable prospects that you have secured. And at premium pricing, that is the new game of banking. Those who don’t understand will fall at the feet of those who master it.
By following these steps, you get the peace of mind from a predictable success machine instead of feeling like a yo-yo being yanked around by the economy or competition.