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?
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.
Terry Slattery, the Legend of IBM, the person who brought in more business for IBM than anyone has before or since, has been a dear friend and partner of mine for almost two decades now, helping our banks figure out how to grow their revenue streams.
Terry recently said he has never seen a harder sales environment in his career across every industry.
How much do you invest in your marketing budget every year? Now divide that amount by the number of calls or inquiries it generates.
For most banks, the marketing budget is driven by shiny new ideas from conferences that marketing people attend or based on what was done the year before.
If you’re feeling trapped in rate competition, you’re in “Commodity Hell”… and it’s not a fun place.
When your customers and prospects view you as no different than the bank down the street, you create a situation where retaining customers and attracting new ones is beyond difficult.
The first reaction is to blame the customers. You’ve heard it at banking conventions before. Someone will complain, “Customers don’t care about relationships anymore. It’s all about rates and fees.”
That’s backward thinking.
Yes, it is all about rates and fees if you don’t give the customer any other good reason to use in making their decision.
I believe that an organization’s profits matches the profits of their clientele. Watch this video now to discover how to find lower risk, lower hassle clients who are willing to pay premium pricing.
I believe there are many ways to do anything—but there’s only one best way.
In this episode, I’ll show you how banks utterly destroy their potential by violating little-known and often-broken marketing principles.
If you’re thinking, “I don’t even know any marketing principles to violate—I leave that to other people”—you need this episode, because you must understand that ultimately you are responsible for the profit of the bank. Even if you don’t have the title, you need to know what not to do that wastes your shareholders’ dollars.
I believe that visibility of what matters drives the changes that matter.
In this episode, I will show you how you can create results that matter—those that impact profitability through visibility systems.
If you already have every employee knowing exactly what high performance looks like, and you have complete visibility on how every employee is doing on the most important things that matter, stay tuned because I’ll share with you another level of performance enhancement.
On the other hand, you may feel like you really don’t know how every employee is performing every week,
I believe almost every person can double their productivity at work. In this episode, I’m going to share with you a process I have used over and over again to not only double but often times quadruple the profit brought in by hundreds of employees within a few years!