Do you hold the entire relationship for every one of your bank account holders?
I hope you do. But maybe you don’t. And maybe your people don’t know how to get effective cross-selling done.
If you’re not averaging five, six, or even seven cross-sales on every new relationship that is opened up in your bank …
Something’s just not right yet
And it doesn’t mean you have bad people. It just means they don’t know what to do for effective cross-selling. But they’re going to need to figure it out.
This Thanksgiving holiday, I give thanks for you. And I hope that you’re in a state of gratitude.
Gratitude is the filter with which we take in life. At every moment in time, things could be a whole lot worse. And that’s what gratitude is–seeing the good things.
I constantly remind my team about when I was growing up milking cows, going to the barn in the morning when it was 20 degrees below zero with snow blowing sideways set a bar it has been easy to rise above.
What are your customers saying about you? Do they have brand awareness? Or do they have brand insistence?
You see, the degree to which you create a customer relationship with every customer at your bank is the degree to which you become their only banker that’s necessary.
Now those words are easier said than done. And in fact, most banks have been trying to improve bank customer relationships for a very long time. But …
What Does It Take To Build A Relationship?
How do you find out how to create a relationship with each customer so they feel uniquely spoken to?
Quite a few decades ago, I remember going to bank CEO conferences and hearing this line uttered: “Our people are order takers, we’ve tried everything, we don’t seem to be able to break this problem.”
Well, now here we are two-three decades later. Yet, out of the 4000 or so banks that remain, most of them still haven’t figured out how to move into a relationship where they’ve built bank customer loyalty and own the entire customer relationship.
This does not bode well for the remaining 4000 banks as we’re on our path down to 2000 banks.
The days of transactional banking are over.
Yes, there was a day when the customers would walk into our lobbies. Yes, there was a day where they came looking for us. Yes, I remember those days, too.
Those days are long gone
And it was a rapid turn. Yes, the amount of traffic coming into our lobbies had been declining. But boy, when we closed the doors for COVID, that changed everything from transactional to transformational. And now we are in a transformational model instead.
Hello. I have a question for you: how are you going to create the same kind of income that you created last year with PPP?
It May Sound Hard. And It Probably Will Be.
That said, bank marketing strategies that are effective should help you get the job done—by creating the right strategies that define who your next best customers are since your top 100 customers account for anywhere between 50 to 140% of your profits anyway.
Your Next Best Customers
If you find people just like them by defining them,