The Antidote to Commodity Hell

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.

Continue Reading

5 Ways to Command Higher Pricing without Losing the Deal

Here Are Five Ways to Improve Your Bottom Line and Customer Satisfaction

 

1) Bundle your products so there are no apple to apple comparisons: “Our 7-year mortgage program happens to come with free checking, free bill pay, free Internet banking, a free debit card AND a line of credit that will cover overdrafts at a reduced rate of $____ if you sign up for this package prior to closing.”

(more…)

Continue Reading

Do-Re-Mi: The 7 Notes of the Sales Question Scale

Anyone who has seen The Sound of Music knows there are seven notes in the musical scale, from ‘do’ (a deer) to ‘ti’ (a drink with jam and bread). But do your salespeople know about the seven notes on the sales question scale? (more…)

Continue Reading

Triage for Bankers: Find the Pain and Fix It

Anybody who walks into your bank has got a real problem. People without problems don’t wake up in the morning and say, “Today is a good day to spend talking to a banker,” any more than they would decide to talk to a doctor for kicks. People without problems have better things to do with their time. (more…)

Continue Reading

A Penny Saved is STILL a Penny Earned

One of the best side effects of the recession is the long, hard look consumers are taking at their financial habits. Nine credit cards and three mortgages might not have been such a boffo plan after all. (more…)

Continue Reading

Hiding the Scars-How to Keep Cuts From Bleeding You Dry

You have to do some cost-cutting. Fine. It’s part of the responsible stewardship of your business. But if you think across-the-board cuts are best simply because it distributes the pain and keeps interdepartmental whining to a minimum—you’d better think again. (more…)

Continue Reading

3 Reasons to Be Obsessed with a Performance Breakthrough Now

This is YOUR time. Never has there been a better time to pick off your competitor’s top clients. Here’s why: (more…)

Continue Reading

Turn Your Market into a Buzzing Hive of Opportunity

If I owned a tattoo shop for bankers, I’d ink the same thing over and over onto client after client: Life gives to the givers and takes from the takers. (more…)

Continue Reading

Removing the Risk Roadblock

We’ve all been there. The car salesman slides the paperwork across the desk at you, pointing at the signature line. Just this one last step, he says, and there’ll be no way out. (more…)

Continue Reading