Ask the Magic Question and You Never Have to Talk Rate [VIDEO]

I believe banks deserve to get paid far more for what they do. One of the biggest factors in this inequity is rate matching. But the good news is, it’s preventable.

In this episode, I’m going to share with you a process to get your people to stop rate matching for good. It will be ingrained to never again give a rate when someone calls in asking for one.

Now, if you’re the kind of leader:

  • Who has been on the bandwagon for years about not having to match rate,

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How To Command Premium Pricing for Your Bank

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.

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Heard of the “Challenger Sale”? Here’s What Works Even Better…

Drawing of businessman in glasses and dark suit standing near escalator.

The past decades and even centuries have witnessed much banking innovation. Consider pneumatic capsule transportation (1799), the credit card (1950), and the ATM (1967).

Those innovations were external—easily visible to everyone. But there is also a history of innovation that’s internal to the industry, with bellwether changes to banking sales management and its increasing focus on the customer.

Over time, we went from standard bankers to “personal bankers.” For the affluent, there were

“private bankers.”

Personal bankers could open deposit accounts, but then universal bankers started to make personal loans and mortgages.

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Cross Sales Part 3 of 3



The last two times we connected, we’ve been talking about the need to improve the cross-sales within your bank to create a better sales experience for your people. And to make sure that you capture the entire customer relationship by creating a transformation of the process that attracts the customers to you. 

Good Intentions Aren’t Getting the Job Done

Let’s say it: Good intentions aren’t getting the job done. If it was true that they were, we would have solved this cross-sales thing a very long time ago. It’s imperative for the customer relationship in your bank to make sure that you’re accomplishing the outcomes of the entire relationship being captured––especially as it applies to your top 100 most profitable customers,

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Cross Sales Part 2 of 3



The last time we met, I told you we’d be coming back this time to discuss: how do you boost those cross-sales and how to do it by having a cultural transformation within your organization.

Because that change in your culture and improvement in your bank’s culture is key to transforming results by making sure that your customer feels heard and moved along.

Outdated Sales Systems & A Better, Proven Process

Most people have the wrong system of sales. We’ve been applying the same system for many, many years with our banks.

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Cross Sales Part 1 of 3



If you want to improve the performance of your bank, you’re probably going to need to improve your cross-sales. When your people are meeting with your customers and they’re accomplishing six, seven, eight, maybe nine, or sometimes ten cross-sales on average versus the 2.2 which is typical in the industry, you don’t need nearly as many people and you can pay everyone that you have a whole lot more. Plus it leaves a lot more profit for you.

The Challenge of Cross-Sales

Getting cross-sales right is something that’s been very hard for banks for 30 years.

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Breakthrough Banking Blueprint Shows You The Best Way [VIDEO]

When I first left day-to-day banking to start this business, my first client was voted every year as the country’s top franchise.

Although I did their management development curriculum and educated their people about how to run that business, one of the things that I’m sure is true is that I learned more from them than they learned from me. I learned the concept of franchise thinking.

How do you do AB split testing to find out the best way to do things?

What’s the best way to hire a lender?

What is the best way to identify your next best customers?

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“I don’t want to work with any other bank but you” [VIDEO]

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.

(more…)

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