Find out the surprising things the franchise system of banking can do for your bank revenue
What if you thought about your bank as a franchise?
Seriously, any business should think of itself as a franchise system. And everything in your bank should be thought of as a system. And of all the bank franchise systems, the most important of those is the revenue system.
Let’s face it. Revenue solves lots of problems.
But most banks really don’t have a revenue system. They have a lot of well-meaning people who work very, very hard, make a lot of calls, and try really hard. But they don’t have a system to figure out and identify who your next most profitable customer is.
Seriously, there are top 100 next best prospects. So how do you figure out who they are? And then how do you put them into a system?
If you don’t have a system:
- How do you begin to create reputational equity with them so that they’re falling in love with you and starting to be disconnected from their current bank before you even do the call?
- How do you set up the call to make sure that you have a 100% chance of making sure you have the appointment?
- How do you prepare the team between making the appointment and having the first call with all the right things they need to do to ensure they get the second appointment and close the deal?
- What happens between the first appointment in the second appointment?
- What happens on the second appointment to make sure you close it 85% of the time, even though they didn’t come looking for you? Even though they love their current bank and you charge premium pricing compared to what they’re currently paying at their incumbent bank?
This takes a system. And it’s going to take great adherence to a well-thought-out A/B split-tested system.
It works. In fact, there are banks that have radically transformed their performance and profitability by thinking of their bank as a bank franchise system and putting all the elements in place. And then the crazy thing is watching everyone execute with perfection as opposed to winging it.
That’s the game you want to be thinking about. So think of your bank as a franchise system. But of all the franchise systems, the most important system of all is that of safe, profitable revenue.
– Roxanne Emmerich
Please watch the video above and share it with your exec team and board.
Want to find out more about the bank franchise system that can get you to top-of-peer performance and stay there? Get your copy of Breakthrough Banking Blueprint here.