I believe people want to work with “the best.”
When people truly trust you and you bring value that exceeds your additional pricing, people are willing to bring all their business to you and your bank. At that point, price has little relevance. They know that what you provide is worth the cost. That’s a prime position for you to be in—now here’s how you’ll get there.
If you’re the kind of leader:
Who has a team member or two who already know how to get large checking accounts without matching price? Stay with me to learn how to get your entire team to know how to do that.
If instead, you have team members who don’t know how to bring in large non-interest-bearing accounts, stay with me consistently. I’ve got you covered.
Or if you seemed to be doing well with deposits in the past but now it’s a different world and you’re concerned, your answers are coming.
There are challenges to get deposits without matching rates.
First, most banks don’t have the right systems in place. They have many well-intentioned people doing their best. But they’re not yet at the level of wisdom that earns the status of “trusted advisor.”
And perhaps your team does not yet average at least 6–7 cross-sales on a new account that walks in. If they don’t have the basics, you’re concerned they aren’t even close to being able to call on the large accounts and pull them in.
EVERY bank is facing at least one of these challenges.
Let’s get busy solving this. Here are four steps that will help you improve the stickiness of low-cost deposits within a few short weeks.
Step 1: UNLIKE bank programs that address sales training in a vacuum (as if teaching them will fix the problem) you have to address the REAL issue. They’re trying. But it’s not working. You don’t have a sales training problem—you have a confidence problem combined with not having the comprehensive proven sales SYSTEM for them to deploy.
You must ensure your team members have fire in their bellies and an impenetrable belief that the targeted perfect prospect is best served by coming to you—and is hurt when they don’t.
Quite frankly, most banks don’t add nearly enough value so they remain in the commodity status. “We offer great service” is met with deaf ears. It’s simply not enough with today’s level of competition.
Step 2: Know which USPs best align for that deposit prospect based on what you know about their psychographics and firmographics. IF the Level 4 USP you choose isn’t something they can tell you has at least hundreds of thousands of dollars of impact on them, why would they pay you more?
Step 3: Customize your sales system to get the customer to explain the substantial dollars that not having your USP could cost them. That way they are telling YOU why they can’t live without you. Nobody ever argues with their own logic.
Step 4: Approach the process for a two-call close. IF your people follow the sales system correctly, your weighted sales funnel should show a 90% close rate. EVEN though they weren’t planning on switching. EVEN though your pricing will cost them more. EVEN though they love their current bank. We’ve seen dozens of banks achieve that close rate without matching price so don’t let your people tell you it can’t be done.
The steps are simple:
1) Build the confidence that you are the best answer.
2) Match your USPs to that prospect so they know you get them.
3) Get the client telling you the cost of not doing business with you.
4) Get beyond the “logical brain” to the “emotional brain” so that you have a deep, authentic relationship by using a proven sales system designed to take pricing out of the conversation.
With this professional sales approach, you’ll sound wise—not sales-y. Your prospects will applaud your character, trustworthiness and brilliance instead of backing away from a slick sales pitch. That makes you the preferred choice in your market for the elite customers for whom pricing is a slight concern versus the massive value you bring.
Now, get to it. And don’t miss next week’s video. It’s all about getting more deposits by giving your team the necessary tools.
What if I told you that you can easily hold on to your best customers AND snatch the best customers from your competitors – WITHOUT even discussing rates? Dive into the proven blueprint that turns skeptics into believers at the 2nd Annual Deposit Mastery Conference: Deposit Domination Deep Dive this June! Register here.
– Roxanne Emmerich
Please watch the video above and share it with your exec team and board.