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Stop Fishing in the Whole Lake and Reel in the Most Profitable Deposits with These 5 Steps [VIDEO]

by | Cross-Sales, Deposits, Get More Cross-Sales, High Performance, Profitability and Growth, Sales & Marketing, Sales Process, Sales Training

Are you tired of spending your marketing dollars on strategies that don’t bring in the low-risk, high-profit clients you desire? Look no further!

 

In this episode, we will reveal a proven system to help you find your next top 100 most profitable clients, leading to increased profitability and peace of mind.

We understand the challenges that come with trying to attract large deposit accounts away from an incumbent bank. But with our five-step process, you can start closing deals with these top-tier clients in just a few short weeks.

Step 1: Instead of “fishing the whole lake,” start by analyzing your current most profitable deposit accounts.
Your best prospects look exactly like them.

Step 2: Ditch the outdated demographics approach and focus on determining the psychographic and firmographic similarities of your most profitable deposit accounts. One bank recently told me they hired a marketing firm and had been in meetings for 9 months to figure this out. My goodness. It only takes about an hour if you know what you’re doing.

Step 3: Find the intersections to determine no more than three target markets. Cull the list to under 100.

Step 4: Implement a “gives” program to build reputational equity and get hand-raises from potential clients before you even make a call. Make sure the “gives” bring massive value to your prospects so you get their attention.

Step 5: Use your Level 4 USP in the call properly—you have to unseat the incumbent bank. It should make them shake their head in disbelief that they stuck it out with their old bank for this long.

Does this work? One $200 million client picked up $14 million in non-interest-bearing deposits and $6 million in additional low-cost deposits in four months! Yes, you can have hope.

Imagine what it would do for your business to bring on another 100 customers just as profitable as your current top 100 deposit customers.  A different bank brought in 12 in one year and the CEO said those accounts accounted for 22% of that year’s profits.

But that’s not all! In the next episode, we will discuss how to get sticky deposits without mentioning pricing.

Don’t miss out on this opportunity to grow your deposits and subsequently improve your profit.

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 ratesDive 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.

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