I believe that sometimes one tweak can make a huge impact.
In this episode, we’ll tackle proven techniques you can use immediately to find your next top 100 most profitable, low-risk clients. Those are exactly the customers you want on your roster—and it’s worth the work to bring them in.
In fact, using this system I’m about to reveal, has brought my clients a closing rate near 100%. I think that’s worth staying tuned.
If you’re the kind of person:
- Who has spent a lot of money on marketing and it’s working to pull in the best customers at premium pricing, you’re going to love this process to make those results even better.
- Or, if you can’t say that your marketing has created a stampede of the most desirable customers that will give you low-cost funds, you’re going to love this new strategy that can turn that result around quickly.
- Or, if you haven’t done much analysis or marketing at all, you’re going to love this because we’re going to save you from the endless money hole of spending marketing dollars on things that can’t prove an ROI.
There are some challenges you face to getting low-cost large deposit accounts pulled away from incumbents’ banks:
- Large accounts are usually pretty well taken care of by their incumbent financial institution.
- Your people are well-meaning, but looking in all the wrong places for prospects.
- And, there are still entrenched traditional beliefs like demographics or zip code marketing—it’s not your marketing department’s fault—that’s still what is being taught even though it hasn’t worked in a few decades.
EVERY bank is facing these. But there’s no time like the present to take them head-on. Now, I’d like to share five steps that will give you a bucket of leads—those next top 100 best, most profitable customers I was talking about AND start closing them in a few short weeks!
Step 1: UNLIKE so many marketing processes that are “fishing the lake,” you should start analyzing your current most profitable accounts.
Step 2: Instead of the old-school demographics approach, determine the psychographic and firmographic similarities of those who are your most profitable deposit accounts now.
Step 3: Look for the intersections to determine approximately three target markets.
Step 4: Start a massive “gives” program BEFORE you call to build reputational equity and get hand-raises—that’s them winking back at you, showing they’re interested in what you have.
Step 5: Make sure you have at least one Level 4 USP ready for the call, plus enough other USPs. It’s key that you know how to use them in the sales questioning, so you’re not telling about them. They should see you as an expert on this subject matter—not a “salesperson.”
One more time:
1) Analyze current accounts.
2) Identify the psychographics/firmographics.
3) Find the intersection to three targets.
4) Follow a “gives” program to get winks.
5) Be prepared with Level 4 USPs and appropriate usage to get the appointment.
Clients tell me that before they started this process, they only got the appointment and business 30% of the time. But now they are closing close to 100%!
What would it do for your profitability and peace of mind to bring on another 100 customers just as profitable as your current top 100 deposit customers? Think of the possibilities, and get to work.
Also, make sure you tune in next week to find out how to get sticky deposits without mentioning pricing. You’ll learn how to offer multiple product lines to the same customer, and get their business every time.