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New Product Line Strategies for Rapid Sales Transformation [VIDEO]

by | Cross-Sales, High Performance, Marketing Plan, Profitability and Growth, Sales & Marketing, Strategic Planning, USP

I believe every bank has a breakthrough opportunity, a missed profit opportunity, including you, in several of your product lines.  

 

What if one of your product lines could be the source of thousands of dollars of additional profits within a few short weeks? You’ll need to radically change your strategic planning process to make that happen.  

If you’re the kind of person who knows your team keeps repeating what they’ve been doing, instead of taking the time to implement breakthrough ideas for a breakthrough increase in profit, you’re going to love this.  

If you feel weary of all the regulations and busy work and know that you and your people haven’t taken the time to question the way that you offer your products, this could transform your profitability.  

Or maybe you want the infusion of energy and cash that comes with a rapid increase in the sale of a product line when revamped using a new strategy. True low hanging fruit.  

First of all, you’re not alone.  

Every bank has been stuck in one of these scenarios. It’s time to break the mold and implement revolutionary and effective ideas that bring more money to the door from existing product lines. 

Let’s explore four steps to start attracting thousands of dollars of additional profit within a few short weeks. 

Step One: Eliminate many strategic planning processes that are fuzzy such as cross-sale products to new mortgage applicants. Great idea, but not a strategy. Instead, a strategy is what you would specifically do differently to get cross sales. 

Step 2: Teach your managers and production people to understand what the strategy is, and what it is not. Since so many banks don’t have even one strategy in their strategic plan, often their executives would benefit from some clarity about that as well.

Step 3: Choose one strategy and then, as an experiment, move it into one product line. For example, take a strategy of product packaging and try it with mortgages…could be a miracle.

Step 4: Create a system whereby different departments and product lines introduce new strategies at least once a year and choose the ones that get results within a week or two. That way they demonstrate their commitment to moving the sales and profit needle and all that weight isn’t on your shoulders all by yourself.  

Get started as soon as possible to begin these four steps so that you can see results as quickly as possible.

To reiterate, they are: 

Step 1: Create awareness of what a strategy is compared to an outcome so that the outcome isn’t a pipe dream.
Step 2: Teach your managers the difference between a strategy to get a result and an actual result.  
Step 3: Encourage each department to brainstorm and implement a strategy that has an immediate impact on sales 
Step 4: Build an ongoing system for the entire team to create new and improved strategies constantly and consistently so that you can sleep easy at night knowing your team is 100% committed to hitting and exceeding their numbers.

Imagine if you could double your profit without increasing your infrastructure of staff…that will take the right strategies. 

To your continued success,

Roxanne Emmerich

Please watch the video above and share it with your exec team and board.

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