Managing Through Victimhood and Learned Helplessness [VIDEO]
Have you ever rolled out of bed on a Monday morning, fired up and ready to take on the week, only to be met with a flood of excuses? You’re pumped, you’re ready to go,...
I believe the world is full of abundance, a field of diamonds in every backyard, and you deserve to mine your share. What if you could find and bring in all the deposits you want in your market without having to pay up.
Now if you’re the kind of banker who has all the deposits that you want already, you’ll appreciate this because you’ll discover how to bring your cost of funds down even more.
Or if you can’t seem to find enough deposits and have resorted to funding through alternative sources or paying up for CDs, this may be coming in just in time.
Or perhaps you’re the leader who stands on your head screaming from the mountain to your team to go find deposits. It’s just not happening yet.
If so, it’s your lucky day.
As expected, there are some roadblocks that you have to overcome to get more low-cost deposits.
The people and organizations that have the low-cost deposits rarely fall into your lobby, like the accounts that rob your profits. This causes an endless cycle of low volume, high-cost deposits, and it’s never enough.
Also, most bank team members love the cush of their chairs and don’t really want to step out of the bank to call on the right people because people are scary. They figured out a long time ago that the best way to avoid getting rejected is to not play. Or maybe if they are calling in folks, their approach is a scattered or down the street approach. Like fishing for tuna in the local pond. You can work pretty hard at it, but it’s never going to yield meaningful results.
Every bank has the same problems, but you can overcome counterproductive attitudes and ineffective approaches. With these four steps you can inspire change within weeks in your team and get them to have the knowledge that they need to close deals consistently.
Step one: When it comes to getting out there, you need to know exactly where to start. A diagnosis of your next best customers by getting clear on their psychographics and
firmographics.
Step two: In contrast to the mindless and time-wasting cold calling process, you first need to build reputational equity so that prospects are in love with you before you start talking with them.
Step three: Understand that nobody wants change. So doing an analysis of how to save money for the prospect is out. But if you save them money, then you are probably losing money for your bank. You can’t make that one up in volume as they say. Instead, you must bring your level four USPs to the table in a way that makes pricing irrelevant in the very first minute of the conversation customized to that target market and specifically that prospect. It will keep you from positioning yourself as a vendor with all the disrespectful attitudes and behaviors that come with that.
Step four: Stop talking about your stuff. Through skillful questioning get the customer to tell you how much in dollars your USP will mean to them. The price you charge is irrelevant because they’ll see at least a 10:1 return minimum for your additional fees and pricing.
There you go four simple steps for landing the customers that you want for your bank.
First, target the people who have the large balance deposits.
Two, create a process that builds reputational equity, so they can’t wait to talk to you.
Three, properly use your targeted level four USP as the hook.
Four, use your USP question in a way that gets the prospect to tell you how much more they’ll make when they switch all their deposits and other accounts to you.
When you take yourself out of the vendor role and take on the expert status that delivers far more value than the extra that you charge, you will not only win all the business but also position yourself as the trusted resource that you are so that you get paid more for what you’re worth.
To your continued success,
Roxanne Emmerich
Please watch the video above and share it with your exec team and board.
Have you ever rolled out of bed on a Monday morning, fired up and ready to take on the week, only to be met with a flood of excuses? You’re pumped, you’re ready to go,...
So, I’ve had a mentor for about 30 years now. He’s one of the wealthiest people in the country, and when he came here, he had just fifty bucks in his pocket. He once...
So, are we as an industry overly regulated? Absolutely. But here’s the thing: when I sit down with my CEOs on Fridays—many of whom are in the top five percent of...
Are interest rates going up or down? Short-term or long-term? What? You don’t know for sure? Well, that’s actually a good sign. It means you’re thinking because...
Ready to transform your team? Click here to watch our free masterclass to discover proven strategies for tackling low performers, improving communication, and building...
Ready to unlock the secrets of high-performance cultures? Click here to access exclusive tools and insights, including Next Action Templates and the National Study of...
Merry Christmas to you, your team, and your family. At a time like this, we should stop and reflect on what this holiday is all about. It's all about family, and we...
Ready to build a high-performance culture? Click here to watch our exclusive masterclass and discover proven strategies for driving excellence in your organization....
Have you ever noticed it's a whole lot easier to get top performance from somebody who has more capabilities to be a top performer? So here's the challenge that I've...
Trick question for you. What is the number one motivator for employees? Every time I talk with executives, they often suggest that paying employees more—up to a...