Welcome to the Top 5 Percenter™ Blog

Volatile Economy Exposes Mistakes [VIDEO]

by | High Performance, Profitability and Growth, Strategic Planning

Challenging times can be overwhelming. They can also be times of great opportunity for those who stay awake.

First, we have to change our way of doing things and discover—or rediscover—the ability to systematically pull in the very best new customers at premium pricing.

Video: Volatile Economy Exposes Mistakes

In the past, a good economy covered up mistakes. It has since been revealed that maybe we weren’t as strong as we thought we were, and maybe customers were walking into our banks simply because it was easy to seek convenience.

“Because we’re here” probably won’t work very well as a strategy going forward even though “convenience” had, for many years, been the number one driving criteria of how someone chose their bank.

Instead, you have to better identify your next most-profitable new customers, and then figure out a process guaranteed to create an 85% to 90% close rate.

Then for the even-harder part—you have to make sure your people are executing it.

How to Get Ahead

You have a great opportunity to come out ahead during these disruptive times. Many bankers will go into their reptilian brain processes, whereby they’ll go into fear. They’ll shut down. They’ll cut expenses.

Alternatively, it is those banks that “lean in,” like in every industry during a recession, that come out ahead.

The good news is—you get to choose.

– Roxanne Emmerich

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

More From The Blog

Master the Four Levels of USPs [VIDEO]

What if you can use extreme differentiation to get 150 basis points or more on the loan side and improve your deposit pricing at the same time? If you're the kind of...

Stop Matching the Competition [VIDEO]

You deserve to get paid more. Rate matching is the most destructive force in community banking today. And because of it, as a community bank, you are underpaid for the...

How to tie everyone to PROFIT [VIDEO]

Does every team member on your team know how they tie to profit? I mean really know? When a study published in Businessweek revealed they had asked 6,000 employees, "Do...

Who Made Up That Rule? [VIDEO]

Everyone has patterns of disbelief. Some people believe that in politics, there is one side or the other, and they're unwilling to look at the alternative. Still others...