How Top 5% Banks Drive NIM Through the Roof—Without Raising Rates [VIDEO]
Net interest margin is under pressure—and if your bank is still waiting on rate changes to save your profitability, you’re already behind. In this sharp, no-fluff...
In this video, I’m going to share how you can dramatically increase the chance of getting larger deals at premium pricing by utilizing team selling instead of the “individual contributor” model of sales.
…You’re going to love this!
Never fear. Every bank seems to run into these.
Step 1: UNLIKE so many attempts at sales training that almost always seem to create a bigger mess of offended best prospects in your area and loss of opportunity from those few than bring results, you first need to start by creating your Level 4 USP—hat extreme difference you uniquely bring to the table so that they can’t WAIT for your first meeting.
Step 2: In contrast to the numbers game approach, make sure that a clear targeting program for the right few—no more than 100 organizations—are identified and that reputational equity is built before your first contact. You want them in love with you BEFORE you show up, so you don’t ever look like a “vendor.”
The goal is to systematically pick off and close 50% of that Top 100 list each year, all at premium pricing and all with full relationships, so your people bring maximum ROI from the salary dollars you invest.
Step 3: As opposed to putting together a few teams and keeping those teams together, instead put together teams based on education, sales ability, and emotional intelligence assessments. The initial “call on team” might have a few different members than the “deliver and bring in all the business meetings” team.
The point is to bring in the right players and unique skills that are right for THAT prospect so that customer doesn’t ever bring up the price and instead asks, “How soon can we start?”
Again, three steps:
By doing this, you can get the profit per employee involved in sales too often quadruple within 6–9 months—which does some great things for your efficiency ratio and your bottom line.
Make sure you tune in next time where I’ll show you how you can transform the accountability of the team assigned to loan growth so that you can get the very best customers at the very best pricing. Plus, you’ll win almost all those deals without ever having to match a rate again!
Net interest margin is under pressure—and if your bank is still waiting on rate changes to save your profitability, you’re already behind. In this sharp, no-fluff...
Bankers, let me ask you a brutal but necessary question:Why are you still playing checkers while the top-performing banks are playing 4D chess with deposit growth? If...
Do you agree that high quality customers love high quality attention? Let's explore how you can transform your safety and profitability by creating the kind of...
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...
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...
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...
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...
I hear the same thing everywhere I go—"We need to build an accountability culture!" Great idea, right? But here’s the problem: we’ve been saying this for decades, and...
I have a book that I love—a book I read a couple of times last year and still reference often. It’s called Intelligent Thinking—which, let’s be honest, sounds like a...
Are you still working off a to-do list? Well, I’ve got a suggestion for you: throw that list out—and do it now! Not all tasks are created equal, and that's a big reason...