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...
I believe the job of a sales manager is one of the most difficult there is. In this episode, I’m going to share how a sales manager can create more and better results with fewer headaches.
If you’re the kind of sales manager or leader of sales managers:
There are some common obstacles to creating quality sales growth that you have to watch out for:
I’ve heard these each over 500 times from CEOs over the last three years. So let’s just say there is a predictable pattern here.
But there’s hope. I’m going to give you four steps to transform your sales results even more, so you can celebrate some positive change in a few short weeks.
Step 1: UNLIKE so many sales management systems taught by sales training companies, I recommend that you forget a sales funnel—it’s worthless. You need to be able to see a weighted sales funnel with rules clearly defined. For example, nobody stays in the weighted sales funnel if you don’t complete a new sales stage within 14 business days.
Step 2: Unlike the “get credit for what walks in” approach, you need to have a system that measures results on the Top 1,000 type prospects that they deployed the plan on. Lenders have a way of filling their funnels with what walked in recently. Those are often riskier and rate-sensitive prospects versus optimal prospects who, when taken through an optimized sales process, end up paying far more for your USPs.
Step 3: Instead of a “throw it against the wall and hope it sticks” strategy, integrate the sales process with the marketing process so that marketing knows the exact Top 100 and Top 1,000 prospects, and exactly what to do to build reputational equity and get raised hands. You want the prospect in love with you even before they meet you.
Step 4: NEVER ever stop. Once you get results popping—refine, refine, refine until you close 50% of your most desirable prospects each year without rate even being brought up. Less tenured lenders should be closing 50% of the Top 1,000 list prospects they were assigned. Help them understand that everything else is NOISE.
Here are those four steps again for emphasis:
By managing these systems, you can create the miracle you dreamed about when you took your role and all the satisfaction of a job exceedingly well done.
Don’t miss the next session. I promise you; it is going to be one that will transform your bank!
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