News Flash—Markets Don’t Dictate Premium Pricing [VIDEO]
Every time I meet a new bank CEO, I hear the same thing I’ve heard from thousands of other bank CEOs before. They say, “Roxanne, it’s different here.” Here, we have to...
I believe most everything in life should carry its own weight.
In this session, I’ll show you how to create massive ROI from every marketing dollar AND know how to prove it!
If you’re the kind of leader who is rubber stamping a marketing budget that has a few tweaks from the year before and you’re are wondering if any of your marketing is actually getting a result, you’ll love this session because I’ll show you some proven research that you can use right away to improve results.
If, on the other hand, you know the ROI from each line item on your marketing budget, good for you! AND, you’re going to love what I’m going to share today, because you’ll be able to implement it immediately to get even better results, and bigger ROI.
And, if you are pretty sure your marketing team is doing a great job, but you’d like to prove it because, well, you ARE a banker and you understand the need for profit, stick around…I’ve got you covered.
EVERY bank is facing these challenges.
Step 1: Focus on high-profit prospects (Crazy, I know!)
UNLIKE so many expensive and low results marketing programs that are focused on any old prospect, yours needs to get aligned with new national research that shows that your best return on investment is from investing in your own team’s development first (they’re the #1 touch point with prospects).
Then, focus on your current customers. Get more of the relationship from your best customers. (Yes, that’s marketing’s job, too.) Finally, look outside to new prospects.
Most banks only focus on getting new customers, but that’s the hardest and most expensive way to add profits.
Look, I get it…it’s exciting to win new accounts, and you need that. But first, make sure that every employee is hitting every customer service moment of truth AND that they know how turn every inquiry into a full relationship.
IF they don’t know how to do that, what good is the advertising?
Instead of wasting money on “branding”—which is a low ROI marketing approach—create a plan to transform the client experience so that you get the full relationship. Honestly, most banks are awful at getting more than two or three pieces of business from any single customer. (The national average is 2.2 accounts per customer, when the customers have, on average, 16 financial accounts…go get them!)
Build a systematic sales process that never feels like sales and that your employees love because they feel they’re helping people—not selling.
Once you’ve fixed the holes in the bucket—the “average” customer service experiences, and the inability of your people to be able to uniformly average six cross-sales on new accounts—then go after new accounts.
That’s the process of marketing optimization—optimize for all the low-hanging fruit first, then go get new customers. You’ll multiply the profitability of those new customers when you do this in the right order.
Again, four steps.
By doing this, you can create a safe and prosperous bank—one that will continue to be there in your community and avoid ever having to lay off or freeze salaries when the economy gets tough because you’ve created a predictable success machine.
Make sure you tune in next time where I’ll show you why it’s a primary role of marketing to transform the experience of clients—AND how to do it.
To your continued success,
Roxanne Emmerich
Please watch the video above and share it with your exec team and board.
P. S. Challenging times are proven as the moment to pull ahead. It’s your time to build massive core deposits and A+ quality loan growth at premium pricing. The New Game of Banking Guide is designed to help ignite your bank’s performance. Get your copy.
Every time I meet a new bank CEO, I hear the same thing I’ve heard from thousands of other bank CEOs before. They say, “Roxanne, it’s different here.” Here, we have to...
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...