The Strategic Planning Lie That’s Keeping Banks Mediocre [VIDEO]
Roxanne Emmerich exposes the toxic lie behind most strategic plans—and the second-order thinking top banks use to pull away from the pack.
I believe that sometimes one tweak can make a huge impact.
In this video, we’ll tackle proven techniques you can use immediately to find your next top 100 most profitable, low-risk clients. Those are exactly the customers you want on your roster—and it’s worth the work to bring them in.
In fact, using this system I’m about to reveal has brought my clients a closing rate near 100%. I think that’s worth staying tuned.
Who has spent a lot of money on marketing and it’s working to pull in the best customers at premium pricing, you’re going to love this process to make those results even better.
Or, if you can’t really say that your marketing has created a stampede of the most desirable customers that will give you low-cost funds, you’re going to love this new strategy that can turn that result around quickly.
Or, if you haven’t done much analysis or marketing at all, you’re going to love this because we’re going to save you from the endless money hole of spending marketing dollars on things that can’t prove a ROI.
There are some challenges you face to getting low-cost large deposit accounts pulled away from incumbents’ banks:
Large accounts are usually pretty well taken care of by their incumbent financial institution.
Your people are well-meaning, but looking in all the wrong places for prospects.
And, there are still entrenched traditional beliefs like demographics or zip code marketing—it’s not your marketing department’s fault—that’s still what is being taught even though it hasn’t worked in a few decades.
EVERY bank is facing these. But there’s no time like the present to take them head-on.
UNLIKE so many marketing processes that are “fishing the lake,” you should start analyzing your current most profitable accounts.
Instead of the old-school demographics approach, determine the psychographic and firmographic similarities of those who are your most profitable deposit accounts now.
Look for the intersections to determine approximately three target markets.
Start a massive “gives” program BEFORE you call to build reputational equity and get hand-raises—that’s them winking back at you showing they’re interested in what you have.
Make sure you have at least one Level 4 USP ready for the call, plus enough other USPs. It’s key that you know how to use them in the sales questioning so you’re not telling about them. They should see you as the expert on this subject matter—not a “sales person.”
One more time:
1) Analyze current accounts.
2) Identify the psychographics/firmographics.
3) Find the intersection to three targets.
4) Follow a “gives” program to get winks.
5) Be prepared with Level 4 USPs and appropriate usage to get the appointment.
Clients tell me that before they started this process, they only got the appointment and business 30% of the time. But now they are closing close to 100%!
What would it do for your profitability and peace of mind to bring on another 100 customers just as profitable as your current top 100 deposit customers? Think of the possibilities, and get to work.
To your continued success,
Roxanne Emmerich
Please watch the video above and share it with your exec team and board.
P. S. Looking for an unmatched opportunity to ascend into a new sphere of excellence with the most distinguished bank CEOs, executives and directors, determined to propel their success to unprecedented heights? Join us at the 8th Annual Best Banks in America Super Conference in September. Click here to discover more.
Roxanne Emmerich exposes the toxic lie behind most strategic plans—and the second-order thinking top banks use to pull away from the pack.
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