Almost every financial service request begins with someone asking a price question. “What are your mortgage rates?” and “what are your car insurance rates” are the typical questions heard many times each hour at almost every financial institution in this country.
Unfortunately, our research shows that well over 90 percent of those rate shoppers receive the rate with no additional attempt to help them make a buying decision. It’s almost criminal!
Unless you’re in Texas, you’ll want to do anything BUT hang the perpetrator. (Yes, I know I’ll hear from my friends in Texas about this one.)
Your people WANT to do a good job. They just don’t know how. They need to understand what to do so they don’t cave into the rate shopper or passively declare your rate—essentially guaranteeing they’ll buy elsewhere UNLESS you get the business at a loss!
According to research, in the 7-step buying process that each buyer goes through when making a buying decision, the price decision is the fifth step. So, you’ll want to teach your people to get people going on the correct path to help them make a buying decision and help them understand that price is only one of many considerations…and it sure isn’t one that will allow you to win.
The first step is to break preoccupation with pricing and get the buyer understanding that there are many other points to consider.
Give me a few examples, you say. You got it.
A commercial lender could say: “Before we start talking about rate, I find that most business loans are not structured optimally, costing business owners more AND raising cash flow risks. Do you mind if I ask you a few questions to make sure I go get the best loan for your needs?”
An insurance agent could say: “Most people are underinsured in some areas and over insured in others, so they end up paying too much for what they don’t need. Could I ask you a few questions to make sure you don’t have uncovered risk or are wasting money?”
A mortgage lender can win out over competitors by saying: “Our rates are competitive but there are literally hundreds of loan feature combinations so making sure you structure the right loan for you is critical to getting the best value. Could I ask you a few questions to find out how we can get you the best mortgage for you?”
Bingo! The shopping has ended because they finally found a financial consultant who will help them make decisions.
The best sales people in every industry have scripted questions that they know work every time. When responding to the rate shopper, those questions MUST start with the “Breaking Preoccupation with Price” questions.
You wouldn’t consider not having your people follow a process for all your operational systems. Why would you risk not having your people educated and prepared to win customers to your organization AND earn ALL their business?
Most board meetings are packed with data—but starved of strategic clarity. Discover how the top 5% of banks engineer boardrooms that drive performance, challenge respectfully, and align with breakthrough plans. This week’s episode reveals what high-performing CEOs do differently—and how you can bring that same power to your board.
Top banks play to win. Discover what they do differently—and why it starts with culture and strategy.
Most banks track performance after it’s too late. In this week’s video, Roxanne reveals the exact metrics Top Gun CEOs use to fix results before they lag.
Midyear banking strategy not working? Elite banks accelerate, not apologize. Here’s how to finish strong—with accountability, margin, and momentum.
Toxic conflict is quietly draining your profits.
Most banks reach for generic culture fixes and miss the root cause—low emotional intelligence and zero accountability. Discover how the best banks use healthy dissension to crush drama, boost performance, and lead the industry in profitability.
Toxic conflict is quietly draining your profits.
Most banks reach for generic culture fixes and miss the root cause—low emotional intelligence and zero accountability. Discover how the best banks use healthy dissension to crush drama, boost performance, and lead the industry in profitability.
Too many banks protect tenure over performance—and bleed millions in the process. In this video, discover how elite CEOs fix their net interest margin by rapidly developing young talent into trusted advisors.
Most banks try to fix productivity issues by hiring more staff—but that only inflates expenses. This eye-opening video reveals why your culture may be quietly draining millions from your bottom line and how one Top Gun CEO doubled his bank’s size with fewer employees by engineering a culture of clarity, accountability, and high performance.
Most banks don’t have a performance problem—they have a pretending problem. When people pretend not to see standards or hear deadlines, accountability culture in banks...
Most banks never see it coming—the hidden sales leak that quietly kills momentum and stalls growth. Discover how top-performing banks fix it fast, triple cross-sales, and build teams that drive results without pushing harder.