Why Is It So Important to Hold On to Low Cost Deposits [VIDEO]
Low-cost deposits are the ultimate margin advantage. Discover how top 5% performers attract them consistently—and why most banks fail to compete.
I believe you have people on your team right now who are capable of so much more.
In this episode, I’m going to show you how to eliminate the limiting beliefs that keep your team matching rates instead of going after substantial premium pricing on better quality clients. They’ll start getting bigger and better-quality customers within weeks.
If you’re the kind of leader…
Here are the problems you’re likely facing…
You’re not alone. It seems like EVERY bank is facing these issues.
Now, I want to give you three steps that can break down that impenetrable wall of a belief system that you must engage in rate matching. Let’s get your team excited about premium pricing – and show them how to get it.
Step 1: Forget rah-rah sales hype training. Your people need a solid and proven sales system designed specifically for community banking that works the very first time and every time.
Step 2: Replace “trust me” with “tangible evidence” that your approach to sales works. Get your people to see others like them who didn’t believe and, now that they do, are crushing it over and over again. This will convert the “resistors” faster.
Step 3: The commonly accepted three-prong system talked about at banking conferences for years of goals, sales training, and incentive pay has never worked…even once…for anybody. You must recognize that a true integrated marketing/sales system is necessary. It should include how you choose the next customers, how you create differentiating value, and how to manage the specifically planned, optimized steps to create a predictable result. That result being closing over 90% of deals without having to match pricing. If that metric is not managed and hit, there is something very wrong with your sales system, or else it is not being followed.
With a proven integrated marketing/sales process in place—and clear evidence that it works— you will quickly be able to get enthusiastic buy-in from your team—even from those who have been reluctant to follow your lead in the past.
You can finally stop sounding like a raging lunatic begging for them to change. THEY will enjoy the pride and accomplishment of winning quality deals at premium pricing. Winning is fun.
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