Welcome to the Top 5 Percenter™ Blog

How to Deal with Your Team Members Who Believe They Need to Match Rates

by | Sales & Marketing



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…

  • Who feels like a broken record and is about ready to pull out your last hair begging and pleading for your team to change their ineffective sales approach—you’re going to love this.
  • Or if perhaps you’re one who already has a few sales superstars, but there are still “resistors”—you’re going to love this episode.
  • Or maybe you have a team that is committed to doing things their way, so you don’t have a sales system, you have dozens (and none of them working well) — and perhaps your team is absolutely adamant that your approach is wrong…then you’re going to love this.

Here are the problems you’re likely facing…

  • Some banking schools actually TEACH in the simulations that the way to get premium pricing is to take on bad credits, so nobody is questioning that the earth is flat.
  • Or maybe your veteran salespeople take the “young’ uns” under their wing and tell them you have to match rates.
  • Or (based on the fact that you’ve matched pricing on hundreds of deals), there is seemingly a mountain of evidence that it can’t be done.

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.

More From The Blog

You Deserve More and Better [VIDEO]

Are you tired of accepting or being bound by limiting beliefs?     Today, we're going to blow up the biggest limiting belief in banking. It's so bad that it keeps you...

Master the Four Levels of USPs [VIDEO]

What if you can use extreme differentiation to get 150 basis points or more on the loan side and improve your deposit pricing at the same time?   If you're the kind of...

Stop Matching the Competition [VIDEO]

You deserve to get paid more. Rate matching is the most destructive force in community banking today. And because of it, as a community bank, you are underpaid for the...

How to tie everyone to PROFIT [VIDEO]

Does every team member on your team know how they tie to profit? I mean really know? When a study published in Businessweek revealed they had asked 6,000 employees, "Do...

Who Made Up THAT Rule? [VIDEO]

Everyone has patterns of disbelief. Some people believe that in politics, there is one side or the other, and they're unwilling to look at the alternative. Still others...