How Top 5% Banks Drive NIM Through the Roof—Without Raising Rates [VIDEO]
Net interest margin is under pressure—and if your bank is still waiting on rate changes to save your profitability, you’re already behind. In this sharp, no-fluff...
I believe a team can create results that far exceed the sum of those achievable by its members.
In this session, I’m going to share with you how you can dramatically increase the chances of getting larger deals at premium prices by utilizing team selling instead of the “individual contributor” model of sales.
If you’ve already begun selling via teams and you’re getting good results, you’ll be glad to know that you can take it up a notch and apply even more tweaks to improve results.
If you’re all in on the individual sales model, but it’s not really working as well as it could, you’re going to love seeing how this process has helped banks knock it out of the park when their current model wasn’t getting the best of results.
Or maybe you’re really frustrated that sales are happening with those who stumble through the door instead of the very best potential clients, the ones who can be targeted and closed without the nasty four-letter word “rate” being brought up. If so, you’ll love this episode, because you’re about to get a plan to get the traction you deserve finally.
There are usually three issues that cause banks to not get good results from their initial attempts at team selling.
Every bank seems to run into these problems.
I’m now going to give you three steps that will dramatically change your results in just a few weeks.
Step 1: Many attempts at sales training seem to create more of a mess of offended prospects and lost opportunity from the few “very best” prospects in your area than they bring results. You first need to create your Level 4 Unique Selling Propositions—the extreme differences you uniquely bring to the table, so the prospect can’t wait for your first meeting.
Step 2: Establish a clear targeting program for the right few prospects—no more than 100 organizations—and build reputational equity before your first contact. You want them in love with you before you show up, so you don’t ever look like a “vendor.”
The goal is to systematically pick off and close 50% of that Top 100 list each year… all at premium pricing, and all with full relationships, so your people provide maximum ROI from the salary dollars you are paying.
Step 3: As opposed to putting together a few teams and keeping them together, instead put together teams based on education, sales ability, and emotional intelligence assessments. The initial “call on the team” might have a few different members than the “deliver and bring in all the business meetings” team. The point is to bring in the right players and unique skills that are right for each prospect so that the customer doesn’t even bring up the price and instead asks, “how soon can we start?”
Again, three steps. Start with building the right Level 4 USPs, then target the Top 100 in a way that closes at least half every year, so that you dramatically increase your franchise value and recurring revenue while lowering your risks. Finally, use the right team approach, so the correct people are selected for the right teams, they know how they each must do their jobs, and they pass the baton smoothly so that no “dropping of the ball” happens.
By doing this, you can get the profit per employee involved in sales too often quadruple within six to nine months—which does some great things for your efficiency ratio and your bottom line.
Make sure you tune in next time, when I’ll show you how you can transform the accountability of the team assigned to loan growth so that you can get the very best customers at the very best pricing, without ever having to match a rate again!
Net interest margin is under pressure—and if your bank is still waiting on rate changes to save your profitability, you’re already behind. In this sharp, no-fluff...
Bankers, let me ask you a brutal but necessary question:Why are you still playing checkers while the top-performing banks are playing 4D chess with deposit growth? If...
Do you agree that high quality customers love high quality attention? Let's explore how you can transform your safety and profitability by creating the kind of...
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...
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...
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...
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...
I hear the same thing everywhere I go—"We need to build an accountability culture!" Great idea, right? But here’s the problem: we’ve been saying this for decades, and...
I have a book that I love—a book I read a couple of times last year and still reference often. It’s called Intelligent Thinking—which, let’s be honest, sounds like a...
Are you still working off a to-do list? Well, I’ve got a suggestion for you: throw that list out—and do it now! Not all tasks are created equal, and that's a big reason...