The Number One Motivator…NOT What You Think [VIDEO]
Trick question for you. What is the number one motivator for employees? Every time I talk with executives, they often suggest that paying employees more—up to a...
I believe everyone wants to feel special and be treated uniquely according to their specific needs and wants. And when it comes to sales, some prospects are more special than others.
Research shows that for banks up to $2 billion in size, their top 100 most profitable customers account for between 50–120% of the profit!
In this episode, I’m going to show you how to find another 100 just like them so you can double profits without adding more people or expense…and build a plan to get all of the most profitable customers out there, by making them feel like you exist JUST for them.
If you’re the kind of leader…
Here’s the problem:
EVERY bank CEO is complaining about how they can’t seem to break their team out of these “busy over profit” ruts that keep everyone exhausted while losing huge opportunities.
Let’s dive into the four steps that are going to change all that within a few short weeks…
Step 1: UNLIKE so many strategic plans that do the SWOT, mission, vision, and values but never create tangible and real strategies to lift the organization to a new level of performance… you need a plan where everything and everybody is aligned to how EXACTLY you will get the next 100 best and most profitable customers fast while never having them bring up the price.
Step 2: Throw out the fuzzy goals in most plans that sound something like: “do sales training,” “rebrand the bank,” or “buy a sales CRM.” Those are projects—not strategies—and they don’t belong on a strategic plan.
Instead, you need your strategies to align with HOW will you be the undeniable best option for the elite few who will pay all of your bills—those few who bring the privilege of affordable banking to the masses by being part of the 100 top customers who create your profit.
Step 3: Create an understanding among your people that they need to put the oxygen mask on themselves first. By this, I mean, the best way to help the poor is not to become one of them. YOUR income will match the abundance or scarcity of the markets you target.
Step 4: This is the biggie. Get your team to concentrate on doing the few things that matter, and doing them so well that you can see the needle move every week on how many of the top 100 most desirable prospects you have secured…AND at a premium price.
THAT is the new game of banking. Those who don’t understand will fall at the feet of those who master it.
Let’s make sure we’re all clear on what to do now:
1) Focus your plan on the top 100.
2) Create specific, actionable strategies to GET all the top 100 from the key target markets.
3) Change the mindset of your people to focus effective strategies on the few that create profit.
4) Change the behaviors of your people to get those top 100 – ALL of them—at premium pricing.
By following these steps, YOU get peace of mind from a predictable success machine instead of feeling like a yo-yo being yanked around by the economy or competition.
Make sure to catch next week’s session on intentional congruence. It’s about getting all of the pieces of your strategic plan fully aligned so that you can move the right needles fast with the least amount of resources, …and that makes your life a whole lot easier.
Trick question for you. What is the number one motivator for employees? Every time I talk with executives, they often suggest that paying employees more—up to a...
In talking to hundreds of bank CEOs, I've heard the same repeated message. We've got good people. ...
Many of us dream of working in an environment that energizes us and is surrounded by competence. In this episode, I'll discuss how you can improve your organization's...
In this episode, let’s master the service culture. Let’s look at four unconventional strategies to propel your customer service from good to "WOW," creating a service...
A formidable organizational culture score is the foremost predictor of future growth and profitability, as demonstrated by hundreds of organizational development...
I believe there are days when a workplace can feel more like an “adult daycare” than an office. In this first episode, I’ll show you the formula that has transformed...
I believe that most people working in banks perform at a fraction of their potential. In this session, I will show you how your people (like many bankers before them...
I believe in the unlimited upside potential in your team, and I believe that with the proper tools, they are capable of so much more. In this video, I’m going to...
What is your opportunity cost per inbound call? In other words, how much profit is lost per mishandled call that doesn’t turn into a lead, then a customer, then a full...
Does bank culture really matter? Gallup tells us that if you have an average amount of disengagement, it will rob $3,400 from your bottom line for every $10,000 of...