I believe every business has a breakthrough opportunity—a missed profit opportunity, in fact—in several of their product lines.
In this episode, I’m going to share with you how any one of your product lines could be the source of thousands of dollars of additional profits within a few short weeks.
You’ll need to radically change your strategic planning process to make it happen.
If you’re the kind of person…
- Who knows your team can sometimes keep repeating what they’ve been doing instead of taking the time to implement breakthrough ideas for a breakthrough increase in profit…you’re going to love this.
- Who is perhaps a bit weary of all the regulations and busy-work and know that both you and your people haven’t taken the time to question the way you offer your products, in which case, this episode could be worth thousands to you.
- Who maybe would like the infusion of energy—and cash—that comes with a rapid increase in the sale of a product line when revamped using a new strategy (now that’s low-hanging fruit), which means you’re going to find this few minutes to be very valuable.
Let’s start by acknowledging that you’re not alone—every bank has been stuck in a rut in one way or another. Now you can break the mold and implement revolutionary and effective ideas that bring more money in the door from existing product lines.
In this video, I’m going to show you four steps to start attracting thousands of dollars of additional profit within a few short weeks.
Step 1: Create awareness of what a strategy really is.
UNLIKE so many strategic planning processes that stay “fuzzy” and stick with hard-to-get-results and non-strategies such as, “cross sell products to new mortgage applicants,” get tangible, real deal strategies—those that you would specifically do differently to increase your cross sales.
Step 2: Teach your managers the difference between a strategy and a result.
Teach your managers and production people to understand what is a strategy and what is not. Since so many banks don’t have even one strategy in their strategic plan, often their executives would benefit from some clarity about that as well.
Step 3: Implement a strategy that has an immediate impact.
Choose one strategy and then, as an experiment, move it into one product line. For example, take the strategy of “product packaging” and try it with mortgages.
Step 4: Build a lasting system.
Create a system whereby different departments and product lines introduce strategies at least once a year and choose the ones that get results within a week or two. That way, they demonstrate their commitment to moving the sales and profit needle, and all that weight isn’t on your shoulders alone.
Get started as soon as possible and begin these four steps so that you can see results as quickly as possible. To reiterate, they are:
1) Create awareness of what a strategy is compared to an outcome—so the outcome isn’t a pipedream.
2) Teach your managers the difference between a strategy to get a result, and a result.
3) Encourage each department to brainstorm and implement a strategy that has an immediate impact on sales.
4) Build an ongoing system for the entire team to create new and improved strategies constantly and consistently, so that you can sleep easy at night knowing your team is 100% committed to hitting and exceeding their numbers.
Make sure to tune in to the next session where I’ll show you how to get the entire strategic plan focused on maximizing the profit potential from your identified “next most profitable customers.”
This may not be the top tier, but you can leverage this group to grow profits by 50% without increasing infrastructure or staff.
To your continued success,
P.S. Missed last week’s episode on strategic planning? Read it here.
P.P.S. Ready to take action NOW? Register for my complimentary Profit-Rich™ Strategic Planning Masterclass and start moving the needle within weeks.