I believe almost every person can DOUBLE their productivity at work.
In this episode, I’m going to share with you a process I have used over and over again to not only double but often times quadruple the profit per employee within a few years!
If you’re the kind of executive who feels like your people are already performing…well, you’ll be delighted to see that often those people are the fastest to double and quadruple their productivity.
Or maybe you are one who believes some of your people are on “corporate welfare” and you’ve had it.
I believe that most of your salespeople have only begun to tap into their true potential. They just don’t have the confidence to go after large deals that are happy with their current bank and ask for premium pricing.
In this episode, I’m going to show you how the right sales system can help your people get excited about and effective at pulling in the very best customers…without PRICE even being brought up. You’ll get the respect of getting paid what you’re worth.
If you’re the kind of person:
- Who is frustrated that your people fall into the trap of thinking they’ll lose a deal unless they match the rate…you’re going to love this.
I believe rate matching is the most destructive force in community banking today. Because of it, community banks are underpaid for the value you deliver. I believe you should be paid more.
Today, I’m going to show you how to stop your prospects from asking you to match a rate to “win the business” and start getting paid more within the next two weeks.
You’re going to love this IF you’re the kind of person…
- Who has team members at your door saying, “we can do this deal if we match the rate” (and you know that’s no good).
And hear your customers say, “I Don’t Want To Work With Any Bank But You.”
If you don’t care about premium pricing, you can stop listening right now.
This is for bank executives who want to figure out how to command premium pricing despite the too-common assumption that banking is a commodity. Therefore, they cannot command premium pricing—or, at best, maybe 25 basis points more on the loan side.
Here’s The Problem
Any bank that can only command 25 basis points of premium pricing will probably not have its name on the front door five years from now.
How do you, as an executive, build a performance culture that attracts top talent, retains top talent, and allows your bank to thrive?
Top performance culture is easier said than done—but it can be done
You just have to know the magic performance culture formula that works for other banks and apply it within your bank for the same results. But finding that magic formula is the key.
I’ve had the great honor of working with some of the most revered banks with the best cultures in this country.
When I started as a lender, I got a briefcase, got in my car, and went up and down the street calling on folks hoping that they would bring their commercial and agricultural relationships to me.
Well, sometimes they did, and sometimes they didn’t. I thought I was doing the best thing possible because I watched what everybody else was doing. I did the same thing and got the same middle-of-the-road results.
I didn’t know then what we know now.
Harvard Business Review has a great article about how team selling outperforms individual selling by a truckload.
I wonder what the sales fundamentals are of banks that command premium pricing and achieve their loan growth goals. Are they different from other banks?
You see, what we put into a system creates the outputs we pull out of that system. And sadly, many banks aren’t achieving their loan growth goals with the loan caliber, quality, and premium pricing they need because they don’t have the right sales strategies.
The Right Fundamental Sales Strategies
For me, “sales” is a negative word. And yet “sales” is simply helping people buy what they need in a way that never feels like they’re being sold to.
What if you’re going about loan growth in all the wrong ways?
Now, you’re probably not doing it all wrong. But there might be some ways that you could be doing it a whole lot better. That’s because all loan growth is not the same. The quality of the deals that you’re bringing in and the desirability of those deals—because of their creditworthiness and their willingness to pay premium pricing—matters a lot. And yes, strategically speaking, most banks are not addressing that correctly.
Everyone thinks all loans are the same in terms of quality
They think that if they walk into your office and say,
I bet your strategic plan does not have anything in it that says, “We want to match rates. We want to shrink our net interest margin. Oh, what can we do to match the rates of our desperate competitors?”
Of course, those words aren’t in your strategic plan. And yet have you noticed that the way your plan is being executed demonstrates a reliably predictable pattern? One which basically means your people are still matching rates? Your strategic plan may as well have “We want to match rates” in it for all the good it’s doing.
Do you ever think you’re worth more? Yeah, you probably do. We all do. So doesn’t it feel like a violation whenever somebody says, “Hey, we can do business with you, but you’re going to have to match the rate.”
That never feels okay. As soon as we match the rate, our net interest margin squashes. We don’t want that to happen. Why would we when we don’t even have the profit built-in? Instead, what we want to happen is that every time we do another loan, it’s a profitable loan.