Someone becomes a millionaire and then loses it all…
BUT they manage miraculously to gain back their millions in almost no time.
How in the world are they able to do this? Are they just luckier than others?
No—they simply realize that they are in control of their results. For great leaders, external factors are an afterthought. They know that they can accomplish greatness regardless of their circumstances.
Community Banks are no different. The banks that are achieving lofty cross-sales numbers and getting A+ quality credits at premium pricing believe they are worth more,
It happens every day, all day in almost every bank. The phone rings. A well-meaning staff person answers politely. The inquirer asks, “What are your mortgage rates?” to which the well-meaning staff person begins to list the rates, thanks the caller for calling, and sends the shopper on to the next bank or mortgage company to get their mortgage. They make no attempt to help! Our research shows this happens over 95 percent of the time. Don’t believe it—call your own bank and see for yourself.
One: The inquirer wasn’t helped because they didn’t receive any guidance and they’re left to shop with a high risk of not choosing the best mortgage option for their needs.
One of my favorite movie lines of all time is from The Greatest Game Ever Played, a golf drama based on the true story of the 1913 US Open. Twenty-year-old Francis Ouimet was challenging his idol, Englishman Harry Vardon, who had won the Open in 1900. When Harry’s wealthy sponsor said Francis could not possibly win because he was not from the upper class and therefore would fold under pressure, Harry responded, “If Mr. Ouimet wins tomorrow, it’s because he’s the best– because of who he is.
It’s consistent…The one thing that most banks do wrong is sales training. In fact, in most cases, it is a train wreck.
Most banks are screaming for loan growth. But they’re not going to get it.
They think the only way to achieve that growth is to do traditional sales training.
Never, in the history of time has that ever worked. No really…never.
In talking with top-performing bank executives every week, I’ve heard at least 1,000 executives tell me over the years something like, “We spent $400,000 on sales training…not only did it not work…it made things worse.”
It’s like the guy who tries to fix his glasses with a hammer…wrong tool.
You know that you shouldn’t be matching rates. But you can’t just put your foot down with a customer and say, “These are our rates, take ’em or leave ’em.” With a presentation like that, why on Earth would anyone take it?
Instead, you have to clearly establish the unique value to the customer – value that makes it well worth the difference. And the process begins with one crucial step: Find out what matters to your best customers, then build hundreds of Unique Selling Propositions (USPs) around those components and list them explicitly in your marketing materials.
You have a strategic plan. That’s good. But does it have a life beyond the paper it’s written on? Is it driving you toward success—or is it just something you checked off a list of “Things Good Banks Should Do”?
If they’re honest, about 95 percent of bank execs would have to say “Oh well, nice try.” Most strategic plans just don’t end up making a difference. That’s a serious problem. In addition to losing the value of a good plan, your executive team can lose weeks every year drafting a 50-page behemoth that ends up gathering dust.
Chief Executive Officer, Roxanne Emmerich, is the New York Times, #1 Amazon, Businessweek and International Bestselling author of Thank God It’s Monday®! She and her team of experts specialize in transforming the performance of community banks…taking banks to a level of performance they never dreamed possible.