Banking Archives - Emmerich Financial

You’ve seen it before…

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,

The Question That Stops Prospects in Their Tracks

Finding it more difficult to get the attention of prospects “shopping” for a mortgage rate??

They’re busier than ever, and they already have a bank…so why on Earth would they want to sit down and listen to you?

If your answer is “we have competitive rates,” you lose…and so does your prospect.

I don’t mean to offend you, but think about it…you lose two ways…

You either win the business by giving away the profit…

OR, you’ll lose business because you (rightly) gave a rate you like, but offered no added value to the prospect to make them happily pay you more…so they walked down the street for a lower rate.

Do you have a “sales prevention” department?

Do you have a “sales prevention” department?

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.

Two Problems:

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.

Win the Greatest Game Ever Played

Are you playing the wrong game?

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.

The Sure-Fire Way to Stop Disorienting Your Best Salespeople—and Help Them Massively Succeed.

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.

The Seven-Step Formula for Creating a Franchisable System

So you’ve built your bank into a thriving, successful business. Nice work! But now you’re looking to expand—sending other branches out into the world like beloved children.

Can you give them what they need to succeed? Not unless you’ve created a franchisable system to help them duplicate your success.

Here are the seven crucial elements of building a franchisable system in your own bank:

1. Critical Drivers

In every business, there’s a checklist of goals and targets that—when reached, surpassed and improved upon—continually drive revenue into the business and drive up profits.

The Beginning of the End of Rate Matching in One Powerful Step

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.

How to Put Your Strategic Plan Into Action.. and Always Win with Bank Builders™

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.