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).
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.