How To Command Bank Premium Pricing
And hear your customers say, “I Don’t Want To Work With Any Bank But You.”
If you don’t care about bank 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.
Forget Sales Training… You Need a Sales SYSTEM [VIDEO]
If your top 100 customers do account for 50 to 140 percent of your profits, like they do for most every bank with under $2 billion in assets, you have to ask yourself: Do you really know how to identify your next top 100 potential customers?
“I don’t want to work with any other bank but you” [VIDEO]
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.
150 Basis Points More… [VIDEO]
Terry Slattery, the Legend of IBM, the person who brought in more business for IBM than anyone has before or since, has been a dear friend and partner of mine for almost two decades now, helping our banks figure out how to grow their revenue streams.
Terry recently said he has never seen a harder sales environment in his career across every industry.
The “New Math” to Measure the Right Things [VIDEO]
How much do you invest in your marketing budget every year? Now divide that amount by the number of calls or inquiries it generates.
For most banks, the marketing budget is driven by shiny new ideas from conferences that marketing people attend or based on what was done the year before.
Breakthroughs and Missed Opportunities in Your Product Lines
I believe every business has a breakthrough opportunity, a missed profit opportunity, in fact, in several of their product lines.
In this blog, 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 change your strategic planning process radically 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…
- Is 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 that you offer your products…
- Would like the infusion of energy and cash that comes with a rapid increase in the sale of a product line that when revamped using a new strategy that’s now low hanging fruit,
Why Average Sales People Stay Average and How to Get More Out of Them
What does your job description say for your lenders…?
Let me guess; an HR wordsmithed version of “get loans” …
The problem is, you don’t want loans, you want to profit.
Your superstars get this, and that’s why they excel. But your good, but not yet great, salespeople may not connect all the dots.
And a big part of the disconnect is in your job descriptions. The truth is job descriptions are a joke. They enable your employees to think (and sometimes say) “it’s not in my job description”…hogwash!
Are your job descriptions killing your bank’s performance?
Your job descriptions could be killing your bank’s performance. We both know you have two types of employees: superstars — and the well-meaning, but average performing players.
The superstars are going to excel no matter what.
But your average players can do better. Too bad most are playing to the music you gave them…the job description.
For example: Most lenders think their job description is, “make loans.” That’s like a chef thinking her job description is “make food.” In reality, both need to resemble more of a job performance progress plan that outlines the real purpose of the job done well…and the impact it has on the business.
A Simple Rule that Assures You Win the Deal 94% of the Time
Research shows that the salesperson who presents last is guaranteed the sale 94 percent of the time. That said, the mark of a good salesperson is not ‘wheeling and dealing’ but rather mastering how to secure this profitable position. (more…)