How To Command Premium Pricing for Your Bank

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.

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Cross Sales Part 3 of 3



The last two times we connected, we’ve been talking about the need to improve the cross-sales within your bank to create a better sales experience for your people. And to make sure that you capture the entire customer relationship by creating a transformation of the process that attracts the customers to you. 

Good Intentions Aren’t Getting the Job Done

Let’s say it: Good intentions aren’t getting the job done. If it was true that they were, we would have solved this cross-sales thing a very long time ago. It’s imperative for the customer relationship in your bank to make sure that you’re accomplishing the outcomes of the entire relationship being captured––especially as it applies to your top 100 most profitable customers,

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Cross Sales Part 2 of 3



The last time we met, I told you we’d be coming back this time to discuss: how do you boost those cross-sales and how to do it by having a cultural transformation within your organization.

Because that change in your culture and improvement in your bank’s culture is key to transforming results by making sure that your customer feels heard and moved along.

Outdated Sales Systems & A Better, Proven Process

Most people have the wrong system of sales. We’ve been applying the same system for many, many years with our banks.

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Cross Sales Part 1 of 3



If you want to improve the performance of your bank, you’re probably going to need to improve your cross-sales. When your people are meeting with your customers and they’re accomplishing six, seven, eight, maybe nine, or sometimes ten cross-sales on average versus the 2.2 which is typical in the industry, you don’t need nearly as many people and you can pay everyone that you have a whole lot more. Plus it leaves a lot more profit for you.

The Challenge of Cross-Sales

Getting cross-sales right is something that’s been very hard for banks for 30 years.

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“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.

(more…)

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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.

(more…)

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How High-Performing Banks Use Emotional Intelligence Audits to Increase Sales

Most banks have three solutions they implement in the hope of having a breakthrough to increasing revenue that generates high profits:

 

  • They hire more lenders.
  • They ask each lender to make more calls.
  • They hope one of those two plans work. However, they hardly ever do.
  • Research shows that just a few lenders, usually about 6% that have a business development profile, carry the rest. Moreover, even that happens only if that 6 % know how to implement the right sales process. Otherwise, those naturally gifted lenders sell only by matching rates,

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    How to Attack the Root Cause of Net Interest Margin Compression

    The constant “need” to match rates to win a deal is a symptom, not the cause of the net interest margin crisis in banking today.

     

    The cause is much more profound.

    It’s inside each of your lenders, and it may be inside of you. Frankly, it’s not your fault (or theirs). It’s unconscious and has been a limiting belief in the banking industry for at least 100 years (probably longer).

    And don’t worry, if you’re frustrated with your margin, but feel you have to fight any way you can to keep the customers you have and get new ones,

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