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.
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.
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.
Most banks have three solutions they implement in the hope of having a breakthrough to increasing revenue that generates high profits:
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,
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,
I’ve had the opportunity to review hundreds (maybe thousands at this point) of strategic plans from community banks.
Sadly, most don’t have even ONE strategy in them.
They have goals, visions, and purpose.
But no strategy.
Strategy is the “how we’re going to get it done” that you need once you leave the retreat.
Without it, you’ve got another binder for the office shelf, but nothing more.
In today’s video, you’ll discover the key to differentiating your bank. A concept author Seth Godin calls “The Purple Cow.”
We’ve all been there. The car salesman slides the paperwork across the desk at you, pointing at the signature line. Just this one last step, he says, and there’ll be no way out.
At least that’s how it can sound to the customer as she wipes her sweaty palms on the Naugahyde, wondering if she’s doing the right thing, wondering if she’s considered everything, wondering if she’s taking too big a…
Risk is the dark underbelly of every opportunity, our mother’s voice warning us that there’s no free lunch,