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.
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.
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!
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There are three points that you must hit to build a sales team that inherently kicks out the weak players and attracts future achievers.
Make sure that you have the right people on your team. Sounds logical but you’d be surprised at how few sales managers are picking their team correctly. By using hiring tools that match the person to both the position and the team, you can take away the guesswork as to whether that they will fit in —in terms of passion,
So, you’re at the start of the sales funnel. And a prospect has been prequalified, and it’s time to make the first call. Most bank sales people take one large gulp of air and then smother the prospect until the end of the call with how good, fast, easy, reliable, inexpensive, and reputable their bank’s services are.
Although you’ve alluded to value throughout your monologue, it has yet to be proven.
This is what is called a level-one investigation. Yes, you’ve told them everything you have to offer but have they really listened? Why would they?