Why Is It So Important to Hold On to Low Cost Deposits [VIDEO]
Low-cost deposits are the ultimate margin advantage. Discover how top 5% performers attract them consistently—and why most banks fail to compete.
Welcome to the Top 5 Percenter™ Blog
Why Should They Choose YOUR Bank?
Why would you buy a Volvo? Safety. Why would you drive a Mercedes? The prestige. Why would you buy a BMW? The driving experience. Last question. Why would you drive a Pinto? Price.
Now for the reality. Volvo is not the safest car. For many years, Saab actually had a better safety record. Mercedes is only considered a prestige car in the United States. In other countries, is a taxi. It has been marketed here differently. And the BMW, well, I’ve driven one of those—it IS the ultimate driving experience.
In the first three examples, people are driven by the brand. They come looking for that brand and even though Volvo does not necessarily always have the safest cars, it doesn’t matter. The consumer believes the Volvo is safest. Volvo is the position that is taken in the consumer’s mind when they think of safety. If they know they want Volvo, they’ll pay two to three times what they would pay for a Yugo for that unique selling position.
After asking thousands of bankers what their unique selling position or brand would be, I’ve only heard one answer—customer service. Herein lies two major problems. First, customer service is NEVER a brand. It’s an expectation. Second, research shows that consumers feel that banks across the board have atrocious customer service.
Since most banks don’t have a brand, they compete on price only. It’s a game most can’t win. So ask yourself these questions: How are you superior to your competitors? How would you like to be superior to your competitors? Is it speed, is it personal financial counseling, is it the seminars you offer to help them make financial decisions? You can differentiate by your clientele. Are you the bank for the elderly? For small business? For large money accounts? For the middle class? For a minority?
There are many ways you can brand from how you do business to the clients you serve. If you do not consciously select and promote your brand, you will be playing the commodity pricing game. Take the time to choose wisely based on the targets that you can best serve.
More From The Blog
Life in the World of Over-Regulation [VIDEO]
Top banks don’t complain about regulation, they execute around it. Here’s how the elite outperform anyway.
Why Your Team Can’t Charge Premium Pricing—And How It’s Killing Your Legacy [VIDEO]
Premium pricing isn’t a tactic—it’s a mindset. When belief is missing, margin and legacy are at risk.
How Top Bank Executives Break the Victimhood Cycle [VIDEO]
When leaders tolerate excuses, excuses become culture. Discover how extraordinary bank executives shift employees from helplessness to accountability, confidence, and extraordinary performance.
Your Bank’s Strategic Plan Is Missing the Strategy [VIDEO]
Most bank strategic plans are loaded with goals but surprisingly short on actual strategies. Discover four shifts that align your plan with profitable customers, execution, accountability, and growth.
The Strategic Planning Lie That’s Keeping You Average [VIDEO]
Forget templates. Roxanne Emmerich reveals how top banks burn the rulebook and build execution systems that deliver relentless results.
The Strategic Planning Lie That’s Keeping Banks Mediocre [VIDEO]
Roxanne Emmerich exposes the toxic lie behind most strategic plans—and the second-order thinking top banks use to pull away from the pack.
What Boards Miss That Can Tank a Bank [VIDEO]
Your boardroom may be your biggest blind spot. Discover how elite banks fix strategy at the Breakthrough Banking Blueprint™ Bootcamp.
Build a Bank Performance Culture That Drives Profit [VIDEO]
Great employees don’t automatically produce great bank results. Discover why Top 5% performance requires employees who understand profitability, create deeper relationships, command premium pricing, and become trusted advisors customers never want to leave.
How Top 5% Community Banks Build, and Sustain, Elite Performance[VIDEO]
Elite banks aren’t born elite. They build systems, practice the right behaviors, and continually sharpen how they create value. Discover what helps top 5% banks reach exceptional performance—and stay there.