For the last 18 months I’ve been “eavesdropping” on conversations at community banking conferences and what I’ve heard is shocking…
Bankers are being lied to…
And some are believing these “false truths”…
The history books are filled with common—accepted—beliefs…truths…
That aren’t true…
‘The world is flat…”
“The Earth is the center of the universe…”
“Bigfoot is real…”
“Premium rates only come on high-risk deals…”
In today’s video, I’ll reveal the three ‘lies of banking’ debunk each one, and show you how to escape them all…
To get the complete blueprint used by over 300 community banks to escape the “lie” that premium prices only come with high-risk deals…and instead,
It creeps up on you…usually in a moment of desperation.
A prospect comes in and says “So and so bank down the street offered rate X. If you can get me a loan at a rate that is half a percent lower, then you have my business.”
Now you feel trapped. You want to close this deal, but you know if you lower your rate, the deal won’t be profitable…but you know if you don’t lower your rate, the prospect walk out the door and down the street to do business with your competitor—and then it happens…
You lower your rate to “buy the business.”
The temptation to rate match has become an epidemic in community banks across the country.
Finding it more difficult to get the attention of prospects “shopping” for a mortgage rate??
They’re busier than ever, and they already have a bank…so why on Earth would they want to sit down and listen to you?
If your answer is “we have competitive rates” you lose…and so does your prospect.
I don’t mean to offend you, but think about it…you lose two ways…
You either win the business by giving away the profit…
OR, you’ll lose business because you (rightly) gave a rate you like, but offered no added value to the prospect to make them happily pay you more…so they walked down the street for a lower rate.
A prospect just walked into your bank, you have 60 seconds to woo him, GO….
Your heart probably just skipped a beat and your head began racing through a plethora of old sales approaches you’ve used in the past.
The reality is…this small window of opportunity is all you get in today’s fast-paced environment.
If you think today’s small business owners are going stop and listen to the same questions like “What kind of things are keeping you up at night?”, then you’ll soon be the one tossing and turning at night as you continue losing customers.
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 profit.
Your superstars get this and that’s why they excel. But your good, but not yet great, sales people 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!
The “hunter and farmer” model of sales is so broken in most banks we see, it’s not even funny anymore…
There’s a long list of so-called-sales-trainers that have tried to get banks to train their way out of the problem, but all of that is like a Band-Aid® on cancer…
So today, let’s strike the root of the problem in sales:
Wrong people in the wrong seats.
See, when we hire sales people we’re looking at all the wrong measurements (and sadly, some aren’t looking further than a resume).
Eighty-percent of sales results are driven by emotional intelligence.
Belief is a funny thing. I’ve worked with over 300 banks and the #1 bank killer is between the ears of the leaders and the troops…
As Henry Ford famously said:
“If you think you can, or you think you can’t…you’re right!”
The bad news is that believing in myths, just because it’s accepted truth will hurt. And the pain is accelerating, thanks to our friends at the big banks and out in Silicon Valley…
They’re happily planning our demise right now—even boasting about it in TV commercials!
There is good news,
There are only three ways to grow your bank…
#1. Get new customers. (Everyone focuses on this growth lever, but it’s the most difficult and most expensive…)
#2. Sell more to your existing customers. (More on how to do that in a moment…)
#3. Keep the customers you get from method #1 longer.
In banking, if you’re doing #1 the right way and attracting A+ quality customers, getting them to happily pay premium pricing for the added value you bring, then your…
…BIG HIDDEN OPPORTUNITY is in keeping them.
Accountability is a funny thing. Everybody wants it from their team, but accountability for what?
Accountability for attendance?
For work completed?
For “doing what you say you’ll do?”
Sure, but those aren’t game changers…
What you really want is accountability for RESULTS.
Without RESULTS, you have nothing more than a social club with the added benefit of a bi-weekly gift of money.
But how do you create accountability for results?
We’ve found that there are 5 steps…
In today’s video, you’ll discover all 5.
You’re in luck…
At conference, after conference, after conference, when I speak to audiences of bank executives the talk lately has been “culture, culture, culture.”
Much ado about culture…why?
There’s good reason. Culture is proven to be the leading predictor of YOUR future growth and profitability.
Read that again…
CULTURE is PROVEN to be the LEADING PREDICTOR of future growth and PROFITABILITY.
Take that in for a moment.
That’s a scary statement for most bankers, heck for most business leaders anywhere. Most think culture is this touchy-feely,