Are your job descriptions killing your bank’s performance?



our job descriptions could be killing your bank’s performance. We both know you have two types of employees—superstars and well meaning, but average performing players.

The superstars are going to excel no matter what.

But your average players can do better. Too bad most are playing to the music you gave them…the job description.

For example: Most lenders think their job description is, “Make loans.” That’s like a chef thinking her job description is “Make food.” In reality, both need to resemble more of a job performance progress plan that outlines the real purpose of the job done well.

…And the impact it has on the business.

It also needs the key requirements of the job. One example would be, “Enter all notes on the ‘aces’ (a clearly designed proof of completion of a sales stage) into the CRM daily, with next action and assigned date defined.”

Put don’t stop there…you’ve got to have the right metrics.

Who cares how many prospect calls are made?

Instead, you want metrics like, “Number of aces on Top 1000 prospects” and “Weighted sales funnel on Top 1000 prospects.” Those show that not only are they making the calls, they’re making them to the right people and doing the right activities that don’t get you into a “match that rate” bind later.

The job objective is tied to activities […]

4 New Strategies Shaping the Future for Top-Performing Banks

4 New Strategies Shaping the Future for Top-Performing Banks

Here are four new strategies that I’ve found that are shaping the future of top-performing banks. These strategies are profoundly changing the game of banking, and you should be paying attention to them.

#1. Master the right “franchise system.”

What if everyone had the clear road map and education to do his or her job like a top 1 per center does it? What if the strategy tied into the marketing which tied into the sales process, and it all tied together with a “culture system” that kept everyone focused on the few right things and kept visibility and celebration of that progress, daily, weekly and quarterly?

When a predictable success model is installed, all you need to do is drop in the right people and the magic keeps happening.

#2. The magic of intentional congruence.

While most banks still struggle with the new “this too shall pass” initiatives of the day, those consistently capturing the top-of-list spots have something in common: They understand that strategy must be all tied into key, defined psychographic and firmographic target markets, and that must tie into the marketing strategy and processes, which of course tie together both the retail and the complex commercial and wealth management strategies.

#3. Mastery of “stickiness.”

Community banks that thrive the most know how to […]

4 Secret Strategies of The Most Successful Banks in America

4 Secret Strategies of The Most Successful Banks in America

#1. Culture trumps strategy. Hundreds of studies now show that culture is the leading predictor of future growth and profitability.

The Gallup Organization found the increase in earnings per share for companies in the top quartile that have high employee engagement (a measure of culture) to be 2.6 times. Amazing!

Unfortunately there is a false belief in banking that culture means sales training, goals and incentive pay. Dead wrong. Culture is the mood. Motivation is a racket because it depends on others catering to an employee’s every need. Inspiration is what you want—that’s intrinsic.

#2. Remarkable customer service. Almost every community bank CEO whom I’ve ever talked to says his or her institution has fantastic customer service, but too many of their institutions are actually less remarkable in a providing superior service than they think. Smiling and knowing names only gets you in the game. Truly taking effective action that meets a customer’s needs better than the competition is what wins and keeps customers.

Gallup found that customers who are “fully engaged” (meaning they actively interact) with a bank are much more likely to buy additional products than those who are just “satisfied” with their bank. Remarkable customer service creates engaged customers and leads directly to timeless strategy #3 …

#3. Mastery of […]

The Sure-Fire Way to Stop Disorienting Your Best Salespeople—and Help Them Massively Succeed.

sales-trainingIt’s consistent…The one thing that most banks do wrong is sales training. In fact, in most cases, it is a train wreck. Most banks are screaming for loan growth. But they’re not going to get it. They think the only way to achieve that growth is to do traditional sales training.

Never, in the history of time has that ever worked. No really…never.

In talking with top-performing bank executives every week, I’ve heard at least 1,000 executives tell me over the years something like, “We spent $400,000 on sales training…not only did it not work…it made things worse.” It’s like the guy who tries to fix his glasses with a hammer…wrong tool.

When you bring in outside sales trainers, they historically disorient everyone and cause more harm than good.

Most “sales training” misses the boat—causing lenders and everyone else to lose their confidence and, quite frankly, feel like they need a polyester plaid jacket. Enough already…it is not about quotas, dealing with objections and number of calls. It’s about calling on the right people, having the right conversations—the ones whereby the prospect falls in love with you and what your unique selling propositions will do for them whereby they’re willing to pay you 50 to 150 basis points more and a fee…and switch […]

The Seven-Step Formula for Creating a Franchisable System

bank-planning

So you’ve built your bank into a thriving, successful business. Nice work! But now you’re looking to expand—sending other branches out into the world like beloved children. Can you give them what they need to succeed? Not unless you’ve created a franchisable system to help them duplicate your success. Here are the seven crucial elements of building a franchisable system in your own bank:

1. Critical Drivers

In every business, there’s a checklist of goals and targets that—when reached, surpassed and improved upon—continually drive revenue into the business and drive up profits. We call these targets “critical drivers.” They drive the revenue and bottom-line numbers more than any other numbers. Every position has them.   Identifying, tracking, measuring and meeting the critical drivers defined for each position of your bank will make it a top-performing institution.

It’s safe to say that most banks either don’t have defined critical drivers by position or, if they do have them, have critical drivers that worked (barely) when parachute pants were all the rage. Drivers like “number of calls” get you nowhere fast. What you really want is “aces on Top 1000 prospects” to know that calls are going to the right people—and following a Profit-Rich Sales™ system, instead of one where you get dragged into matching rates.

(What? Are you […]