I’ve seen it happen a million times. Managers tell me, “But we told them what to do, showed them how to do it…and they’re still not doing it.”
Financial institutions actually have more of a challenge with this. Because every work day involves quantifiable numbers, the assumption by managers is that everything can be controlled—including people.
The typical management approach to increased sales usually involves setting some sales goals, putting together an incentive program, and then complaining about the “sales culture” not working.
What’s missed here is that sales culture is about people. It’s about making your people passionate about making a difference for your clients. It’s about falling in love with your clients and their needs, wants and desires, and how you can help them get those.
As I write this, one of my dearest friends is sitting in a hospital room with her mother who is dying of lung cancer. She recently told Jana, “If they only would have told me it could be this awful, I never would have smoked.”
Hmmm, I do believe someone or perhaps many have mentioned that. […]
Fortune cookies and horoscopes are miracles of marketing. They predict something that happens to almost everyone every day (“You will meet someone new”) and somehow make you feel like it was written just for you.
Well, sometimes. That worked a lot better when I was ten. Nowadays, I’m not likely to be impressed unless every Sagittarius on Earth is run over by a guy named Keith on the same Tuesday afternoon.
On the personal level, I’d like to see a fortune cookie that starts off, “Hey Roxanne! Gorgeous blouse.” I’d look down (“How did it know?!”) and then keep reading. How could I not?
Modern marketing works the same way. Gone are the days when vague “fortune cookie” messages pitched to the common denominator have any real chance of success. Yet most financial institutions are still using global marketing, getting a predictably low ROI, then doing it again. And again.
If you insist on spending your resources marketing to everybody, go ahead—but know that 80 percent of them will TAKE money from your bottom line instead of adding to it.
You’ll get a far better return by […]
Chasing your tail is never a flattering or productive exercise. Most executives are exhausted by the constant need to “run” the business. Can you relate?
Michael Gerber’s The E-Myth Revisited, talks about something that can make your life easy — The Franchise Prototype.
Think McDonald’s. Think Starbucks. Think UPS.
Successful businesses create impenetrable systems –“the system runs the business, and the people run the system.”
Every possible problem, obstacle, delay, or roadblock that could stop you in your tracks is worked out before you bring it to the masses. The model of success is created and then proliferated.
By creating such a system, you’ve ironed out the kinks, so that whatever task, project, or position follows a clear and defined formula for success. Bingo. You’re never again held hostage by an employee with an attitude who holds all the cards about how to do that job. Newer employees can start and win immediately because they simply follow the template.
The idea is to create a system whereby you can hit the ground running because you’re provided with the ways to win.
According to a recent study by Teresa Amabile and Steven J. Kramer, when 600 managers were asked to rank the impact on employee motivation and emotions of the five workplace factors that are commonly defined as significant influencers—incentives, recognition, interpersonal support, clear goals, and support for making progress—they identified “recognition for good work” as Numero Uno.
And they were dead wrong.
When the researchers tracked the day-to-day activities, emotions, and motivation levels of hundreds of workers in many settings, they found that the top motivator was actually listed dead last on the managers’ survey.
The top motivator was (drumroll)…PROGRESS. That’s right, progress.
By analyzing 12,000 diary entries with the daily ratings of motivation and emotions, the researchers found that progress was the key factor on 76 percent of peoples’ best days and only 25 percent on their worst. Who’d have thunk it?
This is GREAT news, because unlike many other motivators, progress is something you can control, monitor, post, celebrate, and transform…and see results within days!
Almost every financial service request begins with someone asking a price question. “What are your mortgage rates?” and “what are your car insurance rates” are the typical questions heard many times each hour at almost every financial institution in this country.
Unfortunately, our research shows that well over 90 percent of those rate shoppers receive the rate with no additional attempt to help them make a buying decision. It’s almost criminal!
Unless you’re in Texas, you’ll want to do anything BUT hang the perpetrator. (Yes, I know I’ll hear from my friends in Texas about this one.)
Your people WANT to do a good job. They just don’t know how. They need to understand what to do so they don’t cave into the rate shopper or passively declare your rate—essentially guaranteeing they’ll buy elsewhere UNLESS you get the business at a loss!
According to research, in the 7-step buying process that each buyer goes through when making a buying decision, the price decision is the fifth step. So, you’ll want to teach your people to get people going on the correct path to […]