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 […]
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 […]
Culture asks, “Will your people leap over tall buildings in a single bound to make sure your client is successful in their business or personal financial goals?” “Will you go beyond bank “product” to create Unique Selling Propositions that rock their world and cause hundreds of thousands of dollars of impact for them? And will your people have fun doing it so that your system is sustainable?
Culture is a system—and if you don’t think this way, you will never have a good culture.In fact, “system” is everything—from the selection of your employees…to the rewarding of your people…to the celebration of critical drivers…the one-page strategic plan creating focus, the tying of the critical drivers into the key strategies…and even how you deal with dissidence (including teaching your team how to have healthy dissidence and inviting them off the bus when they don’t).
Culture means everybody’s […]
1. Branding—The “snake oil” of marketing
There is an inherent problem here. Everybody is spending ridiculous amounts of money […]