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,
I believe that sales managers have one of the most difficult jobs. In this episode, I’m going to share how a sales manager can get more results with fewer headaches.
If you’re a sales manager or leader of sales managers and have everything all buttoned down, and you feel your sales management is optimized, you’ll love discovering in this episode how you can use that powerful platform to get even more results.
If you feel like your sales management is mediocre at best, well, you’re going to love this because it is your time for a breakthrough.
In this episode I am going to show a proven sales system to help your team reach their top potential by showing them how to sell their best customers in a way that PRICE is never brought up.
If you are the kind of leader who is frustrated because your people fall into the trap of “We’ll lose the deal unless we match the rate”. Watch this video now.
I’ve been eavesdropping in on conversations at banking conventions for the last 18 months and I have to tell you…I’m a little shocked.
Because again and again, I’ve heard very smart bankers repeat three…lies to one another. Now, I don’t think they’re “liars”—in fact, I’m sure they’re not. But I do think that they’ve lost their grip on the truth. So, today, right here, I’m going to debunk many of these so that you can inoculate yourself from them before you, too, are infected by these things that will cause you to not have great profitability.
Is net interest margin compression a given?
It is for most banks…but it’s not for all banks. In fact, many banks are bringing up their net interest margin by 40, 50, 60, 100 basis points in a half a year to a year.
And if they can do it, perhaps you can.
So what are the seven telltale signs that you will have continued NIM compression?
Number one: You have people who believe that they have to match rate.
Beliefs drive results.
So, congratulations! You now have mobile banking. That’s good news…and it’s also horrible news.
You probably haven’t thought about the fact that now that we have half of the lobby traffic already removed from our banks, we’re about to drive away the rest of it.
So, something is going to have to change…and what that is, is that your people will need to be getting out and having conversations.
And they can’t have just any conversations—they have to have meaningful, powerful conversations with your most successful customers who are affluent and who don’t want their time wasted.
I’ve got a question for you: are your people really selling?
You see in a snow storm, all the plows are busy. The snow plowing companies answer their phones, they take jobs that competitors can’t do because they’re too busy, and everybody thinks they are selling, but they’re not really selling—there happens to be a snow storm.
Right now there’s a bit of a snow storm in banking. Times are relatively good, so people are calling you and asking you to do business. There’s a danger in that and the danger is your people are not doing what they need to be doing.
Are you a bland commodity? IF so, you’re not going to get massive referrals and people talking about why you’re great.
In a seminar recently, I know many tables had ideas they wanted to share to an exercise I gave them. So, instead of asking who wanted to go first, I asked, “Whooo’s hot?”
Suddenly, everyone as on their feet.
What did they do? They yelled, they whistled, they cheered, they stomped their feet. And when they realized that every other table of ten was also yelling, whistling, cheering, and stomping, what do they do?
A teacher read a story to her second grade class about a village of fishermen. “Take out a sheet of paper,” she said, “and I’d like you each to draw a picture of the lake and the fishermen from the story.”
The class began drawing big blue lakes with boats scattered across the water. As the teacher walked around, she noticed the work of one girl. Instead of scattering the boats across the water, the girl had drawn all of the boats clustered in one small cove of the lake.
“That’s interesting,” said the teacher.
It’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.