Double Your Goals in the Banking Industry
Unless you have been asleep for the last three years or hiding in a cave, you know that bankers are getting hammered by the media. A political organization has been formed which has as one of its main planks, creating opposition to banks. Therefore, today it is more important than ever for bankers to have a sound strategy around growing their business.
Mainly, I have worked with Vice Presidents of banks. They range from branch managers to those whose main responsibility is to bring new business to the bank.
For any business it is first most important to understand where the business comes from, second, what type of business you are looking for, and third, who is your target market.
Regarding where the business comes from for the purpose of this article I will assume that this is a given. Understanding the title of this article Double Your Goals in the Banking Industry makes it clear that you (who are already reading this article) are already experienced in banking. Should you want to gain greater clarity as to where the business comes from go to www.integritysd.com.
The type of business you are looking for can be a stumbling block for even the most experienced banker, especially when considering doubling goals. The first place to start is obvious, your existing clients. Looking at their industries, their families, their demographics, and incomes are all keys. Discovering ways to gain greater market share can always be considered. Two areas that are often over looked are diversification into other related markets and up selling of new products.
Identifying your target market is frequently seen as a known. I challenge the banker who wants to double their business to describe in detail their best customer. I often discover that in this step, when making the effort to increase business, people in business will settle for anyone who can write a check. When considering doubling your business, it is important to go after your pure target market. In general terms, I will use an example from real estate. It takes the same amount of paper work and time to sell a $250,000 condominium as it does to sell a $2,500,000 home. The difference in profit is approximately ten times.
All of the above are worthless until the banker employs a system to evaluate success. I encourage my clients to create tools that will allow them to track where the business comes from, record what types of businesses they are getting, and then evaluate that they are attracting their pure target market. When a banker does this with a daily, weekly, and monthly system, they will gather data. They will then have information that will describe in every instance where the business comes from.
When the banker completely knows where the business is coming from, the answer to the questions, “How to double business?” is clear. The banker needs to double intentional activity to turn a prospect into a client. When you know where the best business comes from (your pure target market,) and can double the activity it takes to get what you already are getting, you will double your income.
If you are already maxed out on your time investment, you may have to reevaluate where you are investing your time. As in the real estate example, it will always help to go after prospects that have more money. I frequently see this with money managers who have been in the business for five years and longer. When they first get into the business, they are very altruistic. They want to “help” everybody. This is great until they realize that the time invested with someone who can invest $1,000 per month to start is nice, but someone with $500,000 of liquid assets takes a similar amount of time with a much greater return. Therefore, going after wealthier prospects will allow the banker to double their income sooner than later.
Fallout from all this activity can come down to a simple discovery. Bankers often invest time in activities with a long history of little or no return on the time invested. When asked, “Why they invested time in activities like sponsoring golf tournaments?” the answer is always, “exposure.” Ask the naked gentleman wearing a raincoat in Time Square, New York. Exposure can get you arrested. Large banks can afford to use advertising exposure. Vice presidents of small banks responsible for bringing in new business need to hit the pavement with a plan that will give them a proven return on their time investment.
Gerry Rose runs INTEGRITY Networking Solutions in Oceanside, CA. He works with people in business who want to attract the right prospects and generate more referrals. More than 10,000 businesses have been presented the INTEGRITY Networking Solutions system in San Diego, Los Angeles, Riverside, and Orange Counties.
Gerry’s stimulating presentation Unlimited Prospects, Unlimited Referrals is ideally suited for small business owners, home-based businesses, and independent professionals who want clearer direction and want to attract more prospects, develop dynamic systems, and strengthen their companies’ accountability. Gerry does one on one consulting, conducts a range of keynote speeches from thirty minutes to full-day education workshops.
His book series, Unlimited Prospects, Unlimited Referrals, are available on the website, www.integritysd.com.
Gerry has more than 20 years’ experience directing business owners how to grow their businesses. He is a networking dynamo. Those who know him will assure you that he does a great job of bringing people together—which is why he started INTEGRITY.
Involved with networking organizations since 1984, Gerry is a Distinguished Toastmaster, a member of Toastmaster International, and has chaired numerous chambers of commerce and non-profit organizations.
Are you truly committed to attracting the right prospects and generate more referrals? If so then contact INTEGRITY Networking Solutions for availability and information. You can contact Gerry by mail at 1610 Quiet Hills Drive, Oceanside, CA 92056. Direct dial (760) 439-4623; e-mail to gerry@integritysd.com. For more information, go to www.integritysd.com
