Banking landscapes for the last twenty-five years have been extremely favorable for the industry. The economy has been strong and vital. The stock market has reached highs never experienced before, and interest rates have been at historical lows.
It’s safe to say that the financial services industry has benefited from a tailwind. We’ve enjoyed a good run.
Even with very favorable conditions, 60% of relationship managers and lenders do not meet their sales goals.
Too much dependence on traditional COIs for deal flow
- Not enough quality in-person sales appointments
- Poor time management skills
Start by “pruning” your traditional COIs. Just like rosebushes need to be pruned in order to fully blossom, the beginning of a new year is the perfect time to reevaluate your COI relationships. Which COIs have you nurtured over the last several years with too great an investment of your time and dollars for minimal growth or return? STOP investing in relationships that have produced no or poor-quality referrals. By pruning these relationships, you’ll be free to develop fertile ground and investment yields from new customers.
This year, consider focusing on developing “non-traditional COIs.” There will be far less competition because other bankers won’t be smart enough to farm that territory.
Let’s make 2019 the year we start thinking differently about where and how to grow our business.
Visit my latest video for more inspiration.
To Your Success,
Plant the seeds of greater sales growth. Enroll now in the Spring Session of Ray Adler’s One-of-a-kind Sales Honing Academy. Remember, change is inevitable, success is not!