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- W27567739 abstract "Alex Sheshunoff, president, Alex Sheshunoff Management Services Inc., Austin, Texas, which is engaged in consulting, investment banking, and information services. If revenue growth is your top priority, then you need a total solution to bring in new business. Here is a blueprint Every community bank in the country is at a critical junction. Either they must implement a totally integrated solution or risk seeing many of their traditional move their business to other institutions. Banks of course have been urged to for years, and many of them have taken steps to do that. But the reality for most is that a series of isolated efforts has not produced anything even approaching professional and marketing. A few leading institutions, however, are now actively and aggressively taking up the challenge of implementing what I like to call the total solution. Why call it a sales solution? Because the end objective is not the development, marketing, or delivery of financial services (all of which are important), but the actual sale of the service to a customer. The hallmark of a good community bank is providing high quality personalized service at a profit. This should not change. What must change is any remaining notion that customers will seek out the bank if they need additional services. That is simply no longer the case. A motto for today's community bank might well be: Take nothing for granted. There will be winners.. .and losers Three major interrelated changes are reshaping community banking: First, the number one priority for community bankers, according to our recent CEO survey, is revenue growth-not credit quality, not expense control, but revenue growth. Second, a new focus is emerging on building real, professional organizations integrating the latest information technology with highly focused management-not lust training. Third, a clear effort is being made to drive future earnings growth through a combination of well thought-out strategic plans supported by professionally managed and marketing. The major institutions, without exception, are formally trying to do all the above with varying levels of current success. But make no mistake about it, they all will get there eventually. Why all? Because those institutions that aren't making progress will experience slower earnings growth, sell at lower price/earnings multiples, and be acquired by the winning banks who sell at higher multiples. This concept of winning banks is of more than passing interest because, fortunately or fortunately depending on your perspective, it implies Not losing because of bad credit decisions, but losing out to a smarter, faster competitor. Over more than a decade have been in a gradual evolution from protected status to full competitive exposure. The transition is now over. Look beyond the refugees Many community have recently been enjoying exceptional growth amidst the customer and market turmoil often created by consolidating institutions. Perceived customer service problems along with the usual changes associated with mergers often have spawned refugee bank customers looking for a home. After the dust settles, however, the major competition for many community will be other community for those who are already predisposed to community banks. In the longer term, the real winners will be those bankers who build franchise value, which is just a complicated way of saying profitable customer base. At the end of the day, building and retaining a customer base is what successful banking is all about. A key tool to accomplish that is a total solution. Don't stop with marketing Sales and marketing are distinct functions. …" @default.
- W27567739 created "2016-06-24" @default.
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- W27567739 date "1999-02-01" @default.
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- W27567739 title "Selling 101 Is No Longer Enough" @default.
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