Whether it was CEOs losing their minds, VCs jumping ship, or a possible mass layoff news spreading like wildfire, shit really hit the fan this weekend.
Good news is that the Federal Reserve, Treasury, and FDIC have issued a joint statement assuring that taxpayers and businesses won't be left holding the bag for any losses. Phew, what a relief!
But who knows what other chaos will unfold later today and throughout the week.
While we sit on the edge of our seats waiting for the next shoe to drop, let's take a break and explore what's common btw bank runs, sales psychology, and our weekly leaderboard winners from last week-
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Salespeople have a killer tactic up their sleeves, and it's called FOMO. They use it to create a sense of urgency and get customers to sign on the dotted line. But what about banks?
For banks, FOMO is their kryptonite - that can cause them to run like they've seen a ghost. This happened to SVB when a group of VCs gave in to FOMO and withdrew their funds, setting off a chaotic chain of events.
In War Room, we’re certain it was FOMO on all the awesomeness that brought this savage back from their long hibernation - crushing it week after week.
@poweredbycaffeine is their name, and racking up a massive 691 commish points is their game. They've snagged the top commish award for three weeks in a row now, and don't forget about that sweet $25 gift card!
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If a salesperson can't COMMUNICATE the benefits and features of their product like a boss, then they're gonna be seeing more churn than a milkshake machine.
The banks that fail to communicate the risks and rewards of their investments properly are doing nothing but asking for trouble, upfront. Are you hearing, Mr. Becker?
In War Room, we had a clear winner last week who was able to communicate their thoughts and ideas with the finesse of a sales ninja; making their content pop like fireworks on the Fourth of July.
@Panda4489 , you were on fire, my friend! We're pumped to give you a well-deserved $25 gift card. Keep crushing those communication skills and slaying the game!
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Lastly, in both selling and banking, there’s one thing that’s more important than anything else: TRUST.
Customers aren’t gonna buy from you if they don't trust you initially, and keep trusting you every day.
Just look at SVB, they spent 50 years building up trust, only to throw it all away in a mere 48 hours.
In WR, we have a savage who's got their trust game absolutely sorted. They’ve been doling out top-notch advice to newbies and seasoned savages alike, week after week.
They're a true boss and we're damn proud of them. Keep on building up that trust in the War Room, @Sunbunny31. You're killin' it! Watch out for a $35 gift card hitting your inbox soon.
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Get ready to tighten those salesperson belts, because this Monday morning might be a bumpy ride.
Despite the availability of insured and non-insured funds, VCs, founders, and CEOs might exercise caution in their near-future decision making processes.
Don't be caught off guard if you discover that a few deals in your pipeline have stalled their evaluations.
As a salesperson, we all knew what we were getting into, and we never signed up for an easy ride.
Whether it's a pandemic, a war, a rough economic time, or even a bank run - we have one motto we always stick to.
And let's make sure we stick to it even today, to…
…NEVER EVER STOP SELLING
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