Communicate across multiple channels Common Banking Products Available. Google. Find out what is different. The simple answer is retention: Focusing your efforts on sweetening the customer relationships you already have. Condense everything you know into a brief explanation that can grab interest and cause the prospect to … Your business can save money by selling its wares online. Product owners can sell digital products such as computer software and EBooks, as well as physical products such as health products, food supplements, etc. 3. ), The figures below show how much longer, on average, a customer will stay with a bank, based on the number of products they hold with that bank.1, 1 product = 18 months Some of common available banking products are explained below: 1) Credit Card: Credit Card is “post paid” or “pay later” card that draws from a credit line-money made available by the card issuer (bank) and gives one a grace period to pay. Customer Communications Group, Inc., is not responsible for products or services offered by third parties or websites mentioned and provides such information and sites solely for your convenience. Here's how to get the deal done. Bank products are sold by displaying credibility and trustworthiness to the customer. The simple answer is retention: Focusing your efforts on sweetening the customer relationships you already have. Pay close attention to the fundamentals every time you greet someone and you will increase your odds of being able to sell. “I think incentive plans are extremely important to excite people to go above and beyond just being an order taker,” says McDougald. Email or call 800.525.0313. Subscribe to Independent Banker's eNewsletters. Imagine every question a prospect might ask and arm yourself with answers, linking each product fact to a customer benefit. 3. Savvy community banks also recognize that declining foot traffic in branches means more cross-selling needs to take place in other channels. Work works 2. “It all boils down to communication and having the skills and the knowledge,” says Peters. “It is going to take some time to get customers to engage [with marketing messages]. 2 products = 4 years Learn how to crack the code to this trillion-dollar marketplace with these surprising strategies. Effective cross-selling organizations, such as American Express, complement the P&L perspective with a longer-term, balance-sheet view of the business and a … Leverage incentive plans Grabbing your buyer’s attention and opening the door to more fruitful sales conversations is the key to effective sales prospecting. See how a strategic content marketing plan can help you increase engagement, acquisition and retention. 10. - Make, and maintain, eye contact as they approach your wicket. Helping customers purchase products that help meet their personal banking needs. Asking job candidates to complete a personality profile test is one way to identify potential sales superstars. It may be that their policies have changed. So, when they do, it is a golden opportunity to talk with them about their financial needs,” says Sally A. Peters, president of Denver-based SA Peters Marketing and Consulting Inc. Staff should fully understand all of the bank’s products and services so they can engage customers in a productive conversation, and recommend products and services that will help them reach their financial goals. Tracking cross-selling activity can provide some insight on how to improve the sale of specific products and services. With more than two decades of experience in the sales and marketing industry, he understands client needs and how to both establish meaningful goals and plan a path to reach them. New customers are still likely to desert you in droves — at rates as high as 50 percent within their first year. One of the most effective and quickest ways for a rookie sales professional to learn the finer art of sales is by modeling. To improve communication skills, staff should practice conversations, role playing different situations that might involve a new or existing customer. Acquiring new customers can cost eight to 10 times more than you would spend cross-selling products and services to existing customers. “Everybody has different needs at different times. Each message includes a link that brings customers back to the videos that are posted to the bank’s online education center. Some community banks piggyback cross-selling training on other routine training. Email Best Practices Yield Higher Open Rates, Profits Client Sees Lift in Email Performance, Customers Using Newsletters To Build Customer Loyalty & Profits. 4. However, according to studies that I conducted at two major banking institutions, many cross-sell efforts result in little or no improvement in customer profitability. How best to effectively sell your product For small businesses, getting their products to a wider market can be hard, but James Caan has some helpful tips James Caan For loan officers, these are often the easiest products to sell to a potential borrower. So, Clickbank acts as an effective platform on which product owners can advertise their products. Verbal nods, such as ‘uh-huh’, and ‘I see’, help to combat pure silence on your end of the phone, which makes the customer feel helpless and unappreciated. Customer Experience & Customer Engagement Agency, Customer-Centric Agency & CRM Support Services, Email Best Practices Yield Higher Open Rates, Profits, Client Sees Lift in Email Performance, Customers, Using Newsletters To Build Customer Loyalty & Profits, How to Choose the Right Personal Finance Topics for Your Audience, Digital Banking in 2020: Navigating Trends and Transformation Through Strategy, Financial Services Content Marketing: Building the Case for Value-Added Content, 6 Strategies to Strengthen Your Refi Marketing Campaigns in 2020. Our services, solutions and more than 40 years of industry expertise will help you retain a loyal customer base and grow your portfolios. 1. Is it important for you to earn interest on an account. 4. 5 Steps to Effective Cross-selling By effective, we mean putting time and resources toward the right things. “We don’t know which message and which format is going to grab their attention, or which particular day,” explains Ohlendorf. Effectively tracking a cross-sell ratio shouldn’t be difficult for community banks. In this article, you’ll find 24 effective marketing tips to … People who are most effective at selling tend to be friendly, outgoing and comfortable with engaging people in conversation. To be successful, it has to focus on customer needs. It is not because they can’t, but because the art and science of selling bank products is rarely taught. “It takes literally three minutes a month to calculate the cross-sell ratio for each account representative,” David says. It also allows a bank to leverage people who do a very good job of cross-selling by using them as a resource to help train other sales staff. The focus should be on having a conversation with customers, figuring out what they want and making sure they get it, says Robin McDougald, a senior vice president and retail manager at $1 billion-asset Texas First Bank, which is based in Texas City, Texas. This should be through email, direct mail, statement messaging, SMS texts and as part of the online and mobile banking platforms. The data helps to identify people who are not effective at cross-selling based on the opportunities that they had, allowing the bank to provide more training, support and tools to those individuals to help them improve. Choose the right niche 3. Whether you're selling products to customers, ideas to your boss, or yourself to an employer, we're all in sales. This also is true of when promoting an existing employee into a sales position as a universal banker. 2. Community Bank Consulting Services Inc. provides its clients with a simple Excel spreadsheet tool to document points of contact with new and existing clients and what, if any, products were sold in that interaction. Eliminate the clutter Practice with role playing ➢ Make sure every front-line staff member has the necessary training to converse constructively with customers. Probe for other products for your customer. And marketing budgets haven’t exactly blossomed. Hire good salespeople Bankers need to be well educated on the bank’s products and services so they can sell those products effectively to customers based on those customers’ needs and financial goals. Strengthening and lengthening customer relationships to boost your bottom line is the foundation of everything we do at CCG. Effective cross-selling requires you to understand both the customer and which bank products are a good fit for him or her, based on age and financial position. “Everybody has different needs at different times. Solving Customer Problems 1 Let the customer talk. Because people are banking in many different ways, it is important to reach out to customers across many different channels, including traditional and digital channels such as email, website and social media. Most bank calling officers are inadequately prepared to effectively sell bank products. Establishing social validation and a brand, when aided by marketing and emotional approach will serve to boost the sale of bank products. 1615 L Street NW, Suite 900 Washington DC 20036 And use as many direct channels as possible to reach out to your current customer base, including email, direct mail, statement inserts, banner ads on your website, ATM messaging, outbound calling efforts, etc. So how do you meet revenue goals? Take the initiative to talk to customers and ask questions. Apply “verbal nods” to the conversation Use filler words to avoid the dreaded silence! Your attitude must be: "We have got the skills and the answers that you Mr customer are looking for. To sell a bank product, you will have to work for the bank. 1. From a customer standpoint, make sure there is a benefit to accepting the entire bundle together, at once, versus separately over time. Customers want value. Acquiring new customers can cost eight to 10 times more than you would spend cross-selling products and services to existing customers. 1. Make Your Customer The Hero Remember, however, that these messages must be personalized and highly targeted. For example, First Community Bank and Trust has created a series of educational videos on a variety of topics, such as a video that explains how to use its First eMobile banking app. Maybe a customer is bored sitting in an airport or a waiting room and decides to open and read that email because he or she has nothing else to do. Then, you'll have to meet with clients, understand their financial needs, and work to solve them by providing your bank products. Digital retargeting of customers who visit your website or are part of your direct mail or email programs also is a highly effective and very efficient way to cross-sell customers. You’re not asking employees to sell products customers don’t need. First Community Bank and Trust in Beecher, Ill., has expanded its required training and education sessions to include the cross-selling of various bank products and services, such as mobile banking and investment products. “So, we just have to be diligent about keeping that up without being intrusive.”. 1. Help customers get what they want, and your bottom line will take care of itself. of what a customer might need,” Peters says. Watch this video to learn how to sell a product. What follows are 5 ways on how you can effectively sell your products online. selling a big success. Today, community banks should look for sales experience, rather than just banking experience, when they hire. Many community bankers agree on the strategies that don’t work: aggressive, high-pressure sales tactics. The downside is you do have to invest money in creating a brand, paying a manufacturer to produce a product, and buying in bulk. “[The goal] is not to sell them things they don’t need just to meet a number. There isn't too much risk on either side of the table, but loan officers must be able to effectively close the deal. “Driving Organic Growth: 5 Steps to Profitable Cross-selling,” Curry Pelot, Fiserv, 2010, http://www.bankintelligence.fiserv.com/cms/docs/5-Steps-to-Profitable-CrossSelling.pdf, accessed July 25, 2013. Once you have those foundational elements, adding these cross-selling strategies into the mix can go a long way toward ratcheting down attrition — and pumping up customer loyalty. - Greet them promptly. One of the challenges of cross-selling today is that people are not just walking into a bank branch, picking up the phone or reading the statement they get in the mail. They can do this by studying customers' accounts and listening to what they say. Before you start practicing your "runway" walk, understand that "modeling" means to learn from someone successful. Your tellers are the front line of your cross-selling strategy. Bank products, like certificates of deposit (CDs) and savings accounts, are generally only sold by the bank providing the product. Some banks used to use a manual process and big banks use online workbooks to input production on new accounts and products. I always encourage everybody to be able to look at the full spectrum Confidence and ease are key traits in staff members leading these conversations. “We have learned from the issues surrounding Wells Fargo that we have to be careful in what we do around sales and goal-setting,” says McDougald. Educating and informing customers about your bank’s products, services and promotions. In addition to these five strategies, your financial institution should consider ongoing sales training for customer service staff; prioritizing transparency to foster trust; ensuring consistent brand messaging across channels; and continually tracking and measuring your bank’s cross-selling efforts. (See sidebar. It’s OK to service those existing accounts, but removing them from marketing brochures helps to “eliminate the clutter” and allows bankers to focus more specifically on relevant products that people want to buy today, notes David. The fastest and easiest way to win trust is to show the prospect that you really don't care about their business. 5. ➢ Make sure your marketing always answers the customer’s number one concern: “What’s in it for me?”. Train your tellers to be on the lookout for opportunities to cross-sell. Bundle up. Selling is important if you wan to succeed in business and in life really. Five ways to make cross-sell more effective It’s common knowledge that it’s easier and cheaper to sell to existing customers than to attract new ones. Effective cross-selling requires you to understand both the customer and which bank products are a good fit for him or her, based on age and financial position. The cross-sell ratio goal is calculated on new customers during the first 90 days with the bank. You’ll need to experiment with different marketing ideas to understand your target audience and market your product to them. It might be possible for you to sell one or more of your company’s other products, to help them meet their new requirements. Some examples of questions to ask include: 3. Some banks offer customers too many products and choices. For example, if a bank offers seven personal checking accounts, and through reporting finds four types of checking accounts were not opened, the bank can remove those from the brochure. We’ve seen what works and what doesn’t, and we’ve put together a recipe for doing it successfully. Cross-selling strategies are evolving as community banks work to connect with customers both in person and online. We focus on our customers’ needs, and cross-selling is a byproduct of doing what is best for them.”. To succeed in cross-selling services to customers, a bank or credit union needs to keep the conversation going. We are the experts and you are nobody. Cross-selling, the strategy of selling multiple financial products to existing customers, is easier said than done in the banking industry. 7. 2. Banks need to focus on products that people want to buy and discontinue some of the obsolete products and services that do not attract new activity. Competition among financial institutions is as fierce as ever. Gone are the days when being a frontline bank employee meant conducting transactions from behind a teller window, and that was all. Banks have to get over the feeling that they have messaged on a topic too often. The formula is fairly simple: if you do what someone successful does, you'll be successful as well. But Wells Fargo is best in its class. 9. This cross-sell generally triples the profit of the account and forms the basis of most banks’ efforts. Do you conduct online banking through a computer or mobile device? Ask questions That can mean financial benefits, convenience features or any other advantages the customer gains by doing business with you. Yet, many banks do not cross-sell effectively. In today’s competitive market, banks need to develop carefully planned, measured and specialized programs to engage and target customers effectively through cross-selling. Retention makes good dollars and sense. “Quite frankly, it makes those training sessions a whole lot more interesting when you’re talking about something beyond the required bank regulation training that some folks have heard 10 to 15 times,” says Greg Ohlendorf, who is president and CEO of the $150 million-asset community bank. Keep up a steady flow of outreach messages to recipients. Take a look at your website, your brochures and your marketing and see if you are telling enough stories and using enough emotional wording plus visuals in your approach. Here are 10 ways to help your team hone its cross-selling strategies. Our free whitepaper helps you: Want to build a stronger connection between your brand and your customers? I have come to appreciate that selling to banks is one of the most difficult challenges for a Fintech startup. Seek out people with prior sales roles, or at least the right demeanor and skill set to become a good salesperson. Successful selling at retail banks and other financial services institutions has moved from a focus on products and “today’s special offer” to a consultative approach, one where the frontline sales person needs to be skilled in listening, understanding of customer needs, and suggestive selling techniques. When you begin to master how to sell a product online, you give your business a chance to succeed. You can generally sell private label products for a lot more than generic products. This is good cross-sell. You collect customer data for a reason: To understand your customers better, and then use that information to provide the most appropriate assistance, in the form of products, services and offers. Plus, it’s a proven fact that the more connected a customer is to your financial institution, the longer they’re likely to stay with you. 2. ➢ Use your customer data to determine the most logical product/service combinations for your customers. 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