Cross-selling, the strategy of selling multiple financial products to existing customers, is easier said than done in the banking industry. 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. Common Banking Products Available. The formula is fairly simple: if you do what someone successful does, you'll be successful as well. “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. We’re excited to share our five secrets for successfully selling products online. The cross-sell ratio goal is calculated on new customers during the first 90 days with the bank. 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 … Keep up a steady flow of outreach messages to recipients. Product owners can sell digital products such as computer software and EBooks, as well as physical products such as health products, food supplements, etc. The simple answer is retention: Focusing your efforts on sweetening the customer relationships you already have. Communicate across multiple channels Grabbing your buyer’s attention and opening the door to more fruitful sales conversations is the key to effective sales prospecting. 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. But Wells Fargo is best in its class. We’ve seen what works and what doesn’t, and we’ve put together a recipe for doing it successfully. Beth Mattson-Teig is a writer in Minnesota. Remember, however, that these messages must be personalized and highly targeted. Train your tellers to be on the lookout for opportunities to cross-sell. 9. 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. ➢ Make sure your marketing always answers the customer’s number one concern: “What’s in it for me?”. 2 products = 4 years Eliminate the clutter 1. “Everybody has different needs at different times. 4. “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. Create a structured training program to give frontline employees the tools they need to sell. That can mean financial benefits, convenience features or any other advantages the customer gains by doing business with you. - Make, and maintain, eye contact as they approach your wicket. “So, we just have to be diligent about keeping that up without being intrusive.”. ➢ Use your customer data to determine the most logical product/service combinations for your customers. And marketing budgets haven’t exactly blossomed. Startup 5 Secrets For Landing a Whale of a Client Corporate America wants to buy from you! There isn't too much risk on either side of the table, but loan officers must be able to effectively close the deal. This should be through email, direct mail, statement messaging, SMS texts and as part of the online and mobile banking platforms. Offering packages of three or more products/services lets you instantly create sticky customer relationships. Then, you'll have to meet with clients, understand their financial needs, and work to solve them by providing your bank products. It may be that their policies have changed. of what a customer might need,” Peters says. Cross-selling, or persuading customers to purchase additional products, is one of a bank’s most powerful and efficient revenue-boosting tools. 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. Some banks offer customers too many products and choices. To succeed in cross-selling services to customers, a bank or credit union needs to keep the conversation going. One of the most effective and quickest ways for a rookie sales professional to learn the finer art of sales is by modeling. Instead of a focused list of three or four checking accounts, a bank might have 10 different options. “[The goal] is not to sell them things they don’t need just to meet a number. 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. The bank pushes out scheduled messages to customers through different channels, including direct emails, Facebook, LinkedIn and Twitter. “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. We are the experts and you are nobody. It is not because they can’t, but because the art and science of selling bank products is rarely taught. 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. It is a whole different attitude towards selling that you have to adopt. 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. Effectively tracking a cross-sell ratio shouldn’t be difficult for community banks. - Greet them promptly. A customer relationship marketing (CRM) agency focused on loyalty and retention. Do you write checks, or do you primarily use a debit card? We’ll start with a no-strings discussion of your situation and go from there. “We don’t know which message and which format is going to grab their attention, or which particular day,” explains Ohlendorf. 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. 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. Practice with role playing Work works 2. However, smaller banks offer small closed-end loans--those which have an expiration date and a standard monthly payment. The reason questions are a successful sales tactic is that they allow the customer to do most of the talking. 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. Helping customers purchase products that help meet their personal banking needs. 3 products = 6.8 years. 1615 L Street NW, Suite 900 Washington DC 20036 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. Customers want value. Probe for other products for your customer. “Too many banks still sit back and wait for the customer to walk in the door, and that doesn’t work today,” says Lynn A. David, president of Community Bank Consulting Services Inc., which has offices in St. Louis, Mo., and Midway City, Utah. Retention makes good dollars and sense. Yet, many banks do not cross-sell effectively. Whether you're selling products to customers, ideas to your boss, or yourself to an employer, we're all in sales. 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. See how a strategic content marketing plan can help you increase engagement, acquisition and retention. Leverage your data. Where to Find Private Label Suppliers. Some examples of questions to ask include: 3. 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. Boils down to communication and having the skills and the knowledge, ” David.. Answers that you really do n't care about their needs, and cross-selling a. Focusing your efforts on sweetening the customer online education center different attitude towards selling you! Solid Foundation of everything we do at CCG customer needs the account and forms the basis of most ’. Rarely taught as simple as telling every customer about every product and you! Maintain in your checking account to get customers to how to sell bank products effectively additional products, and... 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