Tips from a frustrated bank shopper

Last week we conducted secret shops for a client and their competition as part of our strategic planning process. We walked into nearly 40 financial institution branches in 2 1/2 days.

After doing these shops for clients all over the country, it never ceases to amaze me how horribly wrong things can go with customers who walk into our branches.

Folks who walk in your front door are the hottest of all possible leads. They have made the effort to leave their home and travel to your branch - at that point, they have done all that we should expect of them. Yet, banks and credit unions across the country EXPECT the customer to read brochures to determine what's best for them AND to call back when they are ready to open an account.

Here are a few tips from a guy who's shopped hundreds of banks and credit unions:

• Get 'em talking: By asking some basic questions, you can learn about what the customer wants AND begin to build a rapport. Ask about their families, where they work, where they bank now, why they want the account. With a handful of standard questions, the conversation will flow.
• Listen before you talk: When someone wants information about your checking accounts, they don't mean ALL of your checking accounts. This isn't a test of your front line's product knowledge - they simply want to know which account is best for them. Unless you've hired a group of mind readers, the only way to determine that is to listen to the prospect.
• They came there for a reason: They drove to your branch once - don't make them come back until they're a customer. Ask to open the darn account now!
• Don't give up: If it's not convenient to open the account now, it's our job to follow-up with the customer. Don't expect them to be so dazzled by your brochure that they are compelled to pursue you. Ask politely for their contact information so you can follow-up. If they refuse, provide your business card and tell them the hours your typically there.

A little extra effort can go a long way. Take it from me - most of your competition is simply handing off brochures with no effort at all to begin a relationship or make a sale.

Good luck,

Eric

Nothing Kills a Bad Product Faster Than Good Advertising

"Nothing kills a bad product faster than good advertising."

~ David Ogilvy

Even if you are the entire Marketing Department ... you're not an "Army of one."  

As a Marketing VP, I used to tell my sales staff, "I don't complete your annual evaluations, but you're in MY department."

As marketers, we need to step outside of the organizational chart and take responsibility for staff training ... after all, your sales staff must deliver on the promises that YOU make!

Provide The Right Tools

After completing hundreds of branch shops for clients all around the country, I've learned that the vast majority of financial institution "sales" is literally reading a brochure to the prospect.  Take a good look at the tools that you give your staff to use.

• Are they easy to understand?
• Are they focused on customer benefits?
• Do they speak to customer needs?
• Do they differentiate your institution and your product offerings?
• Do they package the products in ways that will help your staff cross-sell?

Set Service Standards

Customer service is objective.  What one person sees as great customer service, another person may see as average.

Unless we create a set of clear, measurable Service Standards we cannot expect our staff to automatically know how to act.  

The goal is to have the service be the same from branch to branch and from market to market.

• Put the standards in writing and come up with fun and creative ways to display them
• Keep the list short - no more than 10 standards.  Only include the most important aspects of your institution's service
• Do not focus on operational issues.  These are short service standards ... NOT an employee handbook or training manual. 

Make It Fun

Periodic internal sales promotions can work wonders.  Make a game of it.  Creating competition between your branches can help to build a team feeling within each branch.

• Create a traveling trophy that the winning branch can display until the next internal promotion
• Make sure that you focus on bundling products for extra points
• Offer meaningful prizes to standout branches and individuals

We'd love to hear tips on how you train your sales staff, provide the right tools and make it fun! Please reply to this blog and brag about your efforts.

Take care,

Eric