The Big Gamechanger for Differentiation

Last week at big.bright.minds, hosted by Filene at Princeton University, we learned about the facets of behavioral economics and how to be good choice architects for our members and customers.  One of the topics that the presenters covered was hassle factors and how even a small hassle, like having to click to another page on a website, can be enough of a hassle to lose someone in the sales process or keep them from doing something they actually want to do because it is too much of a hassle to proceed with the process.

Why?  Because we are all so busy that we don’t have time to do even the things that are really important to us!

The printer in my home office is a great example.  For some reason the other morning, it decided to stop working immediately after I’d printed a single page document.  I had sent two more to it immediately afterward and yet it sat idle for the rest of the day with the documents in the queue.   I was busy with other projects and deadlines so getting out my manual or consulting the help website for HP was too much of a hassle, so I dealt with not having a printer for an entire day because of this hassle factor. 

This hassle factor changed the way I would normally do things that one day because having to do without was more important to me than spending the time to figure out how to fix it.

Get Honest

What hassle factors are your members or customers facing in doing business with you?  Is your loan application process too cumbersome, or does it take too long to get through the call center to talk to a real person?  Unless you put yourself in the shoes of the consumer and remember that most people can’t afford any extra time caused by hassles, you may be losing actual loans, new accounts, and chances to help people who truly want to be helped but can’t be bothered with anything unexpected. 

I challenge you to take an honest look at your organization from inside out.  Ask your staff members what hassles (big or small) are keeping them from doing their jobs or being more efficient.  Honestly assess what things you can do for your customers or members to make their lives easier. 

At the end of the day, we all want more time.  That would make life easier.  More time to spend with those we love and do our favorite activities, or enjoy an extra few minutes of quiet.  If you can do the work to eliminate hassle factors by streamlining your processes, products, and interactions, you can give people the thing that means most to them…time.  

Amanda

We bring these philosophies to credit unions and community banks all over the country to help them with their strategic planning, marketing, and branding initiatives.  Contact me to learn more about how MarketMatch can help your financial institution define its "why" and achieve sustainable growth in the future.  Don't forget to ask about our ROI Guarantee - the only guarantee of its kind in the entire financial industry!

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What it takes to be Carnac the Magnificent.

As marketers, we are always looking into our crystal ball, reading the tealeaves and flipping the tarots. 

Whatever it takes to be the industry's Carnac the Magnificent.

"Who needs our product?  Who will buy?  What will they buy?  When?"  

As we discussed on August 12, a great deal of focus in the magical, mystical world behind the marketing curtain is spent in segmentation. The scientific and not-quite-so-scientific methods of running human being's through a filter to better manage our time and monitory resources.

Recent blogs have yakked about segmentation from topics like: 8 life stages that you should market to and Mirror Modeling and Birds of a Feather methodologies. These are all great ways to plan for today and the near future. (And they're absolutely brilliant prose!)

But how can you look a bit further out? Elementary, my dear Marketer ... watch the schools.

The 2004 NEA research paper, K–12 Education inThe U.S. Economy: Its Impact on Economic Development,Earnings, and Housing Values, discussed these findings:

"With regard to effects on economic development, one statistical study found that cutting statewide public K–12 expenditures by $1 per $1,000 of state personal income would reduce the state’s personal income by about 0.3 percent in the short run and by 3.2 percent in the long run. They also note that another study found that such a cut would reduce the state’s manufacturing investment in the long run by 0.9 percent and manufacturing employment by 0.4 percent. Similarly, another researcher found that a decline in educational quality, as measured by a 10 percent drop in standardized test scores, would lead to a 2 to 10 percent reduction in home values.They also cite a study that found a 10 percent reduction in school expenditures could yield, in the long run, to a 1 to 2 percent drop in post school annual earnings."

My simplistic, "If-Then" interpretation: When schools are managed poorly and/or necessary levies are routinely voted down - the level of education suffers. When the education suffers - people choose to move other places. When people move other places - so do business. When businesses move - so do jobs ... then the community truly can't afford the levies to fix the schools and the snowball gets bigger.

So, when you're trying to decide where to build a branch, or what region of your footprint should demand your attention, or where the future opportunity is ... of course, look at the current demographics, employment and economy ... but also look at the schools. They hold the key to every city's future.

We bring these marketing philosophies to credit unions and community banks nationwide, and would love to bring them to your institution too. Contact us to see how.

With more than 255,000 visits worldwide, we hope that you enjoy this blog.  If you find it helpful, please share it with your colleagues. Also, check out our YouTube Channel for short video blogs about financial marketing.  

MarketMatch is also a nationally and internationally requested speaker. Contact us to bring our marketing ideas to your next conference.

Here are the conferences where you can find MarketMatch.

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937-426-9848

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The Key Ingredient to Successful Business Development

During my first week here at MarketMatch, I’ve been commuting from Columbus to Englewood (a little over an hour drive) in order to get acclimated to the team and my new role as VP of Client Management.  I wanted to maximize this extra time in the car by listening to an audio book.  My business coach, Dan Stover, recommended a book to me about leadership, and so I spent those hours in the car this week learning about how to be a better leader.

One of the things that stood out to me was a point the author made about passion.  Our body language as we speak about something is the indicator of the amount of passion we have about the subject on which we are speaking.  Passion cannot be faked. 

You can know the ins and outs of a given service – for example, like all of the kinds of checking accounts your financial institution offers and their features.  But, if you don’t bank there and realize the benefits for yourself and really look to see how your credit union or bank is truly helping someone financially, your body language is going to convey something less than passion.  Therefore, the likelihood of making a sale is substantially less. 

How many conferences around the country have sessions for successful business development?  Like, a lot.  But here’s a piece of advice: your biggest asset as a business development person is yourself and the stories you have to tell. 

Even though banking is an errand, we are in the business of emotions.  People aren’t emotional about their loans!  They are emotional about what loans get them: a new car, a bigger house with a backyard for their kids to play in, a dream wedding, or a few extra dollars when ends won’t meet.  These are the stories on which we should be building our product suites, our marketing strategies, and our business development plans. 

Everyone has a story when it comes to their financial picture.  Find the stories.  Therein lies the passion with which you can weave a pitch to a new business client, a meeting with a potential new homeowner, or a potential employer group. 

Amanda

MarketMatch solves business problems for credit unions and banks through marketing by providing FOCUS, generating MOMENTUM, and creating measurable RESULTS.  

Contact me to learn how MarketMatch can help you with your marketing efforts, whether it is through marketing strategy, branding or rebranding, budget planning, and much more.  Learn more about all of our client services by clicking herewww.marketmatch.com/services.

Follow me on Twitter!http://twitter.com/AmandaLThomas

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Happy Trails

Greetings...

I LOVE Spring....have I told you that before?  Spring is the perfect season...its fresh, everything is vibrant, people are excited and, of course, there is baseball!!

Spring also is synonymous with spring cleaning...and that's the point for today.

Happy Trails is the connecting point to spring cleaning.  The path, or trail, you are on may be littered with old plans, unintended obstacles, disengaged staff, new competitors or simply could be overgrown by previous success.

The key is to clear your path to happy trails!   Here are five cornerstones:

1. Re-evaluate your trajectory toward 12/31...are you on pace?
2. Reengage your staff by recommunicating the year-end goals and the current progress
3. Ask for assistance in identifying obstacles that can be seen and ones that can only be felt!
4. Have staff shop your competitors and report their findings
5. Re-double your efforts on streamlining and aligning communication, action, and results

Enjoy your spring...and Happy Trails toward a vibrant summer...the log jam from the past two years of economic turmoil is lifting....be ready!!

Cheers!
Bruce

Think Inside the Box #2

This week, I am meeting with a client in Florida to share our analysis of the MCIF data and review our recommendations for moving the information gained into a knowledge-backed plan!

The key has been helping them see that they have the information they need...but our "filters" based on experience and the expertise we have developed, has opened their eyes to what the knowledge they now have at their disposal to move forward in a very targeted, strategic manner!

Thinking inside the box!

Take a new look at what you have...and then extrapolate that information into tangible cannot-be-ignored knowledge that drives three levels of activities:

1. Organizational level
2. Product level
3. Point-of-purchase front line staff level

Each level in integral to the overall success of your marketing strategy and each level is inter-related to ensuring that the knowledge is moved into action!

in 2011, we are developing a Brown Bag Lunch Series session specifically addressing the "think inside the box" strategy and gives tips and hints into the exact items you need and what questions you should be asking to land at the 'cannot-be-ignored' stage.

Look for more information and the entire 2011 Brown Bag Lunch Series schedule coming out next week.

Cheers!

Bruce Clapp

Map it...

I am beginning a series on helpful strategic planning exercises.

The initial topic... mapping your customers.  We help banks and credit unions all over the country with strategic planning and thoughtful tactical delivery and love doing it!

One of the first questions we ask?  Have you mapped your customers?

Why?

Because typically we learn a lot by seeing neighborhood patterns, location gaps and when we add the layers of "deposit customers", "loan customers", "investment customers", "commercial customers", etc. as different pushpins...we also see visually the opportunity for organic growth!

Its easy...mapping software is available and inexpensive.  And all you need is the address for your customers!  You can get more sophisticated as you go...and we can help!

Cheers!

Bruce

Friday...is it YOUR day?

Greetings!

Today is Friday... I have several sayings that I ALWAYS use on Friday--

• Happy Friday! and, 
• Hey its Friday, it cannot be all bad!

I share these because today is a special Friday...the last one of the month, and it signals also the start to the last month of the 1st quarter.

So...are you where you thought you would be with:

• New deposits? 
• New loans?  
• New customers/members?  
• Retention?
• Overall profitability?

If not...TODAY should be the start to a revisit to your strategic marketing plan and tactics.  Ask yourself:  What is working and why?  What is not working and why?  Who can we better engage to ensure increased success?  What can we do better/faster/stronger tomorrow?

These answers will help you chart a different course starting BEFORE the end of the 1st quarter.  I am sure you have heard of the term "running rate."  When I was at Bank One, that was one of the most important concepts that we tracked.  It has everything to do with where you are today in relation to where you want to be, where you expected to be and what the environment is allowing you to be.  Said succinctly, it means...are you ahead of the 8-ball?

Your running rate should be ramping up....yes, the economy is still shallow.  Yes, the industry has had some regulatory changes recently enacted.  Yes, competition is as hot as ever.  HOWEVER, there are story after story of banks and CUs bucking the trend and making the decision to NOT participate in the recession or downturn. They are simply willing their way through... National Bank and Trust, a community bank in Ohio (and in full disclosure a client) saw their lending increase 40% last year...yes, I said INCREASE.

You CAN make it happen...with the will, energy and perhaps assistance of others.  The 1st step...deciding that you CAN do it!!

Here's to a GREAT Friday...and a Friday that you will look back to and say, that is the day I changed!!

Cheers!

Bruce Clapp

Don’t Plan to Fail in 2010

Avoid the Top 3 Strategic Planning Pitfalls

Not all strategic planning is created equally. The majority of companies find a mere 63 percent of the goals outlined in their strategic plan are achieved each year. Why leave all of that opportunity on the table?

How can you pull the extra level of growth out of your strategic plan? Make strategic planning an ongoing process rather than an annual event combined with a golf outing or Board retreat.

Most companies see goals fail because their strategic planning process lacks three basic components necessary for success.

• A chain of leadership involvement that extends beyond Executive leadership to include those business leaders actually responsible for producing results.

• A defined accountability program to achieve the goal and detailed process for ongoing progress reviews.

• A platform that includes ongoing monitoring and review to take strategic planning from a onetime annual event to an evolving growth process.

Incorporate these three elements into your planning and you’ll achieve more next year. Or, consider successful planning programs like Best Year Yet®, a strategic planning process that achieves significant, measurable and relevant results by generating alignment to move everyone in the same direction. Best Year Yet is a program that changes behavior, culture and performance to deliver success year after year.

Want to find out more about Best Year Yet – email Sharon Lovejoy at slovejoy@marketmatch.com and plan for success in 2010.

Deanna

What's A Nursery Have To Do With Financial Education?

Actually, not much (well, maybe a little).

However, I made my annual spring visit to my local nursery to beautify my property and provide an expensive meal for the marauding deer that wreak havoc on anything I try to plant.  Anytime I buy something at this nursery I am treated to an unrehearsed tutorial on everything I could possibly want to know about the care, feeding and nurturing of the deer food I'm about to plant.  On the drive home I suddenly realized that I get more of an education from my nursery store than I ever received from my bank in the last 20 years.  Something's wrong with that picture.

Considering the financial quagmire we continue to be engulfed by, where many people are afraid of any type of investment, why aren't banks falling over each other to provide free financial education to both retail and business customers and prospects on the merits of prudent financial habits?  Instead of gathering dust after 3:00 pm, why aren't more bank branches teeming with people listening to bankers educating them on everything from commodity products to saving for college, retirement and everything else in between?  Why aren't bank websites, which tend to look like electronic product brochures, carrying more financial education so that people feel like they have some of the necessary information to make sound decisions on where to put their hard-earned money?

It seems like we have been talking about this forever.  But now is the time for more action.  The customer or prospect that we work hard to educate today may just be the long-term customers that we all need to remain viable and prosperous tomorrow.

Nick Vaglio, CFMP

Pondering the Road Ahead - what will change?

Could we finally be seeing a glimmer of light at the end of the tunnel? There are reports of some positive economic indicators. And, economists are suddenly cautiously optimistic, even forecasting a recovery ahead, albeit slow.

When we come out of this morass is a question I'll leave for others. But I do think we as marketers and planners need to spend some time thinking about how the world will have changed in response to this unprecedented financial crisis.

How will what has happened in banking and the economy over the last 18 - 24 months change our industry in the next 10 years?

I'm not talking simply about the regulatory changes we will all have to navigate, but, what has this done to the psyche of our customers?

Ponder the following and share your thoughts so we can paint a picture of what to expect in 2020.

How will the experience of surviving and economic meltdown change how businesses and individuals deal with their finances?

Will customers have new expectations of their financial partners as far as transparency, knowledge, guidance, etc.?

Will this change how customers seek credit? More cautious about
accepting credit? More skepticism about the fine print?

Will customers become more receptive to financial management products?

Is the increased interest in savings products and a rise in the personal savings rate a newly ingrained behavior of the future or is it a temporary reaction?

How will the dramatic crisis of trust in the financial services industry impact our ongoing customer relationships? How can we turn the tide? Are there other industries that have faced a similar break in trust that have overcome it successfully? What did they do?

I'm sure there are other questions to look at to see how the relationship between customers and financial services providers will change. Share them as you think of them.

Now the big question -- how do we incorporate these changes into how we market and what financial services products we offer?

We are looking ahead at MarketMatch, asking questions and realizing that we will be doing business in a changed world. Call me and let's ponder the future together.

Deanna

Quick Branding Exercise

Just getting a chance to go through my notes from the Indiana Bankers Association Mega Conference held in Indianapolis a couple of weeks ago. Came across a great tidbit from Joe Sullivan's presentation on creating brand differentiation.

"Take the seemingly inconsequential things that

differentiate your brand and blow them out of proportion."

Sounds like it could be a fun Friday afternoon branding exercise. Spend a few minutes listing those things big or small that make your bank or credit union different from the ones down the street. Make it fun. Think of all of the quirky things that make you different. Think of the little things that customers comment on, like the dog biscuits in the drive-through.

Look at the list and see what you think could really resonate with customers needs today. Now, determine how to market that differentiation to customers as a benefit and you've created something to give your brand the "Wow" factor in a commodity market.

Enjoy,

Deanna

When Is A 33% Confidence Rating A Good Thing?

Gallup recently released a summary of Americans' confidence in banks. While overall confidence in banks has fallen to 18%, on a more positive note, many Americans have confidence in their primary bank where they conduct most of their banking business, with 33% saying they have "Quite a lot" of confidence in their primary bank.

It's pretty abysmal when the majority of banks have a confidence rating that is lower than the final approval rating of George W. Bush (who had the lowest approval rating in history of any politician who was not indicted for something).  While 33% have expressed "Quite a lot" of confidence in their primary bank, it's the other 67% that should be keeping us up at night.

The greatest casualty in this whole financial debacle has been the loss of trust in financial institutions.  Now, more than ever, banks need to step up their efforts to project a message of safety, soundness and stability.  One of the keys is through financial education, which a lot of banks do not do well.  People are scared--how to pay their mortgage, send their kids to college, and have enough for retirement--and they are being overly protective of their precious few resources.  Banks need to do a much better job of outreach to retail and business customers in an advisory capacity to outline financial options that are in the best interest of the customers.  

This seems to be the ideal path to regaining consumer and business trust one institution at a time that will inevitably begin to raise the status of the financial industry as a whole.

I Think; Therefore I Am...[Not]

The simple meaning of French philosopher, Rene Descartes’ phrase is that if someone is wondering whether or not he exists, that is, in and of itself, proof that he does exist.  However, too many banks and credit unions ignore the inherent value of the voice of the customer (VOC) in their product development and marketing processes.

Consumers want a marketplace that is in direct parallel to their lifestyles, and one that puts them more in control of their buying experiences.  They want to share their personal insights so that companies will be better equipped to respond to their specific needs.  Consumers don’t want assumptions made about their needs and preferences.  They want companies to hear their voice and to make more relevant decisions in their product development.  And their personal preferences are the deciding factor in the choice of products they deem to have relevance to their lifestyles.

Consumers want to be part of the process.  They want to participate in the creation of their products.  They have the power because through technology they already know what many of their options are before they walk into your financial center.

Who do we talk to?

Current customers are the first source of information if the product is aimed at the current market. Potential customers are the primary source of information if the product is aimed at a new market. In addition, talk with competitor’s customers. They provide a good source of information on the strengths of competitor's products and why they don't buy from you.

During customer discussions, it is essential to identify the basic customer needs. Frequently, customers will try to express their needs in terms of HOW the need can be satisfied and not in terms of WHAT the need is. This limits consideration of development alternatives. Development and marketing personnel should ask WHY until they truly understand what the root need is.

Challenge, question and clarify requirements until they make sense. Document situations and circumstances to illustrate customer needs. And then address the priorities related to each need. Not all customer needs are equally important. Use ranking and paired comparisons to aid in prioritizing customer needs. Fundamentally, the objective is to understand how satisfying a particular need influences the purchase decision.

Incorporating the VOC is the key to deepening existing relationships and gaining new ones.  Whether it’s through focus groups, customer advisory boards or surveys, banks and credit unions need to be more proactive in order to stay relevant to their customers.  Consumers are more than willing to share their insights and needs.

As Rene Descartes once said, “Divide each difficulty into as many parts as is feasible and necessary to resolve it.”

Carpe Diem,

Nick Vaglio, CFMP

Making our Own Demand

I travel a lot...and one of the "fringe benefits" is the ability to read the USA Today every day. Lots of info and timely little charts, graphs and stories.

Community banks and credit unions are facing a tough economy but more opportunity than ever! There is "push down" coming from the big banks and creating growth in both deposits and loans. Customer are re-evaluating everything...their bank relationships, their loans, their accounts-- everything! And they are coming to us!

However, the consumer themselves are being very conservative...here is where the USA Today graph comes into play. As you can see from the survey, completed by Harris Interactive, many respondents said credit needs (for the identified items) may not be high on their lists of "to-dos".

The point? We need to create our own demand!

How do we do it?

Work with your best customers. Now is a buyers market and your best customers realize it and more than likely are exercising their ability and capitalizing!

Another area....refinances. Many people bought cars in the past 3 years and you may be able to refinance these loans away from the GMACs, Honda's, etc. as people may be looking to lower payments.

Be aggressive in advertising and marketing. The "noise" in the market is less than it ever has been...so your message can be help X times more than usual. Its time to invest in your bank/CU!

One last idea...small business. Small business is the engine to our economy and many small businesses are both capable of strong growth during this economy and also many are starting, based on displaced executives.

Seek the opportunities. Be creative. Know that you must create the demand.

The industry has been stretched in the past 5 years and the rubber band has snapped back...never again to be the same shape. We MUST be proactive!

Cheers!

Bruce Clapp

Know Your Customer Now -- They've Changed

So, you've done your due diligence and done a big customer research project within the last year or so, right? You know, it was probably when you did a new branding push or were going through a name change. You really honed in on who your customers were and how they felt about your bank.

So, good for you -- you have a clear understanding of what your customers wanted then. What about now?

A great deal has changed in the last 12 to 18 months in the banking industry, so assume a lot has likely changed with your customers too.

The turmoil in the industry has jumped from Wall Street to the front page of the newspapers and landed smack in the middle of Main Street. Customers can't help but be affected by all they are hearing about the banking industry.

Obviously, many now have questions about the safety and security of their funds. Here's a startling fact from a recent customer research project conducted for one of our banking clients. For the first time ever, safety and soundness and reputation of the bank was selected as more important than location and convenience in determining where to bank.

Not only are more customers focused on the safety of their funds, but many have also seen a dramatic shift in their needs. Suddenly the financial landscape has become very scary and customers who once thought they didn't want a lot of guidance or hand holding from their bank may now be looking for a much more involved financial partner. Are your employees positioned to step from product pushing to the role of an advisor and partner?

Your challenge is to find out what has changed with your customers and prospects today so that you know where and how to spend your limited marketing dollars wisely. Leveraging a small portion of your marketing budget to research so that you are really targeting your messages can offer significant payback in ROI.

I also value the touch point that research gives to the customer. Being contacted to provide feedback lets customers know you value their opinions and are working to meet their needs. It also demonstrates you recognize the significant changes that have taken place in the marketplace and want to remain relevant.

So ask yourself, how well do you really know your customers now? Well, maybe its time to become reacquainted.

Has This Recession Seen It's Shadow?

With all due respect to Punxsutawney Phil, that lovable, furry creature charged with predicting the longevity of our winters, it's hard to predict beyond a shadow (pun intended) of a doubt whether seeing this recession's shadow means six weeks, six months or six more years of this mess.  Of course, when Phil is wrong, no one will demand that he live above ground or perform community service.  Not one iota of the vitriol that would be directed at, say, Treasury Secretary Geithner if his forecasts went awry.  Plus, Phil never forgot to pay his income taxes.

There are signs of an early spring in this recession.  While the stock market has been on a bit of a roll, the credit markets, where this whole mess began, is showing signs of a spring awakening:

• Companies with good credit are borrowing more in the bond market.
• Confidence in the banking industry (especially community banks and credit unions) seems to be returning slowly.
• Junk bonds are coming back into vogue (yields are about 16.5 percentage points more than Treasuries, a large premium for risk).
• The market for securities made from bundles of car loans and student loans, a vital source of credit, has started to stabilize.
• Home buyers are seeing some benefits of the credit thaw as interest rates on fixed, 30-year mortgages fell to the lowest levels on record.

I can't see my shadow, can this be over?

 Wait a minute, like they say about the weather in Vermont, if you don't like this economy, wait five minutes.

• Credit markets are still fragile.  Ratings agencies are slashing the credit scores of such bellwether companies as General Electric.
• General Motors bondholders are bracing for a possible bankruptcy filing.
• If unemployment continues to race higher, or the stimulus package fails to take root and the economy enters a deeper period of decline, many of the tentative gains in credit could come undone, analysts say.
• With the idled capacity in the U.S.--workers, factories, retail outlets, freight lines, bank lending--many economists feel that even if the recession miraculously ended tomorrow, it would take at least three years before full employment returned and output rose enough for the economy to operate at peak levels.

Uh-oh, I think I see my shadow.

It is abundantly clear that it is virtually impossible to predict with any degree of certainty what will happen in the stock or credit markets next week.  Forget about predicting next quarter or the quarter after that.  What is clear is that community banks and credit unions need to forget about looking for their shadow and take advantage of the unique opportunity to grow market share as the negative effects of safety and soundness continue to plague the larger financial institutions.

A recent survey of 755 community banks across the U.S. showed that 55% of those banks had dramatically increased deposits, and 40% had increased loan volume since the beginning of the year.  Is your bank or credit union one of them?  Are you still waiting for that definitive answer of when this mess will end so you can then go back to some form of banking normalcy?

No one correctly predicted the breadth and depth of this economic cataclysm.  And if you're waiting for someone to tell you when it's over, you might as well borrow Phil for a few days.  The banks and credit unions that are acting now to make a positive impact with customers, prospects and their communities will be the true winners before, during and after the economic turnaround happens.

What's It Like To Be Our Customer?

What our customers are thinking, and what we think is on their minds are often times two different things. For your small business customers, before you have a meeting or pick up the phone, you should always review the following questions that may either uncover an opportunity or bring to light a festering issue before it becomes a major problem for the customer.

Think of your customers and ask yourself the following questions:

• Is it easy to do business with us? - Perhaps the process of opening new accounts, etc. was created in a vacuum and is onerous for customers providing an unnecessary pain point.

• How do they perceive our customer service? - Your sales and marketing departments may be doing a great job but other areas of the bank may be creating customer service issues. Most customers won't say anything until they're ready to hit the road.

• Are we taking care of their business and personal needs? - Do you have too many single-service customers? If you never ask a business customer about their personal needs they will only think two things--you aren't interested or you just don't care.

• Are we suggesting better or more innovative ways to meet their present and future needs? - Is your bank truly a trusted advisor to your business customers? That's only possible if you demonstrate a willingness to help the customer to achieve their long-term goals through advisory services. It's sometimes about sacrificing short-term sales goals. The more the customer grows their business the more opportunity the bank will have to develop deeper, more profitable relationships.

• Are we asking the right questions to uncover their concerns? - Effectively profiling business customers to gauge their long-term strategies enables the bank, and the banker, to provide valuable strategic financial advice to become a true partner in the success of the business owner.

• If concern areas are outside your scope responsibility, am I alerting the appropriate people so the problem can be addressed and corrected? - Too many times bankers fail to act on customer cues because "it is someone else's responsibility." This is one of the leading causes of customer attrition. It's the banker's responsibility to uncover concern areas, notify responsible parties, act as the conduit for problem resolution and then close the loop back to the customer.

• Are we employing all of the bank's resources for the benefit of the customer? - Has the business customer been introduced to the cash management expert or wealth management professional at the bank to advise on various business and personal issues?

It's human nature that we tend to think that customers will automatically offer their thoughts to us just because we are sitting across the desk from each other. The lesson here is that if you don't ask the right questions you'll never get the answers necessary to advance a relationship or to stop a valuable customer from leaving.

From now on, before you visit or call a customer, ask yourself these questions and see if you can effectively answer them without the input of your customers. You may find that your conversations with your customers will take on a whole different perspective.