KQ Article

Three must-have ingredients for sales approaches that lead to long-term loyalty.

 

The world has changed, that’s a given. And most banks and credit unions have been quick to respond with modifications to their processes, systems and service. However, fewer have made the necessary changes their selling approaches. At the very least, every financial institution should step back to see how its sales approach supports these three mandatory qualities for establishing long-term customer loyalty:

 

1. Transparency

Sales interactions must include frank discussions about the inner workings of the bank and the potential penalties associated with products or services being discussed, right up front. Consumers will think more of you for sharing this information, because it shows you’re looking out for them. Conversations should also be real and non-scripted. Scripted conversations create invisible barriers between the banker and consumer, and they derail the natural progression of conversations that often reveal the customer’s true needs.

 

2. Choice

Customers and members respond positively to sales situations in which myriad options are placed before them. Choice provides consumers with a sense of control, and it assures them you understand their line of reasoning. Want to build even greater trust? Present the options in writing. Studies show that people perceive written information as somehow more truthful than something mentioned in conversation alone. If you write it out longhand, even better!

 

3. Simplicity

Couldn’t we all use more of this in our lives? In banking, trust erodes when deals are too complex or language is too legal, because it seems like we’re hiding something, which undermines the transparency requirement above. Keep it simple. Keep it clear. And don’t ever change rules midstream without an explanation.

 

These qualities happen to be very similar to the qualities necessary for successful service, because sales and service are now essentially the same thing. If you neglect them in your selling, you might still get the sale — but you have lessened the likelihood of a future one from that customer or member. By giving transparency, choice and simplicity the respect they deserve, you will increase the chances of closing the sale and setting the stage for a longstanding, high-value relationships.

 

_{© 2012 Deluxe Enterprise Operations, Inc.}