KQ Article

Deluxe helps a credit union increase revenue by focusing on service at the point of sale.

 

Janet Davis, President and CEO of TIC Federal Credit Union (TICFCU) in Columbus, Georgia, has always made it a top priority to create a positive experience for members. Davis understands that such an experience gets created at an emotional level, in the relationship that each member feels exists between himself or herself and the financial institution.

 

Although TICFCU staff had undergone extensive sales and experience training over the years, Davis felt that her employees were not taking full advantage of the customer experience as a means of strengthening member relationships and increasing sales. This suspicion led her to seek alternative training avenues, ultimately enrolling her staff in the workshop on The Sales Experience (see sidebar) provided by Deluxe.

 

By using this unique new learning module, Davis and her team developed an increased sense of confidence in their ability to build relationships with TICFCU members.

 

“I was immediately impressed by the significant research Deluxe had clearly conducted on what consumers are looking for in all industries, not just the financial services sector,” Davis said. “We now have a much better understanding of how the customer experience and our ability to sell are connected, and it has helped us improve both.”

 

The New Approach

We have clearly entered a new era of selling. For all financial institutions, every interaction must now focus squarely on fulfilling the individual customer’s expectations, and not on promoting your offering, at least not initially. The interaction should start by allowing the customer or member to voice his or her needs, which will ultimately — and naturally — lead to a discussion of which products and services are available to meet them.

 

This approach creates better customer experiences, and research shows that better experiences lead to increased loyalty. (For some background on this experience/loyalty connection, check out this great article, The Holy Grail - A Link Between Customer Experience and Loyalty by former Forrester researcher Bruce Temkin.

 

By using The Sales Experience from Deluxe, Janet Davis’s team at TICFCU can now make the most of the customer experience/loyalty connection, by effectively identifying and addressing each member at a deeper and more personalized level.

 

Research from the Deluxe Collaborative confirms that representatives generally encounter one of three different selling situations:

 

1. The “Stated Need”

2. The “Problem Situation”

3. The “Misdiagnosis”

 

The research also reveals that one of four consumer character types typically enters each situation:

 

1. The “Techie”

2. The “Bottom-Liner”

3. The “Patient”

4. The “Game Player”

 

Members of all generations fit into any of these categories in any combination, so service representatives must be able to adapt each interaction one step further, based on other unique characteristics of the person standing before them.

 

With the ability to recognize the selling situation and character type before them, your employees will be well equipped to serve each customer or member as effectively as possible. Jane Davis of TICFCU agrees.

 

“After 16 short hours of training, our people now feel confident in their ability to create a lasting experience and make a connection with each of our members,” she said. “We already had a unique and advanced culture at TICFCU, but this training has definitely taken the customer experience to the next level.” 

 

The Sales Experience can help your financial institution deepen customer relationships in a similar manner. By equipping your employees to focus on the customer experience instead of selling products, the sales will naturally follow.

 

 

The Sales Experience

 A Model for Selling Success

 

The idea is simple. By developing relationships over time instead of focusing on transactional sales, your institution can build deeper accounts and earn more business. The Sales Experience from Deluxe shares a proven method doing precisely that. Your staff will be well equipped to turn service into trust, and trust into revenue.

 

In practice, The Sales Experience follows five steps:

 

1. Approach

2. Discovery

3. Presentation of Solution

4. Easing Concerns

5. Warm Close

 

During training, The Sales Experience module teaches effective ways to support these steps in the full range of potential settings. Module components include:

 

• Pre-work assignments

• 16 hours of training for employees and coaches

• Role playing and video learning

• 4-hour coaching training

• 4 weekly coaching calls following the training

• Series of Sales Huddles

 

The Sales Experience will help your employees improve their listening skills, focus on the wants and needs of the customer, and recommend the best solutions for each situation. These are the essential ingredients for improving account retention and depth, enhancing loyalty and increasing referrals.

 

To learn more about how The Sales Experience can benefit your institution, contact your Deluxe Account Representative, call 1- 888-633-5893, or visit www.deluxe.com

 

_{© 2012 Deluxe Enterprise Operations, Inc.}