2 Word Secret to Front Line Sales … or … 5 Steps to Sales Success

The Moment of Truth

A customer enters your branch … they stop, and scan the lobby, taking note of the décor and atmosphere. They then stride up to an available teller and say…

“I’d like some information on your checking accounts.”

This is the moment of truth!

Nearly every marketing effort ends with your front line staff. Whether it’s a walk-in customer or traffic generated by highly-targeted marketing, your front line staff define the success of your bank or credit union.

At MarketMatch, we’ve shopped, literally, dozens of banks and credit unions from around the country and we’ve seen every possible response to “The Moment of Truth” and I have a theory…

You can study all the psychology, sociology and sales training material available, but front line success comes down to two simple words:

Meaningful Conversation

Your goal, as the marketing professional/trainer/market share acquirer/attrition reducer/cheerleader is to help your front line staff have meaningful conversations and follow 5 simple steps:

1. Ask questions
2. Listen … REALLY listen
3. Hear the hidden financial needs
4. Transition those needs into product recommendations
5. Explain how the product benefits will help the situation

Here are some items to consider:

Tools

Provide your team with easy to complete forms that guide them through meaningful questions about the customer’s family, job, hobbies, other bank accounts, goals for their banking relationship, what do they like/not like about their old accounts, etc. These questions will generate all the meaningful conversation your sales team can handle.

Training

Don’t assume that your team can hear needs and tie them to product. Role-play and provide weekly “Meaningful Conversation” examples. Pick a conversation topic, mach-up some realistic customer quotes, spell out the hidden need and follow-up with products and benefits to address the need.

Programs

Consider programs that will help to focus conversations. I’m a huge fan of a Life Stage approach. Click here for more life stage information.

Experiential Conversation

“I understand that we have an easy to use online banking,” is not as strong as, “I use our online banking and it’s amazing!”

Or what about the power of, “Congratulations on your new baby! When my first child was born…”

There are 3 areas where your staff can share experiential conversations: 1) Personal product use – does your team use your products? 2) Personal experience – what happened in their personal lives that relates to the customer’s story? How did the bank help? 3) Case Histories. Use phrases like, “I once had a customer who went through that, here’s how we helped…” Your team changes lives everyday, share case histories among your staff so each has more stories to tell.

Take care,

Eric

Building a Bridge...

Greetings...

This weekend, I was helping my 17-year old son with a physics project-- building a bridge from toothpicks.

The project is an interesting dilemma...build a bridge to specific dimensions using nothing but regular toothpicks and white Elmer's glue.  The project is worth 50 points for the quarter and the student who's bridge holds the most weight among ALL students earns another 50 bonus points!  One would think that you simply use a ton of glue and hold it all together...that is where you would be incorrect!

The "trick" to the best bridge design is NOT the glue...its the physics of the toothpick placement!  The glue provides stability and flexibility but the true ability to do the heavy weight is the distribution of the weight across the bridge (for us, the organization).

So...there is my connection.

We work with MANY banks and credit unions around the country.  Most that are performing well but others not so well....the difference?  Its not the glue holding the organization together-- its the design of the teams!  The best teams works together and each contributes and takes some of the weight and helps the other teams.  This is one effective bridge design...the "Warren Truss" design.  It will hold and is a fine design.  However, it will not hold the most!

Here is what I mean...each bank and many CUs have a retail group, lending, investment group, and business lending.  If they operate separately-- no matter how much glue is applied to hold them together-- if they are not designed to be one unit with multiple entry points and really work together, then they are destined to fail.  Here is the design that is truly interrelated, "Warren Truss Subdivided" designed bridge...this will hold the most weight and it designed to be integrated and work as one unit.

Remember, glue is important-- as it gives stability and flexibility.  But the best design is one where everyone ACTUALLY works together, supports one another, and is seamless in distributing the work and weight!

Cheers!

Bruce

Have a "Good" Friday

With Easter in 2 days, I thought I would let you know some fun facts about PEEPS Marshmallow Candies...

• In 1953, it took 27 hours to create one PEEPS Marshmallow Chick. Today, thanks to advances in technology, it takes six minutes.
• There are enough PEEPS Marshmallow Candies produced in one year to circle the earth twice.
• In the late 1950's PEEPS wings were "clipped" to give them a sleek, modern look.
• PEEPS Candies have been the #1 non-chocolate brand at Easter for over 20 years.
• Yellow is America's best selling color of PEEPS chicks and bunnies.
• Yellow and white PEEPS chicks and bunnies came first, followed by pink, lavender, blue, green and orange.
• If you had 8,000 PEEPS bunnies, and you stood them in a straight vertical line, you could reach the top of the Sears Tower.

What is your preference? The Chocolate Dipped Marshmallow Chicks? The Chocolate Covered Marshmallow Chicks? The Original Marshmallow Chicks? The Sugar-Free Marshmallow Chicks? The Peepsters? The Marshmallow Bunnies? The Chocolate Mousse Flavored Marshmallow Bunnies? Did you even know there were that many varieties?

Well, whatever your favorite PEEPS is, MarketMatch would like to send Happy Easter wishes your way!

Until we talk again,

Debbi

To the Rescue (A Short Play)

FADE IN

ANY BOARD ROOM IN ANY FINANCIAL INSTITUTION

It was a dark and stormy day when a CEO called an emergency meeting with her management team.

CEO

I'm not going to lie to you ... things are bad. We're losing market share and our attrition is raising through the roof. If only we had someone who could research our competition and determine what they have that we don't...

Management team looks around the room at each other, bewildered. Until a solitary voice speaks up.

MARKETER

I can help.

CEO

... Then craft our product suite to not only compete, but win.

MARKETER

Yep.

CEO

We also need someone who can define what makes us the best choice out there...

MARKETER

Check.

CEO

... And not only communicate it to our customers and public, but help our front line staff to communicate it as well.

MARKETER

I think I know someone.

CEO

And we don't want just any customers. It would be wonderful if we could clone our best customers and attract people just like them.

MARKETER

I have a solution.

CEO

(Sarcastically)

Oh, and I guess this "magical" person can measure our progress and provide an ROI for the efforts too, huh?

MARKETER

You know it ... Now if you all will excuse me ... I have work to do.

OK, your management meetings may not go exactly like this, but the point is that, as marketers, we have great power and enormous responsibilities. We are the scientists and the artists of our institution. We have to communicate eloquently and understand the financial reports.

If you need additional resources or help, check us out.

Tax Day...come and gone!

With the holiday in Washington DC occurring on April 15th...the official day for filing your taxes was yesterday, April 18th.

(for the history buffs out there, April 15th was "Emancipation Day" in DC and in 2005 it was enacted as an official holiday for the District.)

However, "tax day" is really every day!  Sales tax, use tax, gas tax... its all around and an everyday occurrence.

The best solution to minimizing the impact of taxes on your and your business?  Financial planning and, specifically, tax planning.

Today's post is more of a soapbox than anything...so excuse me for my rant.

As bankers, we counsel our clients to use our investment and insurance services...to be in a complete and sound financial position.

Are we also following our own advice?

Here's to all of us enjoying more take home money and a lower tax burden through proper planning and using all available, legal opportunities at our disposal.

Cheers!

Bruce

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

Opening Day...

Its the best time of the year....the closing rounds of March Madness and opening day of baseball!

This past week, I spent the entire week immersed in baseball!  My son plays high school baseball and their team travels to Florida during spring break and plays baseball 24x7!  I love it!

Great trip, great weather...and great baseball.

To my point...  Opening Day!

It's fresh, its new and everyone is newly trained on what to do, how to act and how to interact.  It's perfect!

My question...why cannot it not be that way everyday??

Marty Cohen, founder of Cohen Brown Sales Training had a quote that I loved...for each client, it is ALWAYS opening night!  His point...that the customer's visit might the 1st time ever for their interaction with your bank/CU or it may be their 12th time this week...but it should ALWAYS have that special feeling and focus.

How can YOU make this happen at your bank/CU?

Five steps...

1. Set the stage with the staff so that they KNOW what the expectations are
2. Constantly inspect...let people know that you WILL be checking up on their actions
3. Share insights...on WHY we want to be perfect EVERY time
4. Share highlights...on WHERE it is going great
5. Recover...it is NEVER too late to fix, retrain, move, or mentor...is is ALWAYS a bad idea to wait

Cheers...

Bruce