Articles
Banks quickly embrace technology that can lower transaction costs and improve customer service but they underutilize its potential as a sales tool says one industry consultant.
Michael Shallanberger, Director of Consulting at Englewood, CO.-based Schneider Sales Management, states less than one bank in a hundred takes full advantage of their existing technology to maximize sales.
"Banks can double or perhaps triple sales performance if they look at their technology system from a sales perspective," says Shallanberger. "Sales personnel need focus, accountability and skill training, and the computer is ideally suited to provide this structure."
Shallanberger offers ten ways banks can use technology to improve sales:
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Design your bank's intranet and underlying database to keep the most important data at your seller's fingertips. Use a 'hot key' or 'one-click' query format to keep frequently used information readily accessible. Keep a detailed product manual and a best-practices sales guide on line.
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Make your MCIF file accessible and easy to use. MCIF files are often out of bounds for sales personnel, not updated frequently or not accepting of non-bank information. The best systems are updated continuously, are appended with home ownership and credit data, and focus on customer retention efforts.
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A database should include a prospect's projected lifetime value or a customer's projected incremental value to help the sales representative spend the appropriate time with each candidate.
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Assign customer portfolios to individual employees and measure the growth and retention of customers against specific goals. Assignments should be based on current profitability and potential for additional business.
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Although selling techniques are readily available, sales representatives need to be coached in the everyday application of these skills. Prepare reports that highlight areas of weakness and provide continuous feedback on employee performance.
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Use technology to stay in touch with sales personnel and managers. Besides utilizing telephone, fax, voice and email, laptop and intranet sites, put all staffing reports in an electronic format for easy access by reps and managers.
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Be cautious in using "off-the-shelf" contact management software. Most are too complex for bank selling and focus on form completion rather than actual sales. A simple database program such as Microsoft Access© can usually be tailored to your bank's needs.
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Do backroom work before the customer is in front of you. Credit applications, new account verifications and other "behind-the-scenes" processing should be automated and activated with the push of one or two buttons leaving more time to focus on the customer.
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Turn your call center into a profit center. Hire a sales manager and produce revenue with in-bound sales, responses to email inquiries and new business applications that come from web sites or service transactions.
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Program your technology to deliver instant, customized sales prompts to tellers, new account officers and call centers reps. At every point of customer contact an instant message pops up to suggest the next logical add-on sale or the most appropriate promotional product.
Shallanberger and Schneider Sales Management President, Jim Schneider, recently introduced SaleSkill Mastery®, the banking industry's first self-study, sales skill certification program which includes many of the above mentioned recommendations.
For a complete text of Shallanberger's article on technology and bank sales, or information on SaleSkill Mastery® contact Schneider Sales Management at 303/221-4511 or Contact Us via the web.
Schneider Sales Management Inc.
5340 S Quebec Street, Suite 265N
Greenwood Village, Colorado 80111
Phone: (303)221-4511
Fax: (303)221-4650
Email: info@schneidersales.com
Copyright 2006, Schneider Sales Management,
Inc.
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