Summer is here so grab the fishing gear and let’s get started reeling in a few new customers! If you are looking to close new business, or if you are looking to help existing customers expand their relationship with your bank or credit union, you need to use the right LURE. Every good fisherman knows that a good LURE makes all the difference between catching something versus going home empty-handed.
Sure, we can continue to present our product features over and over and over again hoping the customer will choose our banking service. However, a better and more productive way would be to use LURE (Listen, Understand, Recommend, and Enjoy Success).
A customer stops into your institution and shows some interest in a new checking account. The first thing most sales reps do is grab a product brochure and begin explaining an endless list of product features. STOP! Don’t do this anymore, use LURE
L-Listen to your customer. Yes, it sounds so simple but many times we don’t listen closely to what a customer is telling us. To listen means the customer should be talking, not us! Although we have many great products and features to present, now is not yet the time to do so. Hold back and listen to what your customer has to say. What are the customer’s true needs? Why do they need this new product or service?
U-Understand the situation. The best way to truly understand the customer’s specific need is to ask a few questions. Think of yourself as a reporter for the local newspaper. What non-intrusive questions can you ask to better understand the customer’s needs? The best place to start is by asking questions about the past. The past has already happened so it is easy for a customer to tell you about his/her past banking needs. Now, move to the present. What has prompted the customer to visit your bank or credit union? Ask questions about expected balances. Will the customer be keeping a low or high balance in the account? How important is it that they be paid interest on the money? Or, might they be looking for a “free” product with no interest? I think you get the idea. Questions are the key to understanding your customer’s needs while at the same time showing genuine interest. This is the starting point for building a great personalized relationship.
R-Recommend a product. OK, now is the right time to recommend a solution that best meets the customer’s needs. Explain the features in a short presentation. Focus on the features that the customer just told you are most important instead of going through every single feature. Don’t forget that by listening and asking questions first before making your recommendation, you may end up recommending products that they did not originally consider. For example, they may have come in looking for a checking account but the recommended solution is a checking AND a money market account. This is the great thing about listening and understanding the need before making a recommendation. You can recommend the right package of products that meets each customer’s individual needs.
E-Enjoy closing the sale. Closing the sale need not be difficult. Since you did all the work upfront by listening to the customer, understanding his/her individual needs and presenting a recommended solution, the natural close is to ask if the recommended product/service makes good sense. Something as simple as, “So how does this sound to you?” The customer will respond with either “Yes, let’s open the account” or they may have a few more questions about the account or service. Answer the final questions and print the paperwork. Wow—that was easy.
What is great about the LURE process is that it takes the stress out of the sale. The customer will enjoy the sales experience and feel like you truly care about them as a customer and a member of the human race. You will also enjoy spending the time HELPING your customer meet their specific financial services needs without a heavy product push. Remember, if you don’t use a LURE, you are making fishing much harder than it has to be. Give LURE a try and let us know how it works for you.