Inattention is the primary reason a customer discontinues a banking relationship. Why is it that we spend so much time cultivating prospects to turn them into customers and then ignore opportunities to expand the relationship beyond the initial sale?
Developing a call frequency strategy is critical to proper account maintenance. This strategy should include joint calls with senior management.
On a quarterly basis, take a good look at your client base for cross sell opportunities. A satisfied customer is not only your most important source of advertising – if he is happy and has other requirements, your bank will be given first consideration to offer other products and services. Most people do not like change, so use this to your advantage and keep your customer comfortable by expanding the relationship.
The more products and services the customer is using, the stronger the relationship. Every time your bank introduces a new service, or enhances a product, see your customers.
A happy customer will help you develop more business while an unhappy customer will cost you both time and money. If you develop and maintain a good working relationship with your customers they will be loyal.
If you have done your job and created a satisfied customer, you have earned the right to ask for referrals. Be specific and ask for the name of the customer’s most important vendor, or the name of a colleague in the industry. You have confidence in knowing that you will be able to give them the same excellent service your customer currently enjoys.
John J. Gehegan