Idea Transcript
The Deluxe Knowledge Quarterly™ KQ2 2010
A P U B L I C AT I O N FOR
FINANCIAL
PROFESSIONALS
EFFECTIVE SALES ST R AT EG I E S
TABLE OF CONTENTS
COLUMNS & DEPARTMENTS
1
Viewpoint
FEATURED ARTICLES
2
by Tom Morefield 5
Experience Matters
6
Win the Sale — And a Customer 8
Peering In
The Learning Curve
Embracing the Discovery by Mark McCarthy 11
Questioning Our Approach
by Stephan Schiffman 12
Experience Sells 10
Cross-Sell? Cross-Service!
by Grant Cardone
Break Through Now
by Roxanne Emmerich 14
Story Selling
by Will Marré
Collaborative
Overcoming the Trust/Selling Paradox 16
Stance
Communicating Your Good Deeds by Martie Woods 17
Read, rate and comment on all of these articles online!
Visit DeluxeKnowledgeExchange.com/KQ
Events & Resources
Putting It Into Practice Here are just a few of the inspirational ideas you’ll find in this issue of The Deluxe Knowledge Quarterly.™ Try them at your institution — and see a real difference. — The Deluxe Knowledge Exchange Team
Upsell through stellar service
Approach interactions with existing customers as opportunities to serve, not to sell. Cross-Sell? Cross-Service! Question the status quo
Want to abandon the reactive, ineffective sales techniques of old? Become an expert at asking questions. Questioning Our Approach See more clearly
Capitalize on today’s opportunities by avoiding five common sales myths for financial institutions. Break Through Now Tap into the power of story
In life or at work, stories have a magical way of connecting people and strengthening trust. Story Selling Say it loud, but not too proud
Tactfully sharing your benevolent acts with the marketplace will benefit both your business and the world at large. Communicating Your Good Deeds
VIEWPOINT
The Power of Exceeding Expectations
DELUXEKNOWLEDGEEXCHANGE.COM
To learn more about everything available to you as a member of The Deluxe Knowledge Exchange,SM visit us on the Web. You’ll find: s Schedules of upcoming events s Registration for Web seminars and expos s Recordings of past events s The Knowledge Center
We recently completed another Collaborative — our process for studying the issues you face. During its research phase, I watched a young woman inquire about a checking account. The banker launched into a monologue of the bank’s entire checking line, completely disregarding the customer’s specific needs. Her enthusiasm waned and she retreated into her chair. Post-monologue, we asked her about the experience. Her expression went from annoyance to sympathy before she replied, “Well, I understand they have to act that way.” Concerning? Yes, but the bright side is that even a small improvement in the customer
s 4HE $ELUXE +NOWLEDGE 1UARTERLY viewable online and as a PDF download
experience will make a big difference in the marketplace.
s Information about The Deluxe Knowledge Quarterly thought leaders
Here’s a story on the other end of the spectrum. A few years back,
s Registration for others in your financial institution to join The Deluxe Knowledge Exchange Series
over a year before. I brought it back to the store, just to see what
s Nine training modules for your team and your budget
I noticed some frayed stitching on a suit I bought from Nordstrom could be done. Without pause, they explained that they no longer carry the suit
The Deluxe Knowledge Quarterly is exclusively available to Deluxe customers.
because of this very problem, and told me to go pick out another
The views expressed in the articles of this publication are not necessarily those of Deluxe Financial Services. Contributing authors may have consulting or business relationships with the companies they discuss.
suit and a loyalty to Nordstrom that remains strong to this day.
© 2010 Deluxe Enterprise Operations, Inc. All Rights Reserved.
one, free of charge. That day, five years ago, I left with a brand-new
My first reaction was, “How can they afford to do this?” Now, I wonder how they can afford not to. This action cost the retailer money in the short term, but those expenses have been more than offset by my repeat business — not to mention the business from others who have heard my story. These stories don’t always have to be about the other guy. You can be like this. Something that seems like a sacrifice today might be the very thing that results in a loyal, profitable customer. This is a good story. It is also good business sense. As Roxanne Emmerich points out on page 13, sales is a system that relies on proper inputs, such as balancing short- and long-term objectives. With the proper inputs, you will get the desired results.
Tom Morefield President, Deluxe Financial Services
The Deluxe Knowledge Quarterly | KQ2 2010
1
CROSS
S E R V I C E!
2
SELL? CROSS
by Grant Cardone
Banks and credit unions spend a great deal of
Grant Cardone is an international
time fretting over how to sell new products and
speaker and author. His programs have
services to their existing client base. But few
sales consultant, trainer, motivational
positively affected hundreds of thousands of people and organizations worldwide. He is a regular contributor on Fox and Fox & Friends, in addition to being an
make the transition necessary to do so. More than any other time in history, it is now essential for every financial institution to go deeper into existing customer and member accounts, in order to successfully sell additional services that are
established writer for Business Week and The Huffington Post. Cardone’s work has also been covered by CNBC, CNN, The Wall Street Journal and more than 700 radio shows nationwide. He is the author of three widely read books on sales: Sell To Survive (2008), The Closer’s Survival Guide (2009), and If You’re Not First, You’re Last (2010). © 2010 Grant Cardone. All Rights Reserved.
of equal benefit to both the consumers and the financial institution. Huge amounts of time, energy and money have been dedicated to customer relationship management (CRM) tools, referral tracking, profitability analytics, activity management systems, information support systems and direct mail campaigns. Despite all of this fancy technology, many banks and credit unions have failed to cross-sell in a consistent manner. Is this because traditional sales approaches no longer suffice? Is it due to the fact that the individuals discussing products and services are not properly motivated? Opportunities missed
From personal experience, I can tell you that most financial institutions do not attempt the crosssale in a way that ensures the best chance of positive results. For example, I have relationships with at least ten national and regional banks to support my businesses in Orlando, Houston, San Diego, Tucson and Los Angeles. Each of these banks has access to my personal and business deposits, but not a single one of these institutions has ever attempted to cross-sell me on any of their other products and services. Hard to believe, isn’t it? Don’t be surprised if your employees, even your managers and executives, are not fully capitalizing on these opportunities to increase your profits — and most importantly, to improve customer satisfaction and loyalty.
The Deluxe Knowledge Quarterly | KQ2 2010
3
Strategies for deepening relationships with your existing customers and members.
What is the best way to address
in a way other than what
this endemic shortcoming in
was intended. The best way
selling to service. Don’t ask,
the sales process? The first
to remove such chances for
“What can I possibly sell this
2. Shift your thinking from
step is to reorganize how your
misinterpretation rests in
person?” Rather, ask “How
staff thinks about selling.
changing our attitudes toward
can what we offer benefit this
Specifically, each interaction
every cross-selling opportunity
person even more?”
must be motivated by a
that arises. You must see it as
greater focus on enhancing
a chance to help the customer
service, and less of a focus on
even more, not merely sell
accomplishing a sale.
more stuff.
As stated elsewhere in this
Steps to better cross-selling
your products and services,
publication, most banking
In my book Sell to Survive, I
your salespeople must clearly
professionals cringe at using
spent a majority of the pages
understand — and believe in
“sales” to describe, well, their
citing example after example
— those benefits themselves.
selling processes. To address
of why selling is critical to the
this distaste for the term,
survival of all individuals and
financial institutions call their
all businesses. “Selling is not
sales representatives tellers,
a job for some, but as vital to
clerks, bankers, specialists,
your survival as food, water or
advisors, vice presidents —
oxygen,” I write.
everything but the salespeople they are. Culture at large doesn’t hold selling in much higher regard. It is my belief that many banks and credit unions fall short on their cross-selling potential for a simple reason: they’re focusing on selling
4. Adopt metrics to validate the effectiveness of service-based selling. The numbers don’t lie, so you should implement processes and programs to measure the positive results of your cultural selling
but rather a ‘why to sell’ book.
change. These positive metrics
If you don’t get the intentions of your people straightened out, all programs, initiatives and investments to sell more
have a snowball effect that encourages other salespeople to change their approach accordingly.
products and services will fall
By embracing this service-
short of your expectations.
based approach to cross-selling
be paying attention to how
more effective cross-selling at
other products and services
your bank or credit union:
on what they’re telling you.
Before they can authentically
This was not a ‘how to sell’ book,
Follow these steps to promote
customer or member, based
of your products and services. communicate the benefits of
mechanics when they should
you offer might benefit the
3. Sell your staff on the merits
1. Survey what selling means
at your bank or credit union, you’ll likely find more of your staff willing to do what it takes to spur sales — and bottomline growth.
to your organization. Does your culture treat sales
Because the sales process
purely as a self-centered
comes with so many negative
pursuit, or one that also will
associations, every action
benefit your customers and
taken risks being interpreted
members equally?
What did you think of this article? Share your thoughts by joining the online discussion at: DeluxeKnowledgeExchange.com/KQ210Cardone
4
KQ2 2010 | The Deluxe Knowledge Quarterly
EXPERIENCE MATTERS
WIN THE SALE – AND A CUSTOMER Three must-have ingredients for sales approaches that lead to long-term loyalty.
The world has changed, that’s a given. And most banks and
These qualities happen to be very similar to the qualities
credit unions have been quick to respond with modifications to
necessary for successful service, because sales and service are
their processes, systems and service. However, fewer have made
now essentially the same thing. If you neglect them in your
the necessary changes to their selling approaches. At the very
selling, you might still get the sale — but you have lessened
least, every financial institution should step back to see how its
the likelihood of a future one from that customer or member.
sales approach supports these three mandatory qualities for
By giving transparency, choice and simplicity the respect they
establishing long-term customer loyalty:
deserve, you will increase the chances of closing the sale and
1. TRANSPARENCY
setting the stage for longstanding, high-value relationships.
Sales interactions must include frank discussions about the inner workings of the bank and the potential penalties associated with products or services being discussed, right up front. Consumers will think more of you for sharing this information, because it shows you’re looking out for them. Conversations should also be real and non-scripted. Scripted conversations create invisible barriers between the banker and consumer, and they derail the natural progression of conversations that often reveal the customer’s true needs. 2. CHOICE
Customers and members respond positively to sales situations in which myriad options are placed before them. Choice provides consumers with a sense of control, and it assures them you understand their line of reasoning. Want to build even greater trust? Present the options in writing. Studies show that people perceive written information as somehow more truthful than something mentioned in conversation alone. If you write it out longhand, even better!
In addition to service,
3. SIMPLICITY
rapid change in the
Couldn’t we all use more of this in our lives? In banking, trust erodes when deals are too complex or language is too legal,
banking industry
because it seems like we’re hiding something, which undermines
dramatically impacts
the transparency requirement above. Keep it simple. Keep it clear.
how you must sell.
And don’t ever change rules midstream without an explanation.
Our Point of View 1. Experiences should be rooted in your story. 2. Experiences should explore and celebrate customer values. 3. Experiences should be purposeful and inspire the heart. 4. Experiences must be meaningfully measured. 5. Experiences live or die by stewardship. The Deluxe Knowledge Quarterly | KQ2 2010
5
Questioning our approach < assume less
by Stephan Schiffman
It has been 40 years since we first walked on the moon, and 30 since disco’s death. The Internet is now more than a decade old. Yet financial institutions have been selling exactly the same way for the past 100 years. They’re being reactive rather than proactive.
listen more >
Why should that be? Why should this dinosaur of a sales problem still be clomping around banking? In the 40 years that I’ve been training salespeople, I’ve asked this question any number of < serve more
times and always received the same answer: because no one got into banking to become a salesperson. It’s almost as if people in this industry think the term somehow cheapens them. Yes, “sell” is a four-letter word, but it is how the world works. You buy, I sell. I sell, you buy. The markets prosper. So let’s get back to basics:
say less >
What is selling? And how can bankers do it better? Ask, solve
Many perceive selling as some kind of a con game,
< ask more
full of fast-talking swindlers convincing people to buy products regardless of < stop reacting
whether they need them. Not so. People buy because they think the purchase will help them do something < start solving
6
better than they are doing
KQ2 2010 | The Deluxe Knowledge Quarterly
Want to abandon the reactive, ineffective sales techniques of old? Become an expert at asking questions.
now. Salespeople are problem-
Each reason above begs a
If you depend on prospects to
Stephan Schiffman has been a leader in
solvers. Their job is to figure
different conversation and leads
volunteer information about
motivational and sales training since 1979.
out a customer problem and
to a different sales opportunity.
why they need your help,
He is a Certified Management Consultant,
prepare for awkward silence.
and has trained and consulted for a wide
It is your job to take the lead,
range of corporations including IBM,
get proactive and identify
AT&T, Motorola, Sprint and CIGNA.
the problem. Sometimes
His training has impacted more than
the answer will be dramatic.
500,000 professionals in more than 9,000
Maybe the company’s current
organizations, and millions more have
bank committed a significant
read his best-selling books internationally.
show them how to resolve it.
Years ago my daughter visited
How does that apply to the
a community bank and
financial services industry?
said she wanted a checking
Let’s imagine that a customer
account. The banker opened
or member comes into your
the account for her without
branch to open a checking
asking anything. When my
account. The patron sits
daughter told me what she
opposite you and says she
did, I asked her why. “To save
needs a checking account.
money,” she replied. Everyone
She’s trusting you with her
knows that a checking account
money, an extraordinary act
is for spending money, not
of confidence.
saving it. By simply honoring
A bank manager once tried
range of sales environments and industries.
my daughter’s request with no
to get my business by asking
He has been rated the number-one sales
questions asked, this bank did
what my bank had missed
expert in prospecting by Personal Selling
her a disservice. I urged her
over the past year. There was
Power magazine.
to take her money elsewhere.
nothing significant to report,
Now is the time to ask questions. “What brought you into the bank today?” might be a starter, or “Why did you choose this bank or
So again, good selling
credit union?” You also must
means asking good questions.
ask what she wants to do with
This is a basic selling
money going into that account.
technique, but also one that
Too many times, banking
is routinely neglected.
representatives assume that
Learning to lead discussions
since the customer came in to
All financial institutions send
open the checking account,
managers out into the field to
this is what she really — and
drum up new customers. Such
only — wants. But if we ask
meetings sound something like
questions, we might better
this example with a prospective
identify and address this
small business customer:
person’s real need. Here are some possible reasons why someone might visit you to open a checking account: “I just moved here.” “I just opened a business.” “I want to start saving money.” “I am opening an account for my grandson.”
Salesperson: Anything that
I can help you with today?
error. But more often, the reason will be buried and will require your skills to bring it into the light. With questions.
but I felt obligated to say something. I finally told him that my bank calendar hadn’t
SteveSchiffman.com 212 836 4719 © 2010 Stephan Schiffman. All Rights Reserved.
nice gesture, but he didn’t get my business. His questions didn’t go deep enough, getting at the real reasons for my banking relationship — and the potential reasons why another institution might serve me better. Change is difficult for people, the intimate relationship we
than you think.
that are easily integrated into a broad
sent me a calendar. It was a
particularly when it comes to
Unbelievable? Happens more
programs, based on actual sales experiences,
The next day, the representative
of anything.
Client: Well, if that’s all…
pragmatic sales training and management
arrived yet.
Client: Uh, nope, can’t think
[Long pause]
Schiffman is renowned for developing
have with our bank or credit union. The status quo is a big obstacle to overcome. But overcome it we can if we start asking questions.
What did you think of this article? Share your thoughts by joining the online discussion at: DeluxeKnowledgeExchange.com/KQ210Schiffman
The Deluxe Knowledge Quarterly | KQ2 2010
7
EXPERIENCE SELLS
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
an increased sense of
undergone extensive sales
confidence in their ability
and experience training over
to build relationships with
the years, Davis felt that her
TICFCU members.
employees were not taking full advantage of the customer experience as a means of strengthening member relationships and increasing sales. This suspicion led her
“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
by allowing the customer or
ExperienceMatters.WordPress.
sector,” Davis said. “We
member to voice his or her
com/2008/03/25/the-holy-
now have a much better
needs, which will ultimately
grail-a-link-between-customer-
understanding of how
— and naturally — lead to a
experience-and-loyalty).
the customer experience
discussion of which products
and our ability to sell are
and services are available to
By using this unique new
connected, and it has
meet them.
learning module, Davis and
helped us improve both.”
to seek alternative training avenues, ultimately enrolling her staff in the workshop on The Sales Experience (see sidebar) provided by Deluxe.
her team developed
By using The Sales Experience from Deluxe, Janet Davis’s team at TICFCU can now
This approach creates better
make the most of the
customer experiences, and
customer experience/loyalty
We have clearly entered a new
research shows that better
connection, by effectively
era of selling. For all financial
experiences lead to increased
identifying and addressing
institutions, every interaction
loyalty. (For some background
each member at a deeper and
must now focus squarely
on this experience/loyalty
more personalized level.
on fulfilling the individual
connection, check out a great
customer’s expectations,
article by former Forrester
and not on promoting your
researcher Bruce Temkin at
The new approach
offering, at least not initially.
Research from the Deluxe Collaborative confirms that representatives generally
The interaction should start
8
KQ2 2010 | The Deluxe Knowledge Quarterly
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
encounter one of three
“After 16 short hours of
2. Discovery
different selling situations
training, our people now feel
(see page 11 for details):
confident in their ability to
3. Presentation of Solution
create a lasting experience
4. Easing Concerns
1. “The Stated Need” 2. “The Problem Situation” 3. “The Misdiagnosis”
and make a connection with each of our members,” she said. “We already had a
5. Warm Close During training, The Sales Experience module teaches effective ways to support these steps in the full range of potential
The research also reveals
unique and advanced culture
that one of four consumer
at TICFCU, but this training
character types typically
has definitely taken the
enters each situation (visit
customer experience to the
s HOURS OF TRAINING FOR EMPLOYEES AND COACHES
DeluxeKnowledgeExchange.
next level.”
s 2OLE PLAYING AND VIDEO LEARNING
The Sales Experience
s HOUR COACHING TRAINING
can help your financial
s WEEKLY COACHING CALLS FOLLOWING THE TRAINING
com/KQ4Collab for a detailed description of these character types):
institution deepen customer
1. “The Techie”
relationships in a similar
2. “The Bottom-Liner”
manner. By equipping your
3. “The Patient”
employees to focus on the
4. “The Game Player”
customer experience instead
Members of all generations fit into any of these categories in
of selling products, the sales
settings. Module components include: s 0RE WORK ASSIGNMENTS
s 3ERIES OF 3ALES (UDDLES 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.
will naturally follow.
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. Janet Davis of TICFCU agrees.
To learn more about how The Sales Experience can benefit your institution, contact your Deluxe Account Representative, call 1 888 633 5893, or visit: DeluxeKnowledgeExchange.com/KQ210Peering.com
The Deluxe Knowledge Quarterly | KQ2 2010
9
4(% ,%!2.).' #526%
EMBRACING THE DISCOVERY "EFORE LAUNCHING INTO SELLING MODE YOUR FRONT LINE STAFF must be trained to support consumers’ need to learn.
We all know the importance of tailoring our communication to a customer in the buying mode. It is less clear how our messaging needs to be tailored when someone simply wants to learn more. Banking customers are now spending far more time in the learning mode.
Preface the questions with some answers
Today, each front-line banker must learn more about every customer’s specific needs before any notion of selling can be entertained. This means that more questions must get asked, in order to get at why this person visited your branch on this particular day. However, it is also essential that your staff be transparent as to why they’re being so nosy. I wholeheartedly agree with Stephan
They have a high appetite for discovery in
Schiffman’s argument that asking good questions is essential
their search to feel the sense of trust that used
to successful selling today (see page 6). But I’d like to build on
to happen naturally. While your employees
his idea to stress that we must preface even the best questions with clear reasons for why we’re asking them.
are talking products, customers might still
Here’s a good place to start.
be asking themselves, “Is this the right bank
Almost universally, people value two things: getting good help
for me?”
and making the most of their time. So why not address these
This new mindset creates new responsibilities
values directly? “I want to be as helpful as I can and respect your time, so I’ll ask three
for trainers. Specifically, we must help our
quick questions to start.”
staff recognize that the increased consumer
Another variation might emphasize personal credibility instead:
need for discovery requires them to conduct more discovery of their own.
“I have three questions I like to ask every small business owner for starters, which I’m told makes the discussion much more helpful.” Such prefaces to questions create a win-win-win scenario for employees, customers and your institution. The staff member is more effective at his or her job. Consumers feel better about their decision to bank with you. And your bank or credit union is on its way to earning another profitable, loyal customer. Let the training begin.
Mark McCarthy brings more than 20 years of sales leadership and training experience to his role as Director of Sales Competency and Training for Deluxe Corporation. His learning and development initiatives have reached more than 2,000 Deluxe employees. Follow Mark on Twitter at GrowTheBusiness. To gain additional insight on your customers and members, read the KQ409 article on consumer character types at: DeluxeKnowledgeExchange.com/KQ4Collab
10
KQ2 2010 | The Deluxe Knowledge Quarterly
#/,,!"/2!4)6%
Overcoming
the Trust / Selling Paradox
It turns out that the more we use proven sales techniques, the more we erode trust and loyalty. Front-line employees routinely find themselves in situations that require persuasiveness in one way or another, whether it involves selling a product or resolving a problem. Wouldn’t skills in persuasion and influence be useful in these situations? Collaborative field research has revealed that many front-line employees are ill prepared in these areas, so they default to the traditional selling approaches to get them through. While these old approaches still result in sales, they leave the customer feeling disregarded and skeptical of the bank or banker’s competence, eroding trust. Three influencing and selling situations
Some bankers do an excellent job of selling and building trust simultaneously, accomplished based on the situation at hand. Here are three common influencing situations identified in our research. In each situation, the customers’ behavior tells the banker which situation is transpiring, which in turn positions the banker to appropriately respond. 1.“The Stated Need” In this situation, a customer walks in or phones the branch with a clear need in mind and an idea of how it should be addressed. The banker’s objective is to move the customer from a narrow, singular focus to a more conceptual view of the need at hand. This allows the banker to meet the immediate need and open the door to discussing other needs, building a more trusting and profitable long-term relationship. 2.“The Problem Situation” In this situation, the customer’s need is sparked by a problem with an existing account or an action taken by the customer or bank. The banker must make the customer feel whole again, by immediately focusing on a problem’s resolution by seeking to understand it, offering options and co-creating a solution alongside the customer. 3.“The Misdiagnosis” Like the Stated Need, this situation starts with an account holder contacting the branch with a need and an idea of how to address it. But in this situation, the banker immediately recognizes that the customer’s need would be better met with a different solution. The banker’s objective is to move account holders away from what they say they want, and toward the different solution that is actually required. While these situations do not discount product knowledge and financial acumen, they do shift the emphasis to understanding the account holder’s needs. Each begins with the account holder talking and the banker listening.
Learn more about the three common influencing situations at: DeluxeKnowledgeExchange.com/KQ210CollabWeb
The Deluxe Knowledge Quarterly | KQ2 2010
by Roxanne Emmerich
Overcome five myths to capitalize on today’s banking opportunities. It has been decades, and it is still happening. A distinct sales culture remains absent from many banks and credit unions. Today, some have shelved selling concerns due to more pressing priorities, while others are focusing elsewhere because they think they’ve got sales figured out. In truth, right now presents a golden opportunity for your institution to make the next big sales breakthrough. Here’s why. First, many of your competitors are standing still. They are consumed with asset quality or other matters, hitting the pause button on improving their sales processes. This is like saying that because you’re so busy, you are going to either brush your teeth or brush your hair in the morning, but not both. For argument’s sake, let’s assume your asset quality isn’t perfect. Is this not all the more reason to bring on some high-profit accounts and pull in substantial low-cost deposits and high-margin, high-quality loans? Sales have a tendency to improve asset quality. Second, money is on the run. Troubled banks and credit unions are losing good customers. These are all potential sales for you. The opportunity is clear, you say. But it is less clear how to capitalize on it. Some invisible barrier seems to be holding you back. The truth is, there is no invisible barrier. There are five. These take the form of the following common industry myths regarding sales.
12
KQ2 2010 | The Deluxe Knowledge Quarterly
Myth #1: “Our people are already highly skilled at selling.”
Many banking salespeople spend an inordinate amount of their time quoting rates. However, most aren’t even properly trained to effectively relieve the consumer preoccupation with rates as the end-all-be-all selection criterion. What if your staff instinctively countered rate concerns with questions such as, “Are you looking for the best rate or the best overall value? May I ask a few questions to identify the service that will best meet your needs and cost you the least over the long term?” Myth #2: “Our culture is ‘good enough.’”
Maybe so, but I’ll bet it could be better. Culture is the leading predictor of future growth and profitability. If you’re average among your peers, Gallup says you’re losing at least one out of every three payroll dollars due to disengaged employees. Every financial institution must continually strive to keep its staff involved, excited and energetic about what they do.
suited. Most institutions still rely on antiquated personality testing that asks personnel to assess themselves, in order to determine where they will best contribute. However, people tend to lack the selfawareness required to accurately self-assess, which consequently makes personality tests unreliable.
often disengages banking employees, because they don’t like to think of themselves as being in sales. Many financial institutions either have no sales training whatsoever, or they use old-school approaches that train people to be peddlers. Both options are bad for your people, and even worse for your customers.
Roxanne Emmerich, CEO and President
By doing some rudimentary emotional intelligence testing and running the results against the benchmarks of the financial services industry, one Texas bank reduced its head count through attrition by 30 percent. It’s amazing what happens when you get those with a sales aptitude out of operations and into sales. And vice versa.
There are enlightened training approaches capable of doubling or even tripling your cross-sales while getting clients to rave about you. These involve not only coaching employees to deliver better service, but to also apply expert questioning techniques and develop an in-depth understanding of your products and services. Such skills will allow your people to get to the heart of each client’s needs and confidently identify solutions. This is where the real value gets added.
God It’s Monday!
Myth #4: “Sales is an art.”
Sales is a system. Accounting is a system. Processing a loan is a system. So is hiring. If you figure out what really works in everything from sales meetings and sales calls to rate inquiries, warming campaigns, and targeting high-profit accounts, all you have to do is get the system to comply, and voila! Sales go up.
Myth #3: “Emotional
Myth #5: “Sales training
intelligence is no big deal.”
works.”
Like businesses in every industry, many banks and credit unions have some people performing roles for which they are not ideally
Yes, but only with the corresponding cultural transformation that is required to support the new sales skills. As stated in other articles in this magazine, sales training
of The Emmerich Group, has helped more than half of the country’s top-performing financial institutions maintain their leadership through the one-day Kick-Butt Kick-Off™ cultural transformation process and performance breakthrough system. She is the founder and editor of Extraordinary Banker magazine and is a New York Times bestselling author of Profit-Growth Banking, Profit-Rich Sales and Thank
EmmerichFinancial.com © 2010 Roxanne Emmerich. All Rights Reserved.
Now is the time to capitalize on the new opportunities created by the new financial services marketplace. But you must first address the common myths that tend to hold banks and credit unions back. Get those behind you, and your next big selling breakthrough might await.
What did you think of this article? Share your thoughts by joining the online discussion at: DeluxeKnowledgeExchange.com/KQ210Emmerich
The Deluxe Knowledge Quarterly | KQ2 2010
13
by Will Marré
When I was a young father, I made up bedtime stories that transformed my children into adventure heroes who saved the world nightly from evil villains. Now my children are grown up. But when we unite at holidays, it amazes me how they want me to tell similar stories to their children.
14
In life or at work, stories have a magical way of connecting people and strengthening trust.
The appeal of a good story is
give him or her something
was the best time the father
Will Marré is an acclaimed speaker and
universal. Storytelling creates
to comprehend rather than
and daughter ever spent
co-founder and former president of the Covey
instant bonds. It reveals
object to. Stories defuse
together during that phase
Leadership Center, where he translated
the values of the storyteller
skepticism and invite belief
of her life.
the concepts of The 7 Habits of Highly
and affirms the unique
in new possibilities.
importance of the listener.
My client lit up with new
Great stories always have
possibilities of finding more
a moment of truth when
natural ways to connect. He
Trust is treasured because it
challenge is confronted and
literally said, “I think I could
is fragile. It takes major
then overcome. Whether
do that.” The telling of
investments in time, consistency
it’s hero stories like Captain
this true story of my friend
and competence to build trust,
Sullenberger landing on
broke through my client’s
but trust can be shattered by
the Hudson River, or love
hopelessness almost instantly.
This builds mutual trust.
one bad experience in mere
stories like my father’s sudden
moments. We have all been
and impetuous pursuit of
assaulted by smiling faces
my elusive mother leading
fresh from sales training, who
to a wonderful 50-year
use “listening,” “affirming”
relationship, engaging stories
and “solving” skills with the
create new possibilities
sincerity of an undertaker.
because we see ourselves in
When communication
the stories we listen to.
becomes manipulation, our guard goes up and our trust goes down.
Becoming a “storyseller” opens doors to helping others like nothing else. We can become the hero in a story because we have unique knowledge that saves the day. By telling stories of similar situations in which our proposed
differentiation and value. Marré received an Emmy Award ® for his writing of the documentary, Reclaiming Your American Dream, aired on public television stations across the country. Will’s new book, Save the World and Still Be Home for Dinner: How to Create a Future of Sustainable Abundance for All, was released in September 2009 by Capital Books.
© 2010 Will Marré. All Rights Reserved.
and emotional factors
possibilities. Our sales stories recounted in visual detail
we are intrinsically important.
commitment and connection.
of how customers who faced
Seeing ourselves in
similar challenges were helped.
another’s story
When your customers or
Recently I was trying to help
members can see themselves
a client get emotionally
in the story, they are much
connected to his 13-year-old
more willing to engage with us in creating a new story in
sense of our worlds through
daughter. He felt hopeless.
narratives. The most powerful
His work demands were
which they live happily ever
ones are those in which
relentless and his scheduled
after. In this way, the basis of
people overcome challenge
strategic business models for optimizing
You can contact Will at WillMarre.com
need to be authentic accounts
We human beings make
identify, adopt and communicate socially
solution was ideal, we open
are blended in a narrative
just that.
Alliance, which helps organizations
closed minds. We entertain
that builds confidence,
has an uncanny way of doing
He is currently CEO of the ReaLeadership
powerful when both practical
So what do we want? Simple.
in business, sharing stories
taught to millions of executives worldwide.
These stories are most
We want confirmation that And whether it’s in life or
Effective People into leadership courses
“dates” with her seemed
the customer relationship
and achieve the extraordinary
awkward and artificial.
changes from What can you do
through courage and
Instead of giving him direct
for me? to What might we do
creativity. Stories are the
advice, I simply told him a
together? And when we become
most potent force of human
story of a friend, who years
heroes in one another’s story,
persuasion because they
ago decided to drive his
a bond gets forged that makes
fully engage the mind of
young teenager to school
the relationship intrinsically
the listener. They quiet the
twice a week. The drive took
and mutually rewarding.
listener’s inner critic and
25 minutes, but he said it
The Deluxe Knowledge Quarterly | KQ2 2010
15
STANCE
C O M M U N I C AT I N G
by Martie Woods
Talking about them can seem self-promotional. Not talking leaves your efforts unknown. How should your benevolence be shared with the marketplace? Remember the TV ad
Skepticism and progress
how other businesses are
Martie Woods is chief experience officer
promoting Oprah’s efforts to
Many companies that chose
contributing. This sets your
at Deluxe. With expertise in consumer
build schools for African
to talk publicly about their
efforts into a larger context
psychology and buying behavior, Martie’s
schoolgirls? If you were like
altruism have encountered a
and shows that your heart is
charge is to improve customer engagement
me, the ad left you thinking
chilly reception. When GE first
in the right place.
and loyalty throughout the financial services
her work would have been
touted its pro-environmental
more meaningful if she hadn’t
efforts, the New York Times
highlighted the fact that she did
published an article accusing
it. The best acts of generosity
the company of historically
are anonymous, right?
opposing environmental
Oprah’s project is one of countless examples of good deeds being promoted to the public. I could name many more. But wait a minute. If
regulation. Similar efforts from Starbucks and Toyota were met with equivalent hostility. However, these companies’
these entities didn’t mention
benevolent efforts are far
their altruistic efforts, how
more significant today, with
would we know about them?
results that are even more
This self-promoter’s paradox is nothing new. In an era where consumers demand a commitment to social
apparent. Their work has also prompted other businesses to become more socially responsible.
s Invite reaction and discussion. Instead of using one-way communication — behavior that hints at selfish instead of selfless intentions — use two-way interaction to keep
s Do what you say you’re going
scratch the surface of being “green” and then start bragging, you may be accused of “greenwashing.” If you do the same with a breast cancer
paradox becomes especially
and Toyota had kept their
challenging for businesses.
efforts to themselves? I’m
sincerity may arise. If we remain silent, we miss a chance to connect with consumers who want to know our higher
suggestions for effectively making your goodwill known to the marketplace: s Focus on the goal, not what
These and the other companies that successfully promote their good deeds share another important ingredient: employees who are fully committed. People are the face of every brand, after all, and every initiative begins and ends with how
Examples to follow
Some companies have done
well they apply it to every
an excellent job of talking
customer interaction.
about their generosity.
So when it comes to speaking
One example is the wildly successful Nike “Livestrong” campaign. This campaign seems so pure and real, an effortless extension of the
out or keeping silent about how your heart is in the right place, I recommend that you say it loud — but not too proud. Tactfully conveying
purposes. We may also miss
you’re doing to achieve it.
existing Nike brand and
the opportunity to raise the
Elevate the discussion beyond
culture. It strikes the perfect
your own participation,
balance of novelty and subtlety.
including what you hope the
So does The Gap’s “RED”
standard for other businesses.
t-shirt campaign, which humbly meaning to its website.
skeptical. If you merely
a “pinkwasher.”
the same. Here are some
© 2010 Deluxe. All Rights Reserved.
and have been trained to be
been possible if GE, Starbucks
efforts, questions of our
and innovation processes.
confines the campaign’s
service providers, the
And I think you should do
establish customer-centered decision-making
to do. Consumers are smart
initiative, you might be called
contributions and green
to focus on small business customers, and
controlling.
Would this progress have
glad they kept talking.
has been a leader in driving the company
you from appearing overly
responsibility from their
If we mention our charitable
industry. In her nine years at Deluxe, Martie
your good deeds will benefit both your business and the world at large.
work will accomplish, and 16
KQ2 2010 | The Deluxe Knowledge Quarterly
EVENTS & RESOURCES
BOOKS, BLOGS, EVENTS, ETC. If You’re Not First You’re Last: Sales Strategies to Dominate Your Market and Beat Your Competition
by Grant Cardone During economic contractions, it becomes much more difficult to sell products, maintain a customer base and gain market share. Mistakes become more costly. Failure becomes a real possibility for those who don’t dominate. In If You’re Not First You’re Last, sales guru Grant Cardone offers useful guidance for helping you stay on top by selling when others cannot. This playbook will help you boost sales and increase margins by creating and capitalizing on opportunities in any economy.
View 2010 Expo Highlights Online
Thank you to all who attended our 2010 Expos in Phoenix, Chicago and Boston. Visit DeluxeKnowledgeExchange.com to see photos from all three events. Be sure to check the website regularly for Expo follow-up information and 2009 Collaborative research findings on generations, trust and selling.
The 25 Sales Habits of Highly Successful Salespeople
Miss This Year’s Expo?
by Stephan Schiffman In this lively and easily readable book, renowned sales trainer Stephan Schiffman examines 25 sales techniques, or “habits,” that are proven to create more effective salespeople, increase customer loyalty and strengthen the bottom line for businesses. Each of the 25 habits gets an individual, succinct chapter devoted to it, and each chapter ends with real-world examples, practical advice and inspiration for making the habit a permanent part of any organization’s sales culture.
Thank God It’s Monday! How to Create a Workplace You and Your Customers Love
by Roxanne Emmerich A New York Times bestseller about the most radical performance transformations in banks? Is that really possible? If you don’t believe that a fourth-quartile-performing financial institution can move to one of the top-100 performers in the country in just a few short years, you need to read this book. If you don’t believe it’s possible that one bank grew more in 30 days than in the previous 10 years combined following this system, it’s time for you to discover how. Everywhere Roxanne Emmerich goes, her clients say, “It’s a miracle.” Discover the system used by most of the top-performing financial institutions in the country, and how you can create a miracle in your financial institution now.
You can catch up on some of the discussions here: s
Watch our 2010 Expo Accolades video at DeluxeKnowledgeExchange.com/Expo10Accolades
s
Check out the archived Web seminar from Expo guest speaker Peter Sheahan at DeluxeKnowledgeExchange.com/Jan10Sheahan
s
Read Peter’s Deluxe Knowledge Quarterly article online and download the PDF at DeluxeKnowledgeExchange.com/ KQ409Sheahan
Participate in Next Year’s Collaborative
The 2010–2011 Deluxe Knowledge Collaborative launches this fall, and we are now seeking new members. Learn details and apply at: DeluxeKnowledgeExchange.com/Collab
FIND MORE, DO MORE AT DELUXEKNOWLEDGEEXCHANGE.COM
Make the most out of your Deluxe Knowledge Exchange membership with a variety of useful online tools. s
Did you know that all of the articles in this publication can be read online and shared electronically with your email, Facebook, Twitter, LinkedIn contacts and 280 other networks? Visit DeluxeKnowledgeExchange.com/KQ today.
s
You can view all archived Web seminars and download associated handouts in our Knowledge Center. This access is available to members only. Visit DeluxeKnowledgeExchange.com/Webinars to see what’s available.
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Be sure to keep your member profile updated to ensure you don’t miss out on any of the latest news, promotions or invitations. You can also use your member profile to save your favorite events, solutions and articles, so that you can refer back to them with ease.
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The Deluxe Knowledge Quarterly | KQ2 2010
17
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SELLING IN THE MOMENT APPROACH EACH INTERACTION AS A UNIQUE OPPORTUNITY TO SERVE, AND THE SALES WILL S U R E LY F O L L O W .
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The Deluxe Knowledge Quarterly™ KQ2 2010
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