Focus on the Customer's Life Stage

I recently saw an email list-serve question concerning "Profiling Scripts" that bank staff can use to look for "hidden clues to better help customers."

Since it costs an average of about $500 to acquire a new customer/member and about $50 to retain and grow the relationships, this is a great idea, however, I really don't believe in scripts.  I feel that our staff come across as more sincere when they use their own language (maybe go with "Talking point", but scripts scare me).  Better than a script, is to make sure your staff uses YOUR institution's products as much as possible.

"I use our online banking and it saves me so much time," is significantly more believable than, "We have online banking and I hear that it's really easy to use."

More direct to the profiling question ... we recommend that our clients focus on the customer's Life Stage.  I believe that we can make educated product assumptions and recommendations based on what life stage a customer is in.  For instance, a customer with a new baby on the way is experiencing all of their life priorities changing.  Now, they likely have needs that they never considered before, like: college investments, an auto loan for a larger vehicle, life insurance, and a consolidation loan to lower monthly payments.  Think about it: marriage, birth, new home, new job, lost job, divorce, death in the family -- all require specific financial needs.

We actually create sell-sheets for our client geared towards those customers experiencing specific life stages and tie the life stage to key bank products.  The staff can then speak to the sell-sheet (like they do with your current product sheets/brochures).

More and more, we're going to be forced to focus on the customer and look at banking through their eyes.  I'm sure our blog readers would love to hear what YOU'RE doing to "profile" customers and better meet their needs (I know that I would).  Please respond to this posting and share.

Happy trails,

Eric