Be Like A Running Store

One of the best things that we can do as financial marketers is to bring retail principles into our discipline.

Take my running store for example. I'm a loyal shopper of Up And Running not because they have the best price or widest selection ... I shop there because they are specialists. They are experts in a field that matters to me.

Unlike the large chain sporting goods stores, my running shop asks me questions about how I run and where I run. They don't shove a shoe in front of me based on price - but instead measure up my foot and how my arches react to the running motion, they focus on my gait and pronation then RECOMMEND the shoe that's best for ME.

Best of all, they care about me after I've bought the shoe. I go to the store regularly for running groups. They ADVISE me on how to train for marathons or how to avoid recurring stress fractures. This, most of all, is why I'm loyal and willing to pay a few bucks more for my gear.

With our current economy, consumers are looking now, more than ever, for an expert to help them with their financial issues. And let's face it, you open more mortgages and auto loans, and deal with personal finance more in one day than any of your customers will have to concern themselves with in their entire lives!

You are the expert that they crave.

So, how do you demonstrate that you are a specialist, just like my running shop?

• Know Their Run – Do your customers need a one-time “quick fix” like a home improvement loan or are they in it for the financial marathon? Ask questions and keep a customer log.

• Size ‘em Up – Like each shoe fits each runner differently, so does each financial product. Instead of analyzing their gait and feet, ask them basic questions about how they will use the product and their goals. What are they using now? What have they used in the past? What features did they love? What would they change? What do they ultimately want to achieve (lower payments, faster pay off, security, faster retirement)?

• Be Their Coach – You and your staff are the experts! Coach your customers and they will entrust more to you.

Take are,

Eric