How long has it been since your institution did a review of your products?
Many times because of mergers, acquisitions, etc. the number of products offered just seem to multiply! Either the organization doesn't have the in house talent to properly map products during the systems conversion or they simply feel the best approach is to "grandfather" the acquired/merged institutions products meaning the products aren't eliminated but are no longer being sold after the acquisition/merger is finalized.
Other times, institutions continue to add new products to keep up with the competition without determining the impact on their existing product line up.
The net result is that the institution doesn't have the proper "linkage" in their product line up.
Overlapping features and benefits make it difficult if not impossible for the sales person to identify the "right" product to meet their customer/prospects needs. The result is a less confident sales force. It also makes it difficult for the customer/prospect when they start their shopping process to determine if your institution has the "right" product to meet their needs.
If the products have distinct non-overlapping features and benefits, the sales process becomes much easier. Sales training becomes much easier. Brochures and merchandising become more effective. Customer/prospect needs are met and the net result is stronger household relationships and increased household profitability.
If you need help determining the "right" number of products and the proper "linkage" between products for you institution, MarketMatch can help!
Have a great weekend!
Mike
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