As a firm who conducts market research and secret shops for banks and credit unions across the country, we empirically know that customer service will provide the differentiation that your institution is looking for.
How do you standout from the crowd?
- Know your competition – what are their strengths and weaknesses? Who is providing outstanding service in your market?
- Know your markets – your market needs may be different from branch to branch.
- Focus your efforts – don’t expect your staff to be good at all things. Find your niche and maximize it.
- Train and set expectation levels – communication with the staff is the key. Tell them what you expect and how to be successful.
- Offer the right products – Do you provide “value meals” that bundle key products together? Do you offer product packages based on life stage?
- Provide the right tools – relook at your sales process and sales materials. Remove obstacles and provide targeted benefit-driven materials.
- Track, recognize and reinforce – your team should know, at all times, how they are doing against their goals and be rewarded for success.
With a focus on customer service, you will cost-effectively:
- Support your brand
- Increase share of wallet
- Reduce customer attrition
- Increase revenue
- Increase staff retention
From the senior management down, every level of the organization must support this effort. Often, it's best to look to a third party for an objective perspective and to focus on the plan while you manage the day-to-day institution operations.
Take care,
Eric
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