Relationship Banking : Cross Selling the Banks Products and Services to Meet Your Customer's Every Financial Need

by RITTER DWIGHT S.

• ISBN13: 9781557383815
• ISBN10: 1557383812
• Format: Hardcover
• Copyright: 1993-09-01
• Publisher: Lightning Source Inc

Summary

Banking's greatest opportunities are often overlooked and underdeveloped. In fact, a veritable gold mine is already in your bank - the customer! Have you made the most of your customers' potential? You have a full line of quality financial products and services to offer, but chances are even your best customers do business with the competition. This isn't necessarily because of pricing or product or trustworthiness. It's often due to a simple lack of effort.
We all know that it is easier and more cost-effective to retain and cultivate an existing customer than it is to attract new ones. Yet, many customers are never exposed to the full range of products and services available to them. In most cases, all you have to do is ask!
Relationship Banking is the key to realizing the potential of your bank's existing resources: your staff, your customers and your product line. By cross-selling products to your customers, you gain an advantage in market share, retention rates, fee income and, ultimately, profitability. Author Dwight Ritter offers workable solutions which can be put to immediate use.
Inside Relationship Banking, you will find the components of a successful program, including:
Financial products and services: By identifying how your product line relates to customer needs, its appeal can skyrocket. This comprehensive analysis includes everything from savings accounts to mutual funds.
Lead Product Selling: By identifying those products which customers automatically expect and linking them to related products, you create natural opportunities for effective and productive cross-selling. Lead Product Selling helps bankers meet the needs and raise the awareness of their customers.
Improving communications: Good communications are essential to build, nurture and expand any customer relationship. By asking the right questions, opportunities quickly become apparent. By learning how to listen, needs can be fulfilled and relationships can be cemented.
Measuring performance and productivity: Without proper tracking, no program can be at its most effective. Relationship Banking includes a tested plan for tracking the results of cross-selling efforts.

Table of Contents

Preface	p. vii
Background
The Changing World of Financial and Fiduciary Services	p. 3
Selling Techniques
Communication	p. 19
The Formal/Informal Continuum	p. 35
Effective Selling Is Learning How to Ask Questions That People Want to Answer	p. 51
The Sales Model: An Overview	p. 77
The Sales Model: The Preparation Stage	p. 83
The Sales Model: The Development Stage	p. 113
The Sale Model: The Finalizing Stage	p. 119
Measuring Sales Performance	p. 133
Relationship Products/Services
The Newest Partner/Competitor in Retail Bank Investment Products	p. 147
Selling "Off Of" Lead Products in the Retail Banking Business	p. 157
Lead Product Selling in Non-Retail Banking Situations	p. 191
Case Studies
Continuum: Activity and Case Study	p. 201
Analyzing Case Studies	p. 217
Index	p. 239
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