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    ‘Sales’ Cannot Be a Four-Letter Word at Your Bank or Credit Union

    ‘Sales’ Cannot Be a Four-Letter Word at Your Bank or Credit Union

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    Community banks and credit unions tend to lack a traditional sales culture. For many in the industry, ‘sales’ doesn’t really even exist, because they are so focused on people helping people. They don't see themselves actually 'selling' anything.

    Your customers or members need this help now more than ever. An outreach phone call to talk about their current financial situation, along with a discussion around the best products and services to help, will be viewed as free financial counseling from an institution that really cares.

    However, consumer banking behavior has clearly changed and this shift has become even faster during the global pandemic. People are now not only utilizing digital banking channels for everyday banking needs like mobile deposit or bill pay, but they are also being asked (forced) to apply online for even more complicated financial products and services like mortgages or business loans.

    And one of the biggest challenges with this shift to online applications for banking products is how to better connect credit union digital marketing with actual new accounts and loan conversions.

    A typical banking consumer will also jump from source to source, and device to device before completing an application or calling a member service center to apply over the phone. This leads to one of the biggest challenges to being able to properly credit digital marketing with specific revenue impacts. And this is why we typically find there is still a need to involve an actual person in your bank or credit union’s digital sales follow-up process.


    Believe it or Not People Still Like to Talk to Other People

    Because consumers consult so many different sources of information when making banking decisions, it’s extremely helpful for financial institutions to use the digital behavior of leads to kick-off a robust follow-up process with new applicants or leads. This also allows for more accurately attributing when a specific marketing channel or campaign is driving positive marketing ROI for your institution.

    But there’s a lot of reluctance at community-based financial institutions to fully embrace a digital sales culture.

    Many people still see SALES as a four-letter word in community banking. However, with the growing shift of consumers to more digital shopping for banking products and services, it’s time to fully embrace digital sales as a very necessary, and even beneficial, part of your mission - to help your members or customers!

    Here’s Why It’s time to Build an Authentic and Positive Sales Culture at Your Bank or Credit Union


    Authentic Digital Customer Insight Drives Authentic Sales Interactions

    Digital sales can provide a ton of insight into your current or potential new member’s real-time wants and needs. With a robust website and customer relationship management tool (CRM) you should be able to see important details about your members or customers.

    Existing customers can be added to new marketing campaigns if they are showing specific interest in a particular product or service by visiting that webpage or reading a blog about a relevant topic. And if the user is a new lead you can see how they initially found your website and where they’ve been spending their time throughout your webpages.

    All of this digital insight can help your team better connect applications to their original source and provide digital insight into what types of products or services specific users or leads are most interested in learning more about.

    Discover More:
    The Ultimate Guide to Inbound Marketing for Your Bank or Credit Union

    Useful and Personalized Sales Follow-up Does Happen!

    When configured properly, digital sales tools can provide truly personalized sales follow-up, and it can all be done with automation!

    Smart lists and digital behavior triggers can be used to kick-off automatic processes that send more information or prompt a manual sales follow-up based on real-time digital behavior.

    So, if a member or customer is reading a blog on a specific topic and then visits a related product page, perhaps it’s a good time to have a member service representative or loan officer make a quick call to see if they have questions. You can also send this lead an email with some supporting details or resources, and you can do this all right after they visit your site. In effect, it shows the right person the right information at the right time, even if this is in the middle of the night!

    digital shopping all hours image


    In Digital Sales, Timing is KEY

    When consumers are considering buying or refinancing they have likely already been doing their research. Some people take days or weeks to make financial product or service decisions, but some take much longer. So it’s important that your team reaches out quickly AND that they continue to reach out over time. Even if they haven’t had any responses.

    We recommend a possible real-time automated email if a known lead is actively reading relevant product or service information. And then your team should personally reach out within one-three business days with a personalized offer of help and possibly some additional resources that might be relevant and helpful.

    This doesn’t mean sending a one sentence email like:

    “Hey, I wanted to help you complete your car loan application. Let me know if you have any questions. Thanks!”

    Train your team to help people like they were helping a member of their own family or a good friend. Send them some links to other helpful information, maybe send an actual tip or two in the email. And for goodness sake DO NOT ask them to book a phone call in the first email!!

    We have found that reaching out at least five times is a good start, with a combination of emails and phone calls, and much of that can be automated in email nurture campaigns, to take the onus off your sales team and remove some of the manual work of sales follow-up.

    Embracing digital sales is essential if your institution is going to continue to grow and thrive in this new and uncertain digital age. Contact us to learn more or see how we can help!

    Article originally published as a Guest Blog on CUInsight.



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