Low-Hanging Fruit

Yesterday I heard the term “low hanging fruit”, which I haven’t heard since my mortgage brokering days, when we operated Sterling Mortgage Group alongside Sterling Miller. It was a term the originators used for borrowers who called in for rates. You see, when a customer calls you, it means they have a need and are looking seriously for someone to provide the product to fit their need. Originators loved those calls, because at Sterling Mortgage, we had a system in place to insure those rate shoppers became our customers. After all, there were dozens of mortgage companies to choose from.

It occurred to me that bankers spend a lot of time and money trying to reach out to prospects to sell their products to, and probably don’t spend enough time figuring out how to turn rate shoppers, people who are reaching out to them, into customers. These prospects have already made the decision to buy and are looking for someone to but it from! Why shouldn’t you be the one to sell it? The answer is, you should. Banks and credit unions must take advantage of every selling opportunity that they encounter, especially the ones that come to them.

So, how to insure you get more of the business that’s looking for you? First, find out what happens at your institution when someone calls in for rates on CDs, Home Equity Lines and Loans, or Mortgages. Do they reach a live person or an unfriendly, long recording? Are they greeted professionally by someone that gives their name, or are the summarily transferred? If they are transferred, where do they go? Who answers the call? And, what do they do, give the rates, say thank you, and hang up? Or, do they ask a series of scripted questions on a standard form designed to let the caller know that you care deeply about their need, appreciate their call, and are most interested in finding the right product to suit their need? You see, there is a big difference, and people do want to do business with banks and credit unions that they feel will take good care of them.

Of course, that’s not the end of it. Putting forms, scripts, and a standard procedure in place doesn’t do the trick unless every person that answers the phone takes it seriously and follows it. Shoppers should be employed; how about using branch managers and/or senior management to do some shopping from time-to-time, or even directors? It’s easy to create a little “report card” process, and fun to reward and recognize those who score a perfect “10″.

Almost immediately, you will see an increase in the number of CDs,  Home Equity Lines and Loans, and Mortgages. And, son-of-a-gun, you’ll even see an increase in cross sales because these new customers or members likely have other needs to address at the same time.

Funny how things work……….

Go to Sterling Miller