Your job consists of many things; however, each opportunity you have with a customer is another chance to build a relationship and identify how your product and services may benefit them. Whether offering lending products, time saving customer services, or opening new accounts, it’s imperative to determine what your customer’s current and/or future financial needs may be. The opportunity to interact with each customer also builds trust and rapport that can open the door for repeat product opportunities as well as referrals.
Of course, each customer is different. It is important to discover what they need and what really matters to them. This household acronym may help you when identifying customer needs: AOL. Most of us are familiar with the AOL web-based email system, so why not use the acronym to “identify customer needs”? As a sales tool, this acronym will also help when providing the right loan for their needs and when offering Payment Protection.
1. Ask Questions: The best way to help your customer is by asking questions. Questions will engage them and get them talking about “what really matters”.
2. Observe: These are the tools and resources you have available to see if Payment Protection is right for them. Credit reports, customer account information, previous loans (with/without protection), additional debt, or other financial services that perhaps they don’t have with your financial institution are just a few.
3. Listen: What are your customers telling you? We learn more by just listening to what they say. Anything they share with you may be a clue to helping them protect their loan and their family.
Though the loan process for each customer may remain the same, what changes with each loan is the customer. It’s important to look at each customer’s financial position and find out what’s important to them. AOL (Ask, Observe and Listen) may be an easy way to provide appropriate financial solutions unique to each customer.
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