The hardest business to get is the client that doesn’t bank with you but with a competitor bank. That’s what we term the “prospective” client – and they’ll remain prospective if you don’t find out what problem that client has with his or her existing bankers (and trust me, there will be at least one).
You see, from a client’s perspective, changing banks is just too much of a schlep to contemplate. Life is difficult enough without asking for more grief by going through what is widely regarded as a painful process.
So, what to do? You want to try to get the business obviously, but you’re up against a challenge that’s not easy to overcome. Here’s my tip – ask two questions and then really focus on the answers.
Question 1 is “what would you like your bank to do for you that it’s not doing now?”
Question 2 is “what is you bank doing now that you wish it wouldn’t do?”
The answers to either question give you the opportunity to talk up the problem so that it becomes much bigger in the client’s mind – you’ve then got to be able to state your case so persuasively that the client will willingly choose to make the move to you. You do that by offering your solutions so that the effects of the problem are removed or, at least, reduced significantly. That’s where your knowledge of the features and benefits of your products becomes all-important.