Most financial institutions take the traditional approach in their market appeal. They offer a standard selection of commercial products and services and they try to focus on their customer service. That's a good start -- but that's only the start.
In order to truly rise above the crowd, you should take a nontraditional approach. Your role as a commercial banker should be expert advisor, mentor, coach, consultant, referral source and innovator all wrapped up in one. Although this may sound like a lot to accomplish, remember your number one goal ... to ensure that your customers' businesses turn a profit. The more profitable they are, the more services each of them will need from your bank. Here are six ways you can raise your level of service.
- Visit your customer's business. Ask your client to arrange a tour of his or her business and introduce you to key employees. You will have a much better understanding about their business -- aside from the financial picture. Seeing the physical space and meeting the actual people involved makes the business seem more tangible and real to you. Your customer will truly appreciate your interest and the time you took to get to know him or her better. Once you have taken a tour of the company, you might also think of additional products or services you can offer to help meet their needs.
- Review your customer's business plan on an annual basis. Typically, the only time you see a customer's business plan is when that person is applying for a loan. Many customers who don't need a loan now might seek one in the future. As you know, the most successful businesses are those with a definite plan for the future. Meet with your customers on an annual basis -- at least -- for the purpose of finding out their goals for the next year. Take the time to review the past year with each one of them to help them identify areas where they might use your services to make business operations or cash flow run smoother in the future. Ask each client to review his or her business plan to find out what plans he or she has for expansion or new product development for which the company might need additional funds.
- Refer your customers to other financial experts in your bank. If any clients have a high personal net worth and they are not currently retail customers of your bank, you should refer them to your trust department and/or the financial planning division. Make sure that you introduce the key people in your bank personally to the customer. This introduction positions your bank as a one-stop financial resource for your customer on both a personal and business level.
- Cultivate a team of business experts. All your customers need a lawyer and an accountant. During the course of the year they also might need consulting for the marketing, operations or human resources factions of their business. Find a team of leading experts in each field to whom you can refer your customers as the need arises. Your customers will confide in you when they are facing challenges in their business. Let them know right up-front that you have many professional contacts who could help them manage business decisions more smoothly and profitably.
- Host an "after hours" networking mixer. Since continuous networking usually works best for finding new business, host monthly mixers at your bank. Serve light refreshments and food. This provides an ideal forum for you to mingle with prospective customers and introduce other executives in your bank, and for your customers to get to know each other. Have a special table available to display your customers' business cards and promotional materials. You might even want to have a drawing at each event for gift certificates or merchandise donated by your existing customers. Ask some of your customers to be special ambassadors at each event so that each one will get a chance to greet attendees at the door and introduce them to other people who arrive. Your customers will appreciate the special attention and will want to be involved in the event.
- Ask your customers how you rate. There are times when you may think that you're offering good service but your customer might have a different impression. Perhaps she or he wants you to call them more often or to meet with her or him personally when they are handling a transaction at the bank. Or that customer may want you to negotiate fees on your bank's services. A customer will only migrate from your bank for four reasons. Either they have closed their business, moved to another area, need products or services you can't provide or they are very unhappy with your service. It is critically important to keep in contact with customers on a quarterly basis to make sure that each one of them is getting the service and attention which meets their needs. Not all customers are alike. Some prefer limited attention and just want to contact you ... others want to feel like the center of attention. Either way, your customers will supply invaluable feedback about your products and your service. You might end up developing a new product based on their feedback (perhaps bundling several products and services together into one package) or even eliminate a product or service. With this ongoing communication you actually increase your own value.
These simple ideas are powerful in setting you apart from your competition. When you become a valuable resource for your customers they value how much you know ... and how much you care. Both knowledge and caring are equally important in forging long-term customer relationships.
