The discussion started and they soon came up with a list of items to present. It was interesting that they saw things from their point of view. One had student loans and thought that it would be nice to provide a program for refinancing them at a low rate. Another felt that the branches should take time to educate members. They all need to be financially educated, right? Another one started out by saying that she was discussing member complaints and talked about all of our products that could help the member. There was some good feedback and thoughts as a result. However, I couldn’t help but think that perhaps we had not quite hit the mark.
“Great” sales people think that because they are so skilled at what they do they can force or coerce consumers buy. The reality is that people buy when they have problems that need solutions. Yes, you can sometimes make the sale to that impulsive buyer or browbeat someone into purchasing your product. Those situations are short term and could also be argued that the purchase of the product solved the problem of not having to continue to talk to the salesperson!
Today, I had a problem. My lawn needed mowing and I had not taken the time to call the service in advance that I normally use. I called this morning and received a voice mail message. I had never received a recorded message on previous occasions. Normally someone answers, requests your address, and then it takes several days for them to arrive. Resigning myself to the fact that I might not get this task done today, I had already began thinking about how I would delegate this to my son before I leave to go on vacation. Suddenly, the door bell rang. I saw the van through my peephole and was pleasantly surprised. As I opened the door, the young man said, “Would you like your lawn mowed?” I smiled and exclaimed, “Yes, I would like it mowed!” I peered at the truck and the young man read my mind, “We’re Nick’s Lawn Service”, he said. I smiled again as I recognized the name.
They got started right away, trimmed some bushes in addition to mowing the grass and even moved some bags of leaves to the front that my other service conveniently left in the back. I was a happy camper. My problem was solved and the solution came to me right when I needed it.
There are some lessons here for financial institutions and service providers.
1) Recognize that people open accounts and apply for loans because they have a problem that needs to be solved. Are you in their purchase path as they make buying decisions to solve their problems? Or are you waiting for them to follow your recommended plan of action and approach the process your way?
2) Consumers buy on their time. Are you aware of proper timing as it relates to an individual’s purchase path? Is it the right day of the week, month, or season of the year for a respective purchase?
3) Convenience is valued above all and consumers are in short supply of time. Are you marketing and selling in real-time when consumers need you? Is the process simple and easy from the buyer’s perspective?
Remember, I didn’t have time to call in advance. Nick’s Lawn Service came to me right when I needed them. It was Saturday and they remembered that they had done business for me on Saturday previously. I’m also sure that they are aware that Saturday is a prime day for lawns to be mowed. Finally they are probably cognizant that people are time-starved and so they make it easy by just stopping by and asking for the business.
