The Steps of Individual Banking Progress in Marketing

The steps of individual Banking progress in marketing

During the past 15 years, a great deal has be(en written about the latest phase of new client relationships in banking. For good reason, a strong emphasis has been placed on the value and importance of building small business portfolios. Waves of megamergers have opened the market for community banks to create a niche of small business customers by selling local presence and local decisionmaking.

When forming a market strategy, however, it is important for community bankers to realize that the best offense is really a good defense. While generating new business is important, the key to success lies in preserving and enhancing existing client relationships. This path is the most direct to thriving in the new market.

Before selling a service, banks must first know what the market desires. The people who can provide that answer are right under the banker's nose - on the trial balance and within the listings of commercial accounts. The best way to gain market share is to start with existing clients. A satisfied customer is a walking advertisement for any organization. For a bank to capitalize on positive relationships, it must confirm and define customer satisfaction.

STEP 1: THE RETENTION VisIT

Bankers should make the most of the existing market share by scheduling semiannual retention visits to key clients. The most effective means of enhancing client relationships is through knowledge.

Whether they realize it or not, small business clients look to an informal advisory team to make critical decisions regarding their companies. The individuals on this team include their banker, insurance professional, attorney, accountant and spouse or partner. Based on this concept, bankers should think of themselves as more than just a financial means to an end - they arc team members.

As a team member, the banker's first job is to listen to the client. It is important to listen not only to their financial requests, but...