In baseball, the more at bats you get, the more hits you’re likely to receive (unless you’re the Padres). The same goes for closing more loans.
It’s all about consideration. You need to be top-of-mind when the loan need arises.
Need > Lender Consideration > Lender Comparison > Lender Selection > Application > Approval > Loan Funding
Here are 4 ways to get more loan at bats:
1. Have their checking account
By definition, people are more likely to think about their primary financial institution first for any financial product. The best way to be their PFI? Have their checking account.
2. Educate
You will receive more than 5,000 ad messages TODAY. And another 5K+ tomorrow. There is no way for any of us to retain all of that. Sooooo – until my butt is snuggled into the leather seats of some sparkly new ride that I know will turn heads – I don’t know about or care about any auto loan rates that disrupt my TV show or web browsing.
Even if we have a customer’s checking, they may not think of us for loans unless we remind them … constantly. Many people think that the best way to get a loan is through the dealership or a referral from their realtor. It may be obvious to you, but too many times our customers don’t know everything that we do – even though you’ve sent them 20-gazillion direct mail pieces. They don’t care what we have to say until they care. All we can do is to model customer behavior and target as best as we can, continue to share what we do for our customers and hope that some small percentage sticks.
3. Be a resource
When you help a customer to find the big-ticket item that they need a loan for, they may think of you for the loan. TrueCar and other auto-buying services provide a great one-stop service that can lead to new loans. There are also mortgage services to research homes and neighborhoods – some credit union clients use HomeAdvantage.
4. Be the trusted expert
No one wants a loan. They want the home, car, new kitchen, big screen TV, whatever. And they want it at a payment they can afford. Do they trust you enough to help them get there?
You can build trust by being their PFI, by educating them how to get the best deal and by being a resource. You can also be considered an expert when you help them to build and stick to a budget. Money Desktop, for example, provides a great tool to help your customers build and stick to a budget. You can also write and distribute articles or social media tips (you know, sometimes, when you write advice articles – like this one – people start to think of you as an expert. They might even call you up to do business with you!)
So, there it is, four ways to get more at bats and more opportunities to hit home runs. Go get’em, slugger.
In addition to being a strategic consultant for community banks and credit unions, MarketMatch also has nationally and internationally requested speakers. Contact us to bring our marketing ideas to your institution or next conference.
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