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Articles appear regularly proposing how to increase sales in one channel or another based on the writers' experiences which may or may not be relevant for every FI or any for that matter. The first rule in selling is to know your customer/prospect. In other words your strategy has to be customer-centric and cater to evolving preferences and experiences. Contemporary customer channel preference research and segment profitability analyses are where we should start and hopefully your culture promotes an omni-channel collaboration and not channel competitions. As far as the customers are concerned, they control channel choices and they use multiple resources to do their research/comparisons. They are more technologically and financially literate than any previous era plus they have the ability to integrate/aggregate various suppliers they decide to deal with.

Consequently, the customer experience/sale begins with the customer not a specific channel or product. In most cases, the FI has only a few inter personal contacts if any over a year so FIs have to be on customers' radar not reactive at channel touch-points.

More work has to be invested in research and building share of mind with customers and prospects early in their experience spaces.


Pat Palmer | Thursday, October 18, 2018 | Trackbacks (0) | Permalink

 


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