Pat’s Blog

“The responsible worker has a personal commitment to getting results.” — Peter Drucker

As the financial landscape continues to shift, big banks have certainly capitalized on market share but the bigger story I’m hearing is about the astonishingly poor customer service levels delivered by some of the industry’s major players.

Financial companies who ignore or fail to service their customers are at risk for not only losing referral business but top originators who demand excellent customer service of themselves and the companies for whom they work. Great customer service is simply not negotiable for top sales performers. It is standard operating procedure.

While faltering service is a problem, it also is an opportunity for firms with better salespeople — those committed to providing a great customer experience — to step in.

“The customer never buys a product. By definition, the customer buys the satisfaction of a want. He buys value.” — Peter Drucker

It’s a pattern that’s repeated often in the financial sector: New leadership is brought in and given a short time frame to boost results. As products and price points in the industry become more similar, one way that a firm can differentiate itself from the competition is in how the customer is handled. Providing excellent service throughout the entire sales process can make a lasting impression on your customers — and positively impact your bottomline. How does your company’s customer service skills rate? Do you have the sales talent in place to deliver an above-and-beyond experience for the customer?

“Continuous improvements in any area eventually transform the operation.” — Peter Drucker

If the industry forecasts are even half right, we know business is going to be tougher next year. Working harder won’t be enough to make a difference. Working smarter will. Now is the time to invest in training and education. Evaluate your team’s sales skills. Which areas are solid? Which areas need to be sharpened and refined? If your sales team is well-versed in the basics — planning, prospecting and closing — they will be better prepared to tackle the challenges ahead.