You can ‘rev up’ your car engine by depressing the accelerator and make loads of noise but no progress is made until you engage the gears.
“Changing over to your bank is too much hassle”
Clive Maxwell, executive director for goods, services and mergers at the OFT, said: "A number of firms have recently entered the market, and more are expected to follow.
customers' low levels of switching,
loyalty to incumbent providers,
and attachment to a local branch
Maybe developing a stronger Selling Mind-set is part of the answer!
For some in the banking world “Selling” still requires quite a culture change. Many did not join the bank originally to be ‘salespeople’.
“If a man writes a better book, preach a better sermon or build a better mousetrap ,though he sites his works in the middle of a forest the world will beat a path to his door”
Perhaps rather than an Emerson mind-set Banks could look to the retail sector in Grocery world.
Thomas Lipton , self made man and merchant(1848-1931) had a more proactive view of business.
“When a hen lays her eggs she clucks the news all around the
When a duck on the other hand lays her egg, she does it in
But who the hell buys duck’s eggs?!!”
Well that suggests a lot of energy and effort is required. But surely 'clucking the news' is much like the 'revving of our car engine' mentioned at the beginning.
Selling's job has to help sell the eggs at market. Customer conversions are the first true measure of the new banking entrants- thereafter holding onto them.
So, what is selling?Alfred Tack founder of Tack International defined selling some sixty years ago as
“Selling is Persuasive Communication against resistance”
That's not such a bad definition for new banking entrants or anyone in today's drive for new business.Good luck and good selling to Metro bank , Tesco, Sainsbury and all those courageously entering the new banking arena.
Virtutis Fortuna Comes - Fortune favours the brave!