In the last week, I’ve come across several articles that discuss the important role of an institution’s front line staff in the marketing and sales process. And while it may seem obvious to some, the issue of internal marketing and ensuring that all staff members are aware of current external marketing efforts, prepared to discuss those efforts, and on-message, is often overlooked or considered an afterthought. As these articles suggest, any of these factors can be the difference between a marketing initiative’s success or failure.
BAI Banking Strategies recently published the article, No Hook, No Sale, which ended up being its second most popular article published in third quarter. While Jeff Platter, the article’s author, discusses many aspects of marketing and sales at the front line, he explains the article’s title with the following:
We definitely see evidence of lots of marketing dollars being spent. We encounter ads on TV and the radio; we see yard signs and banners and window ads; we drive by billboards; and our clients send us samples of direct mail their employees have received from competitors.
Yet, when you actually enter bank branches, you find a huge disconnect. It is clear that the employees have not been prepared to determine which product is right for a prospect or how to ask for their business. These companies have not absorbed the simple lesson that marketing without training is like bait without a hook.
This point paints a familiar picture: many marketers focus only on external efforts (i.e. advertisements, direct mail pieces, etc.) and neglect to allocate resources to internal marketing. Preparation requires internal marketing.
The theme continued in article titled, Fortune Tellers: How Retail Banks’ Front Lines Swing Bottom Line, published by American Banker last week. Again, the article pointed to the various ways in which front line staff can influence sales. However, it also acknowledged the reality that not all consumer interactions happen in the branches:
It’s ironic that ever more resources are being devoted to improving customer service in the branches of U.S. banks when there are ever more ways for customers to bank outside of the branch confines. But in some ways, that trend has put even more pressure on branch employees to get it right — because what they’re dealing with tends to go well beyond basic deposit posting and the like.
Again, this references the effort to improve in-branch customer service (for more about customer service and the customer experience, see this previous post). At the same time, alternative delivery channels deserve attention with respect to marketing and sales as well. Marketers should be asking themselves how they can translate marketing efforts into sales opportunities online, at the ATM, with mobile, at events, etc. Can the sale be made without the need to visit a branch?
BAI also published a story profiling efforts of Lubbock, Texas-based American State Bank, Profitable Interaction at the Front Line, which is worth checking out.
The issue of internal marketing is not new. Still, it’s not widely recognized or practiced among financial institutions. Where many would consider internal training to be the same as internal marketing, those training efforts often emphasize transaction-based processes over marketing and sales. Borrowing a line from Rosabeth Moss Kanter, “In a recession, everyone should be in marketing.” This includes the front line. And it really should continue beyond the current recession economy.