Conversational Selling in Banking
What is conversational selling, and how does it differ from traditional sales methods
Investment banking is one of the most important industries in the world, and banks are turning to conversational selling tools and Artificial Intelligence (AI) to maintain a leadership position. By automating the sales process, banks can improve their customer experience while increasing their bottom line.
The traditional sales process uses a linear, one-way approach in which the salesperson begins by making a presentation and then tries to close the deal. In contrast, conversational sales is a more collaborative process in which the salesperson engages the prospect in a dialogue to understand their needs better. According to a recent report by Gallup, "The opportunity for bankers today is to focus on the person behind the customer, specifically by having needs-based, future-focused conversations with customers that lead to higher sales conversion."
Conversational sales establish rapport and trust with customers, so they feel comfortable doing business with you. This type of selling requires more investment in time and effort than traditional selling methods, but it can be more effective in the long run. Because conversational sales are still a relatively new concept, there is no definitive guide on how to do it.
However, there are a few basic principles that all businesses should keep in mind when adopting this approach:
Businesses should focus on creating a human connection with the customer by having honest conversations and letting the customer know that you care about them as a person, not just as a potential sale.
Businesses should ensure they provide value to the customer throughout the conversation by sharing useful information or offering helpful advice.
Businesses should avoid coming across as pushy or sales-y.
Instead, they should focus on building trust and establishing themselves as a reliable resource for the customer. Conversational sales can be an effective way to build long-term relationships with customers and grow your business.
Tips for building successful customer relationships through conversational selling
Small talk may seem like a waste of time, but it can be the key to building successful customer relationships. You can learn about their needs and interests by engaging in conversations with customers and building rapport. The following tips will help you make the most of customer interactions:
Make an effort to remember customer names and details about their lives. This personal touch will show them that you care about them as individuals.
Seek out opportunities to engage customers in conversation. You can ask questions about their day, comment on current events, or have a friendly chat.
Be an active listener, and follow up on what customers say, showing that you are interested in their opinions and value their input.
Avoid controversial topics, such as religion or politics. Instead, focus on common ground that everyone can agree on.
Always be respectful and courteous, even if the customer is angry or upset. Maintaining a positive attitude can diffuse negative emotions and turn the situation around.
Avoid Contact Forms Wherever Possible
If you're selling products or services online, you need to make it as easy as possible for potential customers to get in touch with you. A contact form may seem like a simple way to do this, but it can be bad for business.
Contact forms require customers to take an extra step to get in touch with you. They also tend to be long and confusing, which can deter potential customers from filling them out.
Contact forms often generate many spam messages, making it difficult to find legitimate inquiries. Finally, if customers have trouble with a product or service, they may not want to fill out a lengthy contact form - they'll go elsewhere.
For all these reasons, it's essential to have a straightforward way for customers to get in touch with you - without using a contact form.
Use Of Chatbots In Conversational Selling
Chatbots are computer programs that simulate human conversation and are used to answer questions, provide customer support, or promote products and services. While chatbots can help increase online sales, some limitations exist.
First, chatbots are limited by the artificial intelligence (AI) that powers them. They cannot understand natural language or carry on a conversation as a human would. Additionally, chatbots may struggle with understanding slang or colloquialisms. As a result, they may not be able to communicate effectively with all website visitors.
For example, if a customer asks a question about a product that is not in the chatbot's database, the chatbot will not be able to provide an answer. In some cases, this could lead to frustration on the part of the customer and potentially cause them to abandon their purchase altogether.
Despite these limitations, chatbots can still be an effective tool for businesses looking to increase online sales. They can help qualified leads find the right products and complete transactions more efficiently when used correctly. Companies should keep these limitations in mind when implementing a chatbot strategy and consider supplementing chatbots with other forms of customer support, such as live chat or phone support.
Initiate The Conversation
It seems like a simple thing to do, but there is an art to initiating customer questions using artificial intelligence. Tools like ModuleQ can help you prepare for every conversation with the most up to date information about who you are talking to and what is going on in their business.
You've probably heard that there are two types of questions: open-ended and closed-ended. Closed-ended questions can be answered with a yes or no, while open-ended questions require more thought.
When initiating customer questions using artificial intelligence, it's essential to start with a closed-ended question, helping narrow the conversation and focus on the issue. From there, you can ask more open-ended questions to get to the root of the problem. By starting with a closed-ended question, you'll be able to use artificial intelligence to help resolve customer issues more effectively.
The future of conversational selling in banking
The future of conversational selling in banking is likely to be driven by two factors: the increasing use of artificial intelligence (AI) in customer service and the continued growth of mobile banking.
Banks are already using AI to provide conversational customer service through chatbots, and this trend is likely to continue. In addition, as more people use their smartphones for banking tasks, banks will need to find ways to make the mobile experience more conversational.
AI-powered chatbots can handle a greater volume of customer queries, freeing up human agents to provide more complex support. As conversational selling becomes more widespread, banks must train their staff to ensure they can deliver a natural and compelling sales pitch, AI augmentation and tools like ModuleQ could be a differentiator when it comes to high-quality conversations.
With the right approach, conversational selling can revolutionize how banks do business.