When it comes to trying to convince a customer to get a service or product, it can seem a bit robotic and ingenuine. Sometimes people come into the branch knowing that they will be offered a product or service, and their automatic response without thinking is “no.” Here, we’ll go over how banks can use the six shortcuts of persuasion to convince someone to say “yes.”
“I owe him one.”
The first shortcut is reciprocation. This is when you give someone something and they feel the need to give something back. One way this could be used in banking is going out of your way to help a customer with a problem he’s having with his account. Maybe you could return some fees. This may make the person feel that they owe you something when you later offer a product or a service.
“Will I Miss Out?”
The second shortcut is scarcity. A bank could use this shortcut by promoting one service for a certain amount of time. Maybe they could provide a discount of some kind and say that the discount will only be offered for a week. This strategy will make customers feel that this is their only chance at getting the product or service at a good price.
“They’re an expert. So it must be good.”
The third shortcut is authority. Let’s use life insurance as an example. Many banks will try to sell you life insurance and the people that can set you up need specific certifications. You can use these certifications to your advantage when setting up your pitch.
“I said I would try it.”
The fourth shortcut is consistency. This is when people want to appear consistent with things they’ve said or done. Let’s piggyback on the same life insurance example. One day a customer comes sharing that he’s worried about his daughter’s future. The next time he comes in, you could pitch life insurance and remind him that he mentioned before that he was worried for his daughter’s future and if something were to happen to him, she’d be taken care of.
“They seem nice.”
The fifth shortcut is a simple one and that’s liking. People are more likely to purchase a product or service from someone they like. This is why it’s important to build relationships with customers in order to form that opinion.
“Everyone else is doing it. So I will too.”
The last shortcut is consensus. This is when people follow what others are doing. When selling a product or service you could mention that all of your current customers are using it or that everyone in your family is using it. This will reassure people that they are making the right decision.
Regardless of whichever persuasion shortcut you use to make a sale, remember that it won’t work if you don’t build a relationship. It doesn’t have to be a long-standing relationship but bonding over similarities will give you the baseline you need to use these shortcuts. If you’d like to learn more, here are six tips to increase sales by building relationships.
That was fun, wasn’t it? These shortcuts can be very useful in many situations besides making a sale. In my next post, I’ll share more tips and tricks to help you build clients and build your brand. Keep a lookout for it!
