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Take advantage of that Magic Moment!

For any customer, the moment he or she decides to enter into a relationship with your organization — or modify an existing relationship — is a Magic Moment! This is a moment when the customer has identified their need, made the decision to fill that need, and given you the opportunity. Whether they’re looking for a new home, a new car, a new credit card or a new bank account, they are ready and in the right frame of mind. That’s what makes it magic.

At this juncture you have all the tools to delight your customer by meeting the need they have defined. But you can also seize the Magic Moment, and the customer’s willingness to engage with you, to offer different services they never imagined they can have. By applying the power of analytics to your internal data (if it is already a customer) or the application information, you can and should define a new offer, segmented and targeted to your customer. For example, you can:

  • Propose different products from your portfolio (credit or not) as a complement to the existing decision. If the customer is seeking an auto loan, why not an unrivaled auto insurance offer? Or a card offering rewards in a gas station network? For a mortgage, why not a consumer finance plan for furniture with a special offer from a nice retailer?
  • Offer upgrades from Gold to Platinum or to a better LTV with lower down payment? Normally, the customer does not know that their risk level is good enough for that — so help them in their decision!
  • Offer packages. When the customer opens one account, your analysis should tell you that they qualify for a set of products, and that accepting some combination of these will reduce the overall fee for the customer and increase the service level. Offer that!
  • Notify customers when they have benefit from risk-based pricing. If the customer has qualified for a lower loan price, commission or fee, make sure they understand what a deal they have earned.

You may say: I already do this, this is normal for our sales force. Many financial institutions do offer complementary products, negotiate fees and rates, and may even upgrade customers during the account origination process. However, this is often a “one size fits all” arrangement. Your goal should be to delight your customer, and let them understand that you know them so well that you even read their mind and offer something irresistible. Analytics and finely tuned offer strategies give you the power to segment, target and even delight. Use this power to take advantage of the Magic Moment!

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