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How A Simple Question Earned Thousands Of Dollars

How A Simple Question Earned Thousands Of Dollars

A simple, effective lesson about the lifetime value of a customer.

I've been working in the office on my own today. Lunchtime came around and so I jumped in the car and headed off to get some food.

I collected the mail from the Post Office along the way. There were a couple of cheques (checks) there so I went to the bank on my way back.

It was very quiet and there were only two tellers on duty.

As I was the only customer in the bank, I was served straight away. Shortly, a woman with two kids of around two and four arrived and approached the teller next to me with her transaction.

Spotting the two youngsters, the teller asked this simple pro-active question:

"Do you have bank accounts for your children yet?"

"No I don't" replied the customer.

"Let me organise that for you, then" was the reply.

"OK"

What an easy sale! Two new accounts.

Just imagine how many previous times that woman has been into a bank with those kids in tow.

How many times could another teller have asked her that question? Dozens? Hundreds?

Obviously nobody had, until today, that is.

Stop and think about the consequences of this for a couple of minutes...

The bank opened two new accounts. Imagine if those kids stay with the bank for 50 years. Consider the likely transactions...

· 50 years of savings and withdrawals

· Credit cards - two

· Loans for cars - one very three or four years from the age of 18

· Home loans - maybe three or four

· Business loan

· Overdraft facilities, and more

Times TWO.

What could be the lifetime value of those two kids to that bank. Tens, probably hundreds of thousands of dollars.

From one simple question that nobody before had thought to ask.

If I were in charge of the bank, tellers would be on huge commissions for making sales like this. Sadly, I bet she scores a few points towards the team goal or a cheap vacation.

When you know the lifetime value of a customer, you spend more time working out how to attract and keep them. You pay handsomely for those who have the skills necessary to bring them to you.





How A Simple Question Earned Thousands Of Dollars - To learn more about this author, visit James Yuille's Website.

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Leanne Hoagland-Smith
Are your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website

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With nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website


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James Yuille
(Visit James's Website) James Yuille is best known for taking a straightforward approach to customer generation and retention. His sales career started when he sent a direct sales letter to a potential employer who hired him without even interviewing him. For 33 years he has generated new business in a variety of markets; representing multinationals and small business with both products and services. He has sold the 'unsellable' and has taught hundreds of salespeople how to improve their results. He provides practical, sensible cosultancy services to small and medium sized businesses and has been responsible for many successful on and offline marketing campaigns. More than a marketing consultant, yet not a business coach, James partners with his clients to see things from their side of the desk. He is a trainer, consultant and copywriter who is interested in two things; helping you identify what works and keeping you in focus. Find out more about James Yuille at http://www.JamesYuille.com

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