How A Simple Question Earned Thousands Of Dollars
How A Simple Question Earned Thousands Of Dollars
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.
Like this article? Share it with your friends
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.
Like this article? Share it with your friends
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
Leanne Hoagland-SmithAre 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 |
|||
Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
|||
David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
|||
Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
|||
Kim CastleWith 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 |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 | |
|  |
Subscribe to James's articles
 | |
|
|  |
 | |
|
| |
 | |||||||
|
 | ||
 |
||
 |
||
 |
||
|
| ||
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
|
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
|
 Pro-Forma Template Double Digit Growth eguide Intro to M&A CAN-Spam Checklist Self-Employment Guide |
|
 | ||
 |
Write The PR
Press Release Builder | |
 |
Top 50 SEO Posts - 2007
Top SEO Posts of the Year | |
| ||
 | ||||
| ||||
|
| ||||
| ||||
|
|
|
|
|
||||||||||||
|
Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
|
|
|
