Text Messaging is the new conversation tool for selling financial products

Text messaging for better sales conversions

The advent of the digital age has changed the banking industry. New digital channels like websites, social media, and mobile apps have dramatically changed the way clients and prospects interact with their banks.

With instant access to unlimited information on their mobile devices, buyers complete almost 80% of the buying cycle in a “self serve” mode even before they interact with a sales rep. Which makes the life of a salesperson harder. More than ever, a salesperson cannot get by with “information arbitrage” — wowing a client by telling them something new or unique about a product.

Instead successful selling is dependent on a salesperson creating and building trusting relationships with prospects and clients. And having meaningful conversations that add empathetic, personalized value — which is still hard to do via technology.

The biggest challenge which most of the banking salespeople are facing today is “How to start that first conversation”. In a world where emails get ignored and phone calls go unanswered, it’s harder than ever to engage with prospects/clients in conversations.

Thanks to digital apps like Whatsapp, iMessage and Facebook Messenger, clients are more open to interact via text messaging — than talking on the phone. Prospects and clients like the less-obtrusive two-way interaction via “texting” because it gives them a natural communication medium — Conversations.

Text messaging also helps sales teams with a number of other key benefits, such as:

  • Uninterrupted and relevant conversations: 95% of text messages are opened and read within 3 minutes and responded to within 90 seconds. This continuous conversation helps sales reps to understand their clients needs better and record all relevant information at a single place. Which ultimately aids sales to find and share relevant information specific to the client’s interest.
  • Immediate responses and follow-ups — Clients don’t have to wait long for salespeople responses. Follow-up information requests can be sent immediately with appropriate information which further deepens the sales/clients relationship.
  • Conversations with more clients: a lot of sales time is wasted in leaving voice mails, returning phone calls that go unanswered, and traveling long distances for meetings. By using text messaging, salespeople can put this time to good use — and engage and serve many more clients right from their mobile phone.

Look in this Asset TV video where Ashish Garg, Founder & CEO of Eltropy, talks about the changing landscapes of communication and discusses how text messaging is the next wave of technology disruption financial institutions are going to face.

Are you ready to leverage the power of messaging before your competitors do?