Academic journal article ABA Banking Journal

Calling Up Telemarketing

Academic journal article ABA Banking Journal

Calling Up Telemarketing

Article excerpt

Taking a leaf from their colleagues in the rough and tumble world of product merchandising, bank marketing executives are increasingly using telemarketing to sell their services. They use it to generate leads, improve the effectiveness of direct mail programs, cross-sell bank services to established customers, and provide ongoing communications between the bank and its customers.

One reason why banks and telemarketing work well together is that banks don't sell impulse items. Their products usually must be explained in detail. The best way to achieve this is in person, yet that requires time and interaction. Banks can't wait for customers to come to them, so they have to go to the customer-and the telephone is a good way to achieve this.

During the phone call, the customer service representative can explain the advantages of a particular service, answer questions, provide additional information, allay doubts, and (hopefully) close the sale.

Telemarketing also allows a bank to change directions quickly, based on input from phone marketers during the initial stages of a program.

Basic steps. To be successful, telemarketing requires planning and following several steps.

First, a complete marketing plan should be created with specific goals. Telemarketing works best as part of a good multimedia program-one that includes direct mail or advertising.

Next, it must be budgeted realistically. …

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