08 Dec 5 ways to increase credit card sales
Racking up your sales numbers for any lending business is an intricate balance between speeding up current processes and accommodating as many nuances within each process.
Credit cards, being one of the high velocity financial products, involves a comparatively higher volume of requests to be processed across multiple channels, hence, improving the sales numbers on this unsecured product requires a strategy different from that of other loan types.
We believe that improving sales is an ongoing process which always has a scope to be better than what it currently is, but if we had to narrow it down to 5 key ways, we’d recommend the following :-
1. Targeted marketing outreach channels :
Every customer is different from the other based on parameters like their income, purchase behavior, geography, etc. and hence each of them needs to be targeted accordingly. This targeting involves choosing the ideal sales rep, channel of communication, product fitment and sales pitch for every customer. For example, after having the first interaction with any customer, the subsequent follow up reachout could be either a whatsapp message, a telephonic call or a meeting at the customer’s residence and the interaction day and time would also vary from customer to customer. Hence, having smart customer allocation and preparing curated customer pitches becomes key to increase your sales conversion rate exponentially.
2.Defining sales playbooks :
Each on and off-roll agent in your organization reaches out to a variety of customers in different ways. While the chances of converting each prospect into an active lead isn’t a hundred percent, a sequence of activities such as meetings and follow-up calls made within certain time intervals do increase the likelihood of landing the prospect. Based on these conversion analytics, winning sales behaviors can be defined and input into your sales playbook. This way, you can level-up the output of your entire sales function.
3.Flexible offerings based on multiple business parameters :
Every customer’s credit card requirements vary based on their demographics, hence it becomes essential to pitch the right product to the right customer. Most institutions have a defined set of rules for this, which the sales reps must follow while making a sales pitch. Opting for a service that is specifically tailored to their own revenue band, business model or industry helps with the product placement aspect for any individual customer, as suggested in this article by The Financial Brand, hence making them more inclined to purchasing your product(s).
- Increased straight-through process output :
While opting for credit cards, most customers come back to their bank of choice since they have been long term clients of the same. As these banks and NBFCs mostly have all the required data on their customers, the current processes could always be optimized further. As concluded by Accenture from a study :-
This number given above is bound to increase and hence incorporating automation at every step possible further smoothes out your disbursement process and helps your customer skip lines and waiting times.
5.Closing leakages of incomplete deals :
As suggested by The Financial Brand, when a customer comes to a bank in search of a credit card, you’re reaping the fruits of a lot of time and money spent on marketing. In case this customer decides to drop the card request, it becomes necessary to capture the reason for their rejection and at which stage this had happened. These details could further be used to evaluate pain-points and further segregate and re-connect with these customers via separate marketing channels. Hence, capturing data and closing opened loops on customers becomes critical in converting rejected prospects. Recovering lost customers always boosts up company morale leaving the possibility for incentivization of employees for the same.
In a highly-competitive and fast moving environment where hundreds of credit cards are dispatched on a daily basis, customer turn-around-time from application to card dispatch becomes crucial. Vymo provides an ML-based intelligent sales engagement platform that enables guided selling for frontline teams – sales reps, relationship managers, etc and effectively manages partner relations. Vymo provides customizable workflows and integrates seamlessly with your backend systems. Given below are a few customer metrics that we received from one of India’s largest private sector banks post deploying Vymo into their credit card line of business :-
- Sreenivas has 2.5 years of pan-industry experience in product management, sales enablement and marketing intelligence. He handles the packaging and deployment of Vymo's solutions across the Indian market. Outside the professional space, he's into sports, gaming and also loves picking up the guitar once in a while.