Have you ever wondered what particular sales statements of value are necessary to sell a commercial jet? As it turns out; they aren’t that different from the ones vital to selling a credit union product, service, or experience. In fact, they are legitimately alike. And, you can apply them with your credit union’s sales professionals and their messaging right away.
Not long ago, an in-flight seatmate of mine happened to be a senior sales executive for one of the world’s largest manufacturers of commercial airplanes. Admittedly, the commission on the sale of a jet was at the top of my mind; however, of additional interest was the value proposition explained to commercial jet customers in order to differentiate and gain the sale.
Keep in mind that the sales cycle for commercial jets is often years long (one is dealing with airlines and countries) with even more years added for the full delivery of all jets in the contract (which is often modified along the way). Yet, with all of the changes in that industry, the sales executive shared that he stays true to the same sales elements of value established by his company in the 1930s. These elements of value separate and distinguish the value each customer is promised and each sales executive delivers.
The six elements of value (with credit union specifics and ideas for communicating):
- We understand your issues. Our history and philosophy is focused on people. We are a financial institution committed to the everyday money management of everyday people.
- We know your business. Our business is the business of households. We know mortgages, auto loans, checking accounts, savings products, and much more.
- We know you personally. Our model is focused on a relationship versus a transaction. We’re committed to being a partner through all of your financial life.
- We can help you financially. Our credit union’s structure and philosophy allows us to offer you better rates on loans and savings. And, if we do charge a fee, it’s the lowest in the market and carries the most value.
- We can execute. Our decisions are made locally and without a lot of hoops to jump through. We are truly your local financial institution and can act on your needs right away.
- We are different. In this crowded world of financial services, we exist for one driving purpose – serving the needs of our member-owners. Every dollar we make in profit is put right back to you and your credit union.
Granted, the price of one commercial jet contract is greater than the total assets of many credit unions. However, the elements of value used in the sales process are applicable to any credit union as it seeks to express its commitment to member service and – as a result – grow the enterprise value of the credit union. Consider adding and customizing these six statements in the messaging and execution of your sales, service, and growth-focused cultures.