Consultative Selling Tips for Loan Officers

Customers are looking for loans from sellers who appear more approachable. You risk losing customers if you insist more on selling the product and ignore your customer’s feelings. Here are some tips towards achieving meaningful relationships with your prospects.

Understand the Customer’s Needs
You should be familiar with the customer’s needs. They are looking for the cheapest loan available, but one that will solve their problem. You may not even have the exact product. Still, you have to market your other options in a buyer-centered manner.

Educate the Customers While Earning Their Trust
Earning the customer’s trust may be an uphill task in Consultative Selling. This is because you are typically either communicating with them by phone or email. The right way of earning their trust is by allowing them to ask questions.
Later, you can follow up and offer solutions to their concerns. The buyer may want to know if your rates can save them money monthly. You have to explain it to them. Educate them on the options that demand lower pay rates.
That way, you demonstrate that you are on their side. That strategy makes your sales solutions trustworthy. This prospective customer will still come back to you even after making so many other potential contacts.

Ask Leading Questions
Your questions will most likely open their eyes to a variety of loan options that you offer. Questions invite customers to think about the other products that you have. It is a diplomatic way of appealing to their interests. By so doing, you convert them into buying from you while at the same time protecting their best interests.

Other Tips:
• Allow yourself to hear what they have to say without interrupting.
• Let the customer determine the value of your loan offer.
• Do not be in a hurry to quote the rates before you show them the benefit of your loan products.
• Mention a relevant case study. As such, it will show the customer how your product relieved the pain point of another. Doing this will appeal to their emotions.

A consultative selling approach will make your prospective customer feel close to you. It helps you demonstrate that you care and are not only after a sales commission.

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