[FundingStrategist]

Dale Laszig has written a terrific*article*on the*Green Sheet*about education and training.** What is driven home is exactly what the article’s title states:*you learn more, you earn more.

http://www.greensheet.com/emagazine.php?article_id=6033


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Sean Murray, president and chief editor at*deBanked, makes great points about education for sales agents being paramount to their success.*If knowledgeable about the diversity of financial products, and their distinctions from one another, agents can*“help customers make informed decisions, which allows them to close more deals.”

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Customers’ trust in the person, brand or company they are working with is routinely the number one driver, by survey results, of their decision to buy initially, and to be loyal through long-term relationships.

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In other words, the customer's trust in who they’re working with is the most important factor in first acquiring that customer, and retaining that customer’s business through a long-term relationship.

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What is the number one driving factor in the customer's trust?



In 2008, Andreas Eisingerich and Simon Bell conducted a research study with financial service agents, over 4,200 clients and the relationship between several variables and*Customer Trust.

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The variables were*Technical Service (the end product of the service),*Functional Service (how the end product of the service was delivered),*Expertise (the perceived competence of the agent) and*Customer Education (how much the agent educated the customer through the delivery of the service).

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Bottom line: Customer Education correlated the highest with Customer Trust, by over 14%.

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The study defined Customer Trust as customers’ confidence in a service seller’s reliability and integrity, and the expectation that it can be relied upon to deliver its promises.

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Here's what clients had to say:

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Educating customers on products/services introduced a level of clarity and certainty that is the basis for building a trusting relationship.

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The effort to educate customers signaled a firm’s commitment to long-term relationships with customers.

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Customer education ensured that customers understood exactly how the product/service offering worked,*so they could make the most informed decision (Sean dead on here).

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What are your thoughts on educating buyers?


Have a happy and safe 4th everyone!
*

-FundingStrategist

https://fundingstrat.com

https://fundingstrat.com/inform-more-earn-more/

[Franklin]

Its always important to know the product better than anyone in the room. However, as MCAs are a niche product in the financial industry, and money itself is a commodity, and acquiring short term money is typically a binary decision (you either need it or you don’t) I have seen teams with little product knowledge but amazing work ethic and consistency do very well in this space.

Education separates performers by far in more skill-based scenarios, or if you’re dealing with larger or more well-informed customers and they want to see credibility and product/industry knowledge, so they can believe you can be an advisor to them. Small to midsize, unorganized, or egotistical merchants may not ever see a value in having advisors.

Naturally its more beneficial than less, to understand short term money, but it’s not necessarily the biggest hindrance to many shops. Especially for floors that aren’t doing the prospecting themselves and they’re being spoon fed.












www.UccRadar.com - Prospecting Merchants While You're Awake or Asleep, in The Office Or At The Beach.

[FundingStrategist]

Its always important to know the product better than anyone in the room. However, as MCAs are a niche product in the financial industry, and money itself is a commodity, and acquiring short term money is typically a binary decision (you either need it or you don’t) I have seen teams with little product knowledge but amazing work ethic and consistency do very well in this space.

Education separates performers by far in more skill-based scenarios, or if you’re dealing with larger or more well-informed customers and they want to see credibility and product/industry knowledge, so they can believe you can be an advisor to them. Small to midsize, unorganized, or egotistical merchants may not ever see a value in having advisors.

Naturally its more beneficial than less, to understand short term money, but it’s not necessarily the biggest hindrance to many shops. Especially for floors that aren’t doing the prospecting themselves and they’re being spoon fed.












www.UccRadar.com - Prospecting Merchants While You're Awake or Asleep, in The Office Or At The Beach.

Very interesting and helpful points!


-FundingStrategist

https://fundingstrat.com