Banking has never been more competitive and so, it is increasingly becoming challenging for community banks and credit unions to compete with bigger banks on price alone.
Based on this, to stand out, it becomes necessary to differentiate yourself in the market as the bank of choice. This is where it becomes critical to ensure that when you are up against another bank, or are just having a conversation with a client, you are able to effectively communicate your value and get your client to trust you.
We have discovered that empathy is the key to building trust, and that trust is built by listening. When we listen without distractions we hear the breadcrumbs, the important bits in a conversation which matter most to your client, and these are the talking points in conversation which you should be focusing on.
So when in conversation when do we switch from listening to talking and at what stage in conversation are you able to wield maximum influence over your client?
The ability to influence sits between trust and value, and the balance is knowing what your value is and when to express it.
When you enter any conversation, be it with a new or existing client there is a trust threshold. This is the trust which allowed you to engage in the conversation in the first place. Examples could be a recommendation from a client or your reputation in the market. Your client will only afford you a finite amount of value based on this innate trust. It is up to you to unlock the opportunity to offer more value and build more trust.
Trust is built by listening, value is delivered through talking. A common mistake people make in conversation is that they focus too much on value, and that by offering more value they will yield greater influence. The path to greater influence relies not only on demonstrating value but on building lots of trust. This process can be achieved by applying the techniques we learnt through removing distractions and listening for breadcrumbs. In simple terms and when in doubt follow a pattern of “discover, discover, solution”.
The art of balancing trust versus value is not simple as the amount of trust in a conversation is always changing, and the amount of trust needed to unlock value is always in flux.
However if you can equip yourself and your teams with the tools to build trust through powerful impactful listening you open their opportunity to add value and master the art of maximizing influence.
DocFox Masterclass library
We have created the DocFox Masterclass library to house all content from the DocFox Masterclass series, as well as information about upcoming classes.
Here you will find:
- The complete recording of the Masterclass featuring Eric Maddox
- Additional recordings of answers to audience questions which were not answered during the session
- Practical guidelines on how to apply the concept of empathy based listening in banking:
– 6 simple steps to become a great listener and build better client relationships
– The five categories of breadcrumbs: identifying important hints in conversations
– How to achieve influence but balancing value and trust
Information on Eric Maddox can be found here: www.ericmaddox.com