Summary:

The Financial Services Modernization Act will increase the need for financial services companies to inspire trust in and educate consumers and to establish striking images as they consolidate and introduce new lines of business and new products.

Radio is perfectly positioned to help institutions meet these needs efficiently and effectively.

Educating yourself in order to better meet your prospects’ needs is the surest way to close business in this complicated category.

Part One dealt with the likely effects of the Act; Part Two outlines some steps you can take to help your station reap a bigger share of the resulting business.

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Go Where the Money Is (Part Two)
Note: This article is presented by President/CEO Sheila Kirby and Research Director Debbie Falb, both of NTR consulting firm Morrison and Abraham, Inc. For more information, please call 781-986-2100.

Part Two
In the 12/2 issue of Radio Sales Today, the first part of this article introduced the changes that the new Financial Services Modernization Act will have on the financial services industry. As they consolidate and introduce new lines of business and new products, companies in this sector will need to educate consumers and establish compelling images for themselves.

What You Can Do to Help
As a Radio seller, you are perfectly positioned to help clients meet these needs. Radio builds trust and communicates complex messages efficiently, while NTR programs separate marketers from the crowd and compel people to act. To take advantage of this opportunity to generate profits, Sheila Kirby, President and CEO of Morrison and Abraham, Inc., recommends following this four-step process:

1. Do your homework. Get on a prospect’s website, read its literature and read the news in order to understand fully its mission and needs. Kirby warns, "Don’t cold-call, because what you will get is the cold shoulder."

2. Locate decision-makers. Titles you are looking for could include Director of Special Events or Community Affairs, Vice President of Investment Services, Online Banking Marketing Manager and Retail Marketing Manager.

3. Call decision-makers and ask questions. Kirby emphasizes that "the only way to find out what the customer wants is by asking questions," and suggests that sellers "come from the I." When talking to a prospect, "think about what these changes mean to you as a consumer and speak from your own questions," she continues. "If you understand what it means for you, you can translate its value to others."

• Start by introducing yourself and noting that you have called because the Financial Services Modernization Act heralds such exciting changes for the industry. Say that you would like to discuss how these changes will effect the prospect activities or product offerings.
• Ask how you might be able to help the decision-maker achieve her goals by communicating a new message and/or educating the public about new products and services.

4. Deliver customers, not listeners. When talking with a decision-maker, emphasize that Radio, and especially customized NTR programs, motivate action as well as awareness. You can help reach a mass audience where they live and create integrated promotions that help transform hesitant onlookers into enthusiastic participants in the new financial services market.

The money is out there. The number of opportunities in the telecommunications industry exploded after the Telecommunications Act of 1996 became law. You can expect similar growth in financial services, because the coming changes will affect consumers on the most basic level. "People are concerned with the penny – with the future, with buying a new home, with their childrens’ education, with retirement," says Kirby. "That’s what America is."

Baseball and electronic bill payment. Hot dogs and mutual funds. Apple pie and annuities. As simple as the message may be, it will take a sophisticated and educated seller to market it. Kirby cannot emphasize the importance of this enough: "If you understand where your clients need to go, you can take them there." Bank on it.

Sources
The Wall Street Journal
The New York Times
American Banker
PR Newswire