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You Don’t Sell Personal Loans or Savings Accounts


Regardless of the title on your business card, if you’re responsible for growing a business, you are a Marketer. And, as marketers, we understand that segmentation is little more than politically correct stereotyping.

It is our job to stick everyone in the world into some kind of bucket. Traditionally, we’ve done this based on generational criteria: The Greatest Generation, Baby Boomers, Gen X, Millennials, iGen (or Gen Z). Life stages, however, are more about the experiences a person is going through, sometimes tied to their age, and yet always tied to milestones in their life. Think about that as it pertains to personal loans and savings accounts.


Do you offer a healthcare loan? A home appliance loan? A veterinary loan? A summer-time fun loan? A winter-time fun loan? A home winterization loan? A wedding loan? Sure, you do! But, do you promote it that way?


Let’s face it, customers aren’t looking for a personal loan … they are looking for a way to fund their kid’s braces. They need quick money to replace a crapped-out washer, dryer or fridge. They seek a way to pay for a new transmission in their car. They want a way to pay for a better engagement ring, wedding or honeymoon. They need more money than they currently have saved or than they want to put on their credit card.

They don’t want the loan, they want the money. So, let’s not talk about the loan, let’s talk about what the money will be used for.

When you think about it, from a customer-needs perspective, a Savings Account is just the polar-opposite of a personal loan. Customers want to put money aside for something that they will want or need in the future.


Do you offer a home appliance savings? A veterinary savings? A summer-time fun savings? A winter-time fun savings? A home winterization savings? A wedding savings? Sure, you do! But, do you promote it that way?

There is no limit to how many savings accounts a customer can have. If you recommend and promote the use of dedicated savings accounts, you are likely to differentiate yourself, provide a valuable service to your customer and increase your deposit base.

So, you do not sell personal loans or savings accounts, you provide a means to get what customers want.


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