Growth Trends for Related Jobs
Banks operate differently to create their marketing and sales positions. Many look to the bank sales coordinator as the "catch-all" for all product marketing. The actual position and duties of a bank sales coordinator could be broad or could be concentrated in a specific area, depending on the sales philosophy of the individual bank.
Historically, banks are known for sponsoring a majority of the local area activities. The bank sales coordinator is usually the "face" of the bank out at these events, promoting the bank through networking. The coordinator may also be responsible for the individual marketing efforts of each branch by setting up booths at trade fairs, creating advertising for the bank, and purchasing advertising in local and area media.
Most banks today have a mortgage department. It is the job of the bank sales coordinator to network with realtors, real estate attorneys, and accountants to try to get their customers to purchase a mortgage through their bank. This is done through cold calling, "lunch and learns" and "meet and greets." Additionally, the bank sales coordinator may try to get clients through other routes such as marketing to residents of apartment complexes, college graduates and newcomers to the area.
The commercial loan department is usually the largest part of any retail bank. It is the job of the bank sales coordinator to bring in new business to this department through networking and tapping into the current business client base of the bank. This is done by offering loan opportunities to new businesses in the area or those looking to expand.
Basic Deposit Relationships
The bread and butter of any bank's portfolio is customer accounts in basic checking, savings, money market, and certificates of deposits. These customers are seen daily and bring in a majority of the fee income to the bank; they are also the ones who can most easily end their relationship with the bank. It is vital to keep these customers happy and to entice them to bring their friends and family to bank with them as well. The bank sales coordinator does this through basic client relations techniques such as customer appreciation days and gifts to clients who bring in new customers.
Banks are starting to diversify now by adding investment products to their portfolio such as IRA, stock and retirement accounts. These accounts are usually quite large and are hard to move; therefore, once you get a client, she is likely to stay. These types of clients are best found through looking at your existing client base and selling them new products. The bank sales coordinator will go through the current client database and find those clients who are carrying high balances in their checking and savings accounts and try to convert them over to an investment account. This is a great way to increase the bank's relationship with existing customers.
The bank sales coordinator is responsible for keeping current clients happy, bringing in new clients and marketing the bank to the community. When done well, this job can be an invaluable asset to any banking institution.
Lynn Lauren has been a professional writer since 1999, focusing on the areas of weddings, professional profiles and the banking industry. She has been published in several local magazines including "Elegant Island Weddings." Lauren has a Master of Business Administration and a Bachelor of Business Administration, both with marketing concentrations from Georgia Southern University and Mercer University, respectively.