April 25, 2010

Credit approval is about sharing information

25Communication is about sharing information. Some of that information is related to the task.What are we doing, why and how? It’s information our partners need to feel included in the process and to accomplish their tasks. But we must also share information about the relationship: how we are resolving our conflicts, building trust, making decisions, and so forth.Without this type of communication, our relationship may not evolve and develop as we move through the Stages of Relationship Development.

Listening is another important communication skill needed to build trust.When we actively listen to our partners,we share complete and accurate information between us. This ensures that no partner feels left out of the communication loop—one of the biggest obstacles to building trust.When we listen to our partners,we gain insights into their needs and what is motivating them to work collaboratively with us. This information enables us to help our partners get their needs met. This is important if we want our partners to feel we are working for them.

One final note on communication is that technology has created many platforms for us to communicate with each other. Some of us prefer e-mail while others would rather pick up the phone or have a face-to-face conversation. Be sure to check with your partners and determine their preferred method of communication and try to meet that need as often as you can reasonably do so.

October 25, 2009

Deciding where to position a credit

Positioning depends first on finding a niche or part of the market where there is space to establish a profitable position. To discover whether one exists requires an understanding of the trends and factors influencing the market.

How best to focus on the customer is another important decision. How will potential customers react to the message or offer? Or, to put it another way, what message will have the greatest impact on the customer? With positioning decisions, timing is important. First movers have a head start and can get to know the market in detail and build a strong customer-base, ideally establishing a rapport with customers. Brands that are not the first mover should endeavour to launch when the market leader is weak or quiet, or both.