While you may not be familiar with the term phone banking, you’ve probably participated in it without realizing it. Phone banking describes the process of engaging in activity via telephone, so it can be used in many different contexts. Depending on the goals of your organization or bank. Read on to learn more about What is Phone Banking including what types of businesses use this tactic. And how it can help you achieve your objectives.
What are the Function of Phone Banking?
Phone banking is used to get out the vote, raise money, and canvass people running for office. During a presidential campaign year, phone banks can be utilized by Banking Talent to poll prospective voters on where they stand on certain issues. Or what their concerns are when it comes time to cast their vote. Phone banking is also used by candidates trying to win votes during elections as well as issue-based campaigns where money needs to be raised quickly.
Volunteer-base Phone Banking makes use of volunteers who use phones provided by a host organization. These same volunteers contact friends, neighbors, and co-workers asking them for donations usually in small amounts in support of a candidate or cause. The funds raised are then deposited directly into whatever account is desired.
The goals of a phone bank usually depend on what type of campaign it’s associated with. When trying to get out the vote or canvassing, What Is Phone Banking is used to contact voters who have already shown interest in a candidate by donating money or attending fundraisers. The reason for contacting these people again is to ask them one more time. If they plan on voting, along with possibly reminding them of important dates and times so they won’t forget.
Fundraising calls are usually made by non-paid volunteers who have been vetted by a campaign’s leadership team before making calls. On these calls, supporters can be asked for anything from donations as small as $10 up to thousands of dollars. Depending on how much an individual donor has given in previous cycles.
The History of Phone Banking:
Many people don’t realize that phone banking is a fairly new business model. The first recorded phone bank was started in 1970 by an investment banker named John Mattingly who wanted to conduct research surveys via telephone. The company he created is still in operation today. Many others have popped up over time to take advantage of phones as a primary way to communicate.
In recent years, we’ve seen a boom in technology-focused What Is Phone Banking that allows businesses or organizations to reach out and connect with their customers through what is essentially chat software set up over telephones. By far, one of the most important things to know about phone banking is what it does and does not entail. Phone banks are primarily used for taking surveys or fielding customer service calls.
But they can also be used for some types of fundraising efforts. Phone Banking who want to talk about something like a product purchase or an account query. Agents then connect with these callers and answer their questions over a telephone call before passing them on to someone else within an organization if necessary.
How to Become a Successful Phone Banker?
If you are looking for a career that combines working from home with a flexible schedule, then banking might be just what you’re looking for. With a little education and perseverance, starting your own Banking business. It is not only possible but can also be very profitable. A phone banker is often referred to as an inbound marketing specialist. And their job is to generate leads through telephone conversations with existing customers or potential clients.
Every company out there needs leads to get new business, so if you know how to sell over the phone and have no fear of rejection. The first step in starting your own banking business is to choose a niche or specialty. Like What Is Phone Banking, it’s important to narrow down your focus. And offer something that you’re knowledgeable about and passionate about. This will be easier if you already have some knowledge in a specialized area. But can still be done even if you don’t. Phone bankers usually work for commission rather than hourly.
So you’ll need to decide how much effort you want to put into your job each day, week, or month. Depending on how quickly your leads close, that could mean anywhere from 10 minutes per call up to an hour or more for each one. Depending on what type of sales method works best for that particular situation.