EasierTo Sell?

If the potential customers sitting at your desk are husband and wife, are between 35 and 54 years of age, and both hold jobs, odds are they came to you for a loan, not to buy a certificate of deposit!

This conclusion stems from a study done by Claritas Corp., a marketing and research firm in Alexandria, VA. The report further shows that these folks are 45% more likely to have an automobile loan, 35% more likely to have a mortgage and 30% more likely to have a personal line of credit than the average customer.

Retirement savings are important to them, but their deposit dollars are concentrated in non-interest or low-interest, fixed-rate types of accounts.

One of the most interesting facts from this report is the fact that although these people make more money than the average household, they save less-and borrow more than others.

This is contrary to the common belief that the two-income household has more disposable income. They don't.

Knowing your customer may make it easier for you to successfully sell the correct product to them.

If they're thirtysomething to fiftysomething, they may be looking to borrow.

Copyright © 1990 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 1, No. 9, 9/90