Over the years, banks have catered their services primarily to individual consumers and large corporate clients. This focus obscures the view of mid-market companies and ways to meet their needs. However, medium-sized businesses are a fast-growing sector that banks can no longer afford to overlook. Here are three steps a bank can take towards finding and maintaining this type of client.
Look beyond revenue reports.
Banks typically categorize businesses based upon their revenue range or annual sales revenue. The problem with this strategy is that mid-sized businesses are not publicly traded companies, so they have no obligations or incentives to report their revenue. Instead of using this unreliable metric, it’s important to take a more customized approach to understanding clients and their needs.
Chart a course based on customer need.
By analyzing transactional data, you can develop detailed descriptions of customers and their needs. With these insights, you can develop ways to meet those needs. Outgoing payment data provides a breadth of information—the methods customers use to make payments, how often they make payments, etc. Categorizing customers by their internal processing needs rather than by their revenue will allow you to create stronger relationships with clients and gain new fee income by offering solutions that address their demands.
Use analytics as your guide.
In order to market existing products and services effectively, it is vital to understand specific businesses’ patterns when it comes to payments. For instance, if you see that customers are making their payments through a third-party service, you know that you need to find new ways to serve this particular group. This may mean providing a more reliable and convenient payment system.
With a white-label automation system like PayBox, banks have access to the data necessary to analyze and target mid-sized businesses. They also have the tools to keep these clients satisfied. Offering an automated payment system allows companies to process payments directly through your bank, eliminates the need for printing, and postage costs, and provides the added convenience of touch-free processing. With these benefits, your customers will be less likely to jump ship and find another bank that can better meet their needs.