We all know that customers today are bombarded by advertising everywhere they turn. When it comes to business banking, you’re not just competing with other financial institutions; you’re also competing with the busy needs of a business owner.
To really connect with the business owner mindset, it’s important to understand where they are coming from to really plan a strategy that catches their attention.
Business owners start what they’re doing because they have a passion for their product or offering. They go through roller coasters of emotions, unexpected challenges, long hours and lone decision making because they relish in seeing their hard work pay off. They need a financial institution that supports these passions, is ready for the challenges and gives smart advice for financial decisions. If your credit union is that financial institution, it’s time to reach your customers.
Pinpoint their needs
There’s no point in speaking to someone who isn’t listening. A business owner may have an office, but they’re rarely found sitting behind the desk. They’re on the go, always multitasking, and they expect those around them to work just as hard. They’re looking for financial support and want a credit union that can fit specific needs. Things like cost of doing business, availability to access finances, and opportunities for new capital are top priority.
Tell them how you can help
For years, surveys of small business owners reveal one of the biggest challenges is funding. In the last year, 63% of business owners reported difficulty getting a loan, and 77% decided to start a business relying on personal savings entirely. Knowing challenges like this creates a huge opportunity to reach your customer where they are most likely to listen. Don’t tell them what you do, tell them how you can help them.
Get them to listen
Create a conversation all about the customer. After sharing how your credit union’s services can help, give them a chance to respond. Gallup found that only 29% of B2B customers are currently engaged, but if engagement happens it leads to higher revenues, profitability and share of wallet.
Business owners may be busy people, but they’re also very focused on what helps their business succeed. It’s all about understanding, engagement and persistence. Be what they need when they need it. Figure out their priorities, then prove you’re there to support each one.
*Statistic information found through data from Business 2 Community, Wells Fargo Works and Gallup.