In my last posts in this series, I didn’t distinguish between strategies for merchant RDC or consumer RDC. However, when planning your RDC promotion activities, the approach you take will depend on the solution you are offering.
Today I’m posting my top 10 strategies for promoting RDC to your business clients. Next week I’ll follow up with some fun examples and tips for a mobile/consumer RDC program.
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“Small-business RDC adoption rates are falling below expectations at more than 60% of large U.S. banks. Small businesses need RDC, and banks can charge for it.
But money is being left on the table due to low adoptions
levels and less-than-proactive strategies.”
-Christine Barry, research director with Aite Group
Top 10 Promotional Strategies for Marketing RDC to Businesses
1. Relationship Manager (personalized service)
If you don’t already have knowledgeable and dedicated Relationship Managers for your business clients, then you better get on it, according to JD Power & Associates and the Aite Group.
Relationship Managers should be well versed in your RDC program and actively promoting it to your clients. A strong Relationship Manager will internalize how the service can benefit clients and be able to demonstrate the value it will provide.
2. Direct Selling (Phone and In-Person Visits)
Encourage a sales atmosphere and adopt an aggressive program to get your staff in contact with local business prospects.
Refer back to my previous training post and read this article from BankersOnline to learn how to get started.
3. Direct Mail (or Email)
In 2012 direct mail made a comeback as a key B2B promotional tool, and it looks like it will continue growing in 2013. E-blasts are a cost-effective way to get your message out, but sending a real postcard or envelope is still more attention getting.
Check out the Financial Brand’s recent article for some tips on direct mail envelopes.
4. Business Networking/Social Events
Use your network! Invite local business owners to a networking/social hour at a local bar (reserve a room or tables). Make sure you have collateral and representatives on hand to talk about your latest product and its benefits.
Some banks and credit unions have even started their own business networking groups that meet on a regular basis for social and training events. This provides valuable networking and educational services for your clients and the opportunity for you to promote any new offerings.
5. Seminars & Educational Sessions/Webinars
As noted above, small business owners are interested in networking and educational events. Include RDC in an educational session on how small businesses can lower operating costs with enhanced banking features.
Everyone loves a free trial. When launching RDC consider offering a promotional discount for the first month or providing the first check scanner free.
Just remember, make your program easy to implement and train your staff well so they can explain and sell it to your clients.
7. Targeted Advertising
Consider the advertising methods you’ve used in the past, and ask your current business customers where they get information. Consider print/online advertising in local journals and newspapers. And do not forget to advertise the service on your website.
8. Referral Programs
Referrals and recommendations are a cost-effective approach for increasing sales.
Implementing a referral program won’t happen overnight, and it all starts with designing the program.
Then work with your Relationship Managers to build a strategy for getting referrals and contacting new prospects.
9. Case Studies
Business owners will want to see the benefits of RDC in action; tell a story with a case study to better illustrate the advantages of RDC.
Pick one or two clients that have found success with RDC and write a case study about their experience. Use this as an offering in your direct mail and feature it on your website.
10. In-Branch Promotions
Use branch signage and activities to promote RDC to your business clients. Consider offering prizes, like a free bagel breakfast, to any business owner who signs up for an informational session on RDC.