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April 2018

Does Your Bank Go the Extra Mile?

A Midwest distributor saw an opportune moment to move into the California market.  It realized it would have to find a new West Coast bank. But to company officials’ surprise, its long-time local bank decided to follow 18-LB-546 blog photothe company to the Golden State and open west coast branch. There, the bank continued to support its customer, helping it streamline reporting and structure.

Not every business bank will literally go the extra mile on customers’ behalf. But in many ways, a bank can figuratively go the extra mile by leveraging expert treasury management process services on clients’ behalf. Here are three examples:

  • Personalized communication. It’s important to communicate on a personal level to build rapport. For instance, Leaders Bank phones customers with ACH Block and filter transaction exceptions for “approve or deny” authorizations. This “person-to-person” outreach enables Leaders to better understand customers and their needs, and strengthen the relationship.
  • Fraud consultation.  Every passing day brings new ways fraud can be perpetrated with growing ease.  A bank going the extra mile will consult with customers regarding fraud exposure on an on-going basis. The bank can help to make sure that fraud mitigating controls are in place to minimize the potential for fraud and to avoid losses.
  • Facilitating smooth transitions.  One bank using a third-party vendor arrangement to simplify customers’ acceptance of credit card payments decided to change vendors. It reached out to the customers to help them segue to the new vendor. The credit card payment process is technology intensive, so the bank also trained customers on alternative card payment processing, which in some cases led to savings.

When banks go the extra mile for you in treasury management process services, it demonstrates their genuine interest in your financial vitality. Is there an example you can share when a bank has gone the extra mile for you?

 

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Surmounting the Hurdles of Changing Buyer Behavior



B2B buyer behavior evolves at a mu18-LB-547 Blog stock photoch faster pace now than ever before, thanks to rapid advancements in e-commerce and social media, as well as  24/7 access to comparative data and reviews on products and services. Categorical assumptions about buying preferences are hazardous in this age of swift techno-change. To be mindful of your customers’ ever-changing expectations, consider these guidelines.

 

  • Not all buyer behaviors should be rated equally. Some behaviors should be viewed by companies as far more important than others. Among key changed behaviors: Growing desire for one-on-one attention, for tailored solutions and for flexible buying cycles.
  • Know your “ideal” customer.  Leverage the wealth of data available today to generate a profile of the ideal purchaser of your product or service. Campaigns focused on that buyer should be monitored and fine-tuned often to ensure they stay relevant.
  • Clear messaging. As buyer behaviors change, your products and services can remain top of mind when you deliver a clear, consistent marketing message. Studies show the most effective messaging makes no more than three major claims in ads or promotional content.
  • The power of trust. Customers tend to increasingly distrust hard-sell tactics. However they place great trust in fellow buyers' views. Meet this changing buyer behavior challenge by developing marketing initiatives which highlight positive user-generated content such as social media and customer testimonials.

In summary, today's clients expect more and are less tolerant when expectations aren’t met. When your company evolves to keep the customer’s needs foremost, and consistently meets or exceeds customer expectations, it can count on great success in the years ahead.

How does your company respond to changing buyer behaviors?

 

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