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Focus on Retail Customers With a Business: Expanding Your Small Business Checking Footprint

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As financial institutions turn their attention to doing business in the post-COVID world, many are looking to implement new solutions—such as expanding their small business checking market share.

WordCom’s Business Checking Acquisition Program can help
WordCom recommends the following approaches:

  • Your retail banking customers who own a business, or are a signer on a business account
  • Businesses that have no relationship with your financial institution

Keys to success: product & offer
The following components are critical in executing small business checking acquisition programs:

  • Account opening incentives—such as a $350 offer—with competitive rates
  • Communicating frequently, since business owners are extremely busy
  • Keeping your financial institution top of mind with business owners thru multi-channel marketing

Multi-channel campaigns
WordCom recommends the following approaches:

  • Sending emails to existing retail customers
  • Using direct mail for your prospects and retail customers, followed by an email or phone call
  • Leveraging digital ads—before, during, and after other communications
  • Tracking results and fine-tuning your program

Key metrics & measuring success
When you adopt this program, WordCom will provide you with specific data so you can follow up with your target audience, including:

  • The number of new business checking, savings, and money market accounts opened
  • Your acquisition cost per account
  • The number of additional accounts and services opened
  • The balances of additional deposit accounts opened

Contact us today to learn more about how we can help you reach your business acquisition goals.