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

As financial institutions focus on doing business in the post-COVID world, many want to implement new solutions—such as expanding their small business checking market share.

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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 through 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 different deposit accounts opened